Trading Summary (October 16, 2003)

Toronto’s gold stocks rebounded to the tune of 3.19 points, or 1.65%, to reach 196.62 points on Thursday, helping the TSX’s composite index 9.59 points higher to 7,792.8. The diversified miners were less fortunate shedding 0.79 of a point to hit 182.57.

High River Gold Mines had the dubious honour of ranking as the TSX’s most traded issue, even out pacing market heavyweight Nortel Networks, with nearly 18.7 million shares finding their way 12, or 6%, lower to $1.88. Having recently disposed of its 31.7% stake in Russian gold miner Highland Gold, South African-based Harmony Gold has until next June to decide what to do with its 17% stake in High River. Harmony acquired the interest late last year for US$14.5 million, and is facing pressure from South Africa’s Reserve Bank to consolidate ownership or cut bait with respect to overseas projects. High River is in the midst of auditing reserves contained in the Berezitovoye deposit in southern Siberia to bring them in line with Canadian standards. At last report, near-surface resources totalled 14.1 million tonnes grading 3.05 grams gold and 14.3 grams silver per tonne, plus 0.93% zinc and 0.57% lead.

Taking the silver volume-wise was fellow Russian miner Bema Gold, which advanced 19, or 5%, to $3.95 with a handful more than 7 million shares on the go. Bema released more high-grade drill results from the Kupol gold-silver property in Chukotka, Far East Russia. Bema can acquire a 75% interest in the property from the government of Chukotka.

Junior International Curator Resources stood out jumping 4.5, or about 27%, to 21.5. The company recently completed a private placement of 9.85 million units at 8 apiece. One unit comprises one share plus half a warrant. One warrant is good for one share at 8 per share for two years. The company also privately placed 9.25 million like-priced flow-through shares.

Other percentage performers were Azco Mining, up 20% to 33 and Channel Resources, plus 17% to 7. At the end of Thursday’s trading shares in Channel were suspended for failure to meet continued listing requirements. Late on Thursday, Channel also announced the sale of an 8% interest in the Bouroum permit to Axmin for $100,000. Axmin can earn another 65% interest in the permit by completing a bankable feasibility study, and to buy out the Channel’s remaining 27% interest in the permit.

Canada’s junior exchange managed to gain ground with investors buying gold-related issues. The S&P-TSX Venture Exchange composite index tacked on 9.6 points, or 0.67%, and closed at 1,436.88.

Amerigo Resources finished the day up 12 to $1.35 on 2.8 million shares. Investors have bid up the stock since the junior reported net earnings after tax of US$537,313 during its second quarter. This is up from a loss of US$45,384 in the year-earlier quarter. In July the company acquired the Chilean MVC copper property. In July and August Amerigo produced and sold 4.72 million pounds of copper, for a cash cost of 58.7 per pound, and a total cost of 61.7 per pound.

Inca Pacific Resources added 2.5 to close at 18.5 on 2.4 million shares traded. The junior is currently drilling the Antoro Sur project in Central Peru where hole 1 returned 38.3 metres grading 1% copper and 0.33 gram gold per tonne. At last report 12 holes have been completed in a planned 19-hole, 2,000 metre program. Results for the remaining holes are pending.

Golden Arch Resources added 4 to close at 19 on just over 2 million shares traded. The junior is looking to advance the Mildred Peak gold property in Arizona.