Trading Summary (July 03, 2003)

Toronto’s gold stocks ended their climb on Thursday, dropping 0.39 of a point to 171.62 as the yellow metal shed half a greenback to end at US$350.80 per oz. in New York. The diversified miners picked up the slack, gaining 0.4 of a point to 128.61. By day’s end, the S&P/TSX Composite Index was 9.48 points higher at 6,999.78.

Eldorado Gold remained Canada’s most traded mining stock, tacking on 6 to reach $2.55 with about 7.5 million shares changing hands. On Wednesday, Eldorado said it has received an environmental certificate for its 100% owned Kisladag gold project in Turkey. The company can now move on to securing construction and operating permits.

Bema Gold saw more than 4.2 million shares make their way 7 higher to $1.96. The company recently reported some high-grade assay results from the Kupol property in Chukotka, Russia, where the company can earn up to a 75% stake.

Ashton Mining of Canada rebounded to the tune of 39, or 17% of value, to reach $2.69 with nearly 1.1 million shares on the move. On Monday, Ashton and equal partner, Soquem, picked a 4-carat stone from core drilled at their Renard 65 kimberlite pipe in the Otish Mountains of Quebec.

Junior Black Swan Resources jumped 3, or 10%, to 32 on 792,546 shares. The company recently raised $4.25 million by private placing new shares and the exercise of 4 existing warrants. The proceeds will fund work on the Canastra-1 diamond-bearing kimberlite pipe in Brazil.

NovaGold Resources found 22 to make $3.47. On Thursday, NovaGold completed the birth of SpectrumGold, a new early stage exploration company focused on Western Canada. The explorer has an initial budget of $2.85 million.

LionOre Mining International was the most traded base metal miner, adding a nickel to hit $5.47 with nearly 1.6 million shares traded.

LionOre recently tabled plans to merge with Aussie joint-venture partner Dalrymple Resources via an all-stock deal that values Dalrymple at around A$150 million. Ivanhoe Mines was next, picking up 2 pennies to end at $3.32 on the backs of almost 1.1 million shares. The rest were left in the dust.

Canada’s junior exchange ended a lack-lustre trading day modestly lower with declining issues out pacing advancing stocks by a 300-to-273 margin. The S&P-TSX Venture Exchange composite index ended the day 2.43 points, or 0.22% lower and closed at 1,109.70.

Golden Arch Resources ended the day unchanged at 13 on 435,000 shares traded. The junior is working the Jupiter gold project on its Mildred Peak property in Pima County, Arizona. At last report the company reached a tentative agreement, giving United Bolero the right to earn a 51% interest in the project.

Investors unloaded shares in Radius Exploration. The company lost 18 on the session to close at $1.10 on 232,350 shares traded. Along with partner Pillar Resources, Radius is drilling the promising Holly prospect in Guatemala. Pillar ended the day flat at 76 on low volume.

KWG Resources and partner Spider Resources each added half a penny on the day. The partners are attempting to advance the Spider #3 base metal prospect in the James Bay Lowlands of Northern Ontario. KWG ended at 13 on 202,500 shares traded, while Spider closed at 12.5 on 245,500 shares traded.