Trading Summary (April 02, 2002)

The conflict in the Middle East has pushed up the price of crude oil and sent the oil and utilities stocks 1.7% and 2.3% higher, respectively, on the Toronto Stock Exchange on Tuesday. The golds suffered some profit taking and sank 101.37 points or 1.6% to 6,288.59. The base metal issues continued quietly along gaining 16.65 points to end at 4,725.4. Overall, the TSE 300 composite index edged up 4.87 points to 7,893.4.

Canada’s gold miners were still among the TSE’s most actives, but saw mostly losses. Kinross Gold, surrounded in takeover talk, lost 12 to $2.14 with more than 7.2 million shares traded, enough to rank third on the TSE’s top ten traded list. Placer Dome fell 45 to $19.55 on a volume of about 3.6 million shares, TVX Gold was unchanged at $1.16 on 3.4 million shares, Barrick Gold dropped 21 to $30 and Orvana Minerals gained 4 to 38, both on more than 2.5 million shares, to round out the top ten.

In the junior ranks, Geomaque Explorations slipped 3 pennies or 25% to 9 with nearly 1.6 million shares changing hands. On Tuesday, the Toronto-based company announced that an review at its Vueltas del Rio mine in Honduras, has more than halved reserves.

Inco was the most traded base metal major, gaining 74 to $31.59 with just fewer than 1.1 million shares on the go. Teck Cominco’s B series shed 16 to $14.68 on about 851,00 shares. Breakwater Resources put a nice percentage gain rising 4 or 12% to 37. Breakwater recently arranged a rights offering worth up to $18 million. Shareholders of record on April 5 are entitled to one right for each common share they hold. The right allows the holder to buy a share at 20 and expires on May 1.

Also making noise was Summo Minerals, which plummeted 2.5 or more than 31% to 5.5. Summo has tabled plans for a highly dilutive restructuring plan to settle all of its outstanding debt and restructure its share capital.

Canada’s junior exchange ended the session mixed with gold-related shares gaining ground while technology issues took it on the chin. The S&P-CDNX Composite Index added 9.97 points, or 0.9% to close at 1174.74.

News that Toronto-listed Royal Gold had terminated its agreement to buy a royalty interest in the Copperstone gold project in Arizona has investor dumping shares of American Bonanza Gold Mining. Stock in the junior fell 2 to close at 11 on 1.65 million shares.

Madison Enterprises ended the day unchanged at 17 on 997,500 shares. The company has resumed exploration on its Mt. Kare gold property in Papua New Guinea.

Rubicon Minerals added 7 on news of the initial drill results from the McCuaig gold property in northern Ontario. The junior cut two narrow (less than 1 metre) intervals grading over 19 grams gold. Assay results from 9 additional holes are pending. Shares in the company closed at $1.07 on a volume of 617,900.

Radius Explorations added 5 to close at 44 on 391,000 shares. The Simon Ridgway-led junior is exploring for gold on its large property holding in Guatemala.