Trading Summary (June 30, 2003)

The Toronto Stock Exchange rang up a whopping four-point gain on Monday, closing at 6,983.14 in advance of the July 1 holiday. That came partly on the strength of a good day in the gold sector, where the TSX Gold index picked up 3.08 points to close at 168.14, a gain of 1.9% that led the market sectors.

Gold bullion prices were higher, with the London afternoon price at US$346 per oz. and later New York trading just above that mark.

Eldorado Gold put in the best performance of the Toronto golds, adding 14 to close at $2.36. The company announced its Kisladag gold project in western Turkey had received an “Environmental Positive Certificate” from the Turkish Ministry of the Environment. The certificate constitutes the government’s acceptance of the project’s environmental impact assessment.

Placer Dome, up 26 at $16.50, was the most actively traded of the gold stocks, with almost 3.5 million shares moving. Placer and Australian-listed Metex Resources announced they would start test mining at their Whisper joint venture in Western Australia in November, as part of a feasibility study on the deposit.

Another heavily traded gold was index newbie Wheaton River Minerals, which rose 7 to $1.70 on a volume of 2.8 million shares. Barrick Gold was up 29 at $23.99 and Kinross Gold added 26 to finish at $9.09.

The base metal sector was weaker, with the TSX Mining and Metals index off 1.14 points at 129.11. Most active was Noranda, which shed 22 to close at $12.98, with just over a million shares changing hands.

Inco gained 9 to close at $28.53, while Falconbridge backed up 33 to close at $17.92.

Aur Resources, which was off 9 at $3.35, announced it had paid US$35 million to Teck Cominco as part of its purchase of the Quebrada Blanca copper operation in Chile. Teck B shares were up 11 at $11.05.

Canada’s junior exchange started the holiday shortened trading week off in lack luster fashion with declining issues outpacing advancing stocks by a 302-to-282 margin. The S&P-TSX Venture Exchange composite index lost 3.73 points, or 0.34% and closed at 1,103.89.

The junior diamond stocks gave back a small portion of Friday’s stellar gains. Majescor gave back 5 of its 12 surge to close at 36 on 675,380 shares. The junior holds a large land portion in the Otish Mountain region of Quebec where Toronto-listed Ashton Mining of Canada reported the discovery of a large stone from the Renard 65 kimberlite body on the Foxtrot property. Fellow area player Montello Resources lost on half a penny to close at 6 on 350,000 shares traded.

Rocca Mines dropped 1 to close at 25 on 580,000 shares traded. The junior has a drill rig turning on the PBR gold property in BC’s Eskay Creek region. Previous work in 1998 by Homestake Canada, now part of Barrick Gold indicated that the volcanic-sedimentary rock sequence on the property is stratigraphically similar to that overlying the Eskay Creek ore bodies. Roca began drilling in May with the first hole designed to deepened a previous but cut only anomalous values. The junior is currently planning a second phase of work that could involve downhole geophysics and diamond drilling.

Spider Resources added a half a penny to 10.5, on 354,500 shares traded. The company is working the Spider #3 base metal prospect in the James Bay Lowlands of Northern Ontario.