Trading Summary (April 01, 2004)

The Toronto Stock Exchange’s subindices all managed to end with their heads above water on Thursday, with the health care sector leading the way with a 2.8% rise to 70.42 points. The golds chipped in a 1.54-point rise to 231.41, while the diversified miners grabbed 2.88 points to reach 225.91.

Wheaton River Minerals remained atop the TSX’s leader board, but returned a portion of Wednesday’s gains falling 18, or plus-4%, to $4.30 with around 30.3 million shares on the go. On Wednesday, Wheaton tabled plans to join with Iamgold to form a million-oz. gold producer. For their part, Iamgold shares fell another 20 to $8.38.

Eldorado Gold finished in third spot volume-wise with about 7.1 million shares making their way 13 higher to $3.90. On Tuesday, Eldorado warned that construction and operating costs at its Kisladag gold project in Turkey will climb as a result of changes in that country’s tax regime. An updated feasibility study is due in May.

The miners were well represented in the plus-10% gainer club. Goldstake Explorations rose 2, or 14.3%, to 16, Canadian Gold Hunter added 13, or nearly 13%, to make $1.15, mining software company Gemcom added a nickel, or 11%, to hit 50, Wolfden rose 60 to $6.20, Greystar Resources made a quarter to reach $2.60, and Afcan climbed 3.5 to 38.5.

On Wednesday, Wolfden said it had wrapped up the acquisition of the Ulu gold property in Nunavut. It did so by paying Kinross Gold US$2 million in cash and the issuing the major 2 million units, with each unit comprising one share plus half a warrant. A full warrant is good for one Wolfden share at $5.80 apiece for 18 months. Wolfden also picked up some mining equipment from Kinross for around $1.1 million.

On the minus side were Nuinsco off nearly 19% at 28.5, Band-Ore Resources, down 15.6% to 38, and International Uranium, which slipped 9.7% to $2.60. On Thursday, Band-Ore said that a total of 54.2 tonnes of material, primarily from the Engagement zone on its GQ property, north of Wawa, Ont., returned only 21 diamond with a combined weight of just more than 0.5 carat.