Trading Summary (December 30, 2002)

Toronto’s gold stocks shed 5.18 points or 2.54% of value as the yellow metal retreated US$5.30 to US$343.60 per oz. in New York on Monday. Five other subindices found their way into the red, the Diversified Metals & Mining Index was not one of them gaining 0.56 of a point to 131.04. In the end, the S&P/TSX Composite Index was 21.72 points higher at 6,617.55 on thin volume.

Barrick Gold ranked as the nation’s busiest gold miner dropping 23 to $24.38 with about 4.7 million shares traded. Kinross Gold was next in line with a 16 drop to $3.84 on nearly 4.4 million shares. Placer Dome lagged behind dropping 47 to settle at $3.84 with just fewer than 1.2 million shares traded.

Other golds making the top ten list were: McWatters Mining, unchanged at 25; South American Copper and Gold, off half a penny at 7; and Geomaque Explorations a penny poorer at $10. All three saw around 3.5 million shares cross the floor.

McWatters recently reported its first gold pour at the newly expanded Sigma-Lamaque open-pit mine, near Val-d’Or, Que. Milling resumed at the mine on Nov. 27, after an expansion of milling capacity from 3,000 tonnes to 5,000 tonnes per day. Currently running through ore at 3,000 tonnes per day, the operation is expected to hit 5,000 during the final quarter of 2003.

TVI Pacific grabbed half a penny to make 8.5. The company’s gold-silver property in the Philippines has been struck with more violence. On Dec. 26, two male employees, 3 male contract guards and 8 women and children were killed and 12 others injured in an ambush on a road linking the mine to the town of Siocon. In March, two security guards employed by TVI were killed during an ambush 8 km from the property. TVI says the project’s start-up has not been jeopardized

Golden Star Resources returned most of Friday’s gains slipping 11 to $2.69. The company recently filed a shelf offering to occasionally sell up to US$75 million worth of common and preferred shares, warrants and convertible debt securities. The company says it will use the money to fund ongoing property development and acquisitions.

Alcan was the most traded base metal miner with 555,583 shares trading their way to a 85 gain to $46.60. Inco came in second gaining 42 to reach $33.45 with 405,625 shares on the go.

Profit taking in junior gold explorers drove Canada’s junior exchange lower. The S&P-TSX Venture Exchange composite index fell 4.97 points or 0.47%, and closed at 1,047.32.

ECU Silver continued to attract traders, closing 9, unchanged on the session with 1.64 million shares changing hands. The company holds the Valardena property in Mexico. The project has a total resource of 2.5 million tonnes grading 2.8 grams gold and 269 grams silver.

Shares in Coral Gold came tumbling back to earth, losing 13 to close at 52 on 1.4 million shares. The surge comes despite the company stating that it is unaware of any events or material changes that would account for a recent increase in the company’s stock price. Coral has a rig turning on the property that adjoins the Pipeline gold mine in Nevada.

International Wayside Gold Mines added 2 to close at 20 on 1.57 million shares. The Frank Callaghan-led junior is looking to advance its Cariboo gold project near Wells, BC in the New Year.

National Gold ended the day unchanged at 35 on 95,740 shares. The junior is in the middle of a merger deal with Alamos Minerals. Under the deal, shareholders of Alamos will receive one share of Alamos Gold for every two shares of Alamos held and shareholders of National will receive one share of Alamos Gold for every 2.352 common shares of National held. The companies are joint venture partners on the Salamandra gold property in Mexico. Alamos ended the day down 4 at 39 on a volume of 205,000.