Trading Summary (March 25, 2002)

The golds provided the only glitter on the Toronto Stock Exchange on Monday gaining 197.36 points or 3.3% to end at 6,205.79. The base metal counterparts couldn’t keep pace dropping 19.74 points to 4,632.95. Overall, the TSE 300 composite index dropped 104.83 points or 1.3% to 7,751.3.

Kinross Gold was the most traded miner gaining 3 pennies to $2 on more than 6.2 million shares. The gold miner rose on a strengthening gold price, up a dime to US$297.50 per oz., in New York, and rumours that Kinross was interested in buying TVX Gold and Echo Bay Mines. For their parts, TVX was unchanged at $1.08 on 1.8 million shares and Echo Bay gained 16 to $1.39 with about 400,000 shares traded.

In the lower ranks, Bema Gold saw heavy action jumping 9 or 10.5% to 95. Last week the company was informed that Chilean regulatory authorities approved the Cerro Casale environmental impact study. Bema has a 24% stake in the project. With the formal approval, the project can proceed once metal prices improve sufficiently for project financing. Based on a Jan. 2000 feasibility study, Cerro Casale contains more than 1 billion tonnes of mineable ore that could produce over 17.5 million ounces of gold and 2.34 million tonnes of copper over the 18 year mine life. The balance of the project is held by Placer Dome (51%) and Arizona Star Resource (25%).

Other junior gold miners enjoying nice gains were: Rio Narcea Gold Mines, up 11 or 12% to $1.04; Dayton Mining, plus 8 or 9.2% to 95; Moydow Mines International, a nickel higher at 50 and Cumberland Resources, which rose 23 or 14% to $1.85, a new 52-week high.

Teck Cominco’s B shares were the most traded of the base metal miners unchanged at $14.70 on fewer than 1.5 million shares. Noranda was next in line falling 2 to $18 on a volume of just more than 1 million shares.

Canada’s junior exchange started the trading week off by drifting lower. The S&P-CDNX Composite Index lost 4.35 points, or 0.4% to close at 1162.63.

American Bonanza Gold Mining topped the most actively traded chart climbing 2 to close at 15 on nearly 1.7 million shares. Shares in the junior have been actively traded since Toronto listed Royal Gold inked a US$1.7 million deal to get a 3% net smelter royalty from the company’s wholly owned Copperstone gold project in Arizona. Also included in the agreement is a 45% net profits royalty interest on the proceeds from a high-grade bulk sample program proposed for this year.

Shares of Samex Mining climbed 4 to end the day at 39 on a volume of 885,877. The junior is trying to advance the Eskapa copper-gold property in Bolivia.

Kensington Resources continued to move higher adding 26 to $1.54 on just over 1 million shares. Diamond recovery results for 10 holes drilled at the Fort la Corne diamond project in Saskatchewan are expected any day now.

AntOro Resources got a boost on news of a $260,000 financing. The funds will be used to start work on the St.-Clotilde silica property in Quebec. Shares in the junior ended the day at 32, up 5 on a volume of 553,350.