Trading Summary (June 20, 2002)

With the U.S. dollar hitting a 2-year low against the Euro, gold shot up US$3.10 per oz. to US4322.70 in New York on Thursday. In turn, the Toronto Stock Exchange’s gold index jumped 10.24 points or 5.2% to 208.09. The metals & mining index failed to tag along dropping 0.33 of a point to 144.27 points. Overall, the S&P/TSX Composite Index shed 22.41 points to hit 7,225.35.

Kinross Gold and TVX Gold continue to rank as the nation’s most traded mining issues. Kinross rose 16 to $3.51 and TVX tacked on half as much to make $2.22. The third member of the companies’ recently announced three-way merger, Echo Bay Mines grabbed 4 to hit $1.80.

The country’s other major producers Barrick Gold and Placer Dome Placer advanced $1.02 and 60, respectively. Barrick finished at $31.12, Placer at $19.75. Barrick recently dismissed an Australian report that it was readying for a takeover run at Placer.

Wheaton River Minerals climbed 17 or 10.2% to $$1.84. Wheaton announced on Thursday that it has wrapped up the acquisition of Minas Luismin fro US$75 million in cash and about 9.1 million shares.

Miramar Mining gained 12 or 7.4% to hit $1.74 after completing a bought deal for $30 million. The proceeds will go toward exploration and development of the Hope Bay project in Nunavut. Rio Narcea Gold found 4 to reach $1.61. the company has closed out its US$365-per-oz. gold calls from 2003 onwards, which represented 58,244 oz.

The base metal miners were a quieter bunch. Alcan led the way rising 15 to $55.85 on the backs of about 730,000 shares. Others finishing on the plus side were Inco, up 152 to $33.40, Falconbridge, a nickel higher at $19.75, Sherritt International, plus 4 to $5.49, and Teck Cominco’s B series, which rose a penny to $13.11.

In the lower ranks, Queenston Mining grabbed a nickel or 6% to settle at 89. On Thursday, Queenston announced it would acquire Newmont Mining’s half-interest in the Kirkland Lake joint venture for just less than $3.9 million in cash and shares.

On the diamond watch, shares of Diamond Fields International soared 46 or nearly 64% to $1.18 in mid-afternoon trade after the marine diamond reported the recovery of a 17-carat diamond from its Luderitz concession of the coast of Namibia. By day’s end the surge had subsided slightly and the issues finished at $1.05, up 33 or 46%.

Canada’s junior exchange got a boost from a rising bullion price, as investors bought gold-related issues. The Standard & Poor’s-TSX Venture composite index gained 6.77 points, or 0.6%, to finish at 1194.23.

Chapleau Resources topped the most actively traded chart, gaining 3 to close at 62 on 1.4 million shares. The Cranbrook, BC-based junior has the right to earn a 60% interest in the Kougarok tantalum-tin property on the Seward Peninsula in western Alaska.

American Bonanza Gold Mining managed to tack on 1 to close at 20 on a heavy 1.25 million shares. The junior recently raised $2 million by issuing 15.4 million units at 13 each. The funds will be used to advance the Copperstone gold project in Arizona, which hosts an estimated total resource of 2.1 million tons grading 0.58-oz gold per ton.

Diagem International Resource jumped 3 to close at 31 on 522,750 shares. The company holds a 39.4% equity stake in Ontario diamond explorer KWG Resources and has been busy advancing its own diamond projects in Mato Grosso state, Brazil.

Making a nice percentage move, National Gold added 7 to close at 64 on 351,360 shares. The Albert Matter led junior holds the large Salamandra gold property in Mexico where joint venture partner Alamos Minerals is currently drilling.

International Wayside Gold Mines ended the day flat at 19 on 286,000 shares. The Frank Callaghan-led junior recently announced drill results from the Bonanza ledge discovery area near Wells, British Columbia. The on going program is focussing on the northwest extension of the BC vein system and so far has cut up to 22.97 grams gold over 15.5 metres in hole BC02-03