Trading Summary (August 21, 2003)

The Toronto Stock Exchange added 25.38 points to make 7,503.76 on Thursday, a new 52-week high. The feat came no thanks to the gold index, which shed 3.6 points, or 1.8% of value, to land at 197.38. The gold index’s fate was sealed by the yellow metal, which dropped US$4.50 to US$360.50 per oz. in New York. The base metal miners picked up the gold diggers slack, adding 2.1 points to hit 154.07.

Standing out from the rest of the bullion brood, Kinross Gold added 7 to reach $10.05 on more than 5 million shares, enough to rank as the nation’s most traded miner, and the TSX’s third-busiest issue period. Kinross recently pulled the plug at its Lupin mine in Nunavut, 400 km northeast of Yellowknife, amid soaring costs.

Dynatec was next in line jumping 7, or more than 8%, to 92. The company recently inked a joint-venture agreement with Phelps Dodge to consider the development of the Ambatovy nickel-laterite project in Madagascar. Ambatovy contains an estimated 210 million tons running 1.1% nickel and 0.1% cobalt. Under the deal, Dynatec will act as operator, and can take a 53% stake by funding around US$20 million worth of work, including a bankable feasibility study.

Also making a nice percentage gain was Queenstake Resources, up a nickel, or 8.5%, to 64. The company recently acquired the Jerritt Canyon gold mine in Nevada, and beefed up its board.

Teck Cominco‘s B series rose 57 to make $13.75 with nearly 1.9 million shares on the go to outpace the rest of the base metal miners. Ivanhoe Mines was next in line with more than 1.7 million shares finding their way 15 higher to a new year-high of $5.50.

Vancouver — Canada’s junior exchange continued its march higher with advancing stocks outpacing declining issues by a 401-to-308 margin. The S&P-TSX Venture Exchange composite index gained 7.67 points, or 0.6%, and closed at 1,280.05 on a volume of 60 million shares.

Navasota Resources tacked on 5 and closed at 35 with 1.5 million shares traded. The company announced that eight shareholders, including one Director, have arranged for the sale of 1,500,000 common shares of the company at a price of $0.30 per share. Net proceeds received from the sale will be utilized by the shareholders to participate in a private placement involving the sale of 1,680,000 Units to nine investors at a price of $0.25 per unit to raise a total of $420,000, and the sale of 1,700,000 Units to 34 investors at a price of $0.30 to raise a total of $510,000. The proceeds of the private placement will be used to augment working capital, fund ongoing reconnaissance and acquisitions, and to fund ongoing exploration programs specifically focusing on the Cassi-Ore project near Cassiar, BC.

Shear Minerals closed the day up 17 to 98 with 902,400 shares traded. Shear currently has a portfolio of eleven diamond projects in the North Slave and Keewatin regions of Nunavut, the Lac de Gras region of the Northwest Territories, Northern Alberta, and Alaska. Eight of these projects are drill-ready. Shear also has four gold projects, two of which are drill-ready, located in the North Slave of Nunavut.

Spider Resources lost half a penny and closed at 9 with 825,000 shares traded. The junior and joint venture partner, KWG Resources are exploring the Spider #3 base metal prospect in the James Bay Lowlands of Northern Ontario.