Trading Summary (June 20, 2003)

It was a fairly quiet day of trading on June 20, with the broad TSE composite index falling only 12.50, or 0.18%, to 7,065.98 on a volume of 266 million shares traded.

Both mining indices were deeper in the red, with the gold index down 1.88, or 1.08%, to 172.92 points and the diversified metals & mining index off 0.57, or 0.44%, to 129.77 points.

Emerging mid-tier gold and silver producer Wheaton River Minerals spent another day as the volume leader among the mining issues. The company closed down 3 to $1.67 on 15.1 million shares traded.

Taking second spot in volume was Eldorado Gold, which has two highly touted advanced gold projects in Turkey. Eldorado ended the day up 8 at $2.38 on 5.6 million shares traded.

The greatest percentage gainer among the miners was Irish zinc miner Ivernia West, which rose a penny to hit 4, with almost a million shares trading hands. On June 19, Ivernia signed definitive agreements with the Sentient Global Resources Fund for a joint venture to develop the former’s Magellan project in Western Australia, and the purchase by Sentient of US$0.9 million aggregate principal amount of convertible notes and warrants of Ivernia.

Canada’s junior exchange ended the week on a low note as declining stocks beat advancers 332 to 301. The S&P-TSX Venture Exchange composite index shed 0.81 of a point, or 0.07%, and closed at 1,112.61 with 68.8 million shares traded.

Odin Mining and Explorations lost 4 and closed at 10 with 26.3 million shares traded. The company reports that its former controlling shareholders, Overseas and General Ltd., sold its entire interest, 25,933,312 common shares, to some 15 or so purchasers. The junior is unaware of any voting arrangement between these purchasers, nor is it aware of any new control block. Odin also received notice from Newmont Mining that it has elected not to invest further in the joint venture in Odin’s Cangrejos gold property in Ecuador. Newmont has spent US$3.3 million on the property since 1996 and stood to earn a 60% interest on a bankable feasibility.

Shear Minerals and partner Northern Empire Minerals discovered two new kimberlites at the Churchill diamond project north of Rankin Inlet in eastern Nunavut. Drill holes CD-6 and CD-7 targeted circular magnetic anomalies measuring 250-by-200 metres and 150-by-150 metres, respectively, and cut two new bodies, subsequently dubbed Kalluk-3 and Kalluk-4. Shear lost 17 and closed at $1.45 while Northern Empire closed at $1.90, down 2 on 171,700 shares.

Lateegra Resources finished the week at 17.5, up 3.5 on 735,050 shares. The junior announced that it has entered into an option agreement with Teuton Resources and Minvita Enterprises to acquire a 50% interest in their jointly-owned Clone gold property, situated in the Stewart Mining Camp of northwestern British Columbia. Teuton closed down 3 to 29 and Minvita remained steady at 15.

Cardero Resource tacked on 2 and closed at 89 with 699,255 shares traded. The junior’s issue crashed yesterday, loosing 74 after the company tabled initial assay results from its diamond drilling program on the Olaroz silver project in northwestern Argentina. Highlights include 34.5 metres averaging 133.2 grams silver and 24.0 metres averaging 100.3 grams silver per tonne.

Kensington Resources lost 6 and closed at $1.13 with 563,974 shares traded. The company recently recovered a total of 664 macrodiamonds, collectively weighing 93.06 carats from its Fort a la Corne joint venture property near Prince Albert, Saskatchewan. Five large diamonds were recovered that weighed in at 10.23 carats, 3.61 carats, 2.595 carats, 2.57 carats, and 1.820 carats, respectively.