Trading Summary (January 14, 2002)

The golds were one of just three of the Toronto Stock Exchange‘s fourteen subindices to post gains on Monday. The Gold & Precious Minerals subindex edged up 8.44 points to end at 5,485.66 points, while the Metals & Minerals subindex fell 45.35 to finish the session at 4,145.13 points. The technology-laden Industrial Products subindex plummeted 2.45% to 3,927.26 points. Overall, the TSE dropped 78.63 to 7,623.3 points.

All of the precious metals incurred losses in New York. Gold slipped US$1.50 to US$285.40 per oz.; Silver slid US19 to US4.55; Platinum shed US$7 to US$473.00 per oz.; and palladium lost US$4 to US$426.00 per oz. Tin and lead were the only casualties on the London Metal Exchange. Nickel gained US$160 to US$6310 per tonne.

Franco-Nevada shares continued their run up, gaining 44 to $24.95, nearer their 52-week high of $25.20. By day’s end, more than 5.5 million shares had changed hands, enough to place the issue as the TSE’s second busiest. On Monday, Newmont Mining announced that it has obtained most of the required regulatory approvals for its bid to acquire Australia’s Normandy Mining and its acquisition of Franco. Newmont expects both deals to wrap up in mid- February.

Aber Diamond was next in line falling 36 to $20.90 on about 3.15 million shares. On Friday, Franco announced that it had sold 5 million Aber shares for $105 million.

Normandy Mining gained 15 to $16.15 enjoying the bidding war between Newmont and South Africa’s AngloGold. Barrick dropped a dime to $27.40; Placer Dome fell 14 to $18.70; Kinross Gold lost 4 to hit $1.30; while TVX Gold scraped together 2 pennies to reach 80.

Most of Canada’s base metal miners were using red ink by the end of the day. Teck Cominco saw the most action falling 16 to $13.20 on more than 1 million shares. Inco dropped a buck to $26.70; Falconbridge shed a dime to settle at $16.50; Sherritt International lost 3 to $4.25; Noranda fell 30 to $14.95; and Alcan lost 21 to $56.69. Aur Resources managed to gain 11 to $3.60.

Twelve reverse-circulation drill holes (totalling 2,196 metres) have failed to extend the limits of a previously discovered gold zone on the Agua de la Piedra property in northern Chile. Nine of the holes failed to return significant results. The remaining holes were highlighted by 269 metres running 3 grams gold per tonne in hole AP-14. Aur and partner Arizona Star Resource are reviewing the results to determine their next move.

Canada’s junior exchange started the trading week by following the major bourses lower. The S&P-CDNX Composite Index dropped 7.11 points, or 0.6% to close at 1094.07.

Blackstone Ventures topped the most actively traded chart among junior explorers adding 3 to 25 on 894,000 shares. The company announced that fellow junior Northern Empire Minerals agreed to earn a 75% stake in the Premier diamond property in the Otish Mountains area of central Quebec. Northern Empire gained 3 to close at 60 on a modest 37,000 shares.

A nice percentage mover, Starfield Resources gained 10 to 72 on 523,300 shares. The company is gearing up to resume drilling on its Ferguson Lake nickel-copper-platinum-palladium property in Nunavut.

Shares in Verdstone Gold doubled to 2 on news of a proposed one-for-ten consolidation of its stock. The junior, which recently stake property in the Eskay Creek area of BC, also expects to change its name to Goldrea Resources.

Andean American Mining tacked on 4 to close at 54 on 153,300 shares. The company is in the middle of a $350,000 financing aimed at advancing the Santa Rosa gold property in the Peruvian Andes where the Open Fit zone is currently being mined at a rate of 500 tonnes per day.