Trading Summary (June 25, 2003)

Toronto’s gold stocks finally pulled out of their slide, gaining 0.68 of a point to hit 164.19, thanks to a US$2.50-per oz. rise by gold in New York; the yellow metal ended the day at US$348.90 per oz. The diversified miners couldn’t keep pace, slipping 0.53 of a point to 128.27. Overall, the S&P/TSX Composite Index was 18.26 points lower at 6,970.62.

Wheaton River Minerals grabbed 4 to make $1.64 on less than a million shares. The company has boosted its stake in the Bajo de la Alumbrera gold-copper mine in Argentina to 37.5% by picking up half of BHP Billiton’s quarter-stake for US$90 million. Northern Orion grabbed the other half at the same price. For their part, Northern Orion shares made a nickel to end at $1.38.

Aurizon Mines rose the same to $1.30. On Wednesday, Aurizon announced that it has doubled the inferred resource estimate for in zones 118-120 at the Casa Berardi gold project, 100 km north of Rouyn-Noranda, Que., on the back of some 27,000 metres worth of drilling in 54 holes.

Eldorado Gold regained 7, or 3.2%, to reach $2.29. On Tuesday, Eldorado reported that since the beginning of the year, Gold Fields, South Africa’s second-largest gold producer, has sold off its 14.78% stake in the company’s shares.

The nation’s major gold producers were little changed; Kinross Gold was stuck at $9.02 with just more than 2 million shares traded.

Inco was the most traded base metal miner, gaining 7 to make $27.80. An end to a strike at the major’s Sudbury operation is still nowhere in sight.

Canada’s junior exchange ended the day higher led by renewed interest in oil & gas related stocks. The S&P-TSX Venture Exchange composite index ended the day 4.96 points, or 0.45% higher and closed at 1,105.11.

Investors bid up shares in Cassidy Gold following the release of results from a 519-metre program on the Koe Koe South zone on the Kouroussa property in Guinea, West Africa. Hole 3 targeted the EW vein, yielding 7.07 grams gold per tonne over 1.9 metres. Moving 250-to-550 metres south, holes 4 through 6 tested the SW vein, yielding up to 100.9 grams gold over 3.52 metres in hole 5. Stock in the junior jumped 12 to 41 on a volume of 681,200.

Stornoway Ventures ended the day unchanged at $1.42 on 549,670 shares traded. The diamond explorer holds a 35% stake in the Aviat project in Nunavut. In May, the company announced plans to merge with fellow junior Northern Empire Minerals.

Feloow diamond explorer Shear Minerals ended the day at $1.26, up 4 on 443,026 shares traded. Shares in the junior have drifted lower in recent days following a big run up on news that two new kimberlites had been hit at the Churchill diamond project north of Rankin Inlet in eastern Nunavut.

Shares in Cardero Resource drifted close to a 52-week low, losing 7, to close at 65 on 316,710. Cardero had traded as high as $2.50 prior to drill testing the Olaroz silver project in northwestern Argentina. Investors have since bid the company lower because of disappointing results from the diamond drilling program. Highlights include 34.5 metres averaging 133.2 grams silver and 24.0 metres averaging 100.3 grams silver per tonne.