Trading Summary (January 24, 2003)

The gold stocks outshined the rest of the Toronto Stock Exchange on Friday gaining 4.2 points or 2.1% to 204.61 as the yellow metal climbed another US$3.50 to US$367.70 per oz. in New York. The tech stocks were the only other subindex to join the golds in the black, but just barely. The diversified miners slipped 0.96 of a point to make 137.47

Kinross Gold retook its place as the TSX’s most active mining issue grabbing 21 to hit $3.98 with around 5 million shares on the go. McWatters Mining slipped half a penny to 32 with about 4.4 million shares on the go to rank second.

Wheaton River Minerals dropped another penny to $1.53 on the backs of about 3.6 million shares. Wheaton has tabled plans for a private placement of shares and warrants worth at least US$150 million. The company will use the funds to buy Rio Tinto’s quarter-interest in the Bajo de la Alumbrera gold-copper mine in Argentina and a 100% interest in the Peak gold mine in Australia. The placement is subject to regulatory approval.

Canada’s remaining major gold producers also ended higher. Barrick Gold rose 64 to $26, and Placer Dome found 17 to reach $17.97.Teck Cominco rose a quarter to $12.55 on about 1.8 million shares to lead a quiet bunch of diversified miners. Teck is due to release its fourth-quarter financial results after the market closes on Jan. 29.

Few others managed to post gains. Among them were: Sherritt International, up 6 to $4.60; LionOre Mining International made 4 to hit $5.55. Tiberon Minerals climbed 7 to $2.84, Tenke Mining found a dime to settle at $1.45, and Western Copper Holdings rose 11 to $3.89.

Canada’s junior exchange ended the trading week by moving higher as investor picked up select gold issues. The S&P-TSX Venture Exchange composite index gained 3.13 points or 0.28%, and closed at 1,129.81.

Getting a boost from a buy recommendation from a newsletter writer, Quaterra Resources added 5 to close at 23 on nearly 3.2 million shares. The junior has been working the Duke Island nickel-copper-platinum-palladium project in Alaska.

Investors snapped up shares in Odyssey Resources following news that hole 1 into the 2G zone on the Altintepe project in Turkey has returned 2.77 grams gold per tonne over 93 metres. The junior ended the day at 46, up 15 on over 1.5 million shares.

Great Basin Gold dropped 9 to close at $1.75 on 732,300 shares. The Hunter Dickinson led company has five rigs turning on the Burnstone gold project in South Africa.

The latest drill results from the Kena property near Nelson, BC, had little impact on Sultan Minerals. The Frank Lang led company lost 1 to close at 21 on 508,000 shares. Despite hitting mineralization in all 33 holes, the results were generally low grade.