Trading Summary (May 03, 2004)

Gains in the resource sectors helped keep the Toronto Stock Exchange out of the red on Monday. The energy group led the way with a plus-2% rise to 168.21, while the base metal miners chipped in a 2.66-point gain to make 198.01. The golds failed to pull their weight losing 2.49 points to 184.23.

Asia Pacific Resources jumped onto the TSX’s top ten traded listed with nearly 3 million share making their way 2.5, or 23%, higher to 13.5. On Monday, Asia Pac said that rapidly rising potash prices have boosted the economics of its 90-%-owned Udon South potash project in Thailand. Potash prices in South China have climbed about US$43 per tonne to US$163 per tonne over the past year. The company says that the project’s net present value has in turn jumped to US$291 million and the internal rate of return to 27.8%.

Southern Cross Resources climbed steadily over the day to end 11, or 14%, higher at 89. There was no immediate news out of the company, which is considering a smaller and longer-lasting plant at its Honeymoon uranium project in South Australia. Recent drilling there failed to significantly boost resources.

Shares in North Atlantic Nickel jumped 15, or about 9%, to $1.85 after the company reported some encouraging drill results from its Kantela gold project in Western Mali. Highlights include 26 metres running 5.1 grams of gold per tonne and 2 metres averaging 5.1grams.

On the minus side were Pacific Rim Mining, off 17, or nearly 18%, at 80; AfriOre, down 11, or 17%, to 54; Zaruma Resources, minus 4.5, or 16%, to 23.5; UEX Corp., 9, or 16%, lighter at 47; and Nevsun Resources, which suffered a late slump to end 51, or 13%, lower at $3.45.

On Monday, Nevsun said that the British Columbia Securities Commission has advised the company that all substantive mining technical disclosure issues have been resolved. Nevsun says that the required revisions have not resulted in any changes to previously announced reserves or resources.

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