Trading Summary (March 22, 2002)

A US$4.60-per-oz. surge in the gold price to US$297.90 per oz. in New York sent the gold stocks soaring on the Toronto Stock Exchange on Friday. The gold and precious minerals subindex stole the show gaining 150.5 points or 2.6% to 6,008.43 points. The base metal issues weren’t as fortunate dropping another 17.45 points to 4,652.69. Overall, the TSE 300 composite index shed 0.13 point to end the week at 7,856.1.

The country’s gold miners were well represented on the TSE’s top ten traded list. TVX Gold was the exchange’s most traded issue gaining a dime to $1.08 on nearly 14.1 million shares. Kinross Gold added 14 to hit $1.97 on 12.9 million shares; Bema Gold rose 7 to 86; Barrick Gold tacked on 36 to make $28.61 and Placer Dome gained 68 to $18.90; South American Copper and Gold was half a penny lower at 16 on 1.8 million shares; TVI pacific was unchanged on just fewer than 1.64 million shares and Eldorado Gold found 4 to reach 75 on more than 1.4 million shares. Eight of the TSE’s top fifteen most active issues were gold miners.

Standouts among the junior gold miners were: Richmont Mines, plus 78 or 22% to $4.38, anew 52-week high; Yamana Resources, up 1.5 or 414.3% to 12; River Gold Mines, 24 higher at $2.20; and Rio Narcea Gold Mines, which rose 8 or 9.4% to 93.

The base metal issues traded sideways in thinner trading. Alcan was the busiest falling 66 to $62.29 with 727,456 shares on the go. Breakwater Resources stood out gaining 2.5 or 5.7% to 46.5.

The S&P-CDNX Composite Index continued 10.28 points or 0.9% higher to finish the week off at 1,166.98. AntOro Resources remained near the top of the CDNX’s volume leaders dropping a nickel or 16% to 27 on 686,790 shares. On Friday, AntOro announced the completion of its acquisition of the Golden Hemlo property 1.5 km northeast of the David Bell gold mine and less than 2.5 km northeast of the Golden Giant mine near Thunder Bay, Ont. Under the deal, AntOro must issue 800,000 shares to MJL Explorations and Geotest Corporation. MJL also retains a 1% net smelter return royalty. Geotest retains a 10% non-participating interest in the property.

Guyana Gold fell 3 to 45 on 573,000 shares. On Monday, the company agreed to acquire four platinum-palladium prospects Badidku Mountain, Tantom Hills, Ireng & Stone Creek and Upper Takatu — totalling 223 sq. km in South America. To acquire the properties, the company must reimburse the vendor for the costs of acquisition estimated at US$25,000, issue 100,000 shares, and making annual payments totalling US$25,000 over two years.