Trading Summary (September 20, 2002)

The Toronto Stock Exchange ended 13.82 points higher at 6,202.03 after pulling itself out of the red late on Friday. No thanks was due the mining sector. The Gold Index fell 1.42 points to 200.91 and the Diversified Metals & Mining index shed 1.06 points to 110.58.

The golds were less active as the yellow metal dropped US50 to US$322.10 per oz. in New York. Placer Dome lost 9 to $16.46 with about 5.5 million shares on the go. Placer reported on Friday that it expects its half-interest in the Porgera mine in Papua New Guinea to generate a third-quarter loss of US$7 million thanks to continued power interruption. The company has also extended, for the seventh time, its offer for AurionGold. The offer seems stuck with around 38% of the Aussie gold miner’s shares tendered.

Barrick Gold managed to tack on 62 to make $27.95 on nearly 3.5 million shares. The country’s remaining major gold producer, Kinross Gold, dropped 2 to $3.57 with more than 2.5 million shares changing hands.

Newly formed Ariane Gold, led by the former management of Hope Bay Gold, shot up 9 or 12% to 84. Ariane recently raised $29.5 million for gold exploration in French Guiana through a special warrant financing and a shareholder rights issue. The French Guiana gold assets of Hope Bay Gold were excluded from the merger with Miramar Mining and transferred to Ariane.

For their part, Miramar shares finished 3 higher at $1.57. On Friday, Miramar agreed to sell its 7.0-mega-Volt-Ampere Bluefish hydroelectric power plant to the Northwest Territories Power Corp. The plant is situated 40 km from Miramar’s Con mine. Under the deal, Power Corp. will pay $10 million in cash and provide free 5 million kilowatts and 1500 KVA of demand annually to the Con Mine between 2005 and 2009. Miramar will use the proceeds to fund the reclamation at the Con Mine, which are slated to wind up at the end of 2004.

Alcan was the most heavily traded base metal miner, gaining 90 to $39.95 on more than 1.4 million shares; Inco was next in line grabbing 26 to make $25.85 with 1.2 million shares on the go.

Canada’s junior bourse ended the trading week at levels not seen since last December. The TSX Venture Exchange composite index lost 5.75 points, or 0.6%, to close at 987.23.

FNX Gold topped the most actively traded chart, ending the session flat at 4 on nearly 900,000 shares. Earlier this year, the company granted 890,000 stock options exercisable at ten cents per share, will expire in five years time.

American Bonanza Gold Mining down a penny to close at 15 on 520,000 shares. The company is aiming to advance the Copperstone gold project in Arizona.

Diamond explorer Majescor Resources added 3 to close at 40 on 230,000 shares. The junior holds a large land package in the emerging Otish Mountains region of Quebec.