Trading Summary (October 09, 2003)

Toronto’s gold index did well to mostly shrug off a US$6.10-per-oz. fall by gold in New York on Thursday, falling just 0.86 of a point to 191.83. The diversified miners more than compensated for that lack-lustre performance, surging 4.17 points, or 2.4%, to 178.13. In the end, the S&P/TSX composite index gained 35.19 points to end at 7,604.49.

Ivanhoe Mines was the second most traded mining stock, putting in a $1.23, or 13.4%, gain to hit another new 52-week high of $10.40. Fellow base metal miner LionOre Mining International grabbed 36 to make $7.65 with 3.4 million shares on the go. Zinc miner Breakwater Resources resumed its climb, jumping 6, or 12%, to a new 52-week high of 57. Another nice percentage gainer was Corriente Resources, which ended another 34, or 17%, higher at a new year-high of $2.39. Recent drilling by the company uncovered a new zone of high-grade copper mineralization about 3 km to the northwest of its Mirador copper-gold deposit in southeastern Ecuador.

Wheaton River Minerals saw the most action among the gold issues, shedding 3 pennies to hit $2.40 on about 3.7 million shares. Kinross Gold wasn’t far behind, dropping 19 to $10.02 on about 2.7 million shares. On Thursday, Kinross announced plans to buy Denver-based Crown Resources and its wholly owned Buckhorn Mountain gold project, about 67 km from Kinross’ Kettle River gold mill in Washington state.

Southwestern Resources stood out among the golds with a $1.81, or 8.3%, rise to $a new 52-week high of $23.65. The shares have been enjoying a shot in the arm from after announcing that announcing that gold giant Newmont Mining would buy a stake in the company.

Canada’s junior exchange failed to follow the major bourses higher. The S&P-TSX Venture Exchange composite index dropped 2.01 points, or 0.14%, and closed at 1,396.34.

Investors continued to bid up shares in Sparton Resources. The junior recently reported that kimberlite indicator minerals have been found in till samples taken from its 100% owned property located in the Otish mountains of northern Quebec. Following the news the junior agreed to sell two million special warrants at a price of $0.43 per unit. Each special warrant holds one share and one warrant. The warrants are exercisable at $0.54 for a period of two years. Sparton ended the day at 85, up 13 on 4.17 million shares traded.

Pacific Ridge Resources added 2.5 to close at 17 on nearly 2.6 million shares traded. At last report, the junior was completing deposit modeling and selecting drill targets for a second bout of drilling on its Golden Arrow gold project near Tonopah, Nevada.

Despite releasing promising results from the first 7 holes on the Del Norte property, some 30 km east of Stewart, British Columbia, Lateegra Resources dropped 4 to close at 32.5 on over 1.1 million shares traded. The best results include 0.31 oz gold and 16.5 oz silver per tonne over 7.8 ft in hole 1.