Trading Summary (May 08, 2003)

The golds, off 4.93 points, or about 3%, at 161.92, dragged the Toronto Stock Exchange 4.03 points lower to 6,836.21. The golds suffered at the hands of a yellow metal that shed US$2 to hit US$365.20.

Miramar Mining was the most traded miner, dropping a penny to $1.42 with about 2.85 million shares traded. Initial results from an on going 9,000-metre drill program on the Boston deposit on the Hope Bay gold project in Nunavut run up to 54.7 grams gold per tonne over 9 metres.

Canada’s major gold producers were close behind. Placer Dome lost 37 to $14.72; Kinross Gold dropped 7 to $9.32, and Barrick Gold fell 58 to $23.84. All three saw more than 2 million shares traded.

Junior Corriente Resources outpaced bigger Barrick, gaining 6 to hitc $92 with more than 2.2 million shares on the go. The company had no news.

The diversified miners managed to scrape together 0.14 of a point to make 121.73. Inco was the most traded, gaining 32 to make $27.75. Talks between Inco and the union representing workers at its Sudbury nickel operation have broken off after the union called the nickel giant’s new contract offer disappointing.

Teck Cominco‘s B series was next, gaining 9 to $10.25 on around 1.6 million shares.

Canada’s junior exchange slipped back a few notches led by the declining value in gold-related issues. The S&P-TSX Venture Exchange composite index lost 5.72 points, or 0.53% and closed the day at 1,078.64.

KWG Resources and partner Spider Resources continued to be actively traded. The companies have been advancing the Spider #3 base metal prospect in the James Bay Lowlands of Northern Ontario. Hole 2 on the project yielded 0.53 % copper over 12.3 metres in the semi-massive sulphide zone and the massive sulphide zinc section came back 5.45% zinc over 5.35 metres. KWG closed at 12 up a cent on 345,000 shares and Spider added a penny to 9, on 590,000 shares.

Investors continued to jostle for position ahead of additional results from the Lobo gold property in the Philippines. Shares in Mindoro Resources added 2 to close at 38 on a volume of 103,000. The third hole of the on going program yielded 8.32 grams per tonne over 13.3 metres.