Trading Summary (October 30, 2003)

Toronto’s gold stocks slipped 4.8 points, or 2.3%, to 205.04 on Thursday, as the yellow metal shed US$2.70 to settle at US$383.80 per oz. in New York. The diversified miners picked up the slack, plus a bit with a 2.5% increase to 189.11, helping the S&P/TSX composite index to close 8.93 points higher at 7,739.41.

Wheaton River Minerals ended atop the mining class volume-wise, with more than 15.2 million shares finding their way 7 higher to $2.93. On Tuesday, Wheaton said it has acquired nearly 98% of Miranda Mining’s issued and outstanding shares. Wheaton will compulsorily acquire the remaining shares with the total price coming in at US$38.6 million. Wheaton expects to soon complete the acquisition of Teck Cominco’s 70% interest in Los Filos. In the end, Wheaton will own a 21% stake in El Limon and 30% in the nearby Los Filos project.

Also making noise on Thursday was mid-tier producer Agnico Eagle Mines. Significantly lower third-quarter earnings sent shares spiralling $4.06, or 22%, to $14.37. The major gold producers’ losses looked mild in comparison. Kinross Gold was the most active with about 5.8 million shares falling a penny to $10.81, Placer Dome slipped twice that to $19.98 on a handful fewer shares, and Barrick Gold dropped 26 to $25.44 with short of 1.4 million shares traded.

A nice percentage increase was put in by Southwestern Resources; the issue shot up another $3.65, or more than 13%, to a new 52-week high of $31.15. On Tuesday, the company tabled more assay results from drill holes collared north of the existing tunnels at the Boka 7 gold zone at the company’s Boka gold project in Yunnan province China. Drill has extended gold mineralization some 1,100 metres northwest of the existing tunnels.

Noranda was the most active of a quiet bunch of base metal miners, gaining 45 to $16.05 on a shade more than 2 million shares. On Thursday the company announced earnings of $12 million on revenues of $1.2 billion in the third quarter.

Canada’s junior exchange hit yet another new all-time high as investors’ appetite for speculative issues continued. The S&P-TSX Venture Exchange composite index added 1.21 points, or 0.08%, and closed at 1,533.86.

Investors gobbled up shares in Odyssey Resources. The junior recently cut 2.2 grams gold per tonne over 20 metres at the Karakis zone on the Altintepe gold project in Turkey. Hole 10 was collared 1.5 km west of the 2G zone, which hosts an indicated oxide gold resource of 71,781 oz. Hole 11 was drilled 100 metres to the northwest and assay results are pending. Odyssey ended the day at 35, up 9.5 on 2.15 million shares traded.

Likewise, shares in Mustang Minerals surged 14, or 25%, to 71 after it announced the discovery of a massive sulphide showing on the Bannockburn property in northern Ontario.

Having just closed a $1.2 million financing, Sparton Resources has gone back for more. The junior agreed to sell another 2.2 million special warrants at a price of $0.70 each. The special warrants hold one share and one warrant, which is exercisable at $0.87 for two years. Sparton recently reported that kimberlite indicator minerals have been found in till samples taken from its wholly-owned property located in the Otish mountains of northern Quebec. Shares in the company added 5 to close at 92 on a volume of 2.06 million.

Inca Pacific Resources added 3 to close at 21 on 2.7 million shares traded. The junior has cut encouraging values from the Antoro Sur copper-gold project in central Peru. A total of 1866.4 metres were drilled in 25 holes with assays in for 18 holes. “Drilling has outlined good grade, shallow, supergene enriched “blanket” style copper mineralization over an area of over one square kilometre," says company President, Anthony Floyd. "The next step, subject to the receipt of the appropriate permits, would be deposit definition by way of a grid drilling program on 100 metre centres.”