Trading Summary (July 29, 2003)

Toronto’s gold stocks led the broader market 57.19 points lower to 7,227.35 on Tuesday; the Gold Index shed 5.61 points, or 3.05% of value, to 178.34. In New York, the yellow metal retreated to the tune of US$3.40 per oz. to end at US$361.40 per oz. The diversified miners added to the red tide, ending 1.01 points lower at 140.38.

Barrick Gold led the golds, and the mining issues in general, lower, falling $1.21 to $24.29 on 4.4 million shares after posting flat, second-quarter earnings of US$59 million late on Monday. The country’s remaining gold majors were dragged along. Kinross Gold slipped 42 to $9 even, and Placer Dome lost 35 to settle at $17.45.

Eldorado Gold stood out among the golds with a penny gain to $2.83. On Tuesday, Eldorado tabled results of an optimization study of its proposed Kisladag gold mine in Turkey. The new plan calls for accelerated expansion, and provides a better return on capital.

Ivanhoe Mines remained in investors view screens, gaining a dime to make $4 on about 2.7 million shares. Ivanhoe recently boosted inferred resources at the Far North Zone at the company’s Turquoise Hill project in Mongolia, to 618 million tonnes grading 1.19% copper and 0.10 gram gold per tonne, at a 0.60% copper equivalent cut off. The company also says that preliminary drill results from several nearby aquifers suggest that they could provide sufficient water to meet the mine processing requirements.

Inco was next falling 49 to $32.72 on just more than 2.5 million shares. Others with more than a million shares on the go were Alcan, off $2.19 at $47.16 and Noranda, which shed 12 to $12.91.

Canada’s junior exchange sprinted to yet another new yearly high despite declining stocks beating advancing issues by a 336-to-287 margin. The S&P-TSX Venture Exchange composite index added 25.54 points, or 2.19%, and closed at 1,190.09.

Investors bid up shares in Far West Mining following the release of drill results from the Candalaria iron oxide copper gold project in northern Chile. The best results came from the first hole, which tested the 4c3 target and returned 2.47% copper and 0.33 gram gold per tonne over 60 metres from 28 metres downhole. Shares in the junior doubled in value to $1.50, up 75 on nearly 1.4 million shares traded.

Excellon Resources gave back a good portion of yesterday’s gains, dropping 3 to close at 15 on 523,000 shares traded. The junior is in the midst of a $2.1 million financing needed as a precondition to the US$4 million financing by the Rand Merchant Bank Group. This financing will be used to fund the increase in the company’s stake in the Platosa silver project in Mexico to 51% from 25.5% to 51%.