Trading Summary (May 10, 2004)

Toronto’s gold stocks were alone in the red on Monday gaining 2.84 points, or 1.6%, to make 180.63 and end a string of three straight losses. After ending lower in Europe, the yellow metal recovered to end a dime cheaper at US$378.30 per oz. in New York. The diversified miners weren’t able to tag along dropping another 1.89 points to 196.56. Overall, the S&P-TSX composite index finished 145.3 points lower at 8,129.49.

Northgate Exploration retreated to the tune of 30, or nearly 13%, to $2.05 on more than 5.1 million shares to finish near the top of the miner’s activity board. Late on Friday, Northgate said that a revised pre-feasibility study on the Kemess North deposit moved 4.1 million oz. of gold and 1.46 lbs. of copper from an indicated resource to a probable reserve. Probable reserves now total 414 million tonnes grading 0.31 gram gold and 0.16% copper.

Bema Gold was close behind with just shy of 5.3 million shares trading 4 higher to $3.25. Bema is due to release its first-quarter results after North American markets close on May 14. But, it was Wheaton River Minerals that led the way with nearly 6.9 million shares venturing 15 higher to $3.40. Wheaton’s merger partner managed to grab 23 to make $6.41 on about 1.6 million shares.

Equal partners Kinross Gold and High River Gold Mines made news announcing after the market closed that they have agreed to suspend development at the New Britannia mine, in Snow Lake, Man. The mine is expected to close at the end of the third quarter of 2004. Production has suffered as the orebody has is thinning and flattening. Mining will continue on developed ore over the next four months. Production for the year is pegged at 33,000 oz., down from a previously planned 68,000 oz.

Better percentage gainers on the day were Golden Queen Mining , plus 7, or 14%, to 58; Cumberland Resources, up20, or about 10%, to $2.26; and Mineres du Nord, which rose a nickel, or 8.3%, to 65.

Atna Resources managed to tack on two pennies to make 31. On Monday, the junior said that it and partner Great Basin Gold have resumed drilling on the Golden Cloud property in Elko Cty., Nevada. Great Basin will complete 1,600 metres worth of reverse-circulation drilling to test volcanic and basement stratigraphy near structures with chalcedonic quartz, argillic alteration, and anomalous gold and mercury mineralization.

Alcan was the busiest base metal miner slipping 17 to 53.58 on just short of 2.1 million shares. Inco stood out with a 58 gain to $41.23 on around 1.3 million shares.