Trading Summary (May 17, 2004)

The TSE gold index closed up a modest 1.32%, just 2.48 points higher to close at 190.12. Gold closed at US$379.30, up $3.60 from Friday’s (May 14th) close. Other indices did not fare as well and the Toronto Stock Exchange S & P Composite closed down .79% or 64.58 points to end at 8,123.50.

Wheaton River Minerals led the way in volume, trading 4.3 million shares, but only posted a 0.27% gain. The stock began the day still riding high on last week’s announcements of record profits and settled at $3.64.

Kinross Gold traded 3.5 million shares to end 1.54% higher at $7.92. Last Monday, May 10th, the company announced increased earnings of $13.2 million, for the first quarter of 2004.

SouthernEra Resources jumped 21, or 5.3%, to close at $4.14 on a volume of 117,400 shares. The company announced that it has agreed to a $41.5 million share-swap deal that will see it boost its stake in South African PGE miner Messina Ltd. to 91.5%. SouthernEra recently said it was looking at splitting its platinum and diamond holdings into two separately listed companies.

Shares in TVI Pacific jumped a penny and a half, or nearly 10%, to 17.5, in trading of over 1.1million shares. This, despite posting a first-quarter net loss of $551,435, compared with a year-ago loss of $389,780. Revenue between the two periods rose 104% to $856,531.

America Mineral Fields announced that, effective immediately, the Company’s name has changed to Adastra Minerals. For the time being the trading symbol remains AMZ-T. The stock closed 5.4% higher at $1.55 on a volume of 180,900 shares.

On Monday, Thistle Mining posted an operating loss of US$17.7 million in 2003, compared to an operating profit of $4.9 million in 2002. Causes of the loss included: a mine-fire; the strength of the South African rand; and higher wages secured by miners in contract negotiations; all leading to increased cash costs. The junior’s shares plummeted 2.5, or more than 11%, to a near year-low of 20.

Shares and debentures of McWatters Mining were suspended from trading. Earlier this month the company warned that shareholders should expect to get nothing for their stock.

The Diversified Metals and Mining Index was down 2.26% or 4.49 points to end at 194.05.