Trading Summary (May 05, 2003)

The Toronto Stock Exchange gained 41.56 points to end Monday’s trading session at 6,659.67 with only the real estate subindex losing ground. The diversified miners jumped 2.48 points or nearly 2.1% to 122.01 to lead the charge; the golds grabbed 2.81 points or about 1.8% to reach 162.59, as the yellow metal tacked on a buck to make US$341.70 in New York.

Diamond explorer Tahera was the busiest of a quiet bunch of mining stocks, dropping half a penny to 13.5 on just short of 2.6 million shares. The last news out of the junior, in early April, was the placing of a higher valuation on diamonds recovered from the Jericho property in Nunavut.

Major gold producer Kinross Gold came in a distant second, rising 22 to $$9.30 with 1.5 million shares changing hands. The remaining majors lagged behind. Placer Dome ended 29 richer at $14.96 on short of 1.2 million shares, and Barrick Gold made 44 to hit $22.50 on a volume of just more than a million shares.

In the lower ranks, McWatters Mining saw more than a million shares find their way a penny lower to 17.5 on about 1.1 million shares on the go. On Monday, McWatters netted another $639,200 thanks to the exercising of an over-allotment option by the underwriters of a recent public equity offering worth $27 million. McWatters now has just over 444 million shares outstanding.

Nickel miner Inco was the most traded base metal miners, advancing 80 to $27.23 on 1.3 million shares. Teck Cominco‘s B series put in a nice percentage gain, climbing 49 or 4.75% to $10.80.

Canada’s junior exchange advanced for the fifth straight session led by renewed interest in diamond explorers. The S&P-TSX Venture Exchange composite index jumped 7.39 points, or 0.7%, and closed at 1,060.13.

Shear Minerals added 11 to close at 55 on 638,000 shares. The company along with Northern Empire Minerals reported that their minority partner in the Churchill diamond project, Hunter Exploration Group, has sold all its diamond interests, except for a royalty stake, to BHP Diamonds for $3 million. Shear holds a vested 51% interest and is operator of the Churchill project; Hunter holds the remaining 49% participating interest. Northern Empire has an option to earn into a 35% interest at Churchill by carrying Hunter for $750,000 in exploration expenditures. Shear and Northern Empire have rights of first refusal in respect of the sale by Hunter of any of its interests in the Churchill Diamond Project on the same terms and conditions offered by a third party. Shear and Northern Empire have 30 days to excerisce that refusal. The Churchill diamond project is located in Keewatin, Nunavut. Shares on Northern Empire ended the day up 13 to close at $1.46 on 347,566 shares traded.

Consolidated P P M Development added 7 before being halted by the exchange at mid-day pending news. Shares in the junior closed at 19 on 463,000 shares. The company holds 16 mineral claims in McGarry Township, Ontario.