Trading Summary – TSX (February 16, 2004)

Toronto’s diversified miners joined the real estate sector in using red ink on Monday, falling 0.94 of a point to 223.45. The golds joined the rest of the market putting in a modest 0.93-point gain to hit 219.4. Overall, the S&P/TSX Composite Index rose 53.05 points to 8,747.51 points.

Zinc miner Breakwater Resources was outpaced only by recent market heavyweight Tahera, which saw more than 6.6 million shares gain a nickel to make 48.5. Breakwater put in a similar performance jumping 8, or about 12%, to reach 75.

On Monday, Breakwater said that it plans to buy the Myra Falls zinc-copper mine on Vancouver Island from Swedish miner Boliden for 18 million shares and 5 million warrants each exercisable into one share at $1 apiece.

Manhattan Minerals ended half a penny poorer at 37.5 after it said it has informed government-run Centromin that it has begun the arbitration process regarding Centromin’s decision to terminate Manhattan’s option to earn a 75% stake in the Tambo Grande massive sulphide property in Peru.

Shares in Wheaton River Minerals rose 14, or 3.75%, to $3.87. On Sunday, Wheaton reported a 325% increase in production to 450,000 gold equiv. oz., while cash costs fell by 66% to US$62 per oz., thanks to a series of recent acquisitions. The company expects to double production again by 2006. Proven and probable reserves at the end of 2003 were 5.3 million gold equiv. oz., six-fold increase from year-end 2002.

TVI Pacific finished 3.5, or more than 10%, higher at 36.5. The company recently released an updated resource estimate at its Canatuan polymetallic project in the Philippines, and Lafayette Mining of Australia has begun construction at the Rapu Rapu polymetallic project, also in the Philippines, in which TVI retains a 2.5% net smelter return.

Marine diamond miner Diamond Fields International jumped 7, or 11.5%, to 68. DFI suspended mining operations off the coast of Namibia in late January as operating costs have become prohibitively high thanks to a stronger South African rand. The company continues to explore cost-effective production options, including new technology.