Trading Summary (July 29, 2004)

Gold closed down US$1.45 on July 29th, to finish at US$387.30 per oz. in the afternoon in London. The gold index was up by 1.15%, or 2.13 points, to close at 187.32. The diversified metals and mining index was up 1.63%, or 3.49 points to close at 217.16 points. The S&P TSX composite index was up 1.04%, or 86.67 points, to close at 8,443.19 points.

Four mining stocks traded over 2 million shares each.

Wheaton River Minerals led the way in volume, rising 1.2%, or 4, to close at $3.38 with 3.65 million shares exchanging hands. Wheaton will be releasing their second quarter results on August 6.

Bema Gold traded second in volume. The stock was up 0.65%, or 2, to close at $3.08 on a volume of 2.54 million shares. Bema has a joint venture agreement with Placer Dome on its Cerro Casale gold and copper project in Chile. Placer announced today that its failure to reach a financing deal for the project does not breech its agreement and that it will speak with Bema regarding details of the financing. Placer is supposed to arrange $1.3 billion of the $1.65 billion it would cost to build the mine.

Lionore Mining International traded third in volume (2.35 million shares). Shares were up 5%, or 27, to close at $5.72. An offering of US$140 million senior unsecured convertible notes due in July 2011 was due to close today.

Barrick Gold traded 2.08 million shares. The stock rose 1.2%, or 30, to close at $25. A couple of days ago, Barrick reported a 45 percent drop in second quarter profit. It also reported that it will proceed with development of the Pascua Lama gold mine on the Chile-Argentina border.

Eldorado Gold traded 1.37 million shares and shot up 9.2%, or 28, to close at $3.33. A few days ago they reported second quarter results. Revenue was down and a net loss was reported, however shaft deepening at the Sao Bento Mine should be complete in August and a construction permit for the Kisladag project in Turkey is on schedule for later this year.