Trading Summary – TSX Venture (January 22, 2004)

Vancouver — Canada’s junior exchange still managed to post a small gain as gold issues lost some steam in the face of a volatile bullion price. The S&P-TSX Venture Exchange composite index tacked on 2.29 points, or 0.13% and closed at 1815.41 with 92.9 million shares traded.

Argent Resources closed at 17.5, down 2.5 with 3.04 million shares traded. The company has mobilized a drill to the Timmins Offsets gold property and expects to kick off drilling next week. The 4,500 metre program will test a reinterpretation of the mineralization previously encountered on this property. In 1997, Black Pearl, produced visible gold in 41 of 61 drill holes, and included such intercepts as 319.2 grams per tonne over 5.18 metres, 53.7 grams per tonne over 3.5 metres, 18.6 grams per tonne over 13.4 metres, 5.7 grams per tonne over 12.6 metres and 10.6 grams per tonne over eight metres.

International Wayside Gold Mines lost half a penny and closed at 35 with 1.48 million shares traded. The company is in the process of mining 10,000 tonnes of development ore for bulk sample testing, at its Bonanza Ledge prospect near Wells BC. So far 1,100 tones of ore have been brought to the surface. An underground drilling campaign is also planned to further define the target.

Vedron Gold closed at 61, up 6 with 1.38 million shares traded. The company has engaged Pacific International Securities to complete a private placement, on a best-efforts basis, of up to 3 million units for total proceeds of up to $1.5-million. Each unit will be priced at 50 and will consist of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the company at a price of 75 for a period of one year from the date of closing.

Making a nice percentage gain, Anooraq Resources jumped 92 and closed at $3.62 with 905,510 shares traded. In return for 91.2 million shares plus around $1.7 million in cash, Anooraq plans to pick up Pelawan’s rights to a 50% participation interest in the Ga-Phasha platinum group metals project on the Eastern Limb of the Bushveld complex.