Trading Summary (June 11, 2003)

Toronto’s gold stocks staged a 2.48-point comeback to end Wednesday’s trading session at 165.4. The rebound was powered by a US$3.50-per-oz. rise in the price of gold to US$355.30 per oz. in New York. Likewise, the diversified miners grabbed 2.18 points to make 130.8. In the end, the S&P/TSX Composite Index was 58.07 points higher at 7,100.77.

Wheaton River Minerals remained the most traded miner, gaining 4 to hit $1.57 ahead of its addition to the composite index at the end of business on June 20. The company saw more than 6.2 million shares change hands.

With about half as many shares on the go, Bema Gold ranked as the second most active mining stock, gaining 11, or 7.8%, to settle at 1.52. Recent drilling by Bema and partner Wolfden Resources has extended a portion of the Twin Lakes gold deposit at the Monument Bay property in northeastern Manitoba has extended a portion of the Twin Lakes gold deposit.

Placer Dome was the lone major bullion producer to make the TSX’s top ten traded list, gaining 29 to $15.52 on just short of 3 million shares. On Wednesday, Placer reported a doubling of measured and indicated resource at its 60% owned Cortez Hills discovery in Nevada.

Canada’s remaining major gold producers finished well off the pace. Barrick Gold made 18 to end at $24.49 with fewer than 1.2 million shares traded and Kinross Gold rose 14 to $9.22 with less than 900,000 shares on the go.

Falconbridge assumed top spot among the base metals miners with more than 1.1 million share finding their way 35 higher to $18.70. Most of the others put in similar gains.

One standout was zinc miner Breakwater Resources, which vaulted 2 pennies or more than n12% to 18.5. Recent infill drilling by Breakwater has boosted reserves at the Langlois base metal mine in northwestern Quebec, extending the mine life for another year.

Canada’s junior exchange managed to follow the major bourses higher with advancing issues swamping declining stocks by a 374-to-295 margin. The S&P-TSX Venture Exchange composite index added 6.24 points, or 0.57% and closed at 1,104.42.

Apac Minerals added a penny to close at 53 on over 1.1 million shares traded. The junior inked a joint venture agreement on Nibao gold property back in April. Under the deal, Apac must spend US$2 million to earn a 70% stake in the Chinese property. Nibao was discovered more than ten years ago, with small-scale mining, which now covers more than five km in length and up to one km in width.

Continuing to catch the eye of investors, Shear Minerals lost 2, to close at 93 on a volume of over 1 million. Shares in the company gained 29 following the news 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.

Bishop Resources ended the day down a penny at 14 on over 516,400 shares traded. The junior recently staked ground adjoining its Gordon Lake gold property in the Northwest Territories. Previous work completed by Giant Bay Resources outlined 12 gold-bearing zones.