Trading Summary (May 30, 2003)

Toronto’s gold issues managed to end the day 1.91 points higher at 165.04 as the yellow metal plummeted US$6.20 to US$364.10 per oz. in New York on Friday. The base metal brethren grabbed 1.28 points to make 124.46. In the end, the S&P/TSX Composite Index was 23.24 points higher at 6,859.80, off the pace of North America’s other major bourses.

Kinross Gold ranked as the nation’s busiest mining issue, rising a quarter to $9.60 on just more than 3.8 million shares.

Wheaton River Minerals was close on Kinross’ heels, gaining 6 on about 3.7 million shares. On Friday, Wheaton posted higher first-quarter earnings of US$4.1 (or 2 per share), compare with year-ago earnings of just US$262,000 (nil per share).

Mid-tier producer took third place, advancing 46 to $16.10. On Thursday, Goldcorp declared its third bi-monthly dividend 2.5 per share for shareholders of record on May 26. Payment will be made by June 6. So far this year Goldcorp has paid out dividends of 7.5 per shares; the year’s target is 15 per share.

Canada’s remaining major producers went opposite ways; Barrick Gold dropped 18 to $23.90, while Placer Dome made 20 to hit $15.

Only two base metal miners saw more than a million shares change hands. Alcan added to make $41.40 and Inco claimed 27 to reach $28.12. On Friday, Inco said it expects workers at its Sudbury nickel operations to strike after the collapse of contract talks and a union recommendation to reject the company’s latest offer.

Junior Tenke Mining slid 9, or 9%, to 96. The company has launched a 7-hole 1,300-metre drill program over the promising Alto Rico gold project in Argentina. The holes will test the 2-by-3 km Alto Rico coincidental geochemical and geophysical anomaly.

Canada’s junior exchange ended the trading week by following the major bourses higher. The S&P-TSX Venture Exchange composite index gained 5.19 points or 0.48%, and closed at 1,090.37.

Bishop Resources held onto yesterday’s gain, ending the week unchanged at 12 on over 1 million shares traded. The junior recently staked ground adjoining its Gordon Lake gold property in the Northwest Territories. Previous work completed by Giant Bay Resources outlined 12 gold-bearing zones.

International Wayside Gold Mines dropped a penny to close at 8 on 465,000 shares. The junior is planning to collect a bulk sample from the Cariboo Gold Quartz property in B.C. The idea is to mine and process some 10,000 tonnes of material, which the company will use for metallurgical testing.

Spider Resources ended the week at 8, down 1 on 358,00 shares. The company along with joint venture partner KWG Resources are working the Spider #3 base metal prospect in the James Bay Lowlands of Northern Ontario.