Trading Summary (August 08, 2002)

The gold sector was alone in the red on the Toronto Stock Exchange on Thursday dropping 2.1 points or 1.26% to 164.79. On the flip side, the metals & mining index was among the leaders advancing 3.54 points or 3.1% to 117.33 points. By day’s end, the S&P/TSX Composite Index was 125.43 points higher at 6,612.16.

In New York, gold dropped US$3.70 per oz. to US$310.40 per oz, as platinum gained US$7 to reach US$544 per oz. The yellow metal’s decline translated into mostly losses for the country’s gold miners.

Kinross Gold was the most traded gold miner falling 3 to $2.78 on a volume of about 2.75 million shares. Barrick Gold dropped 32 to $24 while Placer Dom managed to advance 25 to $13.65. Late on Wednesday, Placer announced that 26.4% of Aussie gold miner AurionGold’s shares had been tendered to its thrice-extended bid.

Nickel miner Inco was the most traded of the base metal issues gaining $1.48 to $26.44 on more than 1.35 million shares. Alcan was next in line climbing $1.96 to $43.36. Similar gains were seen by Falconbridge, up 65 to $16.57 and Teck Cominco’s B shares, plus 45 to $10.80.

Ivanhoe mines suffered some profit taking, sinking a nickel to $2.85. On Wednesday, Ivanhoe reported that its Eunsan gold-silver mine in South Korea has reached commercial production. At full steam, the mine is expected to crank out 50,000 oz. gold and 118,000 oz. silver annually, for at least two years.

On the diamond watch, SouthernEra Resources’ shares finished the day 55 or nearly 12% higher at $5.25. The company, and equal partner Mvelaphanda Resources were recently granted three new platinum properties near SouthernEra’s 70.4%-owned Messina platinum group metals mine.

A late day rally on the Toronto exchange failed to inspire the junior market. The TSX Venture Exchange composite index gave back the gains it made yesterday shedding 8.90 points or 0.86% to finish at 1028.84 with 21.2 million shares traded.

Consolidated Venturex Holdings closed flat at 10 with 723,000 shares changing hands. The company recently negotiated a private placement to issue up to 500,000 units at a price of $0.10 per unit. A second private placement of 700,000 flow through units at a price of $0.10 per unit. The Company will use the proceeds of the private placement to continue exploration and development of its properties in Sudbury Ontario.

ECU Silver lost a penny and closed at 5 with 535,000 shares traded. The company recently inked a deal with Trustyard Capital for a private placement of $300,000. ECU Silver owns the Velardena silver mine in central Mexico which has a resource of 2.4 million tonnes grading 269 grams silver and 2.80 grams gold per tonne.

Earth Star Diamonds found a penny and closed at 3 with 204,500 shares traded. The company, formerly known as Chilean Gold, recently raised $75,000 in a private placement. The proceeds of the financing will be used for exploration costs at its newly acquired diamond property .