Trading Summary (May 05, 2004)

The diversified metals & mining index stood out on the Toronto Stock Exchange on Wednesday with a 3.04-point gain to 209.79, its third straight day of gains. The golds were less fortunate slipping 2.71 points to 193.19 as the yellow metal rose US$170 to end the day at US$393.20 per oz. in New York. Overall, the S&P-TSX composite index edged 1.45 points higher to 8,457.3.

Aur Resources was the nation’s busiest miner with more than 8 million shares venturing 43, or 7.3%, higher to $6.30. On Wednesday, Inmet Mining said that it plans to buy Aur in a share-swap deal valued at around $600 million. When the dust settles, Inmet shareholders will own about 54.6 percent of the new company, Aur Mining; Aur shareholders will hold the remaining 45.4%. Both companies’ board have approved the deal; shareholders will vote in late June. For its part, Inmet slipped 38 to $17.35.

Big percentage gainers on the day include Gulf International Minerals, which shot up 5.5, or nearly 30%, to a quarter; and Opawica Explorations, which jumped 2, or 20%, to 12. There was no immediate news out of the company.

Crew Gold was next in line with a 20, or plus-15%, increase to $1.50. On Monday, Crew said that its partner Minelco has asked Crew to advance the Seqi olivine project in Greenland. Minelco can acquire a 51% stake in Seqi by funding mine development.

Teck Cominco added 35 to make $22.05 after it said that construction had resumed at the Pogo gold project in Alaska. The company reached an agreement with the Northern Alaska Environmental Center to withdraw its petition for review of the projects National Pollutant Discharge Elimination System.