Trading Summary (May 29, 2003)

Toronto’s gold stocks managed to tack on just 1.21 points to make 163.13 as the yellow metal vaulted US$5.10 to US$370.30 per oz. in New York on Thursday. The diversified miners performed slightly better, adding 1.45 points to make 123.18 points. Overall, the S&P/TSX Composite Index edged 0.35 of a point higher to 6,836.56.

Eldorado Gold ended the day as the nation’s busiest mining issue, trading just short of 3.2 million shares 4 pennies lower to $2.11. The company recently scaled back production estimates for its Sao Bento mine in Brazil.

Black Swan Resources was a close second in a rare appearance on the TSX’s top ten traded list. The issue grabbed 1.5 to make 25 with on a just a handful fewer shares. The company is currently putting together a definitive mine plan for the Canastra 1 kimberlite pipe in Brazil. This plan is due by mid June.

Canada’s major gold producers finished well down the list. Kinross Gold saw the most action, gaining 3 to make $9.35, Placer Dome ended 8 higher at $14.80, and Barrick Gold rose 24 to $24.08.

Wheaton River Minerals outpaced the trio, advancing 6 to $1.39 on about 2.3 million shares ahead of Friday’s first-quarter financial report.

Inco rose another dime to $27.85 on about 1.9 million shares despite a strike at its Sudbury nickel operation looming large. Alcan was next closets with less than half as many shares making their way 97 lower to $40.77.

Canada’s junior exchange broke out to the up side with investors taking bites on speculative gold issues. The S&P-TSX Venture Exchange composite index gained 6.54 points, or 0.61% and closed at 1,085.18.

Bishop Resources ended the day up a penny at 12 on over 3.2 million shares traded. The junior recently staked ground adjoining its Gordon Lake gold property in the Northwest Territorie. Previous work completed by Giant Bay Resources outlined 12 gold-bearing zones.

Desert Sun Mining ended the day unchanged at 83 on 386,300 shares traded. The junior is in the midst of a second round drilling at its Bahia gold property at Jacobina, State of Bahia, Brazil. Some 8,000 metres of drilling is planned.

Spider Resources ended the day flat at 9 on 361,500 shares. The company along with joint venture partner KWG Resources 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.