Trading Summary (June 13, 2003)

Powered by a US$3.60-per-oz. rise in the price of gold in New York, the Toronto Stock Exchange’s gold index gained 1.44 points to make 166.59, just one of 2 subindices to advance on Friday. The yellow metal ended the week at US$356.50 per oz. The diversified miners slipped 0.82 of a point to 130.44. Overall, the S&P/TSX Composite Index fell 96.31 points to 7,010.55.

Wheaton River Minerals was Canada’s most active miner, ending unchanged at $1.56 on about 4.3 million shares. The company joins the TSX’s composite index following today’s trading session.

Next in line was Eldorado Gold, which grabbed 8 to reach $2.26 on about half as many shares. Major gold producer Placer Dome took the bronze, ending 30 richer at $15.98 on 2.2 million shares.

Canada’s remaining gold majors parted company. Kinross Gold added 14 to make $9.32, while Barrick Gold shed 2 pennies to settle at $24.26.

Junior Gammon Lake Resources found 12, or more than 5% of value, to finish at $2.37. On Thursday, the company released robust results from an independent economic scoping study of its Northeast Ocampo gold-silver project in Mexico.

LionOre Mining International topped the country’s base metal miners, trading nearly 1.9 million shares 18 higher to $5.93. LionOre recently announced an all-stock merger deal with joint-venture partner Dalrymple Resources of Australia. Under the deal, Dalrymple shareholders would receive one LionOre share for every 2.92 Dalrymple shares tendered.

Ivanhoe Mines ended 7 higher at $3.32 with 1.5 million shares traded. Ivanhoe recently cited positive indications for its copper and gold mining projects from last week’s Ulaanbaatar summit between Mongolian President Natsagiyn Bagabandi and Chinese President Hu Jintao.

Canada’s junior exchange ended the trading week by moving substantially higher, thanks in large part to a surge in diamond-related issues. The S&P-TSX Venture Exchange composite index added 10.66 points, or 0.96% and closed at 1,117.42.

News of a third kimberlite on the Churchill diamond project in Nunavut sent shares of Shear Minerals higher. The junior added 38, to close at $1.34 on a volume of over 2.16 million. Shares in the company have been on fire following the news that kimberlites have been hit.

GGL Diamond added 3 to close at 39.5 on 714,500 shares traded. The junior recently reported that De Beers Canada Exploration will resume work on the diamondiferous sill on the Doyle Lake joint venture project in the Northwest Territories. The program is expected to begin in late July or early August, and will include drilling, microdiamond sampling, analysis, and geophysical work.

Kensington Resources jumped 13 to close at $1.47 on 368,610 shares traded. The junior is awaiting final diamond recovery results for the Fort a la Corne joint venture property near Prince Albert, Saskatchewan. The operator of the project, De Beers Canada Exploration, is analyzing a mini bulk samples at their secure facility located in Johannesburg, South Africa.

New Shoshoni Ventures bucked the generally positive tone of the diamond sector by falling 5 to close at 68 on 436,000 shares traded. The junior reported that diamonds have been recovered from the second drill hole intersecting the DB-02 kimberlite on the Drybones property in the Northwest Territories. Out of a 172.9 kg sample, some 142 diamonds were recovered.