Trading Summary (July 02, 2003)

Toronto’s gold stocks put in an impressive 3.87-point, or 2.3%, rise to 172.01 on Wednesday, helping the S&P/TSX Composite Index to end 7.16 points higher at 6,990.3. The diversified miners weren’t swept along, falling 0.9 of a point to 128.21.

Eldorado Gold ranked as the nation’s busiest mining issue, climbing 13, or 5.5%, to $2.49 with a handful fewer than 7.5 million shares on the go. On Wednesday, Eldorado said it has received an environmental certificate for its 100% owned Kisladag gold project in Turkey. The company can now move on to securing construction and operating permits.

Bema Gold made a rare appearance among the exchange’s most traded, gaining 15 to make $1.89 on some high-grade assay results from the Kupol property in Chukotka, Russia, where the company can earn up to a 75% stake.

Junior Black Hawk Mining saw about 1.7 million shares find their way half a penny higher to 16. On Monday, Balck Hawk and Vancouver-listed Glencairn Gold announced plans to merge into a Central America gold producer. Under the deal, Glencairn will exchange one share for three shares of Black Hawk. Glencairn will be the surviving entity and will be run by Glencairn’s management.

Also making news was Ashton Mining of Canada, off 18 to $2.30. On Monday, Ashton and equal partner, Soquem, picked a 4-carat stone from core drilled at their Renard 65 kimberlite pipe in the Otish Mountains of Quebec.

Meridian Gold tacked on $1.17 to hit $16.57. On July 2, the mid-tier producer released an exploration update for its El Penon gold mine in Chile, noting that the Quebrada Colorada Norte zone has been extended 250 metres north of existing resources, bringing its overall strike length to 560 metres. Recent results included upwards of 81 grams gold and 960 grams silver per tonne over 1.2-2.6 metres of true width.

Queenstake Resources made 4 to reach 31.5 with more than 1.1 million shares traded. The company recently put the wraps on its acquisition of the Jerritt Canyon gold mine from AngloGold and Meridian.

Cambior rose a nickel to $1.79, on news it has agreed in principle with the Government of Guyana to assume management of the bauxite operations of Linden Mining Enterprises, about 100 km south of the capital, Georgetown. Linmine will reimburse Cambior for all of its costs.

Inco was the volume leader among base metal producers, falling 15 to $28.38 with just more than 600,000 shares changed hands. Next came Alcan, which found 9 to make $42.10 on a volume of 599,447 shares. Alcan U.S. July transaction price was unchanged at 67 per lb. The company said its price for 99.7% remelt ingot remained at 67 a lb., while its 6063 extrusion billet held steady at 77 a lb.

Canada’s junior exchange ended the day higher led by renewed interest with advancing issues leading declining stocks by a 324-to-287 margin. The S&P-TSX Venture Exchange composite index ended the day 8.24 points, or 0.75% higher and closed at 1,112.13.

Shares in Cardero Resource bounced off a 52-week low, climbing 7, to close at 84 on 404,630. Cardero had traded as high as $2.50 prior to drill testing the Olaroz silver project in northwestern Argentina. Investors have since bid the company lower because of disappointing results from the diamond drilling program. Highlights include 34.5 metres averaging 133.2 grams silver and 24.0 metres averaging 100.3 grams silver per tonne.

Spider Resources added 2 to close at 12 with 645,300 shares traded. The junior and joint venture partner, over the counter-listed, KWG Resources are attempting to advance the Spider #3 base metal prospect in the James Bay Lowlands of Northern Ontario.

Cassidy Gold gave back some of its recent gains losing 2, to close at 37 with 130,500 shares crossing the floor. Shares in the junior climbed last week following the release of results from a 519-metre program on the Koe Koe South zone on the Kouroussa property in Guinea, West Africa. Hole 3 targeted the EW vein, yielding 7.07 grams gold per tonne over 1.9 metres. Moving 250-to-550 metres south, holes 4 through 6 tested the SW vein, yielding up to 100.9 grams gold over 3.52 metres in hole 5.