Trading Summary (June 04, 2004)

The Toronto Stock Exchange ended the week on a positive note rebounding to the tune of 19.62 points to reach 8,348.74. The golds chipped in with a 1.23% rise to 199.18, while the diversified metals & mining subindex managed to scrape together just 0.03 of a point to make 216.97.

Dynatec managed to wedge itself between recent volume leaders Wheaton River Minerals and Iamgold, trading more than 4.1 million shares a nickel lower to $1.33. Dynatec and partner FNX Mining are preparing to begin feasibility work at the Norman 2000 and Norman North copper-nickel deposits in the Sudbury area of Ontario. For their part, shares in FNX edged 6 higher to $6.31 on thin volume. FNX recently tabled plans for a guaranteed private placement of 2.5 million flow-through shares to raise $20.6 million to its share of exploration at Norman.

Wheaton took top spot on the miner’s volume board with just more than 9.6 million shares crossing the floor to add 6 to make $4.04. Proposed marriage partner Iamgold grabbed 27 to reach $7.70 on about 3.4 million shares.

On Friday, Golden Star Resources said that the Ontario Superior Court of Justice will hear its application on whether it can make a formal takeover bid for Iamgold and force a postponement of a shareholder vote slated for June 8. The Court will decide if such a bid would constitute a breach of a 2003 confidentiality agreement between the companies. If the court rules in its favour, Golden Star plans to present a hostile bid directly with Iamgold shareholders. Golden Star’s shares ended 30 higher at $6.54.

SWG Resources tacked on 4 to settle at $32.29. On Friday, the company said that shareholders have approved a 2-for-1 stock split. The deal is expected to close on June 17, subject to regulatory approval.

Guyana Goldfields had a banner day soaring 33, or nearly 46%, to $1.05 on 716,702 shares. On Thursday, the company said that diamond drilling on the Aurora mine property in Guyana has encountered a new gold zone about 1 km east of another new zone reported in late April. The latest discovery hole cut 46.5 metres grading 5.9 grams gold per tonne, including 33 metres (from surface) of oxidized material running 7 grams gold. The remainder of the hole cut bedrock or primary mineralization.