Trading Summary (July 09, 2003)

The Toronto Stock Exchange gained 27.69 points to end Wednesday’s trading session at 7,117.29. The diversified miners chipped in a 1.24-point gain to make 131.35, while the golds slipped half a point to 167.94.

Gabriel Resources ranked as Canada’s most traded mining stock, dumping 7 to hit $2.83 with just more than 5.6 million shares changing hands. On Tuesday, Gabriel inked a bought deal with RBC Capital Markets to sell 10 million shares at $2.80 each. The offering is slated to by July 25. The proceeds will be used to fund development at Gabriel’s 80% owned Rosia Montana gold project in Romania.

Canada’s major gold producers all headed south as the yellow metal lost US70 to US$343.30 in New York. Placer Dome saw the most action with just fewer than 2 million shares finding their way 13 lower to $16.06. Barrick Gold was next dropping a nickel to $23.65; Kinross Gold fell a penny more than that to $8.78.

Nevsun Resources shed a penny to $3.54. The Vancouver-based company has retained South Africa’s Investec Bank to arrange and underwrite financing for its Tabakoto project in Western Mali.

Alcan led the base metal miners with a 21 rise to $42.90 on about 1.45 million shares as takeover target Pechiney reiterated its sour opinion of Alcan’s offer. Teck Cominco‘s B series was right behind, adding a nickel to hit $11.20. The company recently inked a deal with Diamonds North Resources allowing it to earn up to a 70% interest in the Blue Ice diamond property on Victoria Island in Nunavut.

Breakwater Resources tacked on half a penny to make 19. The zinc miner said it paid US$5 million toward its US$22.6 million term credit facility on Wednesday. The facility’s balance now stands at US$17.6 million. The payment represented proceeds from the recent sale of its interests in the Tonawanda and Lapa properties.

Better percentage gainers were Cross Lake minerals, up 2.5 or nearly 39% of value, at 9, and Dundee Precious Metals, 49, or 33%, higher at $1.99.