Trading Summary (June 23, 2003)

A US$3.20-per-oz. drop in the price of gold sent Toronto’s gold stocks 4.87 points lower to 168.05 on Monday. The yellow metal ended the day at US$352.90 per oz. in New York. The diversified metals & mining index, like most of the TSX’s remaining subindices ended lower, losing 0.92 of a point to make 128.85. Overall, the S&P/TSX Composite index ended 55.31 points lighter at 7,015.6.

No surprise, Canada’s major gold producers all headed south. Barrick Gold saw the most action, falling 55 to $24.44 on about 2.2 million shares. Kinross Gold was next in line, dropping 33 to $9.19; Placer Dome lost 50 to hit $16.05.

Mid-tier gold and silver producer Wheaton River Minerals saw more than 2.6 million shares find their 4 lower to $1.63 to rank as the TSX’s most-traded mining stock.

You had to look to the junior gold ranks to find any advancers. Among them were: Richmont Mines, plus 8 to $4.04; River Gold Mines, which added 2 to make $2.75; and Greystar Resources ending 7 to the good at $1.22.

Sherritt International grabbed 4 to make $4.59 with more than 614,000 shares changing hands enough to rank it the busiest base metal miner and the lone advancer on the diversified miner index.

Again a junior provided the only glimmer of light, with American Mineral Fields gaining 8, or 12.3% of value, to 73. AMF is developing its Kolwezi cobalt-copper tailings project in the Democratic Republic of Congo, where reserves are pegged at 112.8 million tonnes of oxide tailings grading 0.32% cobalt and 1.49% copper.

Canada’s junior exchange started the trading week by following the major bourses lower. The S&P-TSX Venture Exchange composite index ended the day 7.43 points, or 0.67% lower and closed at 1,105.18.

Consolidated Global Minerals touched a new 52-week high climbing 4 to close at 28 on 737,525 shares traded. The junior recently inked a deal to acquire 100% interest in Rock Creek property in Elko County, Nevada.

Profit taking drove Shear Minerals 15 lower to $1.30 on 644,970 shares. Stock in the junior has soared on news news that two new kimberlites had been hit at the Churchill diamond project north of Rankin Inlet in eastern Nunavut. Drill holes CD-6 and CD-7 targeted circular magnetic anomalies measuring 250-by-200 metres and 150-by-150 metres, respectively, and cut two new bodies, subsequently dubbed Kalluk-3 and Kalluk-4.

Shares in Cardero Resource failed to hold on to its dead cat bounce following last weeks 74 decline on the initial assay results from its diamond drilling program on the Olaroz silver project in northwestern Argentina. Highlights include 34.5 metres averaging 133.2 grams silver and 24.0 metres averaging 100.3 grams silver per tonne. The junior lost 15 to close at 74 on 419,770 shares.