Trading Summary (May 02, 2002)

The S&P/TSX Composite Index gained 23.19 points to end at 7,675.33 on Thursday. The golds remained in investors’ sight gaining 2.3% to hit 192.37. The base metal miners tacked on 0.61 points to make 142.47.

Bema Gold was the most traded miner dropping 8 or nearly 6% to $1.29 on the backs of about 4.8 million shares. Other gold miners in the spotlight were Kinross Gold, unchanged at $2.70, Barrick Gold, plus 65 to $32.79, TVX Gold, 6 lower at $1.27, and Placer Dome, which rose 46 to $19. All of the issues saw more than 2.3 million shares change hands.

On Thursday, Kinross said it would deliver into its relatively small gold forward sales, but not replace the hedges due to improving gold prices. The company has a total of 539,000 oz. hedged through 2005 at between US$277 and US$289 per oz.

GoldCorp rose 91 or 3.2% to $29.34, after posting higher first-quarter earnings of US$16.2 million (or 20 per share), compared with earnings of US$14.7 million (18 per share) in the first quarter of 2001.

The base metal miners were quieter, with Alcan leading the bunch. The aluminum giant’s stock climbed 71 to $58.61 on about 646,000 shares. Inco was next in line with about 615,000 shares crossing the floor to a 29 fall to $31.89. Breakwater Resources regained half a penny to 22.5. On Thursday, the zinc miner said that its rights offering to shareholders was oversubscribed. The offering generated $18.9 million via the issuance of some 94.5 million shares. Since the offering was 100% subscribed for, Breakwater will issue a Dundee Bancorp a further warrant to purchase up to 15.4 million shares.

Canada’s junior exchange continued to drift lower on modest volume. The S&P-CDNX Composite Index lost 3.58 points, or 0.3% and closed at 1,154.59.

Making a nice percentage move higher, Dynacor Mines added 15 to close at 70 on 598,496 shares. The junior is in the midst of a $150,000 financing and is running geophysical surveys over its Tumipampa I and II copper-gold properties in Peru.

Gulf International Minerals added 11 to close at 54 on 409,250 shares. The junior has been attempting to put the Aprelevka gold project in Tajikistan into production.

Philex Gold gave back a portion of yesterday’s gains, losing 7 to close at $1.30 on 133,200 shares. The junior announced that its joint venture partner Anglo American cut 366 metres grading 21.7% copper and 4.5 grams gold at the Boyongan prospect in the Philippines.

Nevada Pacific Gold lost 3 to close at 57 on 134,400 shares. The company has mobilized drill rigs to the South Carlin gold project located on the Carlin Trend in Elko County, Nevada.