Trading Summary (January 07, 2003)

Profit takers sent Toronto stocks south to the tune of 34.49 points for a 6,802.78-point close on Tuesday. The golds were among the hardest hit dropping 6.47 points or 3.2% of value to end at 195.6. The yellow metal shed US$4.90 to US$346.90 in New York. The Diversified Metals & Mining index slipped 0.91 of a point to 135.26.

A host of gold issues suffered losses on the day. Topping the list was Kinross Gold, which fell 21 or 5.4% to $3.67 with about 6.7 million shares on the go. Placer Dome lost 47 to $17.68 with about 5.6 million shares traded, and Barrick Gold rounded out the major producers with a 55 loss to $23.95 on just short of 3 million shares.

Others on the slide were: McWatters Mining, off half a penny to 28.5; Geomaque Explorations, down 1.5 to 13; and Wheaton River Minerals, 7 lighter at $1.59. All saw more than 3 million shares cross the floor.

With some coal added to the bidding war, Fording led the base metal miners with a 15 gain to $33.65 on nearly 2.4 million shares. On the flip side, Sherritt International, which along with the Ontario Teachers’ Pension Plan, recently boosted the cash portion of their $35-per-share bid for Fording dropped 6 to $4.45 on thin volume. Fording has yet to advise its shareholders on Sherritt’s revised bid.

Others on the plus side were Falconbridge, up 40 to $15.90; and Ivanhoe Mines, 7 higher at $3.27.

The S&P composite index on Canada’s junior exchange closed down 6.78 points, or 0.62%, to 1,095.37 with 45.2 million shares traded. Advancers lost out to decliners 283-to-340.

Oasis Diamond Exploration jumped another 3 to 12 on 2.5 million shares. Oasis Diamond and Arctic Star Diamond have outlined two priority targets on their Enigma property in Wawa Ontario. Drilling is expected to commence this winter.

ECU Silver Mining lost a penny and closed at 11 with 2.4 million shares traded. The company holds the Valardena property in Mexico. The project has a total resource of 2.5 million tonnes grading 2.8 grams gold and 269 grams silver.

American Bonanza Gold Mining tacked on 2 and closed at 15 on 967,000 shares. Investors are awaiting results from an 8-hole drill program at the Pamlico project, in the Walker Lane gold trend of Nevada. The program was designed to confirm and expand mineralization encountered previously in the underground workings in the Central Mine Area and at the northwestern end of the Main zone.