Trading Summary (May 22, 2001)

Continuing the trend evidenced in the U.S. on Monday, the technology stock shot up nearly 6% on the Toronto Stock Exchange on Tuesday. Overall, the TSE 300 composite index climbed 124.75 points to close at 8,395.3.

After hitting 15-month highs on Monday, gold settled back down to US$285 per oz. in New York. Accordingly, the gold issues lost some of their recent lustre, falling 161.61 points, or nearly 3%, to end at 5,256.24.

Kinross Gold was the most active among the golds with more than 4.6 million shares on the go. The issue lost 6 to $1.40. Barrick Gold fell $1.17 to $28.03, Placer Dome lost 60 to $18.10, TVX Gold shed 17, or 11.7%, to $1.28 and Franco-Nevada was 85 lower at $21.

The base metal issues fell 78.19 points, or 1.5%, to 5,002.69. Sherritt International led the subgroup with more than 1.8 million shares changing hands. The stock gained 11 to $5.18. Boliden put in the best showing, gaining 24, or nearly 37%, to 89.

Last Friday, Boliden said it would issue new shares to finance operations as it could not agree on the sale of its Chilean copper assets to Falconbridge. Falco responded that Boliden’s decision to pull out of the intent agreement is an attempt to repudiate a legally binding agreement. For its part, Falco gained 55 to $19.65.

Noranda lost 12 to $17.93. The company has announced the sale of its 6.85 million shares (4%) in the Denver-based gold miner, Newmont Mining, to Credit Suisse First Boston for $246 million. After taxes and other provisions, Noranda expects to realize a gain of $45 million on the deal. Noranda came by its stake in Newmont through its 28.4% interest in Battle Mountain Gold, which merged with Newmont last year.

A late-day buying binge helped Canada’s junior exchange extend its recent winning streak. The Canadian Venture Exchange gained 5.68 points, or 0.2%, to finish the day at 3,281.46. The Mining Index followed suit, climbing 23.21 points, or 0.3%, to close at 7,073.51.

Cantex Mine Development bounced off a 52-week low to close at 14, up 2 on 648,000 shares. The company recently announced that a major gossan formation was identified some 24 km north of the Suwar nickel-copper-cobalt prospect in Yemen. Assay results are pending.

New Blue Ribbon Resources dropped a penny to 32 on 510,500 shares. Stock in the company has doubled on news that the first two holes drilled into the Moose diamond property in Manitoba cut significant zones of sulphides.

Madison Enterprises continued to climb upwards on no reported developments. Over the past few years, the company has been drilling the Mt. Kare gold project in Papua New Guinea. Madison gained 2 to 13 on 232,800 shares.

Silver Standard Resources climbed 20 to $3.13 on 76,000 shares. A 12-hole drill program on its Bowdens property in Australia has successfully extended the outline of the mineralization.

Gold shares gave back some of Friday’s strong gains. Philex Mining lost 15 to $1.65 on 47,700 shares. The company operates the Bulawan mine. Its joint-venture partner, Anglo-American, is drilling the promising Boyongan copper-gold target. Both projects are in the Philippines.