Trading Summary (May 13, 2002)

With only the Telecoms subgroup ending 1.3% lower, the S&P/TSX Composite Index grabbed 65.34 points or 0.86% to reach 7,596.06 to start the week. The Diversified Metals & Mining subindex led the class jumping 3.44 points or more than 2.4% to 145.21. The golds lagged behind just a bit gaining 4.41 points or 2.2% to make 207.60.

Bema Gold was the country’s busiest gold miner vaulting 15 or 8.6% to $1.89, a new 52-week high. Bema saw more than 5.3 million shares traded. Last week, Bema announced it would raise $15 million through a bought deal, with proceeds aimed at potential acquisitions and additional drilling at its Julietta mine in Russia.

Kinross Gold was the only other gold miner to rank among the Toronto Stock Exchange’s top ten most traded issues with about 3.2 million shares on the move.

Also on the rise were Eldorado Gold, plus 3 to $1.21, Barrick Gold, 20 higher at $34, TVX Gold, 2 pennies to the good for $1.55, and Placer Dome, which gained 33 to hit $20.18.

Going the other way was Minires du Nord, which plummeted 14 or nearly 13% to $95. On Monday MDN announced that reverse circulation drilling on the Tulawaka property in Tanzania cut significant gold mineralization. Tulawaka is held 30% by MDN, the remaining 70% is owned by Barrick.

Goldcorp gained $1.30 to $30.50, a new 52-week high. The mid-tier producer recently posted record first-quarter earnings of US$16.2 million (or 20 per share).

The base metal miners were quieter, but higher across the board. Inco was the most active gaining $1 to $32.75 on about 732,000 shares.

On Monday, the nickel giant said it had wrapped up the underwritten public offering in the United States of US$400 million aggregate principal amount of its 7-3/4% notes due 2012.

Teck Cominco’s B series added 95 or 7% to hit $14.55 and Breakwater Resources grabbed a penny to reach 19.5.

The S&P/TSX Venture Composite edged up 0.31 point to 1,167.29. Olympus Pacific Minerals dropped a quarter or 20% to $1 on 81,5000 shares after announcing preliminary drill results form the Khe Rin prospect on the Phuoc Son gold project in central Vietnam.