Trading Summary (October 24, 2003)

The Toronto Stock Exchange’s gold stocks rebounded to the tune of 4.01 points, or 2%, on Friday to end at 206.64, as the yellow metal tacked on US$4 to hit US$388.20 per oz. in New York. The diversified miners continued 0.48 of a point lower to 174.94. Overall, the S&P/TSX composite index dropped 35.8 points to 7,614.4.

Wheaton River Minerals remained the busiest miner with 7.4 million shares making their way 4 higher to $2.76. Minefinders was the next closest with about 4.85 million shares trading 14 lower at $10.35. The company is working to complete a final feasibility study of its wholly owned Dolores gold-silver property in northern Chihuahua State, Mexico. Major producer Kinross Gold was close behind adding a nickel to reach $10.80 on just fewer than 4.8 million shares.

Better percentage performers were Orezone Resources, up 16, or 14.4%, to $1.27, and European Minerals, which jumped 7, or nearly 16%, to 51. On Tuesday, Orezone reported that the underwriters of its recent private placement of 9 million units at 90 apiece exercised their option on an extra 2.2 million units to generate $10.1 million in total proceeds. Orezone is active on advanced gold projects in West Africa. As for European Minerals, its said earlier this month that initial bio-leaching test have significantly improved metal recoveries at its Varvarinskoye gold-copper project in Kazakhstan. Gold recovery came in at 92.5% , copper at 80%.

NovaGold Resources added 37 to make $5.25. The company’s subsidiary SpectrumGold will begin trading on the TSE on Oct. 27. At listing there will be around 20.9 million shares issued and outstanding. SpectrumGold owns two advanced stage properties, including the Galore Creek gold-silver-copper project and five early stage properties all in Western Canada.

Inco was the most active of a quiet bunch of base metal miners, losing another 17 to $38.50. On Thursday, Reuters reported that Inco has denied any wrongdoing by top officials after reports of several managers selling shares less than three weeks before a surprise profit warning on Oct. 15. The nickel giant recently posted a third-quarter net loss of US$$27 million, or US16 a share.

Canada’s junior exchange ended the trading week in fine form with advancing issues outpacing declining stocks by a 465-to-337 margin. The S&P-TSX Venture Exchange composite index surged 23.06 points, or 1.58%, and closed at 1,480.53.

Cabo Mining was the most activley traded junior gaining 2.5 to close at 5.5 on nearly 3.6 million shares traded. The company holds the Cobalt Area diamond project in northern Ontario.

Investors took some profits in uranium explorer JNR Resources. The junior holds exploration ground in the Athabasca Basin area of Saskatchewan. Shares in JNR ended the day at 11, down 1.5 on a volume of over 1.76 million.

Making a nice percentage move, Pacific Minerals added 80 to close at $2.55 on over 1.5 million shares traded. A newly restructured deal will allow the junior to retain at least 50% of its flagship Chinese projects. Toronot-listed Ivanhoe Mines has elected to reduce its maximum earn in rights for the 217 and Dangong gold projects, as well as the JBS platinum-palladium project to 50% from the previous 80%. The company has also agreed to transfer to Pacific Minerals a 50% of its interest in the Shuteen exploration licence in southern Mongolia. The 93-sq. km property lies 100 km east of Kharmagtai. Ivanhoe acquired the right to earn an 80% interest in Shuteen in early 2002 by spending US$1.5 million the end of 2004. So far, Ivanhoe has spent US$1.4 million on the project. In return, Pacific Minerals will issue Ivanhoe 2.5 million shares.



Republish this article

Be the first to comment on "Trading Summary (October 24, 2003)"

Leave a comment

Your email address will not be published.


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.