Trading Summary (March 06, 2003)

The Toronto Stock Exchange’s subindices were lower nearly across the board as the S&P/TSX Composite Index dropped 61.27 points to 6,328.6 on Thursday. The golds shed 1.97 to hit 165.47 while the diversified miners fell 2.27 points to 122.56.

Northern Orion Explorations remained at the top of the class with more than 7.4 million shares trading their way 1.5 higher to 19.5. Placer Dome finished a distant second volume-wise gaining 33to $13.98. Ivanhoe Mines saw about 1.7 million shares cross the floor to a 6 fall to settle at $3.11, just of the TSX’s top ten traded list.

Iamgold traded nearly 1.1 million shares, but ended the day 53 poorer at $6.80. The company recently boosted reserves at its operating Sadiola Hill and Yatela mines in Mali. At Sadiola, reserves now stand at 31.8 million tonnes grading 3 grams gold per tonne; at Yatela, they are pegged at 11.2 million tonnes grading 3.5 grams.

Bema Gold joined Iamgold in the million-plus share club, falling 3 pennies to $1.60. Bema recently reported that a drilling campaign has increased the life of its Refugio gold-copper mine in Chile by about two years. The company hopes to reopen the operation by the end of 2003.

Among the base metal miners Inco ranked behind only Ivanhoe dropping 22 to $28.75. Sherritt International saw fewer than 280,000 shares traded. The issue ended 4 lighter at $4.73 after posting a fourth-quarter profit of $14.6 million (or 9 per share), compared with a year ago loss of $9.2 million (15 a share). The earnings fell below analysts expectations of 20. Sales rose to $199.4 million from $189 million. A decline in coal prices partially offset higher sales from the company’s nickel and oil operations.

Canada’s junior exchange ended the session lower as investors unloaded stocks ahead of United States President, George Bush’s public address. The S&P-TSX Venture Exchange composite index lost 6.60 points, or 0.6% and closed at 1,093.06.

Consolidated Gold Win Ventures continued to attract investors, ended the day unchanged at 13 with nearly 1.2 million shares changing hands. The junior recently acquired an option to earn 100% in the ZZL and Cleft mineral claims in the south mining district of the Northwest Territories.

IMA Exploration got a boost on news that surface mapping and sampling has enhanced the economic potential of the Navidad gold project in Patagonia, Argentina. The program doubled the strike length of the mapped bonanza-grade silver-copper-lead mineralization at Navidad Hill to 402 metres. Shares in the junior added 14, to close at 87 on a volume of just over 1 million.

Trading in Wolfden Resources remained halted pending news. Shares in the junior closed at $2.57 before being halted yesterday. The company has a stable of properties under a variety of joint ventures in the Red Lake mining camp of northern Ontario.

Snowfield Development lost 4 to close at 31 on nearly 928,828 shares. Snowfield recently inked a deal with New Shoshoni Ventures to earn a 50% interest in the Fate Mineral diamond property in the Northwest Territories in return for $20,000 cash, 200,000 common shares and $100,000 in exploration including 500 metres of diamond drilling this year.