Trading Summary (May 06, 2003)

The Toronto Stock Exchange strung together 3 days of gains, rising another 34.04 points to make 6,693.71 on Tuesday. The diversified miners were among just four declining subindices, dropping 0.97 of a point to 121.04. The golds grabbed 0.29 of a point to reach 162.88.

Kinross Gold was the nation’s most traded mining stock, climbing 24 to $9.54 on about 2.85 million shares. Canada’s remaining gold majors lagged behind. Placer Dome dropped 2 pennies to $14.94 on 1.8 million shares, while Barrick Gold shed 16 to $22.34 with just short of 1.3 million shares changing hands.

Mid-tier gold producer Glamis Gold finished 27 poorer at $16.56 on more than 1.1 million shares. On Tuesday, Glamis posted a first-quarter profit of US$$1.9 million, or 2 cents a share, down from year-ago net earnings of US$3.2 million, or 4 cents a share. The drop in earnings was thanks to higher production costs and increased exploration spending.

On the diamond watch, Etruscan Resources jumped 14 or more than 16% to $1 as the company announced that financing for an expansion program at the Tirisano alluvial diamond mine in South Africa had been arranged.

Noranda just edged out rival Inco to rank as the busiest base metal miner, sliding 20 to $12.28 with just fewer than 1.1 million shares traded. On Tuesday Reuters reported that Noranda has come to a tentative deal with striking workers at its Horne copper smelter in Quebec, reports Reuters. The strike began on June 18. Workers will vote on the deal on Wednesday. Inco dropped 7 to $27.16.

Canada’s junior exchange failed to follow through on a five day rally. The S&P-TSX Venture Exchange composite index lost 6.7 points, or 0.63% and closed at 1,053.43.

Investors snapped up shares in American Bonanza Gold Mining following news that the junior hit high-gold grades in the southern portion of the D-zone on the Copperstone project in Arizona. A total of 42 channel samples were collected from face and rib exposures during the mining of eight rounds covering 80 linear feet. The samples returned values of up to 11.5 oz gold per ton and average 1.2 oz gold. Shares in the junior added 3 to close at 27 on a volume of over 1.8 million.

Diadem Resources jumped 3 to close at 8 on over 1.5 million shares. Earlier this year, the junior announced that it would review of its corporate structure, as well as all of its mineral projects. The company expects the review to result in the disposition, joint venturing or abandonment of a number of the existing projects.

Shares in Spider Resources continued to trade at a hectic pace. The junior recently reported drill results from the Spider #3 massive sulphide project in the James Bay Lowlands of Ontario. Hole 6 drilled below the previously reported massive sulphides in the first two holes intersecting 2.9% Copper and 0.45% zinc over 5.6 metres and a deeper zinc-rich section running 5.4% zinc and 0.3% copper over 9.65 metres. Holes 3 and 4 were drilled 100 metres to the northeast with hole 3 yielding 5.25% zinc and 0.58% copper over 3.95 metres. Hole 4 testing the down dip continuation of the mineralization intersecting 2.41% zinc and 0.495% copper over 8.7 metres. Spider ended the day flat at 12 on 627,500 shares.