Trading Summary (April 29, 2004)

Bargain hunters couldn’t keep the Toronto Stock Exchange out of the red on Thursday, but a 2.92-point loss to 8,231.93 doesn’t seems so bad after Wednesday’s power dive. The bloodied gold stocks dragged themselves 3.54 points higher to 187.38; the diversified miners clawed back 1.52 points to reach 195.83.

Better percentage gainers among the mining stocks include Mundoro Mining, up 30, or 14%, to $2.45; Golden Queen Mining rose 7, or 12%, to 64; and South American Gold & Copper, which finished a penny, or 12%, higher at 9.5. Mundoro recently tabled a shareholder rights plan that will face shareholder approval on June 1. The plan is aimed at giving the company enough time to consider its options should a take-over bid emerge; the company says it is not currently aware of any such bid.

On the minus side were McWatters Mining, off half a cent, or 25%, at 1.5; Jaguar Nickel, down 12, or 18%, to 56; Franc-Or Resources fell 2.5, or 15%, to 14.5; and America Mineral Fields fell a quarter, or 12%, to $1.80.

Jaguar recently wrapped up two pilot plant projects that showed nickel and cobalt extractions of over 90% and 85%, respectively, for ore from its Sechol deposit in Guatemala. Samples of the resulting nickel-cobalt hydroxide have sent to potential customers for evaluation.

On Tuesday, McWatters said they had been granted an extension, until May 28, to submit a proposal to its creditors under the Bankruptcy and Insolvency Act. The company will use the extension to continue its sale of a partial or total interest in its Sigma-Lamaque mining complex. The company will also look at alternatives that could lead to a resumption of operations.

Continuing the recent slew of earnings reports, diversified miner Inmet Mining reported a more tripling of first-quarter earnings to $22.9 million, or 49 per fully diluted share. The company’s issue ended 72, or 4.4%, richer at $17.07.

Small gold producer Richmont Mines dipped $1.1 million into the red thanks to lower gold grades and a stronger Canadian dollar. The shares did the same falling 34, or 7%, to $4.57.