Trading Summary (June 16, 2004)

Toronto’s diversified miners stole the show on Wednesday with a 5.94-point, or 2.7%, rise to 222.98. The golds weren’t too far behind gaining 3.53 points, or 1.8%, to make 196.25. Overall, the S&P-TSX composite index ended 37.63 points higher at 8,427.87 points.

Noranda was the nation’s second most traded issue, just behind market heavyweight Nortel, with more than 12.3 million shares making their way $2.07, or 9.4%, higher to $24.06. Brazilian-based iron ore giant Companhia Vale do Rio Doce is rumoured to be in talks to acquire a 42% stake in Noranda from conglomerate Brascan. Noranda has confirmed that it is reviewing "several expressions of interest."

Placer Dome was next in line with a $1.14 gain to $22.22 on more than 5.7 million shares. The rise came as the price of gold fell US$3.60 per oz. to US$384.40 per oz. in New York. There was no immediate news out of Placer. Canada’s remaining major bullion producers put in more modest gains; Barrick Gold grabbed 28 to hit $26.67, while Kinross Gold rose 18 to $7.58.

Dynatec managed to slide into the final spot on the TSX’s top ten traded list with about 2.6 million shares jumping 12, or nearly 10%, 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 dropped 17 to $5.70 on 175,177 shares.

Better percentage gainers included Mazarin, up half a cent to 4 and Franc-Or Resources, which gained 3 pennies to reach 27. On the flip side, AfriOre slipped 9, or 18%, to 41, and Defiance Mining shed a nickel to 33.

AfriOre recently completed the first of three "range-finding" drill holes on its FSC gold project in South Africa. The hole tested the southern structural block to a depth of 2,984 metres, but failed to cut desirable Witwatersrand rocks. Assay results are pending. Further drilling will test two other regional targets once permits are in hand.