Trading Summary (July 31, 2003)

The Toronto Stock Exchange ended 52.93 points higher at 7,257.92 on Thursday with all but one of its subindices finishing in the black; the Telecoms shed 0.06 of a point to hit 60.29. The Gold Index pulled out its mini-slide, regaining 1.24 points to reach 178.07 despite a US$2.10-per-oz. slide by gold to US$354.90 in New York. The diversified miners grabbed 1.51 points to make 140.95.

Ivanhoe Mines took over the reigns as the most traded mining issue with around 3.2 million shares finding their way 4 higher to $4.22. On Tuesday, Ivanhoe said an independent assessment indicates that large aquifers near its Turquoise Hill project in Mongolia will support the processing requirements of a planned a 100,000-tonne-per-day operation

Crystallex International was close behind, surging 87, or nearly 42% of value, to $2.96 on just short of 2.9 million shares. The shares had been suspended from trading since July 9. Crystallex recently restated its financial results and updated figures for its Las Cristinas gold project in Venezuela, where a feasibility study is expected by mid-September.

The nation’s major gold producers put in mixed results. Barrick Gold gained 22 to $24.07 and Placer Dome rose 15 to $17.25, while Kinross Gold fell 16 to $9.08.

After Ivanhoe, Inco was the busiest base metal miner adding 26 to make $32.76. Reuters reports that Inco and the union representing striking workers at its Sudbury, Ontario, unit have held exploratory talks aimed at getting back to the bargaining table.

In diamond news, shares of Mountain Province Diamonds soared 30, or 45%, to $1.47 after reporting that De Beers Canada was sniffing around its Kennady Lake joint-venture diamond project after suspending a pre-feasibility decision in April on economic and geopolitical concerns.

Also making gains was Diamond Fields International, which gained 7, or 21%, to reach 40. DFI says that re-registration of the M.V. Anya from aSouth African flag to a Honduran one is nearing completion. The registration has taken longer than expected, but improvements, maintenance and refurbishment of the ship has been carried out in the meantime.

Canada’s junior exchange exploded strongly to the upside hitting yet another new yearly high. The S&P-TSX Venture Exchange composite index added 24.04 points, or 2.01%, and closed at 1,217.49.

Knight Resources added 6 to close at 68 on 780,000 shares traded. The junior recently increased its budget to $2.2 million for the West Raglan nickel-copper project in northern Quebec. Knight is earning a 49% interest in the West Raglan property from Anglo American Exploration (Canada). The 68,000 ha project covers over 60 km of the interpreted western extension of the Raglan Horizon, which hosts the deposits at the Raglan Mine.

Investors added 4 to the share price of Alberta Star Development on 514,500 shares traded. The company, which ended the day at 28, has completed the first 12 drill holes of a 20-hole program on the Company’s Longtom Lake iron oxide copper-gold property in the Northwest Territories. Assay results are pending.

Shares in Far West Mining moved to a new 52-week high as investors await further drill results from the Candalaria iron oxide copper gold project in northern Chile. Stock in the junior soared following the release of drill results. 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. Far West ended the day up 11 to $1.58 on 316,100 shares traded.