Trading Summary (May 24, 2001)

After some early signs of strength, the Toronto Stock Exchange‘s gold issues ended the day down 132.56 points, or 2.6%. The financial sector tried to pick up the slack with a 151.9-point, or 1.5%, gain, but the TSE’s 300 composite ended the day 1.76 points lower at 8,346.8.

Kinross Gold remained in investors’ sights as the issue dropped a penny to $1.34 on about 5.5 million shares — good enough for second spot on the top 10 most actively traded list. Iamgold tucked in just behind Kinross with about 4.8 million shares on the go. The issue fell 6 to $2.89.

Last week, Iamgold’s two top executives announced plans to sell shares of the company through the TSE. Co-chairman and CEO William Pugliese said he may sell up to 3 million shares, or 15% of his position. Co-chairman Mark Nathanson said he might sell up to 1.4 million shares, or 12% of his. They say they don’t plan to sell more shares this year and they remain fully committed to Iamgold.

Other miners making the list were uranium producer Denison Mines, off 2 at 21, diversified miner Teck, up 20 to $16.40, and Sherritt International, up 15 to $5.50. Sherritt has announced that it has received more than 95% of the outstanding units and 96% of the debentures of the Luscar Coal Income Fund. The company plans to exercise its rights to acquire all of the remaining units and debentures.

As a group, the base metal issues fell 75.77 points, or 1.5%, to 4,902.07. Noranda fell 13 to $17.70 and Alcan dropped $1.91 to $68.99. Most of the others saw modest gains. Noranda has announced plans to expand its electronic hardware recycling business. This summer, it plans to open a new facility in Nashville, Tennessee, in partnership with computer maker Hewlett-Packard. Capital investment for the jointly managed plant is pegged at US$2 million. The project should create about 50 jobs.

Canada’s junior exchange finally took a breather after posting solid gains over the past three weeks. The Canadian Venture Exchange lost 7.97 points, or 0.2%, to finish the day at 3,286.98. The Mining Index followed suit, dropping 40.91 points, or 0.6%, to close at 7,067.44.

Poplar Resource topped the most actively traded chart among junior explorers, ending the day up 1 to 16 on nearly 2 million shares. The junior’s 65%-owned subsidiary is completing geochemical surveys over the Bottenbacken polymetallic property and is drill-testing the Sundsvall diamond project. Both projects are in central Sweden.

Gallery Resource ended the day up 1 at 18 with more than 1 million shares changing hands. The junior has been increasing its land position in central Newfoundland. It recently picked up the Baker Brook massive-sulphide property, which adjoins its Gullbridge Mine property.

Cantex Mine Development gave back the gains it made earlier in the week, losing 2 to close the day at 12 on 285,000 shares. The company recently announced that a major gossan formation had been identified some 24 km north of the Suwar nickel-copper-cobalt prospect in Yemen. Assay results are pending.

Champion Resources dropped a penny to 17 on 336,000 shares. The company is nearing completion of its diamond exploration program in Guinea Bissau. Some 120 heavy mineral concentrate samples are slated for completion over 1,000 sq. km in the eastern part of the country.