Trading Summary (November 03, 2003)

Toronto’s golds stocks ended alone in the red on Monday, falling 3.8 points, or 1.8%, to 204.3 as the yellow metal plummeted US$7.70 to US$376.40 per oz. in New York. The diversified miners picked up the slack, gaining 4.01 points, or 2.1%, to hit a new 52-week high of 197.22. The S&P/TSX composite index ended the day at its own new year-high of 7,843.47 points.

Diamond explorer Tahera jumped 4.5, or 24%, to 23.5 with just short of 14 million shares traded, enough to rank behind only market heavyweight Nortel Networks volume-wise. Tahera recently arranged a bought deal worth $8 million. The company also recently discovered another diamondiferous kimberlite body at the Jericho property in Nunavut.

TVI Pacific was next in line with about 10.2 million shares finding their way 3, or 31%, higher to 12.5. TVI recently arranged a $3 million bought deal of its own. Proceeds will go toward exploration at the Shuikoushan gold project in China, expansion of the Canatuan project, and to working capital.

Wheaton River Minerals wrapped up its $87 million acquisition of the Los Filos gold deposit and 21.2% stake in the El Limon Gold deposit in Mexico from Miranda Mining on Monday. The issue lost 7 to make $2.99 with just more than 5 million shares traded.

Major producer Kinross Gold and junior partner High River Gold Mines lost ground on Monday after announcing that increased mine operating costs at the New Britannia mine in Manitoba have forced the pair to re-evaluate the mine future. The duo currently plans to run the mine until at least the end of 2004. Regional exploration continues with the hope of extending mine life. Kinross dropped 21 to $10.60, while High River finished 4 lighter at 1.90.

McWatters Mining managed to add half a penny to settle at a nickel with nearly 1.9 million shares traded. The Quebec miner said on Monday that it has agreed to sell its suspended Kiena mine complex near Val d’Or to Western Quebec Mines for at least $3 million. Shares of little-traded WQM remained unchanged at $1.70. The shares last saw action of Oct. 28.

Zinc miner Breakwater Resources stole the show among the base metal crowd, ending 16, or 24%, higher at 83. In early October, Breakwater raised $30 million via the private placement of 85.8 million subscription receipts at 35 apiece.

Also on the rise was Ivanhoe Mines, $2.45, or nearly 20%, higher to a new 52-week high of 15.15. On Monday, Ivanhoe bought back a 2% net smelter royalty, payable to BHP Billiton, on its copper and gold discovery at Turquoise Hill in Mongolia’s South Gobi region. The price tag comes to US$37 million by Feb. 5, 2004. The acquisition gives Ivanhoe 100% control of the project.

Canada’s junior exchange managed to start the trading week off on an up tick with advancing stocks beating declining issues by a 457-to-422 margin. The S&P-TSX Venture Exchange composite index added 11.89 points, or 0.76%, and closed at 1,576.89.

Bell Coast Capital added 15 to close at 51 on 2.9 million shares traded. The junior recently completed a reverse circulation drill program on the Penas Blancas gold property in Peru. The 1149 metre program returned only low-grade mineralization including up to 0.23 gram gold over 9 metres in hole 3.

Inca Pacific Resources added 2 to close at 28 on 2.5 million shares traded. The junior recently completed an 1,870 metre drill program on the Antoro Sur copper project in central Peru. Highlights include 18.3 metres grading 1% copper in hole 16.

American Bonanza Gold Mines lost a penny and a half to close at 41.5 on 2.07 million shares traded. The junior currently has an underground rig turning on the Copperstone gold project in Arizona and a surface rig turning on the Gold Bar property in Nevada.