Trading Summary (June 11, 2001)

The Toronto Stock Exchange shed 36.57 points to close at 8,091.8 on Monday. Leading the slide was the tech-heavy industrial products subindex, which fell 101.56 points, or 2.1%, on a new batch of earnings warnings from south of the border. The base metal issues went along for the ride, falling 63.94 points, or 1.4%. The golds shed 29.71 points, or 0.6%.

Miners Teck, Breakwater Resources and Barrick Gold all made appearances on the TSE’s most active list. Teck edged up 4 to $15.25 on 2.1 million shares, Breakwater gained 7 to $1.30 with about 1.8 million shares traded and Barrick lost 13 to $25.20 on volume of about 1.5 million shares.

The rest of the base metal miners were mixed. Inco fell 86 to $27.14, Falconbridge lost 21 to $18.76 and Boliden dropped three pennies to 67. Heading the other way were Sherritt International, up 8 to $5.59, and Cominco, 9 higher at $33.

Most of the gold issues suffered losses. Placer Dome sank 40 to $16.30, Kinross Gold shed 7 to $1.33, Goldcorp dropped 25 to $15.75, Homestake Canada fell 24 to $10.02 and Wheaton River Minerals lost 6, or nearly 7%, to 82.

Canada’s junior market started the week off on a low note with all sectors posting losses. The Canadian Venture Exchange‘s composite index lost 35.07 points, or 1%, and closed the day at 3,363.85. The Mining Index followed suit, dropping 56.95 points, or 0.8%, to finish at 7,346.91.

Skeena Resources was today’s market darling, trading in excess of 2.7 million shares. The company is gearing up for two diamond exploration programs on its Weirdale Kimberlite cluster in the Fort a la Corne District of Saskatchewan and the Elkford District of southeastern British Columbia. Skeena lost a penny and closed the day at 13.

Kensington Resources added 4 to its value and closed the day at 75 with 368,000 shares crossing the floor. The company is a joint-venture partner in the Fort la Corne Diamond Project with DeBeers Canada Exploration, Cameco Corporation and UEM. The 71 kimberlite bodies of the Fort la Corne field form one of the largest diamondiferous clusters in the world. A budget of $4.79 million has been approved by the partners for a 2001 exploration program of drilling, sampling, geological evaluation and diamond recovery.

New Blue Ribbon Resources remained steady at 12 with 291,000 shares traded. The issue is still wallowing at its 52-week low after assay results dudded from the first round of drilling on the Moose diamond property in Manitoba. Blue Ribbon’s joint-venture partner, BHP Diamonds, tested seven magnetic anomalies on the project without hitting kimberlite.

Cantex Mine Development closed the day flat at 10 with 233,000 shares traded. The Chuck Fipke-led company recently discovered a gossan formation, 24 km north of the Suwar nickel-copper-cobalt prospect in Yemen. Assays are pending.

Montello Resources lost 2 and closed at 13 on 208,000 shares. The company holds a number of diamond exploration properties in Alberta and Manitoba and a PGE property near Sudbury, Ont.