Trading Summary – TSX Venture (February 17, 2004)

Vancouver Canada’s junior exchange kept climbing as bullion moved higher. Advancing stocks beat declining stocks 493-454 and the S&P-TSX Venture Exchange composite index closed at 1931.61, up 31.07 points, or 1.64% with 106 million shares traded.

EuroZinc Mining closed at 60, down 5 with 2.05 million shares traded. After a public session held to examine EuroZinc’s bid for the purchase the Neves Corvo copper mine in Portugal, the jury handling the tendering process has accepted the offer as a conforming bid. A decision will be announced within 30 days.

Akrokeri-Ashanti Gold Mines finished the day at 4.5, down a penny with 1.63 million shares changing hands. The company announced that its Bonte Mine in Ghana is producing less gold than previously forecasted. Only 2,689 ounces were produced in December 2003 and 2,851 ounces were produced in January 2004. The low production is a result breakdowns, excessive rain and lack of operating capital. The Bonte mine can not meet its ongoing financial obligations at current production levels. At present, there are a number of creditors in Ghana that are in a position to force Bonte into receivership. If such receivership occurs, Akrokeri would cease to have any source of revenue.

Taseko Mines closed at $3.00 up 29 with 1.45 million shares traded. Taseko recently completed a private placement financing of 6.7 million for a gross proceeds of $4 million. This financing brings the current working capital position of the company, including the Gibraltar Mines joint venture to approximately $23.8 million. This amount does not include $17.1 million held in a restricted qualified environment trust intended for reclamation. Taseko’s main assets are the Gibraltar copper mine, and the advanced-stage Prosperity gold-copper and Harmony gold projects. All are located in British Columbia.

Spider Resources and joint venture partner KWG Resources recently tabled results from the first drill hole of their winter drilling program on the McFaulds #3 base metal target in the James Bay Lowlands of Ontario. Hole McF-20 cut 5.87 metres averaging 2.8% copper, 0.02% zinc, 0.5 gram gold and 15.5 grams silver per tonne, starting 68.4 metres down-hole. This was followed by a 4.2-metre section that averaged 0.26% copper, 11.8% zinc, and 1.57 grams silver, starting 91.2 metres down-hole. Spider closed the day flat at 22.5 with 1.21 million shares traded. KWG ended the session down half a penny to 39.5, with 260,887 shares traded.