Trading Summary (June 02, 2003)

Toronto’s gold index was alone in red on Monday, losing 0.88 of a point to 164.16. The fall came despite a US$1.80-per-oz. gain by the yellow metal to US$365.90 per oz. in New York. The base metal miners were the star of the show, jumping 3.7 points or about 3% to 128.16. Overall, the S&P/TSX Composite Index gained 80.36 points to reach 6,940.16.

Junior explorer Tahera continued its hot trading record, adding 1.5 to make 13 with 5.4 million shares on the go, enough to outpace all other mining issues. The last news out of Tahera was that the final public hearings over its environmental impact statement for the Jericho diamond project in Nunavut will be delayed.

The next closest mining issues were Geomaque Explorations and Wheaton River Minerals with just short of 3 million shares traded. Geomaque slipped half a penny to 5.5, while Wheaton tacked on 6 to reach $1.51. Wheaton recently posted record first-quarter earnings of US$4.1 million, or 2 per share, compared with year-ago earnings of just US$262,000 (nil per share).

Well of the pace, Barrick Gold was the lone Canadian major gold producer to advance. The stock climbed 35 to $24.25. Placer Dome slipped 20 to $14.80 and Kinross Gold fell 19 to $9.41. All three saw fewer than 2 million shares change hands.

Alcan led the base metal miners with a about 1.6 million shares finding their way $1.35 higher to $42.75. Inco was next in line with a 55 gain to $28.67 on a handful fewer shares. A strike at Inco’s Sudbury Nickel operation has sent the price of nickel near a three-year. Analysts figure the strike could cost Inco $5-10 million a week.

Canada’s junior exchange started the trading week in lack lustre fashion with decliners leading advancers by a 331-to-299 margin. The S&P-TSX Venture Exchange composite index gained 0.61 points or 0.06%, and closed at 1,090.98.

Donner Minerals popped back onto investors radar screens, gaining 3 to close at 21 on nearly 900,000 shares traded. At last report a 2,200-line km MegaTEM geophysical survey was underway on the eastern half of the South Voisey Bay nickel sulphide project in Labrador.

LMX Resources continued to trade heavily on no news. The shell company ended the session up 1 to 6 on 1.1 million shares traded. The company was declared ‘Inactive’ on April 30, 2002 and is prohibited from granting stock options and has restrictions relating to management remuneration. LMX is expected to initiate its reactivation within twelve months of being designated Inactive and is required to achieve tier maintenance requirements no later than October 29, 2003, failing which trading may be suspended.

Bishop Resources held onto recent gain, ending the day unchanged at 12 on over 222,600 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.

American Bonanza Gold Mines dropped a penny to close at 27 on 641,808 shares. The junior is current exploring the Copperstone gold project by underground drifting and recently acquired exploration ground in Nevada.