Trading Summary (June 24, 2002)

An afternoon rally failed to push Toronto Stocks into the black on Monday as the S&P/TSX Composite Index finished 9.5 points lower at 7,129.93. The gold index, after running along in positive territory for most of the day just managed to gain 0.87 of a point to 208.82 points. The base metal issues grabbed 0.92 of a point to hit 142.41 points. Gold suffered a late-day dive and finished at US$323.90 per oz. in New York, down US50x0162 from Friday’s end.

The three merger amigos remained among the most traded gold stocks. Kinross Gold added 14 to hit $3.74 on a volume of about 9.2 million shares, TVX Gold added 8 to make $2.43 on just more than 9 million shares, while Echo Bay Mines fell 3 to $1.92 on about 3.4 million shares.

Others on the top ten traded list were Bema Gold, off 15 at $2.39, Eldorado Gold, a nickel richer at $1.40, and Northgate Exploration, unchanged at $1.80 on 2.8 million shares.

Among the base metal miners, Noranda fell 10 to $19.20 with 475,394 shares traded. On Monday, the company said that workers at the primary products division of its Noranda Aluminum subsidiary okayed a new five-year deal. Workers at the company’s Horne copper smelter in Rouyn-Noranda, Quebec, walked off the job on June 18 to push for contract demands concerning subcontracting.

Heading the other way, Inco climbed 14 to $33. Newfoundland and Labrador’s two aboriginal groups, the Inuit and the Innu, were slated to vote on the impact/benefit agreements their leaders have reached with the company on the Voisey’s Bay project on Monday.

Zinc miner Breakwater Resources put in a nice percentage gain ascending 1.5 or 10.3% to 16.

Canada’s junior exchange started the trading week off in negative fashion, as gun-shy investors appear to be waiting on the sidelines with cash in hand. The Standard & Poor’s-TSX Venture composite index lost 2.16 points, or 0.2%, to finish at 1191.39.

American Bonanza Gold Mining ended the day flat at 20 on a heavy 1.57 million shares. The junior recently raised $2 million by issuing 15.4 million units at 13 each. The funds will be used to advance the Copperstone gold project in Arizona, which hosts an estimated total resource of 2.1 million tons grading 0.58-oz gold per ton.

National Gold hit a new 52-week high before settling back to close at 68, down 2 on 467,377 shares. The Albert Matter led junior holds the large Salamandra gold property in Mexico where joint venture partner Alamos Minerals is currently drilling.

International Wayside Gold Mines failed to hold onto recent gains, losing 2 to close at 16 on 433,000 shares. The Frank Callaghan-led junior recently announced drill results from the Bonanza ledge discovery area near Wells, British Columbia. The on going program is focussing on the northwest extension of the BC vein system and so far has cut up to 22.97 grams gold over 15.5 metres in hole BC02-03.

Pacific Minerals ended the session up 2 at $1.36 on 305,599 shares. The junior recently announced that Toronto-listed Ivanhoe Mines will invest US$3 million into the junior, by way of a private placement. A total of US$2 million of the financing will be used to advance the JBS platinum-palladium and 217 gold projects in China.