Trading Summary (March 25, 2004)

Toronto’s energy sector was alone in red on Thursday shedding 0.24 of a point to 162.51. The golds and diversified miners finished in the middle of the pack with plus 1% gains, ending at 224.94 points and 216.39 points, respectively. Overall, the S&P-TSX Composite Index finished 93.06 points higher at 8,513.91.

Diamond explorer Tahera end as the day’s busiest mining stock, with nearly 9 million shares rising 3 to 36.5 Tahera recently said that the secured convertible debenture held by Dundee Precious Metals has been converted into more than 22.5 million shares and about 11.3 million warrants. Each warrant is good for one share at 49.5 until March 2, 2009. The transaction leaves Tahera debt free.

NovaGold Resources grabbed a nickel to make $6 even. On Thursday, the company agreed to acquire a 51% stake in mining giant Rio Tinto’s Ambler volcanogenic massive sulphide property in northwestern. The junior has committed to spend US$5 million on exploration over five years, with total expenditures of US$20 million required by 2016. Pacific Rim Mining added 3 pennies to make $1.50. The company said on Thursday that it expects to complete a prefeasibility of the El Dorado gold project in El Salvador by mid-June.

Canada’s big three gold producers saw modest gains, Kinross Gold led the way with a 22 gain to $9.28 with about 2.2 million shares traded. McWatters Mining was the most traded in the junior gold ranks, with 2.5 million shares ending unchanged at 2.

McWatters recently completed the sale of its Amphi North property, near Malartic, in northwestern Que., to Agnico-Eagle Mines for $250,000 on closing. McWatters is also working to sell all or part of its interest in its Sigma-Lamaque mining complex.