Trading Summary (June 09, 2003)

The Toronto Stock Exchange was lower across the board on Monday, falling 74.46 points to finish at 6,972.42. The gold stocks fell 1.37 points to 165.35 while the diversified miners lost 0.92 of a point to 128.07.

Viceroy Resources jumped 7 or 14.3% to 56 on 5.2 million shares in a rare appearance as the nation’s busiest mining issue. Viceroy recently said that Forrestania Gold may launch a counter-claim against Viceroy in relation to the purchase of the Bounty Mine in 1999.

TVI Pacific was next in line, ending unchanged at 6.5 on about half as many shares. There was no immediate news out of the company.

Wheaton River Minerals and Kinross Gold were next, going 3 in either direction. Wheaton ended higher at $1.56; Kinross dropped to $9.27.

Canada’s other 2 big gold producers headed south. Barrick Gold lost 21 to $24.69, while Placer Dome shed a penny more than that to $15.33.

Inco was the most traded base metal miner with just fewer than 750,000 shares traded. The stock slipped 45 to $27.35. Aur Resources grabbed 6 to make $3.63 on 726,525 shares.

Sherritt International lost a penny to $4.51. On Monday, Sherritt said that a syndicate of underwriters, led by National Bank Financial, has exercised 2.5 million over-allotment restricted voting shares at $4 apiece.

Canada’s junior exchange ended the day higher despite the fact that declining issues out paced advancing stocks by a 326-to-279 margin. The S&P-TSX Venture Exchange composite index ended the day 3.55 points, or 0.32% higher and closed at 1,103.95.

Shear Minerals was the most actively traded stock surging 29, to close at 97 on a volume of over 2.15 million. The company, along with partners Northern Empire Minerals and BHP Billiton reported that a second kimberlite has been discovered on the Churchill diamond project. Hole 2 tested anomaly CK156, a circular magnetic low anomaly measuring 150-by-150 metres some 6-km north of the first hole.

"The first two targets drilled have resulted in separate kimberlite discoveries," says Shears President, Pamela Strand. "’Now that we know there are kimberlites at Churchill, we have added confidence that the source of the outstanding mineral chemistry we have observed is located on the property."

Northern Empire added 18, to close at $1.75 on 337,649 shares traded.

Northern Dynasty Minerals lost 1 to close at 89 on 546,800 shares. The Hunter Dickinson led junior is currently drilling the Pebble gold-copper-molybdenum project in southwestern Alaska. The a recent resource study, completed by Australian-based Snowden Mining Industry Consultants, nearly tripled the tonnage in the higher-grade core of the deposit to 141 million tonnes grading 0.48% copper and 0.67 grams gold per tonne from the previous 1990’s estimate of 54 million tonnes grading 0.54% copper and 0.46 gram gold.

A nice percentage gainer on heavy volume, Kermode Resources added 6 to close at 21 on over 1 million shares traded. The junior announced a $160,000 financing comprising 1 million units priced at 16 each. A unit holds 1 share and 1 warrant, which is excisable at 30 for a period of 2-years. The funds will be used to explore for Carlin-type gold mineralization on the company’s Jackson’s Arm Gold Project in Newfoundland.