Trading Summary (March 26, 2003)

Toronto stocks ended 27.96 points lower at 6,357 on Wednesday. The gold index was one of just two advancing subindices gaining 1.96 points to 148.62. In New York, gold itself tacked on US$1.50 to reach US$329.70 per oz. The diversified miners ended 1.46 points lower at 123.163.

Wheaton River Minerals remained active ending unchanged at $1.29 with about 10.4 million shares traded. Wheaton has agreed to take another 12.5% stake in the Bajo de la Alumbrera gold-copper mine in Argentina. Wheaton will team up with an unidentified arm’s-length third party to split the US$180 million price tag attached to BHP Billiton’s quarter-stake in the mine.

Eldorado Gold was the next closest miner also ending unchanged at $1.90 on about 3.5 million shares. Eldorado joined the TSX’s composite index on March 21.

Also seeing action were Northern Orion Explorations, plus 2 to $20.5, and Ivanhoe Mines, 29 higher at $3.14.

Canada’s major gold producers lagged behind: Kinross Gold was unchanged at $7.90; Placer Dome made 45 to reach $13.50; and Barrick Gold slipped 8 to $21.45.

Following Ivanhoe was nickel giant Inco, which shed another 44 to settle at $27.16 as it suffers the ill effects of higher than expected development costs at its Voisey’s Bay project in Canada’s east.

Canada’s junior exchange slumped further as advancing stocks lost to declining stocks 270 to 331. The S&P-TSX Venture Exchange composite index shed 1.52 points, or 0.15%, and closed at 1,040.68 with 40.3 million shares traded.

Spider Resources was the day’s volume leader with 1.6 million shares traded. The junior and joint venture partner, over the counter-listed, KWG Resources have launched a 1,000 metre diamond drilling program on their Spider #3 base metal prospect in the James Bay Lowlands of Northern Ontario. Spider remained steady at 12.

Atacama Minerals lost a penny and closed at 60 with 982,970 shares traded The company holds a 50% interest in the Aguas Blancas iodine deposit. Atacama plans a phased development of the deposit, which will initially produce approximately 800 tonnes per annum of high purity iodine, followed by rapid expansion to produce 1,500 tonnes of iodine, 100,000 tonnes of nitrate and up to 300,000 tonnes of sodium sulphate. Iodine production commenced in April, 2001

Northern Empire Minerals lost 4 and closed at $1.20. The company and its partner Stornoway Ventures have recently completed a targeted ground geophysical program on the Aviat project, located on the Melville Peninsula, Nunavut. In addition to the ground geophysical program, approximately 960 kg of kimberlite material was recovered from the AV-1 outcrop for additional caustic fusion and diamond analysis.