Trading Summary (June 14, 2004)

Gold ended US$2.50 per oz. lower at US$383.10 per oz. in New York on Monday sending Toronto’s gold stocks down 3.85 points, or 2%, to 188.77. The base metal miners didn’t fare much better, falling 3.47 points, or 1.6%, to 210.97. Overall, the S&P-TSX composite index shed 74.32 points to make 8,292.31.

Zinc miner Breakwater Resources managed to take top spot among the most active miners on the day ending a penny poorer at 41.5 with just more than 3.4 million shares traded. There was no immediate news out of the company. Breakwater’s first-quarter earnings came to $2.2 million on revenue of $60.2 million, compared with a year-ago loss of $1.5 million on $52.9 million.

Next in line was TVI Pacific, which lost half a cent to settle out at 14.5 on a trading volume of about 3.2 million shares. TVI announced that it has completed a private placement for proceeds of more than 12.1 million units at 15 apiece for proceeds of about $1.8 million. Each unit includes one share plus half a warrant. One warrant is good for one share at 17.5 per share for one year from closing and 21 per share during the subsequent year. Another 3 million units were issued to insiders and a consultant of the company at 15.5 and 15, respectively. Proceeds will go toward exploration and development, property acquisitions, and for general working capital purposes.

A nice percentage gain was put in by Cusac Gold Mines, which recently cut a new vein system at its Table Mountain gold property in north central BC. The issue climbed 3, or 12%, to close at 28. Likewise, Wallbridge Mining rose a nickel, or 9.3%, to 59, after recently uncovering platinum-group-element-rich massive sulphides on the Wisner property. A 0.5-metre thick massive chalcopyrite vein set has been traced for 40 metres.

Weda Bay Minerals lost 14.9%, or 7, to close at 40, on a volume of 1.8 million shares. There was no news to account for this action.

Wheaton River and Iamgold continue to be high volume traders because of their stymied merger plans. Wheaton traded 2.4 million shares and closed down 8, or 2.17%, to finish at $$3.60. Iamgold lost 44, or 5.87%, to close at $7.06 on a volume of 1.9 million shares.