Trading Summary (January 08, 2002)

A 2.9% drop by the base metal issues combined with a 2.2% fall by the golds dragged the Toronto Stock Exchange down 88.25 points or 1.1% to end at 7,782 on Tuesday. By day’s end just three of the TSE’s fourteen subindices finished above water.

Canada’s most active mining stock was Franco-Nevada Mining, which fell 50 to $22.90 with about 3.8 million shares traded. Barrick Gold slipped 71 to 26.38 on about 1.4 million shares. Among the remaining gold majors: Placer Dome fell 47 to $18.51; Kinross Gold gained 4 to $1.24; TVX Gold slid 5 to 75 and Cambior lost a penny to 74.

Disappointing drill results have prompted Barrick to stop work on the California and Surf gold properties in the Goodpaster district of Alaska.

In the junior ranks, Noirthern Orion Explorations shot up more than 62% tacking on 2.5 to reach 6.5. Aurizon Mines gained 3 pennies or 13.6% to a quarter and Cumberland Resources rose a dime or 11% to $1.

Breakwater Resources surged to the head of the base metal miners class gaining 2 or 6.25% to 34 on trading volume of more than 1.1 million shares. Late on Monday, Breakwater announced boosted reserves and resources at its El Mochito mine in Honduras and El Toqui mine in Chile.

Other gainers were: Sherritt International gained a dime to $4.17; Boliden rose 6 to $7.31 and Aur Resources edged up a penny to $3.51. Heading the opposite way were: Inco, off 33 to $27.90; Falconbridge shed 50 to $16.80; Noranda fell 74 to 15.75; and Teck Cominco slipped 58 to $13.60.

American Mineral fields made some noise in the junior ranks, gaining a quarter or about 56% to 70.

Canada’s junior exchange posted its first loss of the New Year. The S&P-CDNX Composite Index dropped 5.28 points, or 0.5% to close at 1084.34.

Pan Asia Mining once again hit traders’ radar screens ending the day down 1 at 11 on 355,600 shares. The company is eyeing a listing on the NASDAQ exchange with the backing of Valley Forge Securities. Pan Asia recently agreed to a private placement of up to 31,362,000 units at a price of 10 per unit to raise $3.1 million.

Profit taking hit the shares of Leader Mining International. Stock in the junior lost 18 to end the session at $2.70 on 103,600 shares. The company is aiming to advance its magnesium prospect near Harrison Lake in BC this year.

War Eagle Mining closed at 16, unchanged on 175,500 shares. The company is working the Mac tantalum property in the Northwest Territories.

Quaterra Resources ended the day flat at 14 on 158,000 shares. The Thomas Patton-led company is expecting drill results from the Duke Island nickel sulphide project in Alaska any day now.

Donner Minerals ended the day at 22, unchanged on 345,000 shares. Donner holds a majority stake in the South Voisey Bay nickel sulphide project in Labrador.