Trading Summary (September 25, 2003)

Toronto’s gold stocks beat a 6.83-point retreat on Thursday, as the yellow metal ended US$3.20 lower at US$383.80 in New York, after climbing to the low US$390s in early trade. With just one subindex, the real estate issues, ending in the black, the S&P/TSX composite index fell 88.97 points to 7,513.37. The base metal miners chipped in a 0.93-point drop to 162.39.

Bema Gold was the nation’s most traded miner, shedding 9 to $3.53. The company’s chairman told the audience at the annual Denver gold shown that he expects a tenfold increase in gold production, to more than a million annually. Key to that vision is the Kupol project in Russia’s Far East region, where Bema can take a 75% interest. Production there is expected to begin in 2007.

Standing out from the bruised gold issues was junior International Curator, which climbed 2, or 13.3% of value, to 17 with 1.8 million shares on the go. Others swimming upstream were Nevsun Resources, plus 24 to $4.85 and Northern Orion Resources, 6 higher at $2.05. Nevsun recently sent a second drill to its high grade gold-copper Bisha project in Eritrea. Previous drilling there returned up to 43.65 metres grading 5.78% copper in hole 17, and 63.35 metres grading 23.75 grams gold per tonne and 33 metres grading 4.41% copper in hole 20.

Off-index Jaguar Nickel continued it ascent, gaining16, or 14.4%, to reach a new 52-week high of $1.27. The junior has benefited of late from stronger nickel prices and an upbeat analyst report. Rival Canico Resources grabbed 20 to hit $13.22.

The country’s busiest base metal issue was Ivanhoe Mines, which rose 12 to its own year-high at $8.29. Recent drilling by Ivanhoe at its Turquoise Hill copper-gold project in Mongolia intersected high-grade mineralization in the northern portion of the Hugo Dummett deposit, formerly known as the Far North zone.

Inmet Mining put in a plus-8% gain, adding 75 to hit $10 even. Inmet’s Troilus mine in Quebec recently poured its millionth ounce of gold.

Canada’s junior exchange fell victim to profit taking in the gold sector. The S&P-TSX Venture Exchange composite index dropped 10.67 points, or 0.76%, and closed at 1,391.69.

ECU Silver Mining continued to dominate the trading floor, closing down half a penny at 14, with 3.9 million shares traded. The stock resumed trading Aug. 8 after a cease-trading order was lifted. ECU’s ownership (through a subsidiary) of the mining properties in the Velardena area of Mexico has been challenged by the original vendors. The dispute has resulted in a production shortfall: only 2,606 tonnes were milled between March 24 and May 4 instead of the 5,000 tonnes planned. The average grades for that period were 6.15 grams gold and 299 grams silver, with recoveries of 75% for gold and 38% for silver.

Cantex Mine Development lost ground for a second straight day after the junior came out and stated it is not aware of any material changes in its activities or operations. Cantex holds gold exploration assets in Nevada, as well as gold and nickel-copper-platinum group metal projects in Yemen. The company ended the day at 6.5, down 2 on 1 million shares traded.

Making a nice percentage move, Sur American Gold added 7 to close at 28 on 430,950 shares traded. The junior tabled new surface results from its Comval gold project in Eastern Mindanao, Philippines. The results include a 0.65 metre channel yielding 127.5 grams gold at the Tarale area.