Trading Summary (October 21, 2003)

Toronto’s gold stocks led the way on Tuesday gaining 8.67 points, or 4.5%, to a four week high of 202.98 as the yellow jumped US7.50 per oz. to end the day at US$381.00 per oz. in New York. The diversified miners managed to grab 0.95 of a point to make 181.54. Overall, the S&P/TSX composite index finished 48.15 points higher at 7,768.

Queenstake Resources shot to the head of the class, sending nearly 39 million shares 7, or 11%, higher to 69. The issue ended the day as the TSX’s most traded issue, nearly tripling the trading volume of perennial market heavyweight Nortel Networks. Shares of the company issued under its acquisition of the Jerritt Canyon gold mine in Nevada became saleable to qualified investors on Tuesday.

The rest of the gold issues were well represented on the TSX’s top ten traded list. Wheaton River Minerals finished the closest to Queenstake with more than 9.1 million shares making their way 13 higher to $2.79.

Plus-10% gains were put in by Rio Narcea Gold Mines, up 39 to $3.64, Miramar Mining, plus 31 to $2.46, Nevsun Resources, 63 higher at $6.68, Golden Star Resources, up 77 at $6.25, and McWatters Mining, up half a cent to a nickel.3.64.

On Tuesday, Golden Star said its expects gold production from Bogoso/Prestea mining operations in Ghana to jump by 14% to 160,000 oz. in 2003. The company also expects cash operating cost to fall by 5% to US$175 per oz. from the previously forecast US$185 per oz. The company also said it would buy back a royalty at Bogoso/Prestea from Barnato Exploration for 2.75 million shares, which are valued at US$11.5 million based on the shares AMEX closing price on Oct. 20.

LionOre Mining International was the busiest base metal miner falling 19 to $7.25 on about 1.7 million shares. Nickel giant Inco was next in line adding 52 to hit $41.20 after posting a third-quarter net loss of US$27 million, or US16 per share, thanks to a 13-week strike at Sudbury, Ontario operation.