Trading Summary (September 17, 2003)

Canada’s base metal miners led the Toronto Stock Exchange’s subindices with a 1.63-point, or plus-1%, gain on Wednesday, as nickel breached the US$10,000-per-tonne level. The gold miners managed to tack on 0.6 of appoint to make 199.33 as the yellow metal ended US$2.60 per oz. higher at US$375.70 in New York. Overall, the S&P/TSX composite index slipped 11.79 points to 7,613.58, thanks in large to a 1.4% drop by the energy sector.

Eldorado Gold took over as the nation’s busiest miner, finishing 12 higher at $3.65 with about 4 million shares traded. On Monday, Eldorado reported an 11% increase in reserves at its Kisladag gold project in western Turkey.

Canada’s major gold producers lagged behind with the most active, Kinross Gold, advancing 9 to $10.45 on a shade fewer than 3.1 million shares. Placer Dome was next, dropping 7 to $18.96 on about 2 million shares, whereas Barrick Gold grabbed 4 to make $27.04 with about 1.7 million shares traded.

Canadian Zinc shot up 15, or more than 56%, to a new 52-week high at 41.5 with just short of 3 million shares changing hands. On Tuesday, the company said it has been given the go-ahead to with underground development program, and construction of a metallurgical pilot plant on the prospective Prairie Creek base metal project in the Northwest Territories.

Another impressive percentage gainer was Channel Resources, which climbed 2, or more than 36% of value, to 7.5. Following a review, the TSX has announced that shares in Channel will be suspended from trading effective at the end of trading on Oct. 10, due to the trading price and lack of trading activity in its shares. The company has one year to apply for reinstatement otherwise the share will be delisted at the close of business on Sept. 9, 2004. Channel says that in the meantime, it will apply for listing on the TSX Venture Exchange, with an eye toward commencing trading before Oct. 10, 2003.

Breakwater Resources remained the hottest base metal issue trading about 2.5 million shares. Unfortunately for the zinc miner, the shares had 4.5 trimmed from their recent gains. LionOre Mining International was next closest with a dime gain to $6.85 on 1.4 million shares. Others on the rise were Falconbridge, up 60 to $22.40, Canico, $1.14 higher at $13.10, FNX Mining, up 15 to $6.70, and Nuinsco, plus 2 to 28.

Canada’s junior exchange rebounded from yesterday’s sell off. The S&P-TSX Venture Exchange composite index gained 6.68 points, or 0.49%, and closed at 1,375.20.

Partners Spider Resources and KWG Resources continued to trade heavily ahead of further drill results from the McFauld’s Lake massive sulphide zone in the James Bay lowlands on Ontario. Most recently the companies reported the discovery of a new copper enriched sulphide zone in a satellite showing. Shares in KWG lost 1 to close at 12 on a volume of just over 637,700, while Spider ended the day at 12, up 0.5 on over 1.7 million shares traded.

Starfield Resources added 3 to close at 23 on nearly 1 million shares traded. The junior recently inked a Letter of Intent with Wyn Developments to earn a 50% interest exploration ground that is contiguous to the eastern and western boundaries of the junior’s Ferguson Lake nickel-copper-platinum-palladium property in Nunavut.

Diagem International Resource tacked on another 1 to close at 38.5 with 739,500 shares traded. Diagem recently reported that the first two week s of commercial mining operations from September 1 to September 14, 2003, inclusive, yielded 378.9 carats of diamonds. During the period production, the junior reaped 50 carats per day on four occasions. The company is mining its Fazenda Chicoria diamondiferous gravel resource block in the Juina Diamond Province, in the state of Mato Grosso, Brazil.