Trading Summary (January 02, 2002)

The Toronto Stock Exchange started 2002 off on a sour note falling 41.61 points to end Wednesday’s trading session at 7,646.8. Leading the slide were the oil stocks, off 2.7% at 8,853.11. The golds were up 36.49 points and the tech-heavy Industrial Products subindex gained 62.73 points to rank as the only advancing subindices. The base metal issues shed 2.98 points.

Diamond miner Tahera was the most actively traded mining issue with about 1.7 million shares changing hands. After dipping into negative territory early in the day, the issue ended half a penny higher at 17.

Recently, a 7-kg sample from the southern end of a kimberlite indicator mineral train that terminates 900 metres west of the Jericho diamondiferous kimberlite pipe proved diamondiferous for Tahera and partner Kennecott Canada Exploration (Kennecott, a subsidiary of Rio Tinto. Diamond counts yielded seven stones, six of which measured greater than 0.5 mm in one dimension.

Pure Gold Minerals remained on investor’s view screens falling 2 to 18.5. The company and partner Ashton Mining of Canada have reported significant microdiamond counts from the discovery hole on the Artemisia kimberlite also in Nunavut.

Barrick Gold saw about 802,000 shares cross the floor to round out the top three most traded mining stocks. The stock added 41 to hit $25.86. The country’s remaining gold major saw similar results. Placer Dome gained 20 to $17.60; Kinross Gold rose 4 to $1.23; TVX Gold grabbed 4 to reach 73. Going the other way was Franco-Nevada Mining, which fell a dime to $23.45.

Most of Canada’s base metal miners were using red ink by the end of the day. Teck Cominco was the busiest with about 709,000 shares traded. The issues sank 21 to $12.51. Inco dropped 24 to $26.81; Sherritt International lost 3 pennies to $4.05; Noranda slid 14 to $14.86 and Aur Resources fell 12 to $3.68. Falconbridge stood out gaining 7 to $16.16.

Inmet Mining continues to climb gaining another 24 or 7.6% to settle at $3.39, its highest point in about two years. The company recently inked a US$64-million deal to buy Outokumpu’s Pyhasalmi copper-zinc mine in central Finland, and to participate in a strategic alliance with the Finnish metal producer. Along with the mine, Inmet gets more than 30 sq. km of exploration claims around Pyhasalmi.

The first trading day of the year saw the Santa Clause rally continued on Canada’s junior exchange. The S&P-CDNX Composite Index gained 5.99 points, or 0.6% to close at 1042.58.

Oasis Diamond Exploration ended the day flat at 12 on 442,000 shares. The junior recently tabled positive diamond counts from chip samples collected on the Enigma property in the Wawa area of Ontario. A total of 8 diamonds were recovered from the 13.65 kg rock samples

Poplar Resources gained 2 on news that 19 of the first 20 till samples collected from its wholly-owned Nottaway diamond project in the James Bay lowlands of Quebec returned kimberlite indicator minerals. Shares in the junior ended the day at 15 on a volume of 307,500.

Donner Minerals ended the day at 21, up 2 on 300,000 shares. The company holds a majority stake in the South Voisey Bay nickel sulphide project in Labrador.

Major General Resources lost 2 to end the day at 11 on 153,000 shares. The company recently announced a $160,000 financing comprising 1.6 million units priced at 10 each. BHP Billiton is earning an interest in the company’s Misty Lake diamond project in the Northwest Territories.

A big percentage mover, Troymin Resources soared 6 to close at 17 on 125,625 shares. The junior’s joint venture partner Toronto-listed Iriana Resources is planning a winter drill program over its ground in the heart of the Manitoba diamond play.

Northern Empire Minerals gave back a portion of its recent gains, losing 12 to close at 70 on 101,300 shares. The junior, along with partners Chilean Gold, Stornoway Ventures, Wind River Resources and International Samuel Exploration inked a deal to earn a 20% stake in the Jubilee diamond property in Nunavut.