Trading Summary (June 12, 2002)

A US60-per-oz. climb by gold to US$320.40 per oz. in New York wasn’t enough to help the Toronto Stock Exchange’s gold index into the black on Wednesday. The golds ended the day off 8.13 points or nearly 4% at 196.36 points. The metals & mining index did slightly better falling just 0.17 of a point to 147.23 points. Overall, the S&P/TSX Composite Index lost 39.27 points to finish at 7,359.56 points.

Three-way merger participant Kinross Gold, TVX Gold and Echo Bay Mines continued to see heavy action all ranking in the TSX’s top ten list. Kinross led the way falling 18 to $3.40 with about 15.2 million shares traded. TVX shed 9 to hit $2.14 and Echo Bay was unchanged at $1.80.

Canada’s major gold producers slipped 96 and 77, respectively. Barrick finished at $30.24 and Placer came in at $19.

Cambior remained unchanged at $1.95. On Wednesday, the company announced that it has negotiated a halving of its mandatory gold hedging covenants with its lenders. The company is now required to have just 35% of its production hedging until 2005. The deal also outlines a new schedule for repayment of the remaining part of its term loan.

Fresh off its deal at Voisey’s Bay, Inco was the most traded base metal major finishing a quarter higher at $33.35. Most of the others suffered losses. Falconbridge slipped a dime to $19.90, Noranda lost twice that to $19.40, Sherritt International shed 2 pennies to $5.31, and Teck Cominco’s B series dropped 58 to $13.27.

Cameco grabbed $1.80 to $43.80 on news that it has come to terms with the United Steelworkers Local over a pension dispute stemming back to the 1980s.

The S&P TSX Venture Exchange composite index lost 3.21 points or 0.27%, on the day and closed at 1,193.31 with a volume of 40.2 million shares.

Masuparia Gold remained flat at 15 with 670,000 shares crossing the floor. The junior is preparing for an aggressive exploration program during the summer of 2002 on its Greywacke gold project in northern Saskatchewan. The program will include airborne geophysical surveying; detailed and semi-detailed lake-sediment geochemical surveys; soil geochemical surveys; prospecting and geological mapping. Additional drilling is also planned for the Greywacke North zone to extend the zone at depth.

Wolfden Resources jumped 28 and closed at $1.63 on 484,000 shares. The company is in the midst of a phase 1 drilling program on its High Lake Property in Nunavut budgeted at $2 million.

Kalahari Resources added a penny to its value and closed at 12 on 397,000 shares. Kalahari has an inventory of nine gold properties in Canada, three of which are subject to regulatory approval. Seven of them are drill ready. They include the Murdoch Creek prospect in Kirkland Lake, Ontario; Recession Larder prospect Larder Lake, Ontario; Bogside prospect, Cadillac, Quebec; Perestroika prospect, Val d’Or, Quebec; Cook Lake prospect, Kirkland Lake; Claw Lake prospect, Timmins, Ontario and; Munro prospect, Matheson, Ontario. Currently, company geologists are refining and prioritizing this Canadian inventory for a phase 1 drill program.