Trading Summary (February 13, 2003)

The Toronto Stock Exchange just clawed its way into positive territory near the closing bell on Thursday, with the TSX Composite index rising 0.59 point to 6,453.13 after a day spent mainly in the red.

The golds continued to bounce, picking up 5.41 points to finish at 189.52, for a gain of almost 3%. Bullion prices headed back up in the last half of the North American trading day; fixed at US$352.80 per oz. in the London afternoon session, the yellow metal closed at just over US$357 on the Comex and steadied in Pacific markets after the close.

All the component shares on the gold index rose, with the exception of Bema Gold, which fell back a penny to close at $1.08. Barrick Gold staged a recovery after yesterday’s pounding, picking up 82 to close at $24.87, with 3.6 million shares traded. Placer Dome was up 58 to $16.58 on over 3 million volume, and Kinross Gold was heavily traded too, going up 6 to $11.30 on 2.3 million shares.

Star of the day was Agnico Eagle Mines, which rose 92 to finish at $21.05.

Off the index, Wheaton River Minerals picked up 6 to close at $1.36 as just over 2 million shares were traded. Junior McWatters Mining was up 1.5 at 28, with about 1.5 million shares moving. African explorer Nevsun Resources had an excellent day, rising 31 to close at $3.70 as a million shares rode the tape.

The metals and mining index fell and stayed down on Thursday, finishing at 130.38, 1.12 points behind yesterday’s close. There were two winners: Falconbridge was up 9 to $16.54, and Cameco tacked on 2 to finish at $36.15.

But it was misery everywhere else: Inco was down 35 to $31.90, Noranda shed 12 to $13.62, and Teck Cominco B-series shares gave back 18 to close at $12.12.

Canada’s junior exchange ended a week-long losing streak with investors loading up on gold-related issues. The S&P-TSX Venture Exchange composite index climbed 5.83 points, or 0.54% and closed at 1,087.13.

IMA Explorations added 9 to close at 79 on nearly 900,000 shares. The junior recently picked up the Navidad silver-copper-lead project in Chubut province, Argentina. Acquired through staking, the project hosts both replacement and vein style mineralization. Highlights include surface samples yielding 15,100 grams silver per tonne, plus 2.8% lead and 1.6% copper.

American Bonanza Gold Mining ended the session at 32, up 3 on nearly 932,000 shares. Stock in the junior has traded heavily since Toronto-listed Goldcorp reported that it has taken a 10.4% stake in the company. American Bonanza Gold is currently completing underground exploration of the Copperstone gold project in Arizona.

Sultan Minerals ended the session at 25, up 6 on 331,390 shares. Sultan’s partner on the Kena gold project near Nelson BC, Kinross Gold recently completed a 5,700 metre drill program. All 33 holes cut gold mineralization, but mainly low grade.