Trading Summary (April 03, 2002)

The golds followed the yellow metal’s lead and dropped 184.19 points or nearly 3% on the Toronto Stock Exchange on Wednesday. In New York gold fell US$3.20 to US$302.50 per oz. The pipeline subindex led three advancing subindices rising more than 1%. The oil and gas sector dropped 1.8% on lower crude prices.

Barrick Gold was the nation’s busiest mining issue dropping 99 to $28.86 on a volume of about 3.6 million shares. Placer Dome slid 60 to $18.85 and Kinross Gold fell a nickel to $2.08, both with about 2.5 million shares on the go, to rank as the only other miners among the TSE’s top ten traded stocks.

The red ink spilled over into the junior ranks. Dayton fell 15 2 to $1.20; Greystar Resources slipped 2 pennies to 18; Cumberland Resources lost 28 to $1.90; Yamana Resources shed 1.5 to 13; and Golden Star Resources was 26 lower at $2.29. On Tuesday, Golden Star posted a net loss of US$20.6 million for 2001, compared with a year-earlier net loss of US$14.9 million.

Red ink was the order of the day for Canada’s base metal miners as well. The metals & minerals subindex fell 66.22 points or 1.4% to 4,660.53. Inco saw the most action dropping 54 to $31.05 on just shy of 1.1 million shares. Teck Cominco’s B series lagged just behind falling 23 to $14.45. Breakwater Resources drastically reversed course plummeting 8 or 22% to 29.

Canada’s junior exchange felt a wave of selling pressure with decliners leading advancers by a 245-to-225 margin. The S&P-CDNX Composite Index dropped 6.88 points, or 0.6% to close at 1178.58.

Seine River Resources gained 1 to close at 2 on just over 1.4 million shares. The company holds the Plumas gold property northeast of Sacramento, California and the Jasper property in Nevada.

AntOro Resources lost 1 to close at 32 on 664,680 shares. The junior recently closed the acquisition of the Golden Hemlo property in Ontario.

Shares in Kensington Resources gave back some ground, losing 14 to end the day at $1.71 on a heavy volume of 272,580. Diamond recovery results for 10 holes drilled at the Fort la Corne diamond project in Saskatchewan are expected any day now.

Shore Gold lost 4 to 93 on 163,270 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.

Madison Enterprises ended the day unchanged at 17 on 411,000 shares. The junior recently resumed exploration on its Mt. Kare gold property in Papua New Guinea.