Trading Summary (April 23, 2002)

A plus-2% loss by the banks led the way for eleven declining subindices on the Toronto Stock Exchange on Tuesday. The golds were the TSE’s only source of glitter gaining 152.7 points or 2.5% to end at 6,346.35, as the yellow metal tacked on US$1.20 per oz. to hit US$303.90 per oz. The base metal issues couldn’t tag along falling 29.55 points to 4,622.35. Overall, the TSE 300 composite index lost 96.45 points to finish at 7,717.8.

Barrick Gold was the nation’s most active miner with just more than 8.3 million shares traded, ranking third on the TSE. Barrick finished the day $1.14 higher at $30. On Tuesday, Barrick announced a new gold find in Peru. The discovery hosting up to 3.5 million oz. of gold is situated about 175 km away from its low-cost Pierina mine.

Other gold miners enjoying robust trading were: Kinross Gold, plus a nickel to $2.40 with 3.9 million shares on the go; McWatters Mining, 2 higher at 11 on 3.6 million shares; Orezone Resources, which gained 14.5 or 69% to $35.5 on 2.4 million share; and Placer Dome, up 15 to $19.22 on 2.2 million shares.

On Monday, South Africa’s Gold Fields, put its weight behind a proposed merger between Orezone and Ofex-traded Coronation International Mining. Gold Fields has agreed to subscribe to $500,000 of Orezone shares at 20 apiece and has a joint venture deal to earn up to 60% interest in Essakan gold project in Burkina Faso, by spending US$8 million over 5 years and completing a bankable feasibility study. Orezone can give up another 10% to Gold Fields in return for a non-recourse loan to develop the project.

Teck Cominco was the busiest base metal miner sliding 80 to $13.96 with 2.2 million shares changing hands. On Tuesday, The company posted net first-quarter earnings of $2 million, compared with net earnings of $55 million in the first quarter of 2001. The drop is thanks to lower power sales from its Trail, British Columbia, facilities.

Next in line was Noranda, which lost 15 to $19.95 on 1.4 million shares. The company has formed a new limited partnership company to market and distribute its mining automation technologies. Noranda will hold a 75% interest in SIAMtec. STAS, a high-tech equipment marketer will own the remaining 25%.

Canada’s junior exchange gave back most of its gains in the past two sessions with volume moving up a notch to moderate. The Standard & Poor’s-CDNX Composite Index fell 8.05 points, or 0.7% and closed at 1,164.08.

Investors sold off shares in Majescor Resources following news that its partner, BHP Billiton Diamonds failed to cut any kimberlites during the first round of drilling on the Portage project in Quebec. A total of 18 holes tested various pipe-like geophysical anomalies identified by previous airborne and ground geophysical surveys. Majescor ended the session at 57, down 15 on 864,300 shares.

American Bonanza Gold Mining lost 1 to close at 10 on 511,200 shares. Royalty firm Royal Gold recently terminated a financing agreement with the junior over its Copperstone gold project in Arizona.

Antoro Resources added 2 to close at 36 on 526,200 shares. The junior is hoping to raise $260,000 to start work on its newly acquired St-Clotilde silica property in Quebec.

Rockwell Ventures fell 2 ahead of drill results from the Haut Plateau nickel-copper-cobalt project in east central Quebec. The Hunter Dickinson led junior ended the day at 12 on 136,000 shares.