Trading Summary (April 08, 2003)

The Toronto Stock Exchange managed to scrape together 4.38 points to make 6,438.71 on Tuesday. The golds led the gainers rising 1.18 points to hit 153.11, while the base metal miners dropped 1.8 point to lead the declining subindices.

Queenstake Resources had the dubious honour of putting in one of the biggest percentage moves among the mining stocks falling 14 or nearly 37% to 24 after terminating a deal to acquire a half-interest in the Jerritt Canyon gold mine in northern Nevada from Meridian Gold and AngloGold. For its part, mid-tier producer Meridian ended 7 higher at $13.70.

Northern Orion dropped half a penny to 18.5 on just short of 2 million shares after being unveiled as the third party in the US$180-million acquisition of BHP Billiton’s quarter-stake in the Bajo de la Alumbrera gold-copper project in Argentinean. The cost will be spilt with Wheaton River Minerals, which finished 6 richer at $1.29.

Canada’s major gold producers put in mixed performances. Kinross Gold was the most traded advancing 14 to $8.34 on the backs of 3.1 million shares; Placer Dome grabbed a dime to reach $14.15 with 2.1 million shares crossing the floor; and Barrick Gold lagged behind sliding 2 pennies to $22.21.

Inco was the most active among a quiet bunch of diversified miners shedding 85 to $26.90 with 920,328 shares traded. Noranda was right on Inco heels falling 15 to $11.95 with on 915,655 shares.

Among the few to make gains were: Sherritt International, plus 4 to $4.54; and Ivanhoe Mines, 2 pennies richer at $3.22

Canada’s junior exchange drifted lower with investors electing to lighten their positions ahead of further geopolitical and economic developments. The S&P-TSX Venture Exchange composite index lost 5.01 points, or 0.48% and closed at 1,041.68.

Spider Resources continued to trade heavily, ending the day down 3 at 14 with over 3.6 million shares traded. The junior and joint venture partner, over the counter-listed, KWG Resources have launched a 1,000 metre diamond drilling program on their Spider #3 base metal prospect in the James Bay Lowlands of Northern Ontario.

Pillar Resources moved to new highs before ending the session flat at 90 with 310,500 shares traded. The Simon Ridgway-led junior recently inked a deal to earn a 60% interest in the Holly gold project in Guatemala. The company agreed to make $500,000 payments to Radius Exploration and spend $4 million over three years to earn the stake. Radius ended the session at $1.14, down 1 on a light 29,500 shares.

Deloro Minerals tacked on another 5 to yesterday’s 3 move ending the day at 9 on just over 780,500 shares traded. The junior’s principal asset is the Dingman gold property in Madoc and Marmora Townships Ontario. A 1998 study estimated an indicated mineable open-pit resource 5.6 million tonnes grading 1.05 grams gold per tonne.