Trading Summary (April 25, 2001)

The Toronto Stock Exchange gained 53.63 points to end at 7,945.3 points on Wednesday. Only three of the TSE’s 14 subindexes failed to finish in the black. Included in that number was the Gold & Precious Mineral subgroup, which fell 22.26 point to end at 4,520.43. The base metals issue edged up just 0.7 point to 4,650.33.

Among the larger golds, Barrick Gold fell 25 to finish at $24.10 and Placer Dome was off 20 at $14.65. Franco-Nevada Mining went the other way, adding 13 to hit $18.39.

Placer posted first-quarter earnings of US$16 million, (US5 per share) on revenues of US$341 million, down from year-ago earnings of US$29 million (US9 per share) on US$383 million.

Two smaller gold producers standing out from a quiet crowd were Hope Bay Gold, which gained 2 pennies, or 5.1%, to 41, and Wheaton River Minerals, which rose 2, or 3.2%, to 64.

Inco was the most active base metal issue with more than 1.1 million shares changing hands. The issue climbed 36 to $27.50. The company said it would go ahead with construction of the US$1.4-billion Goro nickel-cobalt project in New Caledonia. Inco also posted lower first-quarter earnings of US$85 million (43 per share) on revenues of US$586 million.

In other Inco news, the company’s CEO, Scott Hand, told a shareholders’ meeting in Toronto that the company had accepted responsibility for the surface pollution of some properties in the town of Port Colborne, Ont., where the company has been named in a $750-million class action lawsuit. Inco has pledged to purify the soil.

Canada’s junior exchange continued to tread water with only the Mining Index tacking on gains. The Canadian Ventures Exchange dropped 3.41 points, or 0.1%, to finish the day at 3,033.27. The Mining Index jumped 34.88 points, or 0.6%, to close at 6,177.66.

Brasilca Mining topped the most actively traded list among junior explorers for the second straight day, ending the day flat at 16 on 629,500 shares. The company recently announced that Teck and Inco have teamed up to explore its Tucum iron oxide-copper-gold concession in Brazil.

Modelled diamond values and revenue calculations for the Fort a La Corne diamond play in Saskatchewan helped boost the shares of Kensington Resources. The company ended the day at 54, up 7 on 321,400 shares.

Philex Gold took a breather following yesterday’s stellar gains, dropping 9 to $1.50 on 408,120 shares. Driving its latest share-price surge were the results from three additional holes into the Boyongan copper-gold prospect in the Philippines.

Cash-strapped Mindoro Resources continued to ride the coattails of the Philex discovery, tacking on another 5 to close at 25 on light volume. The company holds ground near the discovery.