Trading Summary (April 10, 2003)

The Toronto Stock Exchange’s gold index dropped 0.68 of a point to hit 157.01. The diversified miners continued lower, dropping 1.1 points to 119.45. In the end, the S&P/TSX Composite Index ended 3.96 points higher at 6,418.47.

While off the massive volume experienced on Wednesday, diamond explorer Tahera remained the most active mining issue, dropping half a penny to 15.5 with about 5.3 million shares on the go. A re-evaluation of diamonds from the company’s Jericho property in Nunavut came back 6% better than a 1999 estimate. A feasibility study at Jericho is due next month.

Placer Dome was next in line with a 14 rise to $14.59. Placer reports that measured and indicated resources at the Donlin Creek project in Alaska have increased by 62% to 11.1 million ounces of gold. Placer is earning a 70% stake at Donlin Creek from NovaGold Resources. For their part, NovaGold shares grabbed 20 to reach $3.80.

Canada’s remaining major gold producers went the other way; Barrick Gold fell 11 to $22.38; Kinross Gold shed 4 to $8.72.

Southwestern Resources tacked on 16 to make $13.05. On Thursday, the company announced positive results from preliminary bottle-roll metallurgical tests on material from the Liam, Peru high-grade silver project. The company is gearing up for a 2,000-metre drill program at Liam.

Noranda was the most traded base metal miner, 30 to $12.26 with 1.25 million shares on the go. Among the few others to end in the black were: Boliden, plus a nickel to $2.70; Teck Cominco‘s B series, which gained 2 to $10.67; and Tiberon Minerals , plus 7 to $2.40.

Cameco dropped another $1.95, or 5%, to $36 after the world’s largest uranium producer warned it would not meet annual production goals thanks to flooding problems at its McArthur River mine in northern Saskatchewan.

Canada’s junior exchange tacked on more gains lead by a strong showing in gold-related issues. The S&P-TSX Venture Exchange composite index gained 2.53 points, or 0.24%, and closed at 1,049.66.

Spider Resources continued to be the most actively traded junior explorer, ending the day flat at 13 with nearly 3.2 million shares traded. The junior and partner over the counter-listed, KWG Resources recently reported the results from the first 2 holes on their Spider #3 base metal prospect in the James Bay Lowlands of Northern Ontario. The first hole of the latest program was drilled to the northwest and intersected mineralized mafic to intermediate metavolcanics over a 29 metre interval. Two sections of semi-massive sulphide material were hit, one is chalcopyrite-rich and the second is sphalerite-rich. The copper zone ran 1.43% over 8.9 metres, while the zinc zone averaged 1.79% over 4.7 metres. The second hole was collared to the southeast, and at press time, had only partial results because a number of samples returned overlimit values of more than 1% copper and zinc. Using a 1% weighted averaging for the overlimit results, the copper zone ran 0.51 % over 12.3 metres, while the zinc-rich section averaged 0.79% over 7.15 metres. Complete results are expected before mid-month.

Deloro Minerals gave back most of its recent gains, losing 5 3 to close at 7 on just over 723,101 shares. The junior’s principal asset is the Dingman gold property in Madoc and Marmora Townships Ontario. A 1998 study estimated an indicated mineable open-pit resource 5.6 million tonnes grading 1.05 grams gold per tonne.

Uruguay Mineral Exploration dropped 2 to close at 68 on 1.8 million shares. The junior holds several exploration projects in Uruguay.