Trading Summary (August 31, 2001)

Badly beaten and bruised, the Toronto Stock Exchange managed to limp into the Labour Day long weekend with a glimmer of hope that the broad-based selloff is receding. The TSE 300 composite index fell 18.45 points, or 0.25%, to 7,399.2. The financial services subindex led the decliners, dropping 146.5 points, or 1.3%, while the metals and minerals subindex led the gainers, climbing 55.62 points, or 1.4%. The Gold & Precious Minerals subindex followed the price of gold, moving lower by 27.04 points, or 0.6%, to 4829.92.

Platinum and palladium rebounded modestly from yesterday’s drops, gaining US$3 and US$5 per oz. on the day, respectively. Platinum finished at US$438 per oz. and palladium at US$445 per oz. Silver gained a penny to US$4.18 per oz. Gold lost US90 to US$274.40 per oz.

Boliden was the second most actively traded stock on the TSE, gaining 1 to 30 with 2.77 million shares changing hands. Crew Development climbed 9 on news that the proposed purchase of Meager Creek Development by South Crofty Holding would proceed. The company ended the day at 79 on 570,725 shares.

The major gold miners drifted lower with Placer Dome ending the week at $17.07, down 3, and Barrick Gold dropping 10 to $24.85.

The country’s base metal miners posted a modest recovery from recent declines. Alcan gained 87 to $56.56, Inco added 46 to $25.73 and Teck-Cominco gained a dime to $12.20. Uranium-gold miner Cameco picked up 58 to close out the week at $36 even.

A late-day buying binge helped propel Canada’s junior exchange higher. The Canadian Venture Exchange gained 26.4 points, or 0.9%, to finish the day at 3,050.34. The Mining Index surged 155.23 points, or 2.1%, to close at 7,571.87.

Emerging Africa Gold gained 1 to 22 on 742,000 shares. The company recently announced plans to amalgamate with a new, wholly owned subsidiary of fellow junior Diagem.

Shares in Regent Ventures got a boost on news that the company has launched a drill program over its Red Mountain gold property in the Yukon. The company ended the day at 24, up 2 on 262,400 shares.

Investors continued to unload shares in Radius Explorations ahead of new drill results from the Tambor gold property in Guatemala. Shares in the company lost 2 to 64 on a volume of 184,500. The Simon Ridgway-led junior has drifted lower since it announced that the first seven holes into the Lupita target returned broad intervals of low-grade mineralization (0.7-2.2 grams gold).

Shares in Gold Canyon Resources continued to surge higher, ending the day at yet another new 52-week high, up 9 to $1.69 on 218,480 shares. The junior, which traded in May at 20, has stepped away from the Springpole gold property in Ontario and is looking at gallium on the Cordero property in Humboldt County, Nev.