Trading Summary (April 09, 2002)

A 2.7% rebound by the utilities sector wasn’t enough to stave off a loss for the Toronto Stock Exchange‘s 300 composite index on Tuesday. Eight of the TSE’s 14 subindices finished in the red led by plus-2% losses by the golds and oil & gas stocks. The base metal issues fell 42.77 or 0.9% to 4,597.63. By the end of the session, the TSE was off 25.44 points closing at 7,722.11.

Barrick Gold, down 55 to $27.55 on 4.6 million shares, Kinross Gold, 11 lower at $1.90 and Placer Dome, which fell 57 to $17.84 all managed to place among the TSE’s top ten most traded issues.

Just missing out on the top ten list, diamond-miner Tahera grabbed 3 or 10% to make 32.5 with just more than 2 million shares on the go. Tahera and partner Rio Tinto said on Tuesday, that the first drill hole of the current exploration program, collared on the centre of the Anuri kimberlite, has significantly expanded the tonnage potential of the diamondiferous Anuri kimberlites on the Rockinghorse property in Nunavut.

The angled hole cut 214 metres (from 40 metres below surface) of kimberlite before being stopped still in kimberlite. The partners now believe that the Anuri and Anuri East kimberlites coalesce in the upper region, which is now interpreted to measure 180 by 300 metres. The next drill hole is aimed to test a 200-metre-long electromagnetic conductor extending to the southeast of the Anuri East kimberlite.

Rio Tinto, via Kennecott Canada, can earn a 62.5% interest in the property by funding all costs up to a mine development decision.

Also making news was Gammon Lake Resources. The company tabled some rosy preliminary economics for its proposed Ocampo gold-silver mine in Chihuahua State, Mexico. The stock gained a nickel to $1.70.

The base metal miners were generally a quieter bunch with Alcan leading the way with 1.2 million shares moving. The aluminum giant’s shares slid $1.30 to $60.93. On the plus side were Inco, up 55 to $30.95, Sherritt International, 4 pennies higher at $4.72; Uranium digger Cameco, up 60 to $45.90; and Aur Resources, plus 4 to $4.08.

Canada’s junior exchange managed to trim some of its early losses but still ended the day firmly in the red. The S&P-CDNX Composite Index lost 6.50 points, or 0.6% to close at 1162.11.

New Blue Ribbon Resources traded heavily, ending the day unchanged at 10 on over 1.2 million shares. Investors appear to be positioning themselves ahead of the drill testing the Hippogif geophyscial anomalyin Alberta. Shear Minerals, Marum Resources, Montello Resources and New Blue Ribbon recently entered into an exploration option agreement that will result in the Hippogrif anomaly being drilled in association with Shear and Marum’s current drill program in the Birch Mountains of northeastern Alberta.

Mighty Beaut Minerals managed to stabilize after failing heavily on news that Celestial Nickel Mining Exploration cancelled its mining rights agreement over the Celestial nickel laterite property in the Philippines. Shares in the junior ended the day unchanged at 5 on a volume of 567,000.

A nice percentage gainer, Kermode Resources added 3 to close at 25 on 400,000 shares. The company closed a $130,000 financing. The funds will be used to begin exploration work on the La Corne tantalum prospect in northwestern Quebec.