Trading Summary (June 10, 2002)

The gold issues plummeted nearly 8% on Monday leading the Toronto Stock Exchange’s S&P/TSX Composite Index 17.86 points lower to 7,460.71 points. The gold fell 16.47 points to end at 195.41 points. The Metals & Mining index shed 0.9 of a point to 150.02. Not brighter results were seen from gold, which slipped US$5.90 per oz. to US$318.50 per oz. in New York.

TVX Gold was the most traded miner on the day finishing 20 or 12.2% higher at $1.84 with nearly 27 million shares traded. After the market closed last Friday, the company announced that its Stratoni operations in Greece would continue while that country’s supreme administrative court considered a petition to annul its mining permits. The court said the company might need to complete an environmental impact study to support permits.

TVX shares were halted for a better part of Monday, as were Kinross Gold’s and those of Echo Bay Mines. By mid-afternoon, the three announced a planned three-way merger. Under the plan, Echo Bay shareholders would receive 0.52 of a Kinross share for each Echo Bay share. TVX shareholders would get 0.65 of a Kinross share for each TVX share held.

Kinross’s issue ended 78 lower at $3.14; Echo Bay Mines lost 31 to hit $1.54.

Canada’s majors suffered gold’s slide. Placer Dome lost $1 to $19.60 and Barrick Gold fell $1.31 to $30.49. Most of the remaining gold stocks performed similarly.

More rumours of an imminent deal between the government of Newfoundland and Inco for the Voisey’s Bay project failed to power the nickel giant’s shares up more than 6 to $34.56.

Teck Cominco’s B series was the most traded of the bunch dropping 3 to $14.25 on a volume of nearly 1.7 million shares. On Monday, the company announced that its president Steven Dean, who had been with the company since 1999, would step down next month to pursue other interests. The move is effective July 8. No replacement was named.

Canada’s junior exchange continued to move higher with advancers leading decliners by a 225-to-175 margin. The S&P-CDNX Composite Index jumped 7.29 points, or 0.6% to close at 1140.39.

Francisco Gold was the hot stock of the day climbing 49.5%, or $4.30 to $12.80 on 1.54 million shares. Driving the surge was a friendly take over offer by Toronto-listed Glamis Gold. The all share deal values Francisco at $13.30 per share.

With a drill rig already turning on its Red Lake project in Ontario, Rubicon Minerals picked up new ground in central Newfoundland. The 500 claim block unit holds two early-staged gold prospects. Shares in the company ended the session at $1.13, up 13 on a volume of 442,400.

Miranda Mining, formerly Malaspina Capital completed its public offering of 11.3 million shares at a price of 35 each. The company added 5 to close at 40 on 1.1 million shares.

Madison Enterprises continued to trade heavily on news a financing is in the works. Shares in the company ended the day unchanged at 13 on a volume of 159,370. Madison holds the Mt. Kare gold property in Papua New Guinea.

Moving higher Olympus Pacific Minerals adding 6 to close at $1.29 on 117,416 shares. The junior has spent the last year exploring two high-grade gold shoots on the Phuoc Son property 140 km southwest of Danang in Central Vietnam. The latest exploration results include the discovery of a skarn zone hosting high-grade gold values on surface.