Trading Summary (November 14, 2002)

Trading SummaryThe Toronto Stock Exchange shared the general rally in world equity markets on Thursday, picking up 69.13 points or 1.1% to finish the day at 6,370.91. The technology stocks had the best day, but most sectors advanced at least modestly.

The base metal stocks outpaced the market, adding 1.86 points and finishing at 122.09 for a gain of 1.5%. The big boys were uniformly higher, with Falconbridge at $14.80 leading the pack for a gain of 39, Cameco up 85 at $33.80, and Inco, Noranda and Teck Cominco all higher as well.

LionOre Mining announced it had received enough shares of its Australian subsidiary to begin compulsory acquisition under Australian securities laws. Shares were unchanged at $4.25.

Two of the smaller miners on the index gave up yesterday’s gains, Ivanhoe Mines falling back 5 to close at $3, and Aur Resources sliding 11 to $2.86.

The golds lagged behind the broad market, but still gained 1.53 points to close out at 175.58. The volume leader was Placer Dome, which was up 44 at $15.09, taking back part of the loss it suffered yesterday. Its 2.3-million-share volume was ahead of Kinross Gold only by a nose, but Kinross slid 2 to close at $2.93. It announced a loss of US$5.8 million on revenues of US$56.5 million for the third quarter, and is showing a US$18-million loss on US$196.3 million in revenue for the first three quarters of the year.

Among the smaller producers off the index, Eldorado Gold was up 3 to $1.71 on a volume of 1.3 million shares.

Canada’s junior exchange posted a slight gain with advancers beating decliners 269-to-264 with 28.5 million shares changing hands. The Venture Exchange S&P Composite Index added 0.43 of a point, or 0.04% and finished the day at 945.80.

Dumont Nickel tacked on 3 and closed at 13 with 652,000 shares traded. The company has appointed a new President as well as a new director. Under its new management, Dumont intends to revitalize its activities and to redirect its vision through the acquisition of advanced stage North American projects with a specific focus on gold.

Canadian Royalties lost 8 and closed at $2.32 on 616,385 shares. Drill results from the Mesamax northwest grid area on the company’s Expo-Ungava property in northern Quebec were promising. Hole 18 returned 49.3 metres grading 3.32% nickel, 4% copper, 0.13% cobalt, 1.5 grams platinum, 5.17 grams palladium and 0.26 gram gold. A second mineralized zone was encountered deeper down-hole, yielding 1.85% nickel, 2.23% copper, 0.06% cobalt, 0.58 gram platinum, 1.2 grams palladium and 0.04 gram gold over 2.3 metres.

Pan Asia Mining found a penny and closed at 7 on 567,000 shares. Through its wholly owned subsidiaries in Hong Kong, Pan Asia has the right to acquire 50% contractual interests in four Sino-Foreign joint venture companies located in Shandong Province in China. These joint venture companies own a diamond mine, two diamond exploration properties, and a copper and gold exploration property. Until the Pan Asia has fully earned its interests, it will not act as operator of these projects.