Trading Summary (June 04, 2002)

Gold finished the day US$1.20 per oz. higher at US$327.50 per oz. in New York, but wasn’t enough to counter the effects of a late-day selloff that sent the Gold index 2.17 points or 0.95% lower to 226.47 points. The Metals & Mining Index led the seven advancing subindices with a 2.96-point or 2% rise to 151.91. Overall, the S&P/TSX Composite Index dropped 31.52 points to hit 7,568.02.

The gold issues continued to be among the TSX’s most popular with Kinross Gold leading the pack on a volume of more than 5.5 million shares, enough to rank third on the exchange’s top ten traded list. Kinross shares finished 4 higher at $4.18.

Also making the top ten was TVX Gold, which slid 2 to $1.76 on 4.9 million shares. On Tuesday, TVX said that Greece’s supreme administrative court has rejected a local action group’s request to immediately suspend the company’s Stratoni base metal operation. A hearing on a petition to rescind the operation’s permit is slated for June 7.

Placer Dome dropped 27 to $21.06; Barrick Gold fell a penny less to $33.80.

Fortune Minerals was one of the TSX’s biggest percentage gainers soaring 17 or nearly 24% to 89 on a volume of 386,400 shares. Fortune recently posted a first-quarter net loss of $22,274, compared with year-ago net income of $11,746.

Orezone Resources rose 8 or more than 18% to 52. Orezone was recently granted an exclusive 60-day option to acquire an interest in Channel Resources and Solomon Resources’ Bombore permit, in Burkina Faso, West Africa. Orezone can earn a half-interest by spending about $2 million and issuing 150,000 shares. The company can boost its stake by 20% by completing a bankable feasibility study.

Teck Cominco’s B series were the most traded of the base metal miners gaining half a dollar to $14.75 on more than 2.2 million shares. Most of the others performed similarly. Putting in plus-4% gains were Sherritt International at $5.26, Noranda at $19.57, and Aur Resource, plus a quarter to $5.05, a new 52-week high. .

Canada’s junior exchange ended up topsy-turvy session basically unchanged. The S&P-TSX Venture Index tacked on 1.78 points, or 0.1% and closed at 1,243.72.

Anooraq Resources topped the most actively traded chart, adding 2 to close at 91 on 1.8 million shares. The Hunter-Dickinson led junior holds a large land package on the northern limb of the prolific Bushveld platinum-palladium complex in South Africa.

ECU Silver Mining continued to trade heavily, adding 1 to 10 on 1.4 million shares. The junior recently inked a deal for the use of a flotation and cyanidation mill with a 200 tonnes per day milling capacity, situated some 110-km south of its La Esperanza silver-gold project in Mexico.

North American Tungsten gained 2 on news that the second quarter results saw the Cantung tungsten mine successfully completing the start-up and achieving full planned production capacity. During the start-up period, the mill produced 347,000 kg of concentrate. The junior ended the day at 26 on 646,600 shares.

American Bonanza Gold Mining dropped 2 to close at 18, on 1.4 million shares. The junior holds the low-grade Copperstone gold project in Arizona and exploration ground in Nevada.