Trading Summary (August 25, 2003)

Profit-taking and a lower gold price sent Toronto’s gold index 2.25 points, or 1.2% of value, lower to 192.95 on Monday. The yellow metal slipped US$1.70 to US$360.90 per oz. in New York. The base metal miners chipped in a 1.43-point loss to 151.56. Overall, the S&P/TSX composite index ended 26.03 points lower, with just the telecom index, up 0.14 of a point, ending in the black.

Junior Channel Resources was the most traded mining issue, ending unchanged at 7 with more than 5.1 million shares on the go. On Friday, Channel announced that the Toronto Stock Exchange has extended its review of the eligibility of the company for continued listing for 2 weeks until September 4.

Shares in Ivanhoe Mines pushed 15 lower to $5.41 despite another increase in the ever-growing Oyu Tolgoi gold-copper discovery in Mongolia. The company says a computer entry error meant that a previous estimate by AMEC E&C Services was too low. The corrected estimate For the Far North zone contains 8% more gold and 4% more copper than the estimate tabled on July 21. Ivanhoe saw just short of 2 million shares traded.

Canada’s gold majors led by example; Kinross Gold was the busiest, dropping 23 to $9.64 on about 1.9 million shares, Placer Dome was next shedding 8 to $18.17, and Barrick Gold rounded out the trio with a 22 loss to $26.78.

After Ivanhoe, Inco was the most traded base metal miner, falling 56 to $34.44 on fewer than 1.5 million shares. Teck Cominco‘s B series was next, sliding 26 to $13.54.

Investors, unimpressed with initial drill results from the Shahuindo gold-silver property in Northern Peru, sent shares in Sulliden Exploration 51, or more than 25% of value, lower to $1.52. Sulliden holds a 70% interest is the property; joint-venture partner Socrate Capital Inc. has the remaining 30% stake. The partners must fork over another US$3.3 by November 2004 to complete acquisition of the property.

Canada’s junior exchange started the trading week off in lack luster fashion with declining issues out pacing advancing stocks by a 372-to-310 margin. The S&P-TSX Venture Exchange composite index lost 12.76 points, or 0.99%, and closed at 1,271.72.

Cangold added 3 to close at 14 on nearly 1.2 million shares traded. The junior is earning a 51% stake in the Thorn property some 130 km south east of Atlin, BC. The ongoing field program includes backhoe trenching, mapping and prospecting, to be followed by a second phase program of diamond drilling. The Thorn property is a silver and gold-rich high sulphidation epithermal target.

Blackstone Ventures lost 4 to close at 28 on 788,100 shares traded. Recently the junior signed a letter of intent with Toronto-listed Falconbridge to explore two, large, nickel-copper-cobalt projects in Norway.

International Wayside Gold Mines added 1.5 to close at 13 on 590,000 shares traded. The Frank Callaghan-led company picked up more ground for its Cariboo gold project near Quesnel, BC.