Trading Summary (May 02, 2003)

Market-wide gains sent the Toronto Stock Exchange 48.8 points higher to end the week at 6,618.11 on Friday. The mining sector put in modest gains with the golds edging up just 0.4 of a point to 159.78 and the base metal miners tacking on 0.52 of a point to hit 119.53. The technology stocks led the way with a plus-3% rise.

Tahera was the most traded mining issue, dropping half a cent to 14 on more than 2.4 million shares. The last news out of the junior, in early April, was the placing of a higher valuation on diamonds recovered from the Jericho property in Nunavut,.

McWatters Mining was right behind, gaining 0.5 to make 15.5 with 2.3 million shares on the go. Winter drilling at the suspended Kiena gold mine, near Val d’Or, Que. recently delineated 1.2 million tonnes of measured and indicated resources grading 4.25 grams per tonne.

Canada’s major gold producers fell in unison. Barrick Gold shed 2 pennies to $22.06; Placer Dome lost the same to $14.67; and Kinross Gold dropped a nickel to $9.08.

Mid-tier producer Glamis Gold ended 22 higher at $16.54. Fellow mid-tier GoldCorp gained 9 to $15.51; and Meridian grabbed 18 to reach $15.64. Glamis is set to release its first-quarter results before markets open on May 6.

Teck Cominco‘s B series rose 8 to $10.31 on nearly 2 million shares to rank as the busiest diversified miner. Others on the rise were: Inco, plus 27 to $26.43; Falconbridge, up 33 to $17.28; Noranda, 12 higher at $12.35; and Alcan, which gained 12 to $41.99.

Canada’s junior exchange ended the trading week by posting gains for the fourth straight session. The S&P-TSX Venture Exchange composite index added 1.35 points, or 0.13%, and closed at 1,052.74.

Thelon Ventures was the most actively traded issue, climbing 5 to close at 28 on nearly 2.1 million shares. The junior is in the midst of a $300,000 financing with the proceeds designed for its diamond exploration ground in the Northwest Territories.

Spider Resources closed unchanged at 12 with just over 1 million shares traded. The junior and joint venture partner, over the counter-listed, KWG Resources recently reported more massive sulphide intercepts on their Spider #3 base metal prospect in the James Bay Lowlands of Northern Ontario.

Newly minted Bear Creek Mining, formerly EVEolution Ventures, added 4 to close at 88 on 329,500 shares traded. The junior, led by proven mine finder J. David Lowell, has been actively exploring in Peru for three years and the property portfolio currently includes five prospects with gold (or copper-gold) targets that are ready for initial drill testing.