Trading Summary (July 03, 2002)

A late-day surge fuelled by bargain hunters pushed Toronto Stocks into the black on Wednesday, led by the technology stocks, which gained more than 3.6% to finish at 17.30 points. The golds suffered a 3.65-point or nearly 2% loss to 182.48. In New York, the yellow metal fell another US$2.40 per oz. to US$310.50 per oz. The metals & mining index gained 0.73 of a point to end at 143.35 points. By the end of Wednesday’s trading session, the S&P/TSX Composite Index was up 10.69 points at 7,024.08 points.

Kinross Gold remained as one of Canada’s most traded stocks falling 16 to $3.28 on the backs of more than 8.3 million shares. Placer Dome saw fewer than half as many shares change hands on their way to a 35 drop to $16.40.

Meridian Gold has waived all conditions on its offer for shares of Brancote Holdings after receiving more than 90% of the company shares. The company plans to compulsorily acquire the rest. Meridian shares finished 13 lighter at $24.70.

Alcan was the busiest base metal miner falling 70 to $54.85 on just more than 1 million shares. Inco and rival Noranda were neck and neck for second spot. Inco lost 28 to $33.22, while Noranda gained 58 to make $19.49. Both companies saw more than 810,000 shares traded.

Among just a handful of others to finish on the plus side, Falconbridge grew by 25 to hit $19.80 and Cameco rose a penny to $38.85.

Tiomin Resources fell a nickel to 35. On Wednesday, the company announced that it has been granted an environmental licence for its Kwale titanium-sands project southwest of Mombasa, Kenya. The government of Kenya also gave the go-ahead for a proposed ship-loading facility at Shimoni.

The S&P TSX Venture Exchange composite index lost 13.30 points or 1.16%, on the day and closed at 1,137.60 with a volume of 25 million shares.

Donner Minerals lost a penny and closed at 47 with 593,000 shares traded. The Harvey Keats-led company is gearing up for a 3,500-metre, 12-20 shallow hole, drill program on the South Voisey Bay project in Labrador. Initial drilling will focus on electromagnetic anomalies outlined by the 2001 UTEM survey.

Pacific Minerals closed at $1.13, down 6 with 462,000 shares crossing the floor. 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 both in China.

Gallery Resources tacked on 3 and closed at 20 on 450,000 shares. The junior is exploring five mineral properties in Newfoundland and Labrador. The Gullbridge mine and Katie properties in Newfoundland contain high grade volcanogenic massive sulphide (VMS) mineralization. The company also holds nickel-copper properties in Labrador. These include; Okak Bay, Cabot Lake and Harp Lake.

Antoro Resources gained 5 to 43 on 449,000 shares. The company recently inked a deal to acquire a 90% stake in the White Lake property, in Hemlo, Ontario, by issuing 900,000 shares and granting a 1% net smelter return royalty to MJL Explorations, plus a 10% non-participating interest in the property to Geotest Corp.