Trading Summary (September 24, 2003)

Toronto’s energy and telecommunications sectors were the lone gainers on Wednesday, as the S&P/TSX composite index dropped 41.70 points to hit 7,602.34. The healthcare and technology sectors slipped 4.3% and 3.6%, respectively. The golds fared a bit better, shedding just 0.36 of a point to 205.32, while the base metal miners lost 1.41 points to 163.33.

Tabling plans for its second $100-million financing deal in a month, Wheaton River Minerals finished a dime lower at $2.79 with 10.9 million shares traded. The company plans to use some of the funds to continue its recent Mexican shopping spree.

Bema Gold was close behind, watching 9.5 million shares climb 27, or 8.1%, to make $3.62. Impressive drill results continue to roll in from the Kupol gold property in Russia’s Far East region, where Bema is operator, and can take up to a 75% interest. So far, drilling has outlined the high-grade Kupol vein system over a 2.6-km strike length down to depths of 250 metres.

Breakwater Resources improbable climb continued, with the zinc miner grabbing another 7, or 17% of value, to end at a new 52-week high of 47.5 as investors hope for a recovery in zinc.

Other nice percentage gainers were Black Swan Resources, up 50% to 60, Calderra Resources, plus 33.3% to 12, Jaguar Nickel, 12% higher at $1.11, and Asia Pacific Resources, which rose 8.3% to 6.5. Black Swan recently completed its acquisition of Canabrava Diamond’s Brazilian assets, which include kimberlite geophysical- and sampling-database and exploration licenses over some 35,000 hectares of properties near Black Swan’s existing license portfolio in the Santo Antonio and Abaete Valleys.

After Breakwater, Ivanhoe Mines saw the most action among the base metal miners. The issue advanced 32 to $8.17 on 1.8 million shares. Noranda fell 40 to $14.05 after announcing that it has agreed to sell US$350 million aggregate principal amount of 12-year unsecured notes to a syndicate of underwriters. The deal is slated to close on Sept. 29. The notes bear interest at the rate of 6% per year, and mature on Oct. 15, 2015. Noranda plans to use the proceeds to repay US$300 million worth of 8-1/8% debentures next June.

Canada’s junior ended the day at a new all time high with advancing issues out pacing declining stocks by a 406-to-375 margin. The S&P-TSX Venture Exchange composite index gained 12.74 points, or 0.92%, and closed at 1,402.36.

ECU Silver Mining closed at 14.5, up 4 with nearly 3.7 million shares traded. The stock resumed trading Aug. 8 after a cease-trading order was lifted. ECU’s ownership (through a subsidiary) of the mining properties in the Velardena area of Mexico has been challenged by the original vendors. The dispute has resulted in a production shortfall: only 2,606 tonnes were milled between March 24 and May 4 instead of the 5,000 tonnes planned. The average grades for that period were 6.15 grams gold and 299 grams silver, with recoveries of 75% for gold and 38% for silver.

Cantex Mine Development gave back some of its recent gains after the junior came out and stated it is not aware of any material changes in its activities or operations. Cantex holds gold exploration assets in Nevada, as well as gold and nickel-copper-platinum group metal projects in Yemen. The company ended the day at 8.5, down 1 on 1.6 million shares traded.

Apac Minerals tacked on 14 after announcing that the company signed a Letter Agreement ith Team 105 of the Guizhou Bureau of Geology and Mineral Resources to enter in to a joint venture on Lianhua gold project in the western part of Guizhou Province, South China. Apac ended the session at $1.10 on 870,000 shares traded.