Trading Summary (December 17, 2002)

Profit taking sent Toronto stocks 102.85 points lower to end at 6,621.52 on Tuesday. The golds were the hardest hit dropping 9.52 or nearly 5% to 193.42. Gold itself retreated from US$339 per oz. at the PM fix in London to end the day at US$337.20 per oz. in New York, up a dime on its previous close. The Diversified Metals & Mining Index was the lone subindex to end in the black, grabbing 0.12 of a point to make 127.04.

Kinross Gold was the most active gold major, dropping 31 to $3.25 with more than 8.3 million shares on the go. Placer Dome fell in line just behind with about 6.8 million shares trading to a $1.16 loss to $17.09. Barrick Gold fell 97 to $24.65 on about 3.7 million shares to round out the majors.

McWatters Mining lost 2.5 to $18.5 on a volume of about 4.8 million shares to make a rare appearance on the TSX’s top ten traded list. The company tabled robust results of a feasibility study of its East Amphi gold project, near Val d’Or, Que. The company has budgeted $1 million for exploration there in 2003.

Most of the other gold issues put in similar losses in heavy trading.

LionOre Mining International was the most traded base metal miner grabbing 21 to hit $4.83 with about 1.55 million shares changing hands. Most of the others traded sideways. Exceptions were: Aur Resources, plus 15 or 4.5% to $3.50; Ivanhoe Mines, up 9 to $3.23; and uranium miner Cameco, up $1.39 or 4.2% to $34.39.

Gold issues helped Canada’s junior exchange failed to hold onto yesterday’s gains. The Venture Exchange S&P Composite Index lost 3.32 points, or 0.33%, to close at 1,001.80.

Hyder Gold added 2 to close at 7 on just over 528,000 shares. The junior currently holds no exploration ground but is evaluating projects.

Pan Asia Mining added another 5 to yesterday’s 3 gain to close at 17 on over 2.3 million shares. Driving the stock was word that WSAS Capital Limited agreed to loan Pan Asia US$1.5 million to complete the purchase of a 50% interest in the Mengyin VVS1 Diamond Co, which owns the Changma diamond mine in China.

Investors snapped up shares in Great Basin Gold. The Hunter Dickinson led junior recently inked a deal allowing the company the right to purchase a private South African entity, which holds an option to earn an 80% stake in the Burnstone gold property. Covering 400-sq-km of ground in the Witwatersrand goldfields, the property lies 100-km southeast of Johannesburg and hosts an indicated and inferred resource of 34.7 million tonnes grading 15.53 grams gold per tonne. Shares in the company closed at $1.41, up 6 on a volume of 356,000.