Trading Summary (October 24, 2002)

Toronto stocks managed to end 1.69 points higher at 6,336.86 points on Thursday, thanks mostly to a 5.5% gain by the technology stocks. The Gold Index dropped another 1.05 points to 162.03, as the yellow shed US$1.70 to US$310.20 per oz. in New York. The base metal issues dropped a quarter-point to 124.69.

Barrick Gold stood out from Canada’s other major gold producers with a 12 gain to $23.10 on about 3 million shares. On Thursday, Barrick posted lower third-quarter earnings of US$34 million (or US6 per share) on revenue of US$473 million.

Placer Dome was the busiest of the gold majors dropping 7 to $13.38 on a trading volume of about 5.3 million shares. Kinross Gold slipped a dime to $2.42 on 3.65 million shares.

Coal exporter Fording remained active climbing another 60 to $32.70. Seen as potential competing bidders, Rio Tinto and Teck Cominco refuse to comment on their interest in the company. Teck Cominco’s B series ended unchanged at $12.50.

Among the few advancing gold miners were: GoldCorp, plus a dime to $15.18; NovaGold Resources, 15 higher at $4.45; Eldorado Gold, 3 higher at $1.40 and Cambior, which found a penny to make $1.24. Cambior recently posted net earnings of US$4 million in the latest quarter — its first profitable 3-month period since October-December 2001. Relatively higher gold prices and production from its Omai mine in Guyana were responsible for the turnaround. Eldorado’s third-quarter earnings improved to US$2 million (or US1 per share), on revenue of US$9.7 million.

Gainers among the base metal miners included: Inco, plus a quarter to $30.80; Sherritt International, up 9 to $4.32; Aur Resources did the same ending at $3.24; and zinc-miner Breakwater Resources claimed 3 pennies to $14.

Canada’s junior exchange gave background as investors unloaded speculative issues. The S&P-TSX Venture Exchange composite index lost 4.33 points or 0.48%, and closed at 899.21.

Spider Resources topped the most actively traded chart, ending the session at 6, down 2 on nearly 1.2 million shares. Stock in the junior has traded heavily since announcing that De Beers had cut massive sulphides in one of its 13 holes drilled into the Spider #3 property in northern Ontario. Failing to hit any kimberlites, De Beers has elected to stop work on the property, but the sulphide hole returned 8 metres grading 1.61% copper, 0.34% zinc, 0.13% lead, plus 9.9 grams silver and 0.13 gram gold per tonne. Included in this section was a 0.5 metre portion running 7.09% copper, 4.67% zinc, 2.68% lead, 150.6 grams silver and 0.76 gram gold. The property is jointly held with KWG Resources, which is 38.9% owned by Diagem International Resources. Diagem added 2 to close at 18 on 276,250 shares.

VVC Exploration ended the session flat at 32 on 277,200 shares. The company can acquire a 100% interest in 32 claim units situated in central Newfoundland along the Botwood gold trend. The price tag comes in at $200,000 payable over a three years and the issuance of 550,000 shares over two years. The junior must also spend $500,000 over a two year period.

Leader Mining International moved 16 higher to close at $1.55 on 216,300 shares. The junior is working on a feasibility study for the Cogburn magnesium project in British Columbia. A 38 hole core-drilling program defined a measured mineral resource of 25.5 million tonnes grading 40.5% MgO (24.5% magnesium) by weight.