Trading Summary (August 19, 2003)

The Toronto market moved higher on Tuesday, with strength in both the golds and the technology stocks moving the market higher. The TSX Composite index was up 63.58 points at 7,474.91.

The TSX Gold index surged 9.03 points and ended the day at 194.44, a gain of 4.9%. Gold bullion prices gained through the whole trading day, from a morning fix of US$358.30 per oz. in London, through US$360.40 in the afternoon, to a close in New York above US$361.

All the golds were up, and there was no distinction made between the hedgers and non-hedgers this time around. Glamis Gold made the biggest gain in percentage terms, rising $1.39 to $19.94, while Bema Gold was the most active, with 6.7 million shares trading; it rose 7 to $2.99.

The TSX Metals and Mining index was up 2.01 points at 148.24, also outpacing the broader market. With three-month London nickel prices touching US$9,700 per tonne, and closing at US$9,680, the nickel miners were all flying high.

Inco, even without any Sudbury production, was up 53 at $34.43, while LionOre Mining International was 18 better at $6.76. Sherritt International edged up 4 to $4.79, while Falconbridge lagged behind the others, posting a 6 gain to close at $20.70.

The big mover was mid-tier Aur Resources, which jumped 34 to $4.55, a gain of over 8%, on a volume of just over a million shares. Noranda was the most heavily traded of the base metals, up 21 to $13.81 on a volume of over 3 million.

Canada’s junior exchange surged higher with advancing stocks outpacing declining issues by a 341-to-308 margin. The S&P-TSX Venture Exchange composite index gained 14.65 points, or 1.19%, and closed at 1,249.73.

Bishop Resources continued to inch higher, adding a penny to close at 26.5 on over 1.2 million shares traded. The junior has launched its 2003 exploration program on the Al and Lawyers gold properties in the Toodoggone District of north-central British Columbia.

The latest drill results from the Pebble copper-gold property in Alaska sent shares of Northern Dynasty Mines lower. The Hunter Dickinson-led junior dropped 4 to close at $2.85 on 767,803 shares. The results include up to 0.86 gram gold and 0.7% copper over 86.7 metres.

Odyssey Resources added 1.5 to close at 25.5 on 645,000 shares traded. The junior has resumed drilling on its Altintepe gold project in Turkey. Permits for testing both western and eastern targets have already been obtained, and drilling began on August 2.