Trading Summary (September 04, 2003)

The S&P/TSX composite index edged 14.49 points higher to 7,594.85 on Thursday; the information technology sector led the way with a plus-2% rise to 24.66 points. The gold index managed to grab 0.87 of a point to hit 200.75 points, as the yellow metal dropped US$1.40 per oz. to end at US$372.30 per oz. in New York. On the flip side, the diversified miners shed 0.43 of a point to settle at 152.80.

Wheaton River Minerals was far and away the busiest miner, watching nearly 19 million shares climb 16 to $2.46. The company has agreed to take over Miranda Mining for US$38.62 million. Miranda’s has a 30% interest in the Los Filos gold deposit in Mexico. A connected to acquire Teck’s 70% stake for US$48.4 million will give Wheaton outright ownership.

Rio Narcea Gold Mines saw elevated action, gaining 16, or 5.7%, to $2.96 on about 4.6 million shares. The company recently arranged a US$47-million debt facility to mine the Aguablanca nickel sulphide deposit in southwestern Spain.

Gabriel Resources shed 30 to $3.25 on about 3.2 million shares. Gabriel recently said it has acquired more than 30% of the necessary residential properties required to allow for construction of the mine, plant, infrastructure and tailings management facility. Despite the land acquisitions taking longer than expected, the company figures the initial phase should wrap up on time.

Canada’s major gold producers all put in modest gains.

Inco was the most traded base metal miner with a shade more than 900,000 shares making their way 2 pennies higher to $34.47. Teck Cominco‘s B series gained a nickel to $13.80 for its part in the Los Filos deal.

Canada’s junior exchange took a breather from its recent run up. The S&P-TSX Venture Exchange composite index lost 0.77 points, or 0.06%, and closed at 1,324.57.

Shares in Miranda Mining soared 20 to close at 70 on a volume of nearly 11 million shares. Toronto-listed Wheaton River agreed to take over Miranda for US$38.62 million. The all-cash deal pegs the value of Miranda shares at $0.74, this marks a 49% premium over its $0.50 per share trading price before the deal was announced. Miranda’s large shareholders, who hold about 61.5% of the 71.9 million fully diluted shares, have agreed to tender their stock.

QGX added 31 on news that the upper 31.5 metres of the massive sulphide body intersected in hole 40 returned 3.4% copper, 0.8 grams gold and 20.1 grams silver per tonne. The hole cut 131 metres of massive sulphide in the newly discovered North zone within the Central Valley zone (CVZ) on the Golden Hills prospect in western Mongolia. The junior ended the day at $2.90 on 824,778 shares traded.

Investors took positions in Taseko Mines. The Hunter Dickinson run junior has been drilling a geophysical anomaly on the Gibraltor copper property near Williams Lake BC. Taseko ended the day at 50, up 3 on 863,300 shares traded.