Trading Summary (February 07, 2003)

Toronto’s gold index slipped 1.9 points to 193.02 on Friday as the yellow metal ended unchanged at US$369.30 per oz. in New York. The diversified miners managed to creep up 0.1 of a point to 130.04. In the end, the S&P/TSX Composite Index dropped 11.51 points to 6,477.74.

Zinc miner Breakwater Resources remained heavily traded tacking on 2 to reach 28.5 on a volume of about 3.7 million shares.

Northern Orion Explorations was right behind grabbing 2 pennies to make 15 with more than 3.1 million shares traded

The country’s major gold producers were mixed. Placer Dome ended 3 higher at $17.20, while Kinross Gold dropped 38 to $11.27 and Barrick Gold fell 20 to $25. All three saw more than 2 million shares change hands.

After Breakwater, the remaining base metal miners were a quiet bunch. Inco gained a dime to $30.90 on about 885,000 shares, and Alcan rose 36 to $42.50 on about 602,000 shares.

Canada’s junior exchange ended the trading week in lack lustre fashion. The S&P-TSX Venture Exchange composite index gained 2.60 points, or 0.23% and closed at 1,117.17.

A 3 million share cross at 17 helped Goldminco become the most actively traded issue. The Ian Finch-led junior is currently drilling the Balabag gold-silver property in the Philippines. Shares in the company ended at 16, up 2, on a volume of 4.6 million.

American Bonanza Gold Mining continued to attract investors. Shares in the company added 2 to close at 35 on a volume of over 1 million. Stock in the junior has run up over the past week on news that Toronto-listed Gold Corp has taken a 10.4% stake in the company.

Doublestar Resources ended the session down a penny at 45 on 858,600 shares. The company recently announced that its Sustut copper project in BC holds a total resource of 8.56 million tonnes grading 1.6% copper. The results give the project 21% more copper (25% at a 0.65% copper cut-off grade) than was first envisioned.