Trading Summary (January 09, 2004)

With the yellow metal ending US$2.70 higher at US$426.20 in New York, Toronto’s gold stocks pulled out of their recent slide, managing a 0.17-of-a-point gain to 225.40. The diversified miners were less fortunate slipping 3.28 points to 224.37. Overall, the S&P/TSX composite index seesawed itself 34.23 points lower to 8,352.19.

Constellation Copper ended the week as Canada’s most traded miner surging 3, or 29%, to a 52-week high of 13.5 with more than 22.1 million shares traded. On Friday, the company announced plans to raise $25 million via a bought deal involving some 238 million units at 10.5 apiece. Each unit includes one share and half a warrant, with a whole warrant good for one share at 15 each for two years. The deal’s lead underwriter is Sprott Securities, and includes GMP Securities, Northern Securities and McFarlane Gordon. The offering is slated to close by about Jan. 22, subject to regulatory approval.

Wheaton River Minerals was the next closest mining issue with about half as many shares adding 15 to make $4.04. Junior TVI Pacific grabbed third spot soaring 4.5, or 17%, to 30.5 on a shade more than 7 million shares. China’s central government recently granted TVI a business licence for subsidiary Hunan Pacific Geological Exploration, the first entirely foreign-owned mineral exploration company in the country.

Canada’s major gold and base metal miners traded sideways on eth day. Uranium miner Cameco stood out, falling $3.25, or 4.5%, to $69.75 after it said that any benefits it would see from higher uranium prices would be muted in the short-term thanks to existing, lower priced uranium sales contracts. On a brighter note, Unit 3 at the Bruce Power station on the shores of Lake Huron recently began sending electricity to Ontario’s grid for the first time since 1998. Cameco has a 31.6% stake in the facility.

American Mineral Fields continued its recent rise gaining another 14, or nearly 10%, to $1.56. In November, AMF finalized a deal agreed to earn a 82.5% stake in the huge Kolwezi cobalt-copper tailings project in the Democratic Republic of Congo State-owned Gnrale des carrires et des mines (Gcamines) will retain 12.5%, and the DRC government will own 5%.

Canada’s junior exchange ended the week by posting solid gains. The S&P-TSX Venture Exchange composite index gained 17.71 points, or 0.99% and closed at 1,804.57.

Beta Minerals added 1.5 to close at 24.5 on 6.2 million shares traded. The junior was formed in 2002 from the exploration assets of the former Highwood Resources. The assets include the Thor Lake beryllium and tantalum property in the Northwest Territories, and the Mikwam gold property along the Quebec-Ontario boundary

Newly named China Diamond added 6.5 to close at 45.5 on 3.4 million shares traded. The company, which changed its name from Pan Asia Mining, has a controlling interest in a Sino-Foreign joint venture company in the Shandong Province in the People’s Republic of China. The Joint Venture Company owns and operates the 701 Changma Diamond Mine.

Making a nice percentage gain, Canadian Metals Exploration surged 12 to close at 61 on 2.25 million shares traded. The junior holds the Turnagain nickel project some 70 km east of Dease Lake in northern BC. A total of 3,915 metres have been drilled in 19 diamond drill holes during 1996, 1997 and 1998. These drill holes were designed for testing widely separated areas for nickel mineralization.