Trading Summary (February 20, 2004)

The Toronto Stock Exchange finished the week with a 57.16-point drop to 8,641.93 as only the health care and real estate sectors managed to make modest gains. The gold index led the slide with a 2.3% fall to 210.88 as the yellow metal plummeted US$11.90 to US$397.20 per oz. in New York thanks to a surging greenback. The diversified miners chipped in a 1.6% loss to end at 227.16.

Mid-tier producer Cambior stood out among the golds managing to scrape together 4 to make $4 even. On Wednesday, Cambior reported nearly tripled fourth-quarter earnings of US$4.4 million (or 2 a share). The increase is thanks to increased gold sales and lower operating costs. On Thursday, Cambior announced an odd-lot selling program aimed at investors holding 99 or fewer of its shares. Under the program eligible investors can sell their shares via the TSX without incurring any brokerage commissions between Feb. 23 and Mar. 23, 2004.

Canada’s big three gold producers fell in tandem, Barrick Gold lost 42 to $26.79, Kinross Gold shed 22 to $9.19, and Placer Dome fell 50 to $21.85.

Beleaguered Quebec miner McWatters Mining added half a cent, or 25%, to end at 2.5. The company was recently granted an extension until the end of March to come up with a proposal to its creditors under the Bankruptcy and Insolvency Act. McWatters says it will use the extra time to plan a revival or sell all or part of its Sigma-Lamaque mining complex.

Inmet Mining was the lone diversified mining index dweller to end in the black rising 22 to $20.47. Inmet recently posted fourth-quarter earnings of $127.6 million. A year earlier, the company managed the make just $400,000. The increase is thanks mostly to a $111- million settlement from the Troilus suit, plus stronger metal prices.