Trading Summary (June 13, 2002)

The technology stocks helped the Toronto Stock Exchange to a 1% loss on Thursday. The Information Technology subindex slid 0.71 of a point or more than 3.5%. The golds fell 5.75 points or nearly 3% to 190.61. The Metals & Mining sector was just one of two subindices to finish in the black, up 0.34 of a point at 147.57. Overall, the S&P/TSX Composite Index was off 75.96 points to 7,283.6 points.

Merger partners Kinross Gold and TVX Gold saw continued heavy trading. Kinross lost 15 to $3.25 on about 14.7 million shares and TVX dropped 14 to $2 on about 8.2 million shares. The third member of the triad, Echo Bay Mines fell off investors’ radar screens a bit dropping 13 to $1.67 with just more than a million shares on the go.

Both of the nation’s major gold producers suffered losses. Barrick Gold shed 93 to hit $29.31 while Placer Dome lost 70 to make $18.30.

The red tide swamping the gold issues emanated from a falling gold price. The yellow metal finished the day off down US$2.90 per oz. at US$317.50 per oz. in New York.

Teck Cominco’s B series saw the most action among the base metal miners adding 38 to make $13.65 with about 1.3 million shares changing hands. Others on the good side were Falconbridge, up 19 to $20.09, Sherritt International, plus 6 to $5.37, and Noranda, which finished 70 higher at $20.10.

Aluminum giant Alcan slid 25 to $56 despite announcing that it would boost production at its Kitimat smelter in B.C., as water levels in the Nechako reservoir, and aluminum prices, are on the rise.

The S&P TSX Venture Exchange composite index dropped 9.5 points, or 0.80%, over the trading day, and closed at 1183.81 on a volume of 30.5 million shares.

Gallery Resources tacked on 2 and closed at 19 with 451,000 shares crossing the floor. The company plans to conduct a private placement worth $450,000. The financing will consist of 3 million units at a price of $0.15 per unit. Each unit consists of one common share and a warrant to purchase an additional common share at an exercise price of $0.20 per share during the first year after closing and at an exercise price of $0.25 per share during the second year after closing. The proceeds will be used for the current exploration programs and general working capital.

Pan Asia Mining lost a penny and closed at 5 with 379,000 shares traded. Pan Asia holds the 701 Changma diamond mine in the Shandong province of China. The company intends to convert the existing open pit to a much larger underground mine and update the processing facility with the latest technology and new engineering design for recovering diamonds.

Glencairn Explorations lost 6 and closed at 65 with 320,000 shares traded. The company announced that its board of directors has decided not to proceed with the purchase of the Bellavista gold project from Wheaton River Minerals. Glencairn’s management states that it is continuing to examine a number of potential acquisitions of advanced and producing gold projects.