Trading Summary (March 31, 2004)

A late-day selloff left the S&P-TSX Composite Index 36.31 points in the red at 8,585.93 points on Wednesday. The golds had no part of the loss gaining 3.08 points to 229.87, the diversified miners managed to chip in a gain of 1.34 points to hit 223.03.

Shares in Wheaton River Minerals dominated trade with nearly 65 million of them making their way 36, or 8.7%, higher to $4.48. On Wednesday, the company announced a plan to merge with Iamgold to create Canada’s latest million-ounce gold producer. For their part, Iamgold’s shares slipped 77, or 8.2%, to $8.58 on about 14.2 million shares.

Eldorado Gold was the next closest miner regaining 20 to $3.77 on the strength of around 5.9 million shares. On Tuesday, Eldorado warned that construction and operating costs at its Kisladag gold project in Turkey will climb as a result of changes in that country’s tax regime. An updated feasibility study is due in May.

Uranium explorer UEX was next climbing an impressive 20, or 34.6%, to an all-time high of 74. On Monday, UEX said it had arranged the private placement of a total of 8 million shares at 50 apiece with two institutional investors. Closing, subject to regulatory approval,is expected by April. Proceeds will fund exploration on its various uranium projects, including the eight recently acquired from Cogema.

Another big percentage gainer was Nuinsco, which ended 6, or more than 20%, higher at 35 on thin volume. There was no immediate news out o f the company. Pioneer Metals rose 4.5, or 17.3%, to 30.5 on the sale of a 60% interest in the 25-sq.-km Grace property to SpectrumGold. NovaGold Resources recently tabled plans for an all-stock deal to acquire the 44% of SpectrumGold’s shares it doesn’t already own. SpectrumGold gained another 6 to make $4.60; Novagold ended 16 higher at 6.57.