Trading Summary (July 18, 2002)

The golds pulled out of their recent slide gaining 4.31 points or 2.4% to 181.90. Combined with a near-2% gain by the technology stocks, the two powered the S&P/TSX Composite Index to a 15.69-point rise to 6,715.35 points. The base metal issues slipped 0.49 of a point to 130.86 points, one of eight subindices to finish lower.

Barrick Gold was the most traded of the gold majors advancing 54 to $26.44 on about 4.3 million shares. Others on the rise were Placer Dome, plus 78 to $16.21, Kinross Gold, up 6 to $3.23, TVX Gold, 15 higher at $20.40, and GoldCorp, which added 71 to make $15.50. Miramar Mining put in a nice percentage gain grabbing a 8 or 6.4% to reach $1.33.

Alcan topped the base metal miner list with nearly 2.3 million shares on the go. The aluminum giant added 77 to hit $48.63. Alcan recently posted a recent second-quarter net income attributable to common shareholders of US$70 million (US22 per diluted share) on sales and operating revenue of US$3.2 billion, compared with a year-ago profit of US$72 million (22 per share) on US$3.2 billion in revenue.

Uranium miner Cameco finished 52 higher at $36.97. On Thursday, Cameco reported the acquisition of 2 million or 35.3% of UEX’s shares at a quarter each. The move is part of a previously announced plan of arrangement with Pioneer Metals to beget a uranium exploration company focused on the Athabasca basin of northern Saskatchewan.

Ivanhoe mines found 4 to settle at $3.11. On Thursday, the company announced that it has cut more high-grade gold and copper in drill hole KH003 at the Kharmagtai project in Mongolia’s South Gobi region. The company’s third hole cut 102 metres grading 2.09 grams gold per tonne and 1.05% copper, starting at a down-hole depth of 40 metres, including a 46-metre section running 3.98 grams gold and 1.59% copper.

Canada’s junior exchange filed to follow the major bourses higher with selling pressure heating up as the session wore on. The S&P TSX Venture Exchange composite index lost 2.29 points or 0.2%, and closed at 1,100.32.

Anaconda Uranium gained 2 to close at 9 on 850,000 shares The company aims to complete a 1-for-3 roll back of its shares and change its name to Anaconda Gold. Anaconda has its sights on acquiring the Lingham Lake and Borthwick Lake properties in the prolific Red Lake gold camp of northern Ontario.

Canabrava Diamond lost a penny to close at 20 on 482,509 shares. The junior announced that its joint venture parnter on the Hadley Bay project on Victoria Island, Nunavut has launched a ground geophysical survey in preparation for drilling. Diamond North Resources is operator and plans on drilling 10 holes later in the Summer.

Making a nice percentage move on news that an independent resource estimate on its El Pluma project in Argentina cones in at just over 900,000 oz gold equivelent, Spakane-based Minera Andes added 5 to close at 43 on 185,000 shares.

National Gold continued to retreat from its recent highs, losing 2 to close at 43 on 172,833 shares. The Albert Matter-led company holds the Salamandra gold property in Mexico where joint venture partner Alamos Minerals is actively drilling. Alamos ended the day at 67, up 4 on light volume.