Trading Summary (August 27, 2003)

A US$7-per-oz. surge in the price of gold to US$372.30 in New York sent Toronto’s gold index 8.98 points, or 4.6+% of value, higher to 202.44. The diversified miners couldn’t ride the wave sinking 0.39 of a point to 149.74, just one of 2 subindices to finish in the red. Overall, the S&P/TSX composite index ended 57.79 points higher at 7,500.61.

Wheaton River Minerals ranked as the nation’s busiest miner, gaining 11 to hit $2.09 on just short of 12 million shares. Wheaton recently closed a $100-million bought deal financing, with proceeds to be used for advancement of its mineral properties, potential acquisitions and for general corporate purposes. No big surprise, most of the gold stocks put in earnings. Kinross Gold was the most active major, gaining 55 to make $10.25 on 9.3 million shares. Barrick Gold rose $1.07 to $28, while Placer Dome ended 79 richer at $19.14.

Lower down the ladder, Cambior put in an 11%, or 32, gain to reach $3.25. The company plans to bump up first-year exploration spending on the Gemini-Turgeon property. The work, which will include geophysical surveying and 3,800 metres worth of drilling, is part of Cambior $2.5-million exploration commitment aimed at gaining a 50% interest. Presently, Cancor owns 75% of the Gemini property with Inco holding 25%; Cancor owns the Turgeon property outright.

Junior Pacific Rim Mining outdid Cambior, jumping 16, or 25%, to 80. On Wednesday, the company released the latest drill results from its La Calera gold project in El Salvador, 8 km west of its El Dorado gold project. Pac Rim says the results indicate the possible presence of a lower-grade, bulk-mineable gold target.

Turing back to Inco, the nickel giant slipped 37 to $33.77 with more than 1.2 million shares traded, enough to rank as the most traded base metal issue. On Wednesday, Reuters reported that Inco has offered striking workers at its Sudbury operation improved wages and healthcare coverage. Inco says once a deal is sealed, it would take about 2 weeks to get the operation back up to full capacity.

Canada’s junior exchange surged higher for the second straight day on the back of rising bullion prices. The S&P-TSX Venture Exchange composite index gained 22.98 points, or 1.77%, and closed at 1,298.59.

Abacus Mining and Exploration added 5 to close at 12 on over 1.8 million shares traded. The junior holds the Afton copper project near Kamloops, British Columbia, Historically, there are several known significant copper-gold deposits in a large intrusive in the area.

Glencairn Gold added 5 to close at 64 on 1.49 million shares traded. The company recently announced a $1.6 million flow through financing and proposes to merge with Toronto-listed Blackhawk.

The higher gold price propelled American Bonanza Gold Mining higher. The company, which is working the Copperstone project in Arizona, added 4.5 to close at 32.5 on over 1.5 million shares traded.