Trading Summary (June 24, 2003)

Toronto’s gold stocks shed another 4.51 points to end at 163.51, as the yellow metal sank US$6.50 to US$346.40 per oz. in New York on Tuesday. The diversified metal & mining index escaped the vortex, edging 0.41 of a point higher to 128.8. By day’s end, the S&P/TSX Composite Index slipped below the 7,000-point mark, off 25.78 points at 6,988.88.

Wheaton River Minerals was the most traded miner, sinking 3 to $1.60 on more than 4.5 million shares. Eldorado Gold saw just short of 2 million shares find their way 12, or more than 5% of value, lower to $2.22. On Tuesday, Eldorado reported that since the beginning of the year, Gold Fields, South Africa’s second-largest gold producer, has sold off its 14.78% stake in the company’s shares.

Cambior dropped 2 pennies to $1.73 in thin trading. The company tabled encouraging drill results from the new zone J east of the Doyon shaft, 40 km east of Rouyn-Noranda, Que.

Miramar Mining stood out on the gold index, adding 8 to make $1.74. A recently completed 248-hole, 4,289-metre reverse-circulation drilling on the Hope Bay gold project in Nunavut has turned up three new three targets — South Nexus, Gas Cache and Boston NE — in the Boston area. The holes returned gold values of up to 220 parts per billion.

The nation’s big three bullion producers put in losses. Placer Dome was the busiest with nearly 2.3 million shares trading half a buck lower to $15.55. Barrick Gold was next in line, dropping 76 top $23.68 on 2.1 million shares. Kinross gold rounded out the triad with a 17 loss to $9.02.

Nickel miner Inco was the most traded base metal miner, gaining 23 to $27.73 with just 528,373 shares on the go.

The ascent of junior American Mineral Fields continued with a 7 rise to 80. AMF is developing its Kolwezi cobalt-copper tailings project in the Democratic Republic of Congo, where reserves are pegged at 112.8 million tonnes of oxide tailings grading 0.32% cobalt and 1.49% copper.

Canada’s junior exchange felt the impact of a plunging bullion price with declining issues swamping advancing stocks by a 362-to-243 margin. The S&P-TSX Venture Exchange composite index lost 5.03 points, or 0.46% and closed at 1,100.15.

Investors continued to take profits in Shear Minerals. The junior lost 8 to close at $1.22 on 732,139 shares. Stock in the junior has soared on news news that two new kimberlites had been hit at the Churchill diamond project north of Rankin Inlet in eastern Nunavut. Drill holes CD-6 and CD-7 targeted circular magnetic anomalies measuring 250-by-200 metres and 150-by-150 metres, respectively, and cut two new bodies, subsequently dubbed Kalluk-3 and Kalluk-4.

Consolidated Global Minerals march on hitting another 52-week high climbing 2 to close at 30 on 426,300 shares traded. Investors have bid up the junior’s share price ever since Consolidated Global inked a deal to acquire 100% interest in Rock Creek property in Elko County, Nevada.

Shares in Cardero Resource failed to find a bottom, dropping 2 to close at 720 on 471,850 shares traded. Stock in the company fell 74 last week following the release of the initial assay results from its diamond drilling program on the Olaroz silver project in northwestern Argentina. Highlights include 34.5 metres averaging 133.2 grams silver and 24.0 metres averaging 100.3 grams silver per tonne.