Trading Summary (June 07, 2002)

Just four of the Toronto Stock Exchange’s subindices managed to end the week in the black on Friday. The golds were not among that number dropping 9.6 points or 4.3% to settle at 211.88 points. Also heading south were the base metal issues, off 1.03 points at 150.92 points. In the end, the S&P/TSX Composite Index lost 20.28 points to 7,478.57 points.

Kinross Gold was the most active gold major falling a dime to $3.90 on about 4.3 million shares. Placer Dome shed 70 to $20.45 and Barrick Gold was $1.40 lighter at $32.

Contract miner Dynatec managed to tack on another nickel to make 89 with just fewer than 1.6 million shares on the go. On Thursday, Dynatec announced that it has completed a private placement of some 28.4 million shares at 70 apiece for proceeds of $19.9 million. On Wednesday, the company entered into a two-year agreement to sink a 1,000-metre ventilation shaft and associated underground development at Inco’s Garson Mine in Sudbury, Ontario. The deal is worth about $27 million. Work will begin immediately.

Alcan was the most traded base metal major slipping 37 to $56.38 with a shade more than a million shares changing hands. The Aluminum giant recently announced a deal to acquire a half-interest in an aluminum smelter in China.

Inco edged up 9 to reach $34.64. Newfoundland’s Premier Roger Grimes said Thursday night that there was no deal yet for the development of Inco’s Voisey’s Bay project.

Canada’s junior exchange ended a directionless trading week firmly in the red. The S&P-TSX Venture Index lost 1.78 points, or 0.1% and closed at 1,224.21.

Pan Asia Mining closed the session unchanged at 7 on 623,000 shares. The cash-strapped company has been attempting to convert the existing 701 open pit diamond property in China into a larger underground mine.

Masuparia Gold finished out the week at 16, flat on the day with 765,000 shares changing hands. The junior is working the Greywacke gold project just north of La Ronge Saskatchewan.

American Bonanza Gold Mining ended the day flat at 17 on over 847,000 shares. The junior holds the low-grade Copperstone gold project in Arizona.

Bucking the general trend, Red Emerald Resource added 10 to close at $1.60 on 339,000 shares. The junior is currently drilling the Midway Prospect gold property in Tonopah County, Nevada.

Madison Enterprises closed at 28, down 2 on light volume. The stock has run up over the past few weeks on news that exploration on the Mt. Kare gold property in Papua New Guinea is proceeding and a new gold project has been acquired in Nevada.