Trading Summary (January 09, 2003)

Profit takers hit the golds on Thursday dropping the Toronto Stock Exchange’s Gold Index 3.19 points to 197.93. In New York, the yellow metal edged US60 lower to US$353.20 per oz. The base metal miners joined the rest of the market with a 1.27-point gain to 135.16. In the end, the S&P/TSX Composite Index was 49.07 points higher at 6,772.18.

Junior gold miner Geomaque Explorations was Canada’s most heavily traded mining stock dropping 2 pennies or 14.3% to 12 with more than 11.8 milliion shares changing hands. Late on Wednesday, Geomaque announced plans to merge with Aussie gold miner St Barbara Mines, and UK-based Midas Gold to create an international gold company that would boast three mines producing more than 350,000 oz. annually by the end of 2005.

Most of the other gold miners performed as well. Kinross Gold fell 12 to $3.62, McWatters Mining lost a penny to make 30.5, Eldorado Gold finished a nickel lower at $1.90, Placer Dome was off 34 at $18.04, and Barrick Gold ended 53 poorer at $23.94. All saw more than 2.45 million shares cross the floor.

TVX Gold sank 53 to $15.11. The company has declared force majeure at its Stratoni base metal facility after receiving notice from the Greek Ministry of Development instructing that mining in selected areas be interrupted until the Greek Government re-approves the mine’s technical study.

Northgate Exploration managed to grab a nickel to hit $1.62. On Thursday, Northgate said that its Kemess South mine in British Columbia poured a record 282,300 oz. of gold and 72.9 million lbs. of copper during 2002. That’s up 5,200 oz. gold and 6.6 million lbs. of copper over 2001.

Ivanhoe Mines was the most active base metal miner shedding 3 to settle at $3.15 despite reporting that geophysical surveying over the Turquoise Hill copper-gold project in Mongolia indicates that the Southwest, Central and Far North Oyu zones are all part of one mineralizing system.

Tiberon Minerals soared 65 to $3.20. Drilling by Tiberon at its 70% owned Nui Phao polymetallic property in northern Vietnam has confirmed resources additional to the current resource of 27.1 million tonnes averaging 0.68% tungsten-trioxide-equivalent, or 0.25% tungsten trioxide, 0.25 gram gold per tonne, 0.23% copper, 0.11% bismuth and 8.2% fluorite.

The S&P-TSX Venture Exchange composite index jumped 8.47 points, or 0.77%, and closed at 1,112.87. Advancers beat decliners 335-to-312 with 54.9 million shares traded.

Oasis Diamond Exploration continued to be the volume leader, adding 2 and finishing the day at 15 on 3.9 million shares. Oasis Diamond and Arctic Star Diamond have outlined two priority targets on their Enigma property in Wawa Ontario. Drilling is expected to commence this winter.

Pillar Resources closed up a penny to 61, on 2.4 million shares. Pillar Resources has recently inked a deal for the 28,900-ha Kuikuinita gold project, located in the ‘Mining Triangle’ district in northeastern Nicaragua. Pillar has the right to earn into a 70% interest in the project from local property owners through direct property expenditures of US$2.0 million over a three-year period and making cash payments of US$65,000.

Alamos Minerals traded 924,750 shares and closed flat at 48. Prudent Bear Funds has acquired control and direction over 2.5 million common shares and warrants to purchase an additional 2.5 million common shares of Alamos Minerals. If all of the warrants are exercised Prudent Bear Fund would have control and direction over 14.4% of the outstanding shares of Alamos. Alamos is in the process of merging with joint venture partner National Gold. The two companies hold the Salamandra gold property in Sonora, Mexico.