Trading Summary (January 10, 2002)

The golds continued to outshine the Toronto Stock Exchange‘s thirteen other subindices on Thursday gaining 0.76% to end at 5,504.36. Just two other subindices, the Communications & Media and Financial sector, managed to finish in the black. The base metal issues slipped 1.4% to 4,178.67. Overall, the TSE 300 composite index fell 53.38 to 7,722.4 points.

The precious metals, except for silver, held on to gains to end the day higher in New York. Gold led the way gaining US$2.60 to US$285.60 per oz. The base metals were mixed in Europe.

Kinross displaced Franco-Nevada Mining as the country’s most active miner gaining another 6 to $1.37 on about 6.3 million shares. Franco was right behind adding 66 to hit $24.71 with 5.3 million shares traded. Barrick Gold and Placer Dome took their usual place among the more busy gold issues. Barrick gained 21 to $27.61, while Placer shed 28 to $18.96. Cambior jumped 13 or about 18% to 86 and TVX Gold rose 4 pennies to 82.

Iamgold edged up a penny to $4.63. The company recently announced that it has converted US$6.5 million in discretionary cash into some 0.7 tonnes of gold bullion at an average price of US$285.20 per oz. The company also announced plans to give shareholders the option to receive a newly instituted dividend in cash or a gold bullion depository certificate.

Also enjoying gold’s surge were: South American Gold & Copper, up 1.5 or 30 to 6.5; Orvana Minerals, 6.5 higher at 23; Geomaque Explorations, up 2.5 to 9; International Curator Resources, plus 2 to 8; and International Freegold, which gained 1.5 to 5.5.

Most of the nation’s base metal miners suffered losses on the day. Alcan was the most heavily traded falling 90 to $56.90 on just less than 1 million shares. Inco dropped 43 to $27.42; Falconbridge shed 40 to $16.30; Noranda fell 23 to $15.80; and Teck Cominco slipped 40 to $13.05. Sherritt International managed to gain a dime to $4.45 and Aur Resources climbed a nickel to $3.49.

Canada’s junior exchange managed to hold onto recent gains with advancers leading decliners by a 211-to-198 margin. The S&P-CDNX Composite Index gained 4.03 points, or 0.4% to close at 1099.06.

New Blue Ribbon Resource dropped 2 to close at 8 on 634,000 shares. Stock in the junior has been heavily traded since the company announced a letter of intent to acquire a 90% interest in the Lac Joubert diamond property in the Otish Mountains region of northern Quebec.

Failing to get a boost from the complete assay results from the latest round of drilling on its Kena property near Nelson, BC, Sultan Minerals lost 2 to close at 24 on 177,500 shares. Targeting the Gold Mountain zone with 22 holes, the results show a number of high-grade gold-bearing structures within a broad, low-grade gold envelope.

Cantex Mine Development lost 2 to close at 9 on 457,500 shares. The Charles Fipke-led company is working gold and base metal projects in Yemen and holds a stake in the West Greenland nickel sulphide joint venture property.

Shares in Starfield Resources continued to march higher adding 2 to 63 on 357,500 shares. The company is gearing up to resume drilling on its Ferguson Lake nickel-copper-platinum-palladium property in Nunavut.

Profit taking hit the shares of Leader Mining International for a second consecutive day. Stock in the junior lost 4 to end the session at $2.55 on light volume. The company is aiming to advance its magnesium prospect near Harrison Lake in BC this year.