Trading Summary (March 19, 2002)

The Toronto Stock Exchange managed to gain 19.16 points and close at 7,936.9 on Tuesday after the U.S. Federal Reserve, as expected, announced that it would leave interest rates unchanged. However, the Fed did retract its previous warning about economic weakness. Putting in plus-1.4% gains were the communication & media and consumer products subindices. The golds weren’t able to continue Monday’s torrid pace and fell 55.77 points to 5,811.09. The base metal miners dropped 27.38 points to 4,753.67.

Base metal miner Aur Resources topped the nation’s miners gaining 9 to $4.39 on more than 4.7 million shares, enough to rank third on the TSE’s top ten most traded list and the only miner found there. Among the rest of the base metal chasers, just Sherritt International, plus 7 at $4.95, and Teck Cominco’s B series, 20 higher at $15.05, managed to trade more than 1 million shares.

Inmet Mining gained a dime to $4.75. On Tuesday, Inmet announced that it had wrapped up its acquisition of the Pyhasalmi copper and zinc mine in central Finland, from Outokumpu Oyj. Along with the mine, Inmet gets more than 30 sq. km of exploration claims around Pyhasalmi. The deal also includes an alliance between the two companies regarding mining and mineral processing, technology, smelting, refining and the development of future projects. Inmet paid Outokumpu $63.8 million in cash, issued Outokumpu a $19.8-million, 10-year, 6% promissory note and 4 million shares at $4.50 apiece.

Placer Dome fell 48 to $17.96 on nearly 1.5 million shares to place atop the gold miners. Barrick Gold shed 11 to $28.54 on about 1.35 million shares. A US80 gain by gold to US$292.70 per oz. in New York, failed to inspire the gold miners, which mostly traded sideways.

The S&P-CDNX Composite Index finished the day off 3.38 points higher at 1,158.3. AntOro Resources was the busiest miner gaining 2 or nearly 6% to 36 on more than 1 million shares. On Monday, AntOro, based in Montreal, said it has completed a private placement of 1.12 million flow-through shares and 280,000 common treasury shares at a nickel each with two non-related investors. The $70,000 in proceeds are earmarked for exploration on its Montalembert and Wapiscan/Riviere-des-peupliers properties in early May, 2002.

Wolfden Resources was next in line unchanged at 80 with little more than 1 million shares traded. Junior Bema Gold recently raised $1.5 million to resume drilling at Wolfden’s high-grade Monument Bay property in northeastern Manitoba. Bema can earn up to a 70% interest in Monument Bay from Wolfden for about $6 million.