Trading Summary (July 30, 2002)

After beginning the session lower Toronto stocks gained steam during the day and managed to end the day in the black on Tuesday. The S&P/TSX Composite Index gained 28.11 points to finish at 6,511.18 points. The golds led the way vaulting 10.11 points or 6.8% higher to 158.2 points. The base metal issues managed to scrape together 0.29 of a point to hit 122.56.

The yellow metal ended the day US$1.10 higher at US$304.10 per oz. in New York. The country’s gold miners sailed to gains on the rise. Kinross Gold was the TSX’s second most active issue climbing 40 or 18% to $2.65. Kinross’ three-way merger amigos TVX Gold and Echo Bay Mines tagged along. TVX grabbed $2.47 or 17% to hit $16.72 and Echo Bay soared 22 or more than 19% to $1.36.

Canada’s major gold miners put in more modest gains. Barrick Gold ended the day 79 heavier at $23.76 and Placer Dome tacked on 38 to make $13.48.

NovaGold Resources put in a nice percentage gain rising 46 or 15% to $3.48. The company recently cut more high-grade gold near the Donlin Creek deposit in southwestern Alaska.

Richmont Mines rocketed 84 or 25% to $4.20. The company recently posted second-quarter net earnings of $3.7 million (or 24 per share) on revenue $20 million, compared with a year-ago net loss of a loss of $4.5 million (30 per share) on $4.6 million.

The golds enjoyed encouragement from Goldman Sachs, which on Tuesday upped its expectations for gold by US$10 per oz. to US$310 per oz. for the second half of 2002 and 2003

Alcan led a quiet bunch of base metal miners falling $1.01 to $44.50 on more than 1.5 million shares. Inco was next in line falling 77 to $27.80 on just more than a million shares.

Sherritt International added 13 to reach $4.88 on thin volume. On Tuesday, Sherritt posted second-quarter net earnings of net earnings of $24.6 million (or 15 per diluted share), compared with year-ago net profit of $15 million (10 per share). Revenue between the two periods jumped by nearly $56 million to $217.6 million.

Canada’s junior exchange got a lift from a rebounding gold stocks as buyers came back into the beaten down sector. The TSX Venture Composite Exchange added 16.13 points, or 1.6%, to its value and closed at 1,014.32.

Pan Asia Mining topped the most actively traded chart among junior explorers, losing 1 to close at 3 on 1.1 million shares. The company has the right to acquire 50% contractual interests in four Sino-Foreign joint venture companies located in Shandong Province in China. The joint venture companies own a diamond mine, two diamond exploration properties, and a copper and gold exploration property.

National Gold added 2 to close at 35 on 220,000 shares. The company’s joint venture partner, Alamos Minerals is drilling the Salamandra gold property in Mexico.

Seabridge Gold jumped 42 to $2.01 on 154,000. Over the past few years the junior has acquired several North American gold projects with resources totalling some 11 million oz.

Anooraq Resources ended the session flat at 84 on 159,000 shares. The Hunter Dickinson-led juniors’ joint venture partner on its Rietfontein platinum-group-metal prospect in the Bushveld camp of South Africa had intersected rocks identified as the favourable Platreef horizon. Assay results are pending.