Trading Summary (May 27, 2003)

The Toronto Stock Exchange lagged behind the rest of the other major North American bourses, scraping together just 55.39 points, or 0.8% of value, to end Tuesday’s trading session at 6,840.24. The base metal issues put in a 2.06-point, or 1.7%, advance to reach 121.59. the gold index suffered a 1.93-point loss to 166.85, as the yellow metal dropped US$1.10 to US$367.70 per oz. in New York.

Junior Tahera jumped back onto centre stage among the mining stocks, dropping half a cent to 11.5 with a shade less than 8 million shares changing hands. The company recently announced that the final public hearings for consideration of the environmental impact statement (EIS) on its Jericho diamond project in Nunavut, will be delayed past their original late May date. The Nunavut Impact Review Board wants more time to allow for all environmental and socio-economic data to be considered.

Major gold producer Kinross Gold finished a distant second dropping 13 to $9.39 with about half as many shares traded. Nickel producer Inco grabbed the bronze, climbing $1.15 to $27.45 on 3.2 million shares. On Tuesday, Inco made a new contract offer to 3,300 workers at it Sudbury operation ahead of a Saturday deadline. The union called the offer “disappointing”, and said that a strike was now more likely, reports Reuters.

Canada’s remaining major bullion producers followed Kinross’ lead: Barrick Gold shed 36 to $24.58 and Placer Dome lost 22 to $15.09.

Miramar Mining slipped a nickel to $1.43 on 3 million shares. On Tuesday, Miramar reported that drilling at the Boston deposit on the Hope Bay project in Nunavut has extended the host alteration and stratigraphy to depths exceeding 1,000 metres.

After Inco, Alcan and Aur Resources were among the busiest base metal issues, trading more than 1.1 million shares; Alcan made 46 to hit $42.25, and Aur advanced 6 to $3.41.

Canada’s junior exchange slipped back a few notches with advancers loosing to decliners 3311 to 335. The S&P-TSX Venture Exchange composite index lost 3.12 points, or 0.29% and closed the day at 1,084.36 on a volume of 44.6 million shares.

Goldcliff Resources tacked on 2 and closed at 17 with 1.76 million shares traded. The company has settled its outstanding debt in a shares for debt transaction worth $83,945.65. In addition, the junior has arranged a non-brokered private placement of up to 1 million units. The units consist of 400,000 flow-through units for a net proceeds of $42,000 and 600,000 non flow-through units to net the treasury an additional $63,000. The proceeds will be put towards exploration of the Panorama Ridge gold property, in south eastern British Columbia.

KWG Resources and partner Spider Resources have been advancing the Spider #3 base metal prospect in the James Bay Lowlands of Northern Ontario. Hole 2 on the project yielded 0.53 % copper over 12.3 metres in the semi-massive sulphide zone and the massive sulphide zinc section came back 5.45% zinc over 5.35 metres. KWG closed at 11 up a half a cent on 896,000 shares and Spider closed down a half a penny to 8.5, on 554,000 shares.

Canplats Resource closed flat at 9 with 485,000 shares traded. At last report the junior was in the process of raising up to $500,000 by way of a short form offering through First Associates Investments. The proceeds of the offering will be used to complete an exploration program on the company’s Geikie property in Ontario, for working capital for operations and as a reserve for asset acquisition investigations and exploration activities.