Trading Summary (June 06, 2002)

The Toronto Stock Exchange’s Gold index rebounded to the tune of 4.85 points or 2.2% ending at 221.49 points. The rise mirrored a US$4.40-per-oz. rise by the yellow metal to US$324.70 per oz. in New York. The base metals went the other way dropping 2.15 points or 1.4% to 151.95 points. Overall, the S&P/TSX Composite Index lost 49.08 points to 7,498.85 points, with just five subindices finishing in the black.

Bema Gold was the nation’s most traded mining issue shedding 9 or more than 4% to $2.08 on nearly 7.9 million shares.

The country’s major fell in behind. Kinross Gold grabbed 4 to reach $4, Placer Dome found 53 to hit $21.15, and Barrick Gold rose 61 to $33.40.

Orezone Resources tacked on a nickel or 11.4% ending at 49. The company and London-listed Coronation International Mining released the details of their previously proposed merger on Thursday.

Northgate Exploration fell another 11 to settle at $1.92. The company has arranged an $85 million equity financing. Proceeds will go toward the repayment of long-term debt and to reduce its existing gold hedging position.

Noranda was the most traded base metal miner finishing 50 higher at $20.62, a new 52-week high, on a volume of 3.2 million shares. Reuters reports that Noranda has begun labour talks at its New Madrid, Missouri, primary aluminum plant. Noranda wants to try and reach a new contract before the existing on expires at midnight on Aug. 31.

Also on the plus side were Falconbridge, up 30 to $20.85, Sherritt International, plus 14 to $5.39, Noranda, half a buck higher at $20.62, anew 52-week high.

Alcan dropped $1.31 to $56.75 after the Aluminum giant announced a deal to acquire a half-interest in an aluminum smelter in China.

Contract miner Dynatec gained 4 or 5% to make 84. On Thursday, Dynatec announced that it has completed a private placement of some 28.4 million shares at 70 apiece for proceeds of $19.9 million. On Wednesday, the company entered into a two-year agreement to sink a 1,000-metre ventilation shaft and associated underground development at Inco’s Garson Mine in Sudbury, Ontario. The deal is worth about $27 million. Work will begin immediately.

The rise in gold powered the S&P/TSX Venture Index regained 8.05 points, or 0.66% and closed at 1,225.44.

Vedron Gold jumped a nickel or 20% to 30 on a trading volume of nearly 1.6 million shares. Investors are anticipating drill results from Placer’s 25,000-ft. drilling campaign on its property in Timmins, Ont. Placer can earn a 51% interest in the Vedron property, adjacent to the Dome mine, by spending $4.5 million on exploration over three years.

American Bonanza Gold Mining lost a penny to hit 17 with about 1.5 million shares on the go. The junior holds the low-grade Copperstone gold project in Arizona and exploration ground in Nevada.

Nice gains were put in by Silver Standard Resources, plus 70 to $9.70, Francisco Gold, up the same to 23.70, and Seabridge Resources, which finished 47 higher at $3.45.