Trading Summary (April 04, 2003)

The S&P/TSX Composite Index shed another 1.65 points to end the week at 6,394.98 on Friday. The golds regained 1.68 points, while the base metal miners dropped 0.11 of a point to 121.89. In New York, gold put on late-day mini-rally to end US40 at US$325.20 per oz.

Wheaton River Minerals rose 8 to $1.26 with more than 2.5 million shares traded to rank as Canada’s most traded mining stock. Wheaton recently acquired the Peaks gold mine in Australia and a quarter-stake in the Bajo de la Alumbrera copper-gold mine in Argentina. It has since inked a deal with London-based BHP Billiton to acquire another 25% in Bajo de la Alumbrera for US$180 million. It paid US$210 million to Rio Tinto, also London-based, for its initial stake.

Kinross Gold was next in line trading about 2.4 million shares a penny lower to $8.28. Kinross recently tabled plans to spend $21 million aimed at replacing gold reserves this year. The budget includes $6.5 million for exploration, $5.3 million in joint-venture operations and $9.2 million on Kinross operations. The company also left room to spend more.

Adding a penny was McWatters Mining, which closed at 19.5. The company recently closed an offering of 136.2 million shares at 20 apiece for gross proceeds of $27.2 million.

Canada’s remaining major gold producers managed small gains, Placer Dom made 22 to reach $14.12, and Barrick Gold grabbed a penny to hit $22.10.

LionOre Mining International was the most traded base metal miner with just short of 546,000 shares finding their way 3 higher to $5.23. LionOre recently inked a strategic alliance with Inco, under which the major agreed to life-of-mine off-take contracts at LionOre’s Emil Ann and Maggie Hays mines in Australia.

Noranda was close second sliding 7 to $11.98 on about 542,000 shares. Others to finish poorer were: Inco, off 15 at $27.17; Falconbridge, 23 lighter at $15.92; and Ivanhoe Mines, which dropped 2 pennies to $3.18.

Canada’s junior exchange continued to gain ground as advancing stocks beat declining stocks 294 to 246. The S&P-TSX Venture Exchange composite index tacked on 6.64 points, or 0.63%, and closed at 1,056.73 with 30.3 million shares traded.

Spider Resources continued to be the most actively traded junior explorer, ending the day up 2 to 20 with 5.5 million shares traded. The junior and joint venture partner, over the counter-listed, 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. At last report three holes were completed with assay results due any day now.

Diagem International Resource lost 1 and closed at 28 with 419,000 shares traded. The company holds a 38% interest in KWG Resources. The junior also has a number of diamond projects in the Juina province, in the state of Mato Grosso, Brazil.

Trio Gold finished the week up 2 to 15 with 348,000 shares traded. The company recently completed a $1.2 million financing. Trio will use the proceeds for working capital and for the exploration and drilling of its wholly-owned Rodeo Creek property, located approximately 56 km northwest of Carlin, Nevada.

Rubicon Minerals closed flat at 90 with 339,300 shares traded. The junior recently hit a number of high-grade gold intercepts at its wholly-owned McFinley mine project in the Red Lake camp of Ontario.