Trading Summary (December 27, 2002)

Despite a strong performance in the gold sector, the TSX lost 13.29-points to end the last Friday of 2002 at 6,595.83. The Gold Index surged 9.11 points, or 4.7% to hit 203.83. The price of bullion added US30 to end at US$349.70 in New York. The Diversified Metals & Mining Index ended virtually flat at 130.48.

McWatters Mining was the most active resource stock, gaining 3 to close at 25 on nearly 7.1 million shares. The company recently announced its first gold pour at the Sigma-Lamaque open pit mine in Val-d’Or, Quebec. McWatters re-started milling activities at the Sigma Mine on November 27, after having completed construction work that led to an increase in milling capacity from 3000 tonnes to 5000 tonnes per day.

Kinross Gold surged 48 to $4 on just more than 6.7 million shares. Barrick Gold tacked on 56 to end at $24.61 and Placer Dome ended 95 higher at $18.20 to round out the major producers.

Miramar Mining moved higher, adding 11 to close at $2.09. The junior has a major drill program plan for its Hope Bay gold project in Nunavut.

Junior gold explorers continued to drive Canada’s junior exchange higher. The S&P-TSX Venture Exchange composite index gained 23.96 points or 2.3%, and closed at 1,052.29.

Making a nice percentage move, ECU Silver added 4 to close at 9 on 1.9 million shares. The company holds the Valardena property in Mexico. The project has a total resource of 2.5 million tonnes grading 2.8 grams gold and 269 grams silver.

Investors continued to bid up shares in Coral Gold. Coming off an 18 gain on Wednesday, stock in the company added another 14 on Friday to close at 65 on 1.7 million shares. The surge comes despite the company stating that it is unaware of any events or material changes that would account for a recent increase in the company’s stock price. Coral has a rig turning on the property that adjoins the Pipeline gold mine in Nevada.

Gallery Resources added 4 to close at 14 on 980,000 shares. The junior holds the Black Bart Katie polymetallic project in central Newfoundland.