Trading Summary (July 30, 2004)

Gold closed up US$4.10 on July 30th, to finish at US$391.40 per oz. in the afternoon in London. The gold index was up by 0.76%, or 1.42 points, to close at 188.74. The diversified metals and mining index was up 0.49%, or 1.07 points to close at 218.23 points. The S&P TSX composite index was up 0.18%, or 14.88 points, to close at 8,458.07 points.

Wheaton River Minerals led the way in volume, and was the only mining stock to trade over 2 million shares. The stock fell 0.89%, or 3, to close at $3.35 with 2.99 million shares exchanging hands. Wheaton sent a letter today to Coeur d"Alene Mines informing them that the Silver Wheaton transaction will proceed on Sept. 9, two weeks following the expiry date of Coeur’s take-over bid, if Coeur has not succeeded in acquiring 66.67% of Wheaton by the Aug. 27 deadline.

Stelco traded second in volume, rising 5.8%, or 4, to close at 73, on a volume of 1.4 million shares. Stelco announced yesterday that it plans to shut eight plants and businesses to focus on its integrated steel business at Hamilton and Lake Erie. The company has been in bankruptcy protection since January; court protection from creditors is in effect until Sept. 30. Stelco plans to invest $360-$465 million over 18-24 months, to close plants, and expand and upgrade others, but it is currently unable to raise the required funds.

Crystallex International shares shot up 19%, or 52, to close at $3.25, on a volume of 1.16 million shares. Yesterday the Venezuelan Supreme Court was informed by Minca (Minera las Cristinas) of its withdrawal of legal action against Crystallex International Corporation. Corporacion Venezolana de Guayana sought to overturn the Mining Operation Agreement for the Las Cristinas properties awarded by the corporation to Crystallex on September 17, 2002.

Tiberon Minerals was up 11%, or 20, to close at $2 on a volume of 109,607 shares. There was no news to account for the rise.