Trading Summary (June 21, 2004)

Toronto’s gold stocks slipped 1.81 points to 199.51, ending four straight days of gains as the yellow meta dropped US$1.10 per oz. to US$393.80 in New York. Likewise, the diversified metals & mining index dropped 2.18 points to 229.05. Overall, the S&P-TSX composite index managed to edge 4.17 points higher to end Monday’s trading session at 8,472.18.

Wheaton River Minerals regained top spot among the most actively traded mining stocks with more than 2.8 million shares winding their way 3 lower to $3.86. On Monday, Idaho-based Coeur d’Alene Mines sweetened the cash portion of its takeover bid for Wheaton by $285 million. The new offer includes a minimum of $1 in cash for each Wheaton share. In all, the cash and share offer values Wheaton’s shares at about $5 apiece.

The other players in the merger interrupted went in opposite directions, Iamgold dropped 8 to $7.55, while Golden Star Resources jumped 39, or 6.3%, to $6.61. Iamgold’s shareholders are slated to vote on the Wheaton merger on June 29. Golden Star has offered a competing $1-billion all-stock takeover.

Shares in Noranda remained a hot commodity as rumours of an imminent sale continue to swirl. The issue rose 52 to make $24.20 on about 2.4 million shares.

Canada’s major gold producers put in mixed results, Barrick Gold fared the best, scraping together 13 to settle at $26.88. Placer Dome and Kinross Gold put in modest losses.

Nice percentage gainers were, Defiance Mining, up 4.5, or 13.4%, at 38, Atna Resources, plus a nickel, or 12.5%, to 45, and Comaplex Minerals, which finished 23, or 9.2%, higher at $2.73. Atna recently inked a deal to earn up to a 100% in the former Pinson gold mine on the Getchell trend from Barrick. There was no immediate news out of any of the companies.

Aside from Noranda, other active base metal miners were Breakwater Resources, which fell half a cent to 41 on just shy of 1.5 million shares, and LionOre Mining International, which shed 18 to $6.36 on short of 1.2 million shares. Breakwater recently completed technical due diligence on Boliden’s Myra Falls zinc-copper-gold operation in B.C. The company expects to wrap up the acquisition by no later than July 31, 2004.