Trading Summary (September 18, 2003)

Canada’s diversified miners were the star of the show, gaining 3.89 points to end Thursday’s trading session at 132.32. Unfortunately, the 2.4% climb wasn’t enough to keep the Toronto Stock Exchange out of the red, as the S&P/TSX composite index ended 12.99 points lower at 7,600.59. The golds chipped in to that drop, falling 3.34 points, or 1.7%, to 195.99.

Investors remained keen on Canadian Zinc, which rose another 2.5, or 6%, to another new year-high of 44 on more than 5 million shares, enough to rank as the nation’s busiest miner. 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

Junior diamond explorer Tahera continued to climb, adding a penny to make 16.5 on 3.5 million shares. The company recently confirmed that one of nine targets on its Jericho claims in Nunavut is kimberlite. The steeply dipping dyke has an inferred width of between 0.6 and 1 metre based on six diamond drill holes. Some 18 kilograms of kimberlite awaits microdiamond analysis.

Canada’s gold majors all headed south.

Placer Dome saw the most action with 2.2 million shares slipping 41 to $18.55. Kinross Gold lost another 15 to $10.30, while Barrick Gold finished 44 lower at $26.60. On Thursday, Reuters reported that Barrick asked a U.S. court to dismiss a case by Blanchard & Co. alleging that Barrick and banker J. P. Morgan Chase & Co. conspired to suppress the gold price for their own profit. Barrick’s “motion for reconsideration” will be heard on Oct. 15.

In the lower ranks, Cambior added a nickel to hit $3.90 with 2.3 million shares changing hands. The gold miner will join the S&P/TSX Co

The base metal miners were higher nearly across the board. Noranda was the most active, rising 31 to $14.23 on more than 1.7 million shares and the strength of nickel. Inco gained $1.11, or 35, to reach $37.86. On the Thursday, the nickel giant filed with the U.S. Securities and Exchange Commission to sell up to US$300 million in debt securities. About US$297 million in proceeds will be used to redeem 9.6% debentures due in 2022 and 7.75% percent convertible debentures due in 2016. The new debt will mature in 2015.

Canada’s junior exchange drifted modestly lower with advancing issues out pacing declining stocks by a 404-to-364 margin. The S&P-TSX Venture Exchange composite index lost 0.9 of a point and closed at 1,374.01.

Starfield Resources continued to climb higher, adding half a penny to close at 23.5 on 883,100 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.

Quaterra Resources gained a penny to close at 23.5 on 810,000 shares traded. The Thomas Patton-led junior recently arranged a financing comprising 3 million units at a price of $0.15 per unit. A unit holds one share and half a warrant. One full warrant can be exercised to purchase one at $0.15 for a period of one year.

American Bonanza Gold Mines shot up 3 to close at 37 on 700,317 shares traded. The company plans on mobilizing a second underground core drilling rig and a surface rig to its Copperstone gold project in Arizona. Work is also slated to resume on the junior’s Gold Bar property located in the Battle Mountain-Eureka mineral belt in central Nevada.