Trading Summary (June 29, 2001)

The Toronto Stock Exchange closed higher on Friday with the main TSE 300 composite index up 136.35 points at 7736.40.

It was a positive day for the mining issues, although both sectors lagged behind the broad market. Golds showed a modest gain of 21.10 points to finish at 4,536.53 and the metals and minerals group was ahead 17.70 points at 4,395.12.

Gold prices were a little stronger today with the London afternoon fix at US$270.60 per oz., up $1.10 from yesterday. Palladium was up US$7 at US$602 per oz. and silver tacked on US3 to finish at US$4.335 per oz. Alone among the shinies, platinum backed off US$3 in afternoon trading to fix at US$558.

Most active among the golds was Barrick Gold, which was up 18 to close at $23.10 on a volume of 1.4 million shares. Kinross Gold, considered a possible takeover target in the business, was 2 higher at $1.25 on a volume of 950,000 shares.

Another rumoured takeover target, Agnico Eagle Mines, picked up 20 to close at $13. A third, Meridian Gold, was 22 lower at $11.88.

Base metal prices were generally weaker as nickel fell US$150 to US$6,060 per tonne and copper slid US$20 to US$1550.50 per tonne.

Inco was the most heavily traded of the base metals with 1.4 million shares changing hands. The big nickel producer was up 85 to finish at $26.75. Talks are continuing with the Newfoundland government concerniong the development of Inco’s Voisey’s Bay nickel deposit in Labrador. Crosstown rival Falconbridge was the next most heavily traded, with a modest 548,000 shares crossing the floor. Parent Noranda was 32 higher at $16.19.

The big mover among the base metal issues was uranium producer Cameco, which added 90 to finish at $31.90.

Cash-strapped Nord Pacific fell 17 to close at 5. The company announced two weeks ago that it was in default of property payments on the Tritton copper property in Australia and was unable to file its year-end financial statements because it could not pay its auditor.

Two juniors with recent good-news rises fell back in light trading. Nevsun Resources closed at 34.5, down 4.5. The company announced on Monday that it had arranged a US$2-million line of credit to finance a final feasibility study on its Tabakoto gold project in western Mali. Canadian Zinc, which started drilling on its Prairie Creek zinc deposit in the Northwest Territories, was off 4 at 31.

A triple-digit gain in mining-related stocks helped Canada’s junior exchange out of its summer doldrums. The Canadian Venture Exchange ended the week by posting a gain of 32.10 points, or 1%, to close at 3,221.84. The Mining Index surged 127.25 points, or 1.7%, to close at 7,482.34.

Shares in Tyler Resources got a boost following news that the junior had approved an $860,000 joint-venture budget for the summer program on the Carat diamond property, 340 km northeast of Yellowknife. Tyler holds a 30% stake in the project. Diamondex Resources holds 70%. Tyler ended the day up 2 to 20 on 723,000 shares. Diamondex tacked on 6 to $1.40 on light volume.

Blue Emerald Resources resumed trading after being halted for nearly three months to complete the reverse takeover of Advance Mineral Technology. Blue Emerald announced that the deal was off and it would be seeking opportunities in platinum-palladium and diamond exploration. Investors quickly sold off shares and the junior ended the day at 54, down 5 on a volume of 292,500.

RJK Explorations gave back a small portion of yesterday’s gains, losing 8 to 66 on 466,000 shares. Investors bid up the share price late last week on news that a stripping program over the Stares-Calvert property near Thunder Bay has uncovered a zone of massive sulphides. RJK and its partner, Toronto-listed Greater Lenora Resources, have exposed a 10-metre-wide unit that contains zinc, copper and lead mineralization of the type discovered in boulders.

Quaterra Resources ended the day flat at 18 on a heavy 536,000 shares. The company has been reporting encouraging, early-stage results from the Alaska platinum project in Union Bay.

The downward spiral in shares of Philex Gold continued. After hitting a high of $2.60 each a week ago, shares in the junior ended the week at $1.56, down 9 on weak volume. The company’s joint-venture partner, Anglo American, has three rigs turning on the promising Boyongan copper-gold prospect in the Philippines.