Trading Summary (April 01, 2002)

The gold and oil & gas sector powered the Toronto Stock Exchange 37.03 points higher to close at 7,888.5 on Monday. The gold & precious minerals subindex led the way gaining 198.18 points or 3.2% to 6,389.96. The oils & gas subgroup gained more than 1.9% to 10,658.28.

Gold slipped US30 per oz., but remained above US$300 per oz. at US$302.90 in New York. In response, half of the TSE’s top ten volume leaders were gold miners. Barrick Gold led the bunch, rising $1.13 to $30.28 on about 3.6 million shares. On Friday, workers at the company’s Holt-McDermott gold mine in Kirkland Lake, Ont., voted 96% in favour of a strike.

Kinross Gold saw a handful fewer shares cross the floor to gain 20 or nearly 10% to $2.23, a new 52-week high. On Monday, Kinross extended its $16-per-share offer for all of Kinam Gold’s $3.75 series B convertible preferred until 5 p.m., Eastern time on April 4. So far, 652,992 shares have been tendered. The original offer expired March 28.

The other golds in the top ten were TVX Gold, off 4 at $1.16; Placer Dome, plus 70 to $20; and Bema Gold, unchanged at $1 on about 2.1 million shares.

The base metal miners were less fortunate falling 23.21 points to 4,708.75. Inco saw the most action falling 20 to $30.85 on just fewer than 450,000 shares. On Friday, the Ontario Ministry of the Environment ordered Inco to clean up 25 homes polluted by the company’s old refinery in Port Colborne, Ont. The order formalizes a previous order and adds to Inco’s duties cleaning of contaminants from within affected homes. Previous efforts by Inco focussed on yard soil.

Teck Cominco’s B shares fell 11 to $14.48 on about 441,000 shares to rank the second most active of the group. On the plus side were Sherritt International, up 6 to $4.90, Boliden, 3 higher at $6.83, and Breakwater Resources, a penny higher at 33.

Canada’s junior exchange started the trading week of by posting modest gains. The S&P-CDNX Composite Index added 11.78 points, or 1% to close at 1186.52.

New Blue Ribbon Resources added 1 to close at 9 on 419,000 shares. The junior reported that the first round of exploration on its joint ventured Legend diamond property in Alberta has been completed. Ground geophysical surveys over a number of discrete airborne and heliborne magnetic anomalies has the company gearing up for a drill program slated to begin shortly.

Shares in Kensington Resources continued to move higher, gaining 20 to end the day at $1.95 on a heavy volume of 567,442. Diamond recovery results for 10 holes drilled at the Fort la Corne diamond project in Saskatchewan are expected any day now.

Shore Gold added 6 to $1.05 on 400,000 shares. The junior holds the Star kimberlite body near Kensington’s ground in Saskatchewan. Results from a mini-bulk sample on the Star kimberlite are expected shortly.

Silver Standard Resources added 28 on news that the recent drill program has expanded the Challacollo silver property in Chile. Shares on the junior closed at $4.98 on 72,000 shares.

War Eagle Mining added 1 to 22 on 303,500 shares. The company announced that the initial work program on the Tres Marias gold property in Mexico is on schedule with an agreement in place to purchase a five ton hoist, generator, air compressor and other electrical needs.