Trading Summary (July 02, 2002)

The real estate subindex was the lone advancer on the Toronto Stock Exchange on Tuesday. The golds couldn’t hold on to a plus side open and ended the day 2.4 points or 1.3% lower at 186.13 points. The base metal miners performed similarly dropping 1.68 points or 1.2% to 142.62 points. Overall, the S&P/TSX Composite Index dropped 132.22 points to end at 7,013.39, an 8-month low. Earlier in the session, the Index slumped under the 7,000-point mark for the first time since early November.

Placer Dome led the nation’s miners falling 30 to $16.70 on a volume of about 9.5 million shares. Barrick Gold was next in line sliding 68 to $28.15 with nearly 5.2 million shares changing hands. Kinross Gold provided a bright spot edging forward by 4 to $3.44.

Alcan led a quiet bunch of base metal miners dropping $2.45 to $55.25 with just more than a million shares traded. On Friday, Alcan said that because of new rules for goodwill accounting, it would record an impairment charge of US$748 million, reflecting the decline in market conditions from October 2000 to January 2001. Most of the others put in similar losses.

Sherritt International and Boliden swam up stream to post gains. Sherritt grabbed 35 or 6.4% to make $5.85 and Boliden rose 13 to $5.85.

In diamond news, Namibian Minerals vaulted 7 or 50% to 21. On Tuesday, Namco announced that its NamSSol submersible mining system, supported by the MV Kovambo vessel, has returned to action of the coast of Namibia. Ashton Mining of Canada gained 14 to hit $2.30 after reporting the recovery of 8 macrodiamonds and 11 micros from the Renard 3 kimberlite pipe on the Foxtrot property in north-central Quebec. SouthernEra Resources fell 7 to $6.42. The company recently received the go ahead from Angolan authorities for its 32%-owned Camafuca diamond project.

On the junior exchange, Dynacor Mines added 2 to reach 88 with more than 1 million shares changing hands. On Tuesday, Dynacor said it is in the midst of closing a private placement of about 1.7 million units at 85 apiece. One unit comprises a share plus half a share warrant. One warrant is exercisable for one share at $1.35. The $1.5 million in proceeds will go to boost production at the Acari project in Peru to 40,000 oz. per year at the end of 2003.

American Bonanza was unchanged at 18 on 716,047 shares. The company has $2 million aimed for advancing the Copperstone gold project in Arizona, which hosts an estimated total resource of 2.1 million tons grading 0.58-oz gold per ton.

Pacific Minerals closed at $1.19, up 4, on 518,938 shares. The junior has US$3 million thanks to a private placement with Ivanhoe Mines. A total of US$2 million will be used to advance the JBS platinum-palladium property and the 217 gold project, both of which are in China.

By day’s end, the S&P/TSX Venture Index had lost 8.02 points to close at 1,150.9 points.