Trading Summary (May 03, 2001)

The recovery by the Toronto Stock Exchange‘s technology stocks was short-lived as the Industrial Products subindex fell 124.42 points, or 2.3%, on Thursday. Overall, the TSE’s 300 composite index fell 62.94 points to end at 7,995.5.

The gold issues saw the largest percentage drop, falling 2.6%, or 122.38 points. Leading their slide was Barrick Gold, which shed 90, or 3.5%, to $25.10 on volume of more than 1.8 million shares. Placer Dome wasn’t far behind, falling 73, or 4.6%, on about 1.5 million shares. On the flip side, TVX Gold stuck out with a 23, or 24%, gain to $1.18. Rumours have been swirling in the Greek press about an adverse ruling from the Greek Conseil d’Etat with respect to the company’s Olympias gold project. TVX expects an official judgment by the end of the second quarter.

In the junior ranks, Viceroy Resources fell half a penny, or 1.8%, to 27.5. The company has announced that Calgary-based Propriety Industries has reached a preliminary agreement to take a 49% stake in the junior gold producer. For its part, Propriety was unchanged at $3.25.

Teck and Cominco’s recent merger proposal kept the stocks as the most active among base metal miners. Teck fell back 65, or 4.5%, to $15.45 and Cominco lost $1.20, or 3.5%, to $33.30. Inco was one of the few base metal issues to make gains, adding 14 to hit $27.99.

Zinc producer Breakwater Resources posted a first-quarter loss of $2.1 million (or 2 per share), compared with year-ago earnings of $4.8 million (6 per share). Gross revenues between the two periods climbed to $81 million from $65 million. The issue gained 2 pennies to $1.42.

Canada’s junior exchange managed to post gains on the back of a strong mining index. The Canadian Ventures Exchange gained 6.49 points, or 0.2%, to finish the day at 3,100.16. The Mining Index surged 90.14 points, or 1.4%, to close at 6,471.13.

New Blue Ribbon Resources topped the most actively traded chart, gaining 3 to 28 on just under 2.9 million shares. The company recently announced a $400,000 financing and is drilling a number of diamond targets on its property in Manitoba.

International Annax Ventures ended the day flat at 70 on 566,000 shares. The junior recently announced that the first hole of this year’s drill program on the Dairi massive-sulphide project in Indonesia returned 15.4 metres averaging 17.5% zinc.

Great Western Gold lost 6 in early trading before recovering slightly and ending the day down 2 to 27 on 216,000 shares. The junior is in the midst of a $750,000 financing aimed at advancing the Hoidas Lake rare earth project in Saskatchewan.

Montello Resources continued to trade heavily on news that the company can earn a 66.6% interest in certain gas leases in eastern Tennessee. Shares in the company ended the day unchanged at 11 on a volume of 320,000. The junior also holds a stake in the Legend diamond property in Alberta. Recent tests on the Kendu pipe failed to show any diamonds.

Adding to already strong gains, Hathor Explorations tacked on another 7 to end the day at 40 on 104,500 shares. The company is searching for opportunities in the mining sector.