Trading Summary (July 04, 2002)

The technology stocks gained 3.5% to hit 17.90 to lead Toronto Stocks slightly higher on Thursday. The gold stocks slid 0.3 of a point to 182.18 points. The base metals issues dropped 0.17 of a point to 143.18. By days end the S&P/TSX Composite Index was 5.7 points higher at 7,029.78 on light traffic.

Kinross led the mining stocks with an 11 fall to $3.17 on a trading volume of about 1.4 million shares. Placer Dome was the next closest gaining 31 to $16.71 on around 984,000 shares. On Thursday, Placer extended, but failed to sweeten, its offer for AurionGold. The Aussie gold miner is calling for a sweeter deal citing Placer’s falling shares price of late.

In the lower ranks, Orezone Resources grabbed two pennies to make 41. On Thursday, shareholders of OFEX-listed Coronation International Mining okayed a merger the two companies. Under the plans, Coronation will become a wholly owned subsidiary of Orezone and de-list from OFEX. Orezone will issue one share in exchange for 1.435 Coronation share.

Noranda made news in the base metals world announcing that it would shutdown its strike-stricken Horne copper smelter in Quebec for three weeks. The smelter has been running at less than half capacity for the past few weeks. Noranda’s shares finished 19 lighter at $19.30.

Zinc miner Breakwater Resources grabbed 2 or 12.5% to hit $18 on the backs of 213,000 shares to lead the base metal issues.

Copper-cobalt miner American Minerals Fields vaulted 13 or about 23% to 70. A company held equally by AMZ and Anglo American recently renegotiated the terms of an agreement to develop and own 60% of the Kolwezi copper-cobalt tailings project in the Democratic Republic of Congo.

Diagem International Resources stole the show on Canada’s junior exchange jumping 3 or 12.5% to 27 after reporting results from its ARP-01 kimberlite on the 1000 property in Brazil. The company recovered a total of 112 diamonds. The largest stone weighed in at 4.2 carats. The company saw more than 2.3 million shares change hands, well ahead of the next most active issue, Antoro Resources.

Antoro rose a penny to 44 on just short of 360,000 shares. The company recently inked a deal to acquire a 90% stake in the White Lake property, in Hemlo, Ontario, by issuing 900,000 shares and granting a 1% net smelter return royalty to MJL Explorations, plus a 10% non-participating interest in the property to Geotest Corp.

By day’s end, the S&P/TSX Venture Index was off 0.63 of a point at 1,136.97 points.