Trading Summary (July 29, 2002)

Bargain hunters helped Toronto stocks rebound on Monday, but failed to power Canada’s senior exchange to the impressive results seen south of the border where the major bourses all regained around 5.5%. The technology stocks, up 7.5% and golds, plus 5.25%, led the S&P/TSX Composite Index 173.13 points or 2.7% higher. The Metal and Mining index put in a 3% gain of its own. By day’s end, the utilities sector was alone in the red, off just 0.35 of a point.

After fixing lower in the PM in London, gold managed to edge up US30 per oz. to US$303.00 per oz. The remaining precious metals slipped slightly.

Kinross Gold was the most active gold miner grabbing 13 or 6% to make $2.23 on a volume of about 5.4 million shares. Placer Dome rose 40 to $13.10 with about 3.7 million shares changing hands. On Monday, Placer unveiled a sweetened bid for Aussie gold miner AurionGold. Placer boosted its offer of 17.5 Placer shares for every 100 AurionGold shares with a A35 per share cash bonus.

Barrick Gold rounded out the golds in the TSX’s top traded list gaining 77 to hit $22.97.

Some notable percentage gainers among the golds were Cambior, plus 9 or 8% to 1.20, Glamis Gold, up $1.39 or more than 14% to $11.20, and NovaGold Resources, which climbed 21 or 7.5% to $3.02.

Mid-tier miner Agnico Eagle Mines rebounded to the tune of $1.80 or 11% $17.82.

The base metal miners were quieter with Alcan in front gaining $1.97 to reach $45.51on 2.3 million shares. Alcan recently declared a quarterly dividend of US15 per share, payable Sept. 20 to shareholders of record at the close of business on August 21.

Noranda advanced another 55 to $16.80. On Friday, Noranda announced the acquisition of another 3.3 million shares of affiliate Falconbridge on the open market, bringing its holding in the base metal producer to 58%. Falco shares finished 93 or 5.75% higher at$17.10.

Among the base metal juniors, American Mineral Fields and Cancor Mines went separate ways. AMZ added 8 or 11% to reach 80 while Cancor dropped 4 or nearly 17% to 20.

Canada’s junior exchange managed to post a modest gain on the day after last week’s slaughter. The TSX Venture Composite Exchange added 3.29 points, or 0.33%, to its value and closed at 998.19, on 21.6 million shares.

International Wayside Gold Mines remained flat at 19 on 414,000 shares traded. The junior recently tabled assay results from four diamond drill holes completed on Island Mountain near Wells, British Columbia. The best results were associated with quartz veins in the Rainbow unit. These include; 1 ft grading 0.567 oz, gold per ton and 1 ft. grading 2.014 oz. gold in hole IGM-02 and 6 ft grading 0.203 oz gold in hole IGM-04.

American Bonanza Gold Mining held steady at 13 on 404,000 shares. The junior recently inked a deal with Mask Resources whereby Mask may acquire up to 49% of American Bonanza’s wholly owned Gold Bar and Pamlico projects, both in Nevada. In order to earn its interest, Mask must make a cash payment of $100,000 and issue 800,000 Mask shares as well as fund exploration expenditures of $3.6 million over a three-year period. American Bonanza retains a 19% back-in right.

Anooraq Resources lost 3 and closed at 83 on 303,000 shares. The Hunter Dickinson-led junior has been actively traded since announcing that its joint venture partner on its Rietfontein platinum-group-metal prospect in the Bushveld camp of South Africa had intersected rocks identified as the favourable Platreef horizon. Assay results are pending.