Trading Summary (March 13, 2003)

The Toronto Stock Exchange rebounded to the tune of 66.81 points to end at 6,295.44 on Thursday as most of the subindices ended in the black. There was no need to thank the gold index, which slid another 1.5 points to 150.27. Gold did its best lead impersonation plummeting another US$10.70 to US$335.40 in New York. The diversified miners pulled their weight putting in a 2.68-point gain to make 124.17.

Canada’s major gold producers were felled by gold’s downdraft. Placer Dome dropped 20 to $13.20 on about 3.4 million shares to finish as the busiest of the triad. Kinross Gold fell 8 to $8.40 and Barrick Gold ended 66 cheaper at $20.90. Most of the other gold issues followed suit.

Some exceptions were: McWatters Mining, which grabbed a penny to make a quarter; Wheaton River Minerals, up a nickel to $1.15; Glamis Gold, plus 32 to $14.07; and Bema Gold, which ended 2 pennies higher at $1.51.

Alcan led the base metal crowd with a $1.92 gain to $41. Just off the pace were Inco and LionOre Mining International. Inco rose 70 to $29.40 and LionOre tacked on 13 to reach $5.55. The pair have agreed to join forces to explore LionOre’s Lake Johnston 90%-owned Southern Cross tenements in Western Australia. Inco will also subscribe to a private placement of LionOre shares and the 2 have agreed to a life-of-mine off-take agreement covering LionOre’s new Maggie Hays mine when it begins operation in 2004.

Canada’s junior exchange failed to follow the major bourses higher as a big drop in the price of bullion had investors unloading gold shares. The S&P-TSX Venture Exchange composite index lost 4.33 points, or 0.41%, and closed at 1,056.70.

Moss Lake Gold Mines was the most actively traded issue, dropping 2 to close at 9 on over 2.2 million shares. The junior has been working the Moss Township property in the Shebandowan greenstone belt some 100-km west of Thunder Bay, Ontario.

Celtic Minerals ended the session up a penny at 45 on just over 1.1 million shares. The junior is in the midst of a $1 million financing to fund exploration on its Malaumanda gold property in Papua New Guinea.

Spider Resources gave back some of yesterday’s 3 gain, closing at 8, down a penny on nearly 1.4 million shares. The junior and joint venture partner KWG Resources have launched a 1,000 metre diamond drilling program on their Spider #3 base metal prospect in the James Bay Lowlands of Northern Ontario.

American Bonanza Gold Mining continued to drift lower, dropping 1 to close at 24 with 807,450 shares traded. The junior is currently exploring the Copperstone gold project in Arizona from underground.

Strongbow Resources added 2 to close at 36 on 813,000 shares. The junior recently unloaded its Irish gold assets and is now searching for diamonds near the Melville Peninsula in Nunavut.