Trading Summary (January 05, 2004)

Gold picked up where it left off in 2003, shooting up US$8.60 to end at US$423.80, a level not seen in more than a decade, in New York on Monday. The Toronto Stock Exchange’s gold index responded, jumping 7.85 points, or 3.4%, to 236.91. Still, it was silver that led the advancing precious metals with a US27, or 4.56%, rise to US$6.19. Overall, the S&P/TSX composite index rose 1.06% to 8,381.66 its highest level since mid-2001.

Not surprisingly Canada’s most traded mining issue was a gold and silver miner. Wheaton River Minerals jumped 29, or more than 7%, to $4.13 on nearly 9.9 million shares. Pan American Silver wasn’t quite as busy, but the shares soared $1.84, or nearly 10%, to a new 52-week high of $20.50

Anatolia Minerals also put in a nice percentage gain, vaulting 28, or 23%, to make a year-high of $1.50. On Monday, Anatolia said it had acquired 100% of the Copler gold project in Turkey after Rio Tinto dropped its rights to the project and surrounding area in exchange for 4 million Anatolia shares. Rio Tinto now has a 15% stake in Anatolia. Copler’s inferred resource is paged at 44 million tonnes running 2.9 grams gold per tonne. Anatolia plans to fast track an open-pit operation.

McWatters Mining stuck out as a lonely loser among the gold issues on Monday, after the company announced the completion of its sale of the Kiena mine complex in Val-d’or, Quebec to Wesdome Gold Mines for $3 million in cash, a 4% net smelter return royalty on existing resources at Kiena plus a 2% NSR on any new resources found on the Kiena. McWatters plans to focus it efforts on resuming open-pit operations at the nearby Sigma-Lamaque mine.

On the base metal side, Constellation Copper saw nearly 9.9 million shares edge a penny higher to 11.5. The shares are up some 65% higher than this time last year thanks to soaring copper prices. Zinc miner Breakwater Resources tacked on 6, or about 9%, to make 75 as zinc prices continue to climb. Overall, the diversified metals & mining index added 7.83 points, or 2.3%, to reach 241.52.

Canada’s junior exchange started the trading week off by moving higher helped by the rising price of bullion. The S&P-TSX Venture Exchange composite index gained 15.02 points, or 0.85% and closed at 1,780.86.

ECU Silver added half a penny to close at 32.5 on 1.9 million shares traded. The junior holds several silver-gold projects in Mexico.

Newly named China Diamond added 4.5 to close at 34 on 1.6 million shares traded. The company has changed its name from Pan Asia Mining Corp. The company has a controlling interest in a Sino-Foreign joint venture company in the Shandong Province in the People’s Republic of China. The Joint Venture Company owns and operates the 701 Changma Diamond Mine.

Making a nice percentage gain, Sur American Gold surged 30 to close at $1.16 on nearly 1.2 million shares traded. The junior reported surface values of up to 781.5 grams gold per tonne from its on-going bulk sampling program at the Comval gold project in the Philippines.