Trading Summary (April 11, 2003)

The Toronto Stock Exchange managed to scrape together 13.61 points to finish the week at 6,432.08 on Friday, as investors largely waited on the sidelines for the coming quarterly report season. The mining sector didn’t pitch in, as the gold index dropped 1.05 points to 155.96 and the diversified miners shed 1.29 points to 118.16.

Diamond explorer Tahera remained at the top of the mining heap losing another half penny to 14 on nearly 3.9 million shares. A re-evaluation of diamonds from the company’s Jericho property in Nunavut came back 6% better than a 1999 estimate. A feasibility study at Jericho is due next month.

The country’s major gold producers finished well of the pace. Barrick Gold was the busiest shedding 23 to $22.15 on just more than 1.1 million shares. Kinross Gold was next with a 4 gain to $8.76 and Placer Dome brought up the rear with a 24 loss to 14.35.

Northern Orion Explorations saw more action finishing off a penny at 17 with about 1.4 million shares on the go. The company says it will look to raise US$70-US$80 via a best-efforts private placement. The proceeds will go toward its half-share of the US$180 million acquisition of BHP Billiton’s quarter-stake in the Bajo de la Alumbrera gold-copper project in Argentina. Wheaton River Minerals, which will pick up the other half of the bill., ended unchanged at $1.30.

Zinc miner Breakwater Resources was most traded of a quiet bunch of base metal miners, slumping half a cent to 17 with about 880,000 shares traded. Cameco continued lower thanks to flooding woes at its McArthur River mine in northern Saskatchewan. The world’s largest uranium producer has warned it won’t meet annual production goals.

Canada’s junior exchange ended the trading week by moving higher. The S&P-TSX Venture Exchange composite index gained 4.08 points, or 0.39% and closed at 1,053.74.

Spider Resources continued to be the most actively traded stock, ending the day up 2 at 14 on nearly 1.7 million shares traded. The junior and joint venture partner, over the counter-listed, KWG Resources recently reported more sulphide mineralization from the Spider #3 base metal prospect in the James Bay Lowlands of Northern Ontario.

Bishop Resources got o boost on news that a $695,000 financing has been completed. The junior can now move forward on its exploration ground. Last year, the junior inked a letter of intent acquire certain copper-gold-silver mineral properties north central British Columbia, most notably the Lawyers and Al/Bonanza (‘Al’) properties in the Toodoggone region. Shares in the company added 2 to close at 10 on a volume of 482,428.

Ontzinc gained 3 to close at 19 on 546,620 shares. The junior has been busy trying to arrange financing to move the Balmat zinc project in New York state forward.