Trading Summary (August 30, 2002)

The Toronto Stock Exchange finished the week in fairly leisurely trading before the long holiday weekend, as the TSX composite index climbed 21.98 points to 6,611.95. There were modest gains in most sectors, with the biggest losses taken by the golds and the information-technology stocks.

The TSX Gold index fell 3.17 points, or 1.7% of value, to 184.72, with Barrick Gold, which was up 39 at $25.25, the only index component to post a gain on the day.

The most active on the gold index was Kinross Gold, which was down 5 at $3.05 on a volume of 5.1 million shares. Paradoxically, both proposed merger partners were up: Echo Bay Mines added 1 to close at $1.57 and TVX Gold picked up 26 to finish the day at $19.92.

Placer Dome, which announced it was reducing its hedging commitments and extended its offer for shares of Australian gold producer AurionGold, fell back 35 to $15.55.

The Metals and Mining index paced the broader market, adding 0.37 points to finish the day at 118.98. But the heaviest trader was one of the biggest losers: Teck Cominco fell 22 to close at $10.46.

The big winners in the sector were smaller producers, with Sherritt International picking up 27 to finish at $4.73, Ivanhoe Mines adding 9 to close at $2.69, and LionOre Mining up 12 to $3.82. LionOre announced Thursday it had lost US$637,000 on revenues of US$10.1 million in the three months ended June 30.

Canada’s junior bourse had a quiet session with the TSX Venture Exchange composite index ending the week by gaining 8.01 points, or 0.8%, to close at 1022.23.

Shares in Donner Minerals got hammered following the release of the assay results from hole 5 into the South Voisey’s Bay (SVBN) nickel sulphide property in Labrador. Donner ended the day down 9 to 15 on just over 1 million shares. Falconbridge, which can earn a 50% stake in the property, has been drilling the ground. The latest hole cut a high value of 0.73% nickel and 0.23% copper over 0.25 metre from 253.3 metres downhole. The major is currently reviewing and interpreting all of the results to date and drilling on the project has been suspended. Donner holds a 76.69% stake; Cypress Development has 11.36%; NDT Ventures holds 6.55%; and UC Resources has 5.4%.

Seahawk Minerals continued to languish at a 52-week low of penny on 850,000 shares traded. The company is in default on a $180,000 interest payment on its outstanding $2.0 million, unsecured, 9% interest-bearing convertible debentures, which were due August 27, 2002.

International Wayside Gold Mines lost 2 to close at 14 on 235,000 shares. The Frank Callaghan-led junior has been actively advancing the Cariboo gold property near Quesnel, B.C.

Platinum Group Metals gained 9 and closed at 96 with 425,720 shares traded. The junior recently launched a 10,000 metre drill program over the Agnew Lake PGE property near Sudbury, Ontario. The property is under option to Anglo American Platinum and Pacific North West Capital. Anglo Platinum can earn up to a 60% interest in the property by arranging a 100% project financing and bringing the project into commercial production.