Trading Summary (July 16, 2003)

Toronto gold stocks dropped another 3.14 points to end Wednesday’s trading session at 162.96, as gold fixed US$5.05 per oz. lower at US343.20 per oz. in the afternoon in London. The diversified miners managed to scrape together 0.01 of a point to 131.95. Overall, the S&P/TSX Composite Index ended 34.07 points lower at 7,082.01, with just two other subindices, the industrials and consumer staples, making gains.

Wheaton River Minerals was the nation’s busiest mining issue, trading nearly 3.1 million shares 6 lower to $1.69. Major gold producer Kinross Gold was next, ending unchanged at $8.15 with about 2.25 million shares changing hands. The remaining major bullion producers went the other way. Barrick Gold dropped 35 to $23.42, while Placer Dome lost 27 to hit $15.90.

Shares in Inmet Mining ended 15 higher at $7.15 on thin volume after announcing the sale of its 3.3% royalty on the Antamina copper-zinc mine in Peru to Noranda for US$22.5 million. For their part, Noranda shares climbed 13 to make $13.83. Noranda already has a 33.75% equity stake in the mine.

Also making news was Comaplex Minerals, which vaulted 80, or 40% of value, to $2.80, a new 52-week high. On Wednesday, Comaplex announced plans to merge with the Canadian subsidiary of Australian-based WMC Resources. The deal gives Comaplex 100% of WMC’s Canadian exploration properties, including the 56% interest in the Meliadine West gold property in Nunavut.

Alcan finished as the most traded base metal miner, gaining $1.27 to $43.10 with 2.5 million shares crossing the floor.

Canada’s junior exchange fell for the second straight day with investors having little reason to buy speculative issues. The S&P-TSX Venture Exchange composite index lost 10.75 points, or 0.96% and closed at 1,106.44.

Investors took profits in Wolfden Resources. Stock in the junior fell 18 to end the day at $2.54 on 463,370 shares. Over the past week shares in Wolfden rose on drill results from the West Zone discovery at its 100% owned High Lake property in Nunavut. The first two holes have intersected up to 6.15% copper, 1.91% zinc, 142.3 grams silver and 3.49 grams gold per tonne. The West Zone discovery was make while following up an airborne anomaly identified from a 2002 regional airborne geophysical survey.

Newly minted Mag Silver continued to trade near a 52-week high ahead of drill results from hole 2 into the Juanicipio property in Mexico. The first two holes cut mineralized veins showing the same geological and mineralogical characteristics as the famous Santo Nino veins on the adjoining Fresnillo mine property. The first hole returned 10.9 grams gold and 200 grams silver per tonne from a 30 cm section. Mag ended the session at 89, down 1 on 114,280 shares traded.

Aquiline Resources gave back a small portion of yesterday’s gains losing 3 to close at 65 on a light 30,000 shares traded. Investors bid up the stock following news that results from a 14-hole drill program over the Calcatreu gold project in Patagonia, Argentina returned up to 14 metres grading 13.5 grams gold and 64 grams silver per tonne.