Trading Summary – TSX (March 03, 2004)

Toronto’s base metal sector fell 6.63 points, or nearly 3%, to end at 229.57, and help the S&P/TSX composite index 12.31 points lower to 8,795.69 on Wednesday. The golds chipped in a 0.1 fall to 209.79.

Northgate Exploration finished atop the mining heap, volume-wise, dropping 20 to $3.02 with about 6.4 million shares changing hands. The shares fell back from gains made after the company recently posted fourth-quarter earnings of US$9.5 million. That was accompanied by record cash flow from operations (before changes in working capital) of US$17.5 million.

Also pulling back from recent gains was TVI Pacific. On Tuesday, TVI reported that Australian-based Lafayette Mining has been advised that its consortium banks have received credit approval for the Rapu Rapu project funding, allowing it to move into full engineering construction with a target completion date for first gold pour this year. The first concentrate production is planned for in 2005. TVI retains a 2.5% net smelter return royalty in the polymetallic project in the Philippines.

Share in International Uranium shot up 33, or more than 11%, to a new 52-week high of $3.28. On Wednesday, the company and partner JNR Resources tabled some high-grade uranium mineralization in two holes at the Moore Lake uranium project in the Athabasca Basin of northern Saskatchewan. International Uranium chairman Lukas Lundinsaid in aprepared statement, “We seem to be onto something here at Moore Lake – the results from both of the new holes were better than the discovery hole – the project is exhibiting the earmarks of a significant uranium system.”

Fellow uranium miner Denison Energy grabbed 22, or 3.6%, to make $6.30. On Wednesday, shareholders okayed a plan of arrangement that would see the company split into three separate companies focussed on mining, hydrocarbons, and oilfield services.

Heading south were shares in Gulf International Minerals, off 6.5, or 19%, at 27.5, and Gittennes Exploration, down 8, or 19.5%, to 33. Gulf International shares have been on the slide since late February, when the company’s chief executive, Alastair Ralston-Saul, resigned following an investigation found that he had misappropriated company funds.