Trading Summary (April 22, 2002)

The pipelines subindex climbed 102.56 points or 1.4% to lead just three advancing subgroups on the Toronto Stock Exchange on Monday. The golds managed to gather 49.12 points to make 6,193.65, while the base metal issues slid 130.77 points or 2.7%. Overall, the TSE fell 85.32 to 7,814.3.

Diamond explorer Tahera remained busy falling 3 to 36 on a volume of nearly 3.6 million shares. Kinross Gold was right behind gaining 13 to $2.38 with about 3.2 million shares traded. McWatters Mining found half a penny to make 9 with 2.6 million shares on the go.

McWatters recently completed a financial restructuring an now has $16.4 million in cash and only $4.4 million in debt. The company and partner Soquem have begun development of the Sigma-Lamaque open pit mine in Val d’Or, Que. The mine is expected to produce 150,000 oz. of gold annually once full production is reached in 2003. Average cash cost are pegged at US$165 per oz. Beginning during the fourth quarter of 2002 and wrapping up at the end of 2008, Sigma-Lamaque will produce 856,000 oz. of gold.

Barrick Gold managed to grab last spot on the TSE’s top ten traded list rising 30 to $29; TVX Gold fell a penny to $1.07.

On the diamond front, Pure Gold minerals and Ditem Explorations went opposite ways. Pure Gold picked up half a cent to hit 20.5 and Ditem shed a nickel to 75.

On Monday, the two announced that preliminary drill results from the Tichegami project in the Otish Mountains region of Quebec, has cut intrusive breccia, which, "appears to represent an upper level crater facies of an intrusion of igneous rock with characteristics that appear to be consistent with a kimberlitic source." Pure Gold can earn a 60% interest in the property from Ditem.

The country’s base metal miners were awash in red. Alcan fell $2.20 to $59.50 on 1.3 million shares. Inco was the next in line falling 55 to $32.50 on about half as many shares. The group’s newsmaker on the day was uranium miner Cameco, which announced on Monday it had discovered a new zone of uranium mineralization adjacent to its West Bear property in northern Saskatchewan. Cameco is managing exploration on the project for UEX Corp., a joint venture with Pioneer Metals. For its part, Pioneer shares gained a penny to 29.

Canada’s junior exchange started the trading week by extending Friday’s rally. The Standard & Poor’s-CDNX Composite Index gained 5.12 points, or 0.4% and closed at 1,172.13.

Investors sold off shares in Castle Metals following news of a proposed 10:1 roll back of its stock. The junior ended the session at 2, down 2 on 3.65 million shares. The company holds ground near Quesnel in northern British Columbia and in the South Voisey Bay area of Labrador.

Making a nice percentage move, International Wayside Gold Mines added 4 to close a 17 on 459,300 shares. The Frank Callaghan-led junior has the drill turning on its Cariboo gold project near Quesnel.

Antoro Resources continued to attract traders, gaining 1 to close at 34 on 361,100 shares. The junior is hoping to raise $260,000 to start work on its newly acquired St-Clotilde silica property in Quebec.

Philex Gold lost 4 to close at 96 on 90,000 shares. Additional drill results are expected shortly from the Boyongan copper-gold prospect in the Philippines.