Trading Summary (April 30, 2002)

With gold slipping more that US$2 to end the trading day in New York at US$308.20, the Canadian gold majors suffered a broad decline after testing new 52-week highs in previous sessions.

Barrick Gold led the way down on heavy volume, falling 30 to $31.65, Placer Dome shed 94 cents to hit $18.65, and Kinross Gold sank 12 cents to $1.68 in advance of reporting widening losses.

Among the mid-tier favourites, Goldcorp dropped $1.04 to $27.92, Agnico-Eagle Mines declined $1.22 to $21.82 and Meridian Gold lost 93 to hit $23.69.

Struggling gold miner McWatters Mining was the most active resource stock, with 4.3 million shares changing hands at a price that remained almost unchanged at 13.

Montreal-based Semafo celebrated its first-ever gold production, with an inaugural pour at its brand-spanking-new Kiniero gold mine in Guinea. Shares traded up 2 cents to 72 cents.

Meanwhile the big base metal players rose gently on little news: Alcan was up $1.30 to $57.90; Inco rose a quarter to $31.50; Noranda advanced 19 to $19.42; and Falconbridge gained 15 to reach $19.65.

The broader Toronto market ended the day up, with the TSE 300 Composite Index gaining 1.07% to 7,663.40 points.

Canada’s junior exchange failed to follow the major bourses higher with volume remaining on the modest side. The S&P-CDNX Composite Index lost 7.12 points, or 0.6% to close at 1155.87.

Masuparia Gold ended the day flat at 8 on 482,500 shares. The junior has been working the Greywacke gold property just north of La Ronge Saskatchewan and recently inked a deal to acquire diamond ground in the Wemindji area of northern Quebec.

Andean American Mining got a boost following news of its first quarter production results from the pilot plant on the Santa Rosa gold property in Peru. The company has sold 5,227 oz of gold so far this year. Shares in the junior added 5 to close at $1.04 on a volume of 423,334.

Shares in Starfield Resources dropped 3 to close at 90 on a volume of 198,100. The company received confirmation assays for a high-grade palladium-platinum-rhodium intersection cut last year on the Ferguson Lake property in Nunavut.