Trading Summary (March 06, 2002)

The Toronto Stock Exchange ventured 88.18 points higher to close at 7,944.3 on across-the-board gains on Wednesday. Eight of the TSE’s fourteen subindices saw plus-1% gains led by the tech stocks, which climbed 1.75%. The golds managed to grab 83.3 points to end at 5,844.21 and the base metal issues added 65.55 points to make 4,765.68.

Placer Dome took over top spot among the country’s miners gaining 15 to $17.49 with nearly 3.3 million shares changing hands. Barrick Gold was the next miner in line rising 51 to $28.66 on just more than 3 million shares.

Mid-tier gold producer Glamis Gold made a splash announcing an all-shares take over of Junior Francsico Gold. The deal is valued at $205 million with Glamis to exchange 1.55 shares, plus 1 share in a new exploration company for each Francisco share. Glamis’ stock slipped 20 to $7.60.

In the same vein, Toronto-based Orezone Resources soared 3.5 or about 19% to 22 after announcing plans to merge with OFEX-listed Coronation International Mining. The deal is subject to Orezone securing a $2.0 million financing plus regulatory and shareholder approvals.

The base metal issues saw mostly sideways movement. Inco was the busiest dropping a dime to $29.60 with about 1.2 million shares crossing the floor. Elsewhere in the group, uranium miner Cameco found $2.64 or 5.7% to reach $48.65, a new 52-week high. On Wednesday, Cameco announced that its subsidiary Cameco Gold has acquired a majority interest in OFEX-listed African Gold Resources, which has a 95% stake in the Boroo gold deposit about 35 km away from Cameco’s Gatsuurt gold exploration property near the Mongolian capital city of Ulaanbaatar.

Canada’s junior exchange continued to move higher with advancers leading decliners by a 225-to-175 margin. The S&P-CDNX Composite Index jumped 7.29 points, or 0.6% to close at 1140.39.

Francisco Gold was the hot stock of the day climbing 49.5%, or $4.30 to $12.80 on 1.54 million shares. Driving the surge was a friendly takeover offer by Toronto-listed Glamis Gold. The all-share deal values Francisco at $13.30 per share.

With a drill rig already turning on its Red Lake project in Ontario, Rubicon Minerals picked up new ground in central Newfoundland. The 500 claim block unit holds two early-staged gold prospects. Shares in the company ended the session at $1.13, up 13 on a volume of 442,400.

Miranda Mining, formerly Malaspina Capital completed its public offering of 11.3 million shares at a price of 35 each. The company added 5 to close at 40 on 1.1 million shares.

Madison Enterprises continued to trade heavily on news a financing is in the works. Shares in the company ended the day unchanged at 13 on a volume of 159,370. Madison holds the Mt. Kare gold property in Papua New Guinea.

Moving higher Olympus Pacific Minerals adding 6 to close at $1.29 on 117,416 shares. The junior has spent the last year exploring two high-grade gold shoots on the Phuoc Son property 140 km southwest of Danang in Central Vietnam. The latest exploration results include the discovery of a skarn zone hosting high-grade gold values on surface.