Trading Summary (April 09, 2003)

Toronto’s golds stocks jumped 4.58 points, or 3%, to end Wednesday’s trading session at 157.69. Still, with only 2 other subindices ending just marginally higher, the S&P/TSX Composite Index dropped 24.20 points to 6,414.51 points. The diversified mining index wasn’t one of the two higher subindices, dropping 0.04 of a point to 120.55.

Diamond explorer Tahera was far and away the most traded mining issue dropping 2 pennies to 15 on nearly 80 million shares. Tahera reports that a re-evaluation of diamonds from its Jericho property in Nunavut comes in at US$94 US per carat, 6% better than a 1999 estimate. Tahera says a feasibility study on the property should be ready next month. The sell-off of Tahera shares was probably spurred on by an announcement by Tahera’s chairman, and president Joseph Gutnick that a company he controls, Edensor Nominees of Australia, planned to sell up to 67 million of its nearly 99 million shares on or after Wednesday.

Placer Dome finished a distant second, grabbing 30 to make $14.45 on just short of 4 million shares. After the market closed on Wednesday, Placer reported that measured and indicated resources at the Donlin Creek project in Alaska have increased to 11.1 million ounces of gold, a 62% increase from its last estimate in December. Placer is earning a 70% stake at Donlin Creek from NovaGold Resources. NovaGold shares climbed a nickel to $3.60.

Barrick Gold gained 28 to $22.49, and Kinross Gold climbed 42 to $8.76 to round out the major gold producers.

Nevsun Resources jumped 47, or 14%, to $3.85 on fewer than 1 million shares. The junior reports that two of the first three holes sunk on its Bisha Property in Eritrea have returned high grades (including up to 16.8 grams gold 32 metres).

Teck Cominco‘s B share slipped a quarter to $10.65 on 1.2 million shares. Teck has extended its small shareholder selling program by three months to July 7. The program allows shareholders with 99 or fewer class A or B shares to sell without any brokerage commission.

Most of the others traded sideways. Exceptions were: LionOre Mining International, plus 31 to $5.56, and zinc miner Breakwater Resources, up a penny to 18.

Canada’s junior exchange managed to regain some the ground it lost earlier in the week. The S&P-TSX Venture Exchange composite index gained 5.45 points, or 0.52%, and closed at 1,047.13.

Spider Resources continued to be the most actively traded junior explorer, ending the day off 2 to 13 with nearly 9.7 million shares traded. The junior and partner over the counter-listed, KWG Resources reported the results from the first 2 holes on their Spider #3 base metal prospect in the James Bay Lowlands of Northern Ontario. The first hole of the latest program was drilled to the northwest and intersected mineralized mafic to intermediate metavolcanics over a 29 metre interval. Two sections of semi-massive sulphide material were hit, one is chalcopyrite-rich and the second is sphalerite-rich. The copper zone ran 1.43% over 8.9 metres, while the zinc zone averaged 1.79% over 4.7 metres. The second hole was collared to the southeast, and at press time, had only partial results because a number of samples returned overlimit values of more than 1% copper and zinc. Using a 1% weighted averaging for the overlimit results, the copper zone ran 0.51 % over 12.3 metres, while the zinc-rich section averaged 0.79% over 7.15 metres. Complete results are expected before mid-month.

Starfire Minerals ended the day flat at 6 on 765,000 shares. Joint venture partner Kenrich-Eskay Mining recently completed the initial drilling program on Starfire’s Eldorado Triple Crown property 20 km southeast of Timmins, Ontario. Assay results are expected any day now.

Victoria Resource added 3 to close at 31 on 675,000 shares. The junior recently inked letters of intent with Newmont Mining to acquire interests in the Mill Canyon; Hilltop- Slaven; and Preble-Prinson gold properties in Nevada.