Trading Summary (June 18, 2002)

More violence in the Middle East sent gold up US$1.60 per oz. to US$318.90 per oz. in New York. The rise pushed the Toronto Stock Exchange’s gold index 7.81 points or 4.1% higher to 199.65 points on Tuesday. The metals & mining index managed to grab 0.55 of a point to hit 145.34, one of just 6 others subindices to finish in the black. By day’s end, the S&P/TSX Composite Index was off 29.88 points at 7,327.54 points.

Canada’s gold miners were well represented in the TSX’s top traded list. Kinross Gold led the bunch gaining a dime to $3.32 with nearly 10 million shares changing hands. TVX Gold was right behind adding 11 to make $2.09. Barrick Gold drew 30 higher to $30.85 with just less than 4.4 million shares traded. Placer Dome rounded out the top ten list with a 67 gain to $19.35 on about 2.85 million shares.

Mid-tier producer Glamis Gold jumped $1.60 or about 14% to $13.40. On Monday, Glamis tabled a feasibility study for the El Sauzal project in Mexico and outlined an accelerated timetable for its Marlin property in Guatemala.

Also on the rise were Metallica Resources and Noranda. The two announced more encouraging drill results from the El Morro copper-gold project in Chile. Noranda can earn a 70% stake in the project by spending a total of US$20 million and completing a bankable feasibility. Metallica shares rose 6 to $1.71 and Noranda climbed 20 to $19.74.

Most of the remaining base metal miners saw modest gains. Inco finished 36 higher at $33.52, Falconbridge added 11 to make $19.57, and Sherritt International rose 8 to $5.41. Alcan was the most traded gaining 65 to hit $56.55 on a volume of more than 1.2 million shares.

In diamond news, DiamondWorks grabbed 2 pennies to reach 44 after agreeing to form a 50-50 joint venture with Magma Diamond Resources to operate DMW’s 60% interest in the Koidu Kimberlite project in Sierra Leone.

The S&P TSX Venture Exchange composite index added 8.37 points, or 0.71%, to its value over the trading day, and closed at 1190.56 on a volume of 33.9 million shares.

International Wayside Gold Mines closed up a penny to 19 on 1.78 million shares. The company released assays from a drill program 2,000 feet northwest and along strike of the Bonanza Ledge discovery on the flank of Barkerville Mountain, near Wells B. C. The best values received were; 52 feet core length (51 feet true thickness) grading 22.97 grams gold per tonne in hole BC02-03, 15.5 feet grading 13.17 grams gold per tonne in drill hole BC02-02 and 3 feet grading 3.99 grams gold in drill hole BC02-01. This year’s drill program is focusing on extending the BC Vein/Bonanza Ledge to the northwest. Assays for drill holes BC02-04, 05, 06 and 07 are pending.

Cabo Mining tacked on 7 and closed at 15 with 876,000 shares traded. The company reports that it has discovered diamonds on its Cobalt Area property in Northeastern Ontario. A 9.3 kg sample from hole CC-14 contained a total of 95 diamonds including 4 macro diamonds. The largest measured 1.36-by-1.20-by-1.12 mm.

Starfield Resources found a nickel and closed at 64 on 339,000 shares. The company released results from its Ferguson Lake nickel copper cobalt platinum and palladium project in Nunavut. Starfield hit 13.33 grams palladium and 1.11 grams platinum in hole FL-109, 30 metres below the massive sulphide unit in the West zone.