Trading Summary (April 30, 2001)

The Toronto Stock Exchange fell 20.74 points to 7,946.6 on Monday. Leading the four advancing subindexes was the Industrial Products subgroup, which rose about 2.5% to end at 5,274.12.

The metals and minerals group shed 51.54 points to finish at 4,701.53. Diversified miner Teck trailed only market heavyweight Nortel Networks as the TSE’s most actively traded issue. Teck, which saw more than 9.3 million shares on the move, fell $2.04, or 11.7%, to $15.46. The company has announced plans to merge with Cominco. The companies say the move would create North America’s third-largest metals-mining company and the world’s biggest zinc miner. Cominco gained $1.10, or 3.4%, to hit $33.35 on volume of just under 8.4 million shares.

The TSE’s gold issues fell 105.38 points, or 2.2%. Bright spots among the group were few and far between. Placer Dome managed to gain 13 to reach $15.95 and Miramar Mining rose 2 to $1.28. Miramar and partner Hope Bay Gold announced plans to sell the 11-claim Elu property, 30 km northeast of their Hope Bay gold project in Nunavut, to Sherwood Petroleum. The all-stock deal will see Miramar and Hope Bay hold 27% of Sherwood’s issued and outstanding shares. Hope Bay stock fell 2 to 41.

Sherritt International returned Friday’s gains, plus a little, to end at $4.42 — 21 off its previous close. The company’s offer for the Luscar Coal Fund has been accepted by the fund’s management. Sherritt posted first-quarter earnings of $22.3 million (or 16 per share), down from a year-ago $34.7 million (23 per share).

Canada’s junior exchange started the trading week off in directionless fashion. The Canadian Ventures Exchange gained 2.02 points, or 0.1%, to finish the day at 3,057.92. The Mining Index climbed 41.17 points, or 0.7%, to close at 6,275.33.

Kensington Resources tacked on 6 to end the day at 67 with 236,862 shares crossing the floor. Shares in the company have surged on the back of modelled diamond values and revenue calculations for the Fort a La Corne diamond play in Saskatchewan.

Montello Resources climbed 3 to 10 on 544,300 shares. The junior holds a stake in the Legend diamond property in Alberta. Recent tests on the Kendu pipe failed to show any diamonds.

Getting a boost after announcing a $750,000 financing, Great Western Gold surged 6 to 28 on 183,600 shares. The funds will be used to complete metallurgical test work and to infill drill the Hoidas Lake rare-earth project in Saskatchewan.

Philex Gold took a breather, dropping 10 to $1.50 on a modest 46,000 shares. The junior’s share price recently surged following the release of more impressive intercepts from the Boyongan copper-gold prospect in the Philippines.

Investors appeared to be positioning themselves ahead of initial drill results from the Pedra Branca platinum-palladium project in Brazil as Rockwell Ventures tacked on 5 to end the day at 54 on a modest 58,500 shares. At last count, Rockwell had completed 11 holes into the property.