Trading Summary (May 17, 2001)

The paper and forest subindex, which fell 15.12 points, was the only blemish on the Toronto Stock Exchange on Thursday. Overall, the TSE’s 300 composite index gained 82.98 points to close at 8,229. The gleam came out of the metal groups a bit as the gold issues rose 53.16 points and the base metal issues gained just 10.18 points.

The country’s gold miners remained in investors’ sights. Kinross Gold managed to top mighty Nortel Networks and take top spot as the TSE’s most active issue with more than 9.8 million shares on the go. The issue climbed 13, or 11%, to $1.30. Others on the top 10 list were Barrick Gold, which gained 30 to $27.85 on 3.9 million shares, and Placer Dome, up 18 to $17.95 on 3.2 million shares.

Most of the base metal miners enjoyed a good day. Inco climbed 32 to $30.32, Falconbridge rose 50 to $19, Sherritt International climbed 29 to $4.79 and Noranda finished at 17.89, up 64.

Going the other way were Boliden and Alcan. A Swedish newspaper has reported that Boliden’s creditors will not go ahead with a debt-restructuring package unless the company pulls out of a planned deal to sell two copper projects in Chile to Falconbridge. A letter of intent between Boliden and Falco has already been extended three times. It expires on Friday.

Alcan has denied rumours that it will soon cut primary aluminum production further at its Kitimat smelter in B.C. because of concerns over hydro-electric power supply. Earlier this year, Alcan shut one production line at Kitimat due to historically low water levels in its Nechako hydro-electric reservoir. Production at Kitimat was reduced by 40,000 tonnes over 16 months.

Canada’s junior exchange applauded the B.C. election results as the apparently mining-friendly Liberal Party won a landslide victory. The Canadian Venture Exchange tacked on 21.07 points, or 0.7%, to finish the day at 3,232.33. The Mining Index gained 62.12 points, or 0.9%, to close at 6,832.15.

Investors sold off shares in Tiberon Minerals ahead of additional drill results from its Nui Phao project in Vietnam. The junior lost 4 on the day to close at $1.05 on 273,000 shares. Tiberon is attempting to outline a significant open-pittable tungsten resource on the property.

International Wayside Gold Mines hung on to yesterday’s gains, ending the day flat at 29 on 189,000 shares. The company is drilling the Bonanza Ledge gold target near Wells, B.C.

Tan Range Exploration climbed another 5 to 54 on 125,000 shares. The company’s stock has been running up over the past two weeks on news that drilling on the Golden Horseshoe Reef zone in Tanzania has extended the mineralization to a vertical depth of 440 metres. The project is a joint venture with Barrick Gold.

Shares in Rockwell Ventures touched a new 52-week low at 27, down 3 on a light 24,000 shares. The company is drilling the Pedra Branca platinum-palladium project in Brazil.