Trading Summary (June 14, 2002)

The gold index was the star of the show on the Toronto Stock Exchange on Friday climbing 10.35 points or 5.4% to 200.96. In New York, the yellow metal gained US$1.50 per oz. to hit US$319 per oz. The metals & mining index couldn’t keep pace dropping 3.43 points to 144.14 points. By day’s end, the S&P/TSX Composite Index had shed 34.58 points to settle at 7,249.02.

TVX Gold and Kinross Gold remained on investors’ view screens. TVX ended 7 higher at $2.07 on 8.4 million shares and Kinross climbed a nickel to $3.30 with 6.3 million shares changing hands. The third member of the companies’ recently proposed three-way merger, Echo Bay Mines, grabbed 11 to make $1.78 on 1.8 million shares.

Most of the country’s remaining gold miners made gains on the day. Barrick Gold climbed $1.55 to $30.86 and Placer Dome tacked on $1.30 to reach 19.60.

Also making news among the gold issues was Glamis Gold, which rose $1.02 or 8.6% to $12.86. On Friday, Glamis announced that 95% of Vancouver-listed Francisco Gold shareholders have approved the companies’ previously proposed merger. Under the deal, one Francisco share would be converted into 1.55 common shares of Glamis plus one share of Chesapeake Gold. Glamis has a three-year warrant to acquire a 5% stake in Chesapeake. Following the merger, Glamis will have 110.5 million shares outstanding

Bema Gold saw about 2.6 million shares cross the floor to gain 7 to $1.93 and Ivanhoe Mines added a penny to hit $3.11 with about 432,000 shares on the move. The two companies will join the S&P/TSX Composite Index effective after the close of trading on June 21.

Teck Cominco’s B series was the most traded of the major base metal issues. The stock dropped 35 to $13.30 on a volume of more than 1.3 million shares. Most of the others performed similarly. Zinc miner Breakwater Resources broke from the pack with a 1.5 gain to 19.5.

On the diamond watch, Ashton Mining of Canada vaulted 36 or 16.7% to $2.51. On Friday, the company and partner Soquem announced that core samples from the Renard 3,4,5 and 6 kimberlite bodies on the Foxtrot property in the Otish Mountains area of Quebec returned both micro and macrodiamonds.

The S&P TSX Venture Exchange composite index tacked on 12.72 points, or 1.07%, over the trading day, and closed at 1196.53 on a volume of 35.5 million shares.

Navigator Exploration traded 680,000 shares and remained flat at 44. The company reports that a director has completed a sale of 500,000 shares of Navigator at a price of $0.40 per share. The proceeds from this sale will be invested by the director in the private placement of up to 6,500,000 units of the company at a price of $0.40 per unit announced on June 4, 2002.

Pan Asia Mining tacked on a penny and closed at 6 with 680,000 shares traded. Pan Asia holds the 701 Changma diamond mine in the Shandong province of China. The company intends to convert the existing open pit to a much larger underground mine and update the processing facility with the latest technology and new engineering design for recovering diamonds.

Kensington Resources added 2 to its value and closed at $1.14 with 501,000 shares traded. The company recently tabled encouraging macrodiamond recovery results from the 2001 drilling evaluation program at the Fort a la Corne Diamond Project in Saskatchewan with joint venture partners De Beers and Cameco.

International Wayside Gold Mines closed at 17 up a penny on 425,000 shares. The company announced that it made the final payment to obtain a 100% right, title and interest in both the surface and underground rights to Crown Grant 2F, and Crown Grant 42F, properties in the Cariboo Mining Division of B.C. The company has also paid Mosquito Consolidated Gold Mines an additional $54,302.79 required by its option deal. International Wayside is earning a 100% right, title and interest in the Cariboo Gold Quartz mine, Island Mountain mine and Mosquito Creek Gold mines properties from Mosquito.

Madison Enterprises tacked on 5 and closed at 29 on 402,000 shares. The company arranged a brokered private placement of 2.4 million units at a price of $0.25 per unit to generate gross proceeds of $600,000. The proceeds will be used to fund property payments and exploration of Madison’s Lewis property in central Nevada. The first phase of exploration is expected to be comprised of surveying, data compilation, ground geophysics and drilling.