Trading Summary (June 19, 2003)

Spooked by some recent profit warnings, investors sent the Toronto Stock Exchange down 25.01 points to end Thursday’s trading session at 7,078.48. The gold index was one of just three subindices to end in the black, gaining 3.11 points to reach 174.8. The climb was powered by a US$4.40-per-oz. gain by the yellow meta, which ended at US$361.30 in New York. The diversified miners couldn’t keep pace, dropping 1.22 points to 130.34.

Eldorado Gold finished atop the TSX’s leader board, ending unchanged at $2.30 with more than 15.7 million shares changing hands. The unhedged producer recently hosted an analysts’ tour of its advanced Kisladag and Efemcukuru gold projects in Turkey. During the tour, the country’s prime minister told The Miner that a revised mining act, which provides further incentives to foreign investment, should be enacted by mid-July.

Placing a distant second among the miners was Wheaton River Minerals, which made 6 to hit $1.70 on less than half as many shares. The issue has enjoyed elevated trading activity since joining the S&P’s composite index last week.

McWatters Mining grabbed third spot, dropping 2 to 15 on just short of 4 million shares. The company has trimmed 2003 gold production estimates from its Sigma-Lamaque open-pit operation in Val d’Or, Que. The company also tabled plans to raise $14 million to clear up some waste backlog issues at the operation and explore the nearby East Amphi property.

Canada’s major gold producers all put in gains. Placer Dome rose 33 to $16.92, Barrick Gold climbed 29 to $25.10, and Kinross Gold finished a dine richer at $9.59.

In the junior ranks, Queenstake Resources jumped 3, or 12.5% of value, to 27. The company plans a brokered private placement of 105 million subscription receipts at 20 apiece for proceeds of $21million. Each receipt is good for one share and half a warrant one Queenstake wraps up its acquisition of the Jerritt Canyon mine. One warrant entitles the holder to buy one share for 25 for 2 years after the deal closes.

Ivanhoe Mines was the most traded base metal miner, ending unchanged at $3.40 on about 1.45 million shares. There was no immediate news out of the company. LionOre Mining International dropped 2 to $5.82 about half as many shares. The company recently tabled plans to swallow Aussie joint-venture partner Dalrymple Resources.

Canada’s junior exchange lost some ground with declining stocks edging out advancers 330 to 328. The S&P-TSX Venture Exchange composite index shed 2.68 points, or 0.24%, and closed at 1,113.42 with 42.5 million shares traded.

American Bonanza Gold Mines closed at 31.5 up 1.5 with 1.89 million shares traded. The company reports that it has completed setting up an underground drill station at the Copperstone project in Arizona and a drilling contractor has been selected. Drilling is expected to begin towards the end of June and aims to provide enough data to upgrade the D-Zone resource to a reserve.

Cardero Resource tumbled 74 and closed at 87 with 1.79 million shares traded. The junior tabled initial assay results from its diamond drilling program on the Olaroz silver project in northwestern Argentina. Highlights include; 34.5 metres averaging 133.2 grams silver and 24.0 metres averaging 100.3 grams silver per tonne.

Boulder Mining found 3 and closed at 26 with 1.08 million shares traded. The company is earning a 50% interest in each of two properties known as the Colts and Breakaway properties from Canadian Royalties. Both projects are located in northern Quebec. Boulder is required to spend a total $1.25 million on exploration before the end of 2005.