Trading Summary (May 14, 2002)

The Toronto Stock Exchange’s gold issues collectively slammed on the brakes and threw it in reverse on Tuesday falling 11.92 points or nearly 6% to end at 195.68. The slide was powered by a stronger U.S. dollar, which sent the price of gold in New York off US$3.30 per oz. to US$307.10 per oz. The base metal issues were able to steer clear of the carnage edging up 0.94 of a point to 146.15. Overall, the S&P/TSX Composite Index tacked on 55.51 points or about 0.7% to finish at 7,716.91.

Canada’s gold miners were a heavily traded bunch with losses the order of the day. Kinross Gold took top or bottom honours dropping 21 to $3.04 on a volume of 3.6 million shares. Bema Gold dropped a dime to $1.79 on 2.8 million shares, Barrick Gold fell $1.43 to $32.57, and TVX Gold shed 12 to $1.43.

GoldCorp shares suffered on the group’s biggest percentage drop falling $2.24 or 7.3% to $28.26 with a handful more than 1 million shares on the go. The company’s shares will begin trading on the TSE on a split basis on May 17. They will be split on the New York Stock Exchange effective May 29.

Wheaton River Minerals dropped 6 to $1.16 after announcing plans for a proposed private placement of 82 million special warrants at $1.15 apiece for proceeds of $94.3 million. Inco was the most traded base metal miner gaining 45 to make $33.20. Others on the plus side include Falconbridge, up a nickel to $19.65, Sherritt International, plus a nickel to $4.85, Noranda grabbed a quarter to hit $19.55, and Aur Resources added a dime to reach $4.20. The S&P/TSX Venture Composite dropped 8.07 points to settle at 1,159.22. ECU Silver Mining was the busiest mining stock dropping a penny to 4 on a volume of 764,700 shares. The company holds the Velardena property in Mexico. At last count, the property held total resources of 2.5 million tonnes grading 2.8 grams gold and 269 grams silver per tonne.

Blue Mountain Resources soared 13 or 162.5% to 21 on 41,500 shares. On Monday, the company announced an agreement for a best efforts special warrants financing led by FirstEnergy Capital for gross proceeds of at least $15 million.