Trading Summary (January 15, 2002)

A late-day surge staved off a small loss for the Toronto Stock Exchange on Tuesday, as the 300 composite index ended at 7,643.9 points, up 20.62 points from Monday’s close. The gold stocks rose 90.58 points or 1.65% ahead of Wednesday’s Bank of England sale of 20 tonnes of gold. The Bank of Canada made news of its own trimming interest rates 0.25%, bringing the overnight rate to 2% and the bank rate to 2.25%. Leading the TSE’s four declining subindices was the Communications & Media sector, which slid 197.73 points or 1.15%. The base metal issues managed to edge up 9.03 points.

Franco-Nevada Mining shares continue to pique investor’s interest gaining 90 to $25.85, a new 52-week high, on trading volume of nearly 4.7 million shares. The battle between Newmont Mining and AngloGold over Normandy Mining continues to help the stock higher. Normandy shares finished 35 higher at $16.50.

Making a rare appearance in the TSE’s top ten most heavily traded list was Orvana Minerals, 4 higher at 32 with more than 3.9 million shares on the go. On Monday, Orvana announced the closing of a deal with Compania Minera del Sur (Comsur), Bolivia’s largest mining company. Under the deal, Comsur received 53 million Orvana shares (more than 100% of the company’s outstanding shares) in return for US$4 million and the financing of Orvana’s purchase, from Comsur, of a gold mill and equipment valued at a total of US$8 million. Comsur also loaned Orvana US$6 million to buy mining equipment and develop the open-pit and underground operations in the Lower Mineralized zone (LMZ).

Barrick Gold grabbed ninth spot on the top ten list gaining 22 to $27.70 on 2.8 million shares. The rest of the country’s gold majors performed similarly. Placer Dome gained 50 to $19.35; Kinross Gold found a nickel to hit $1.40; TVX Gold edged up a penny to 80.

Among the base metal miners, Teck Cominco saw the most action dropping a nickel to $13.15 on 1.3 million shares. Gaining ground were Inco, up 15 to $26.85; Noranda, which added 30 to hit $15.25; and Alcan, 24 higher to $56.93. On the flip side Falconbridge slid a dime to $16.40; Sherritt International lost half that to $4.20; and Boliden fell 13 to $7.

Ivanhoe Mines continued upward gaining another dime to $2.35. On Monday the company announced that the company along with the governments of Mongolia and China would study the proposed construction of a new 290-km rail link joining Bayan Obo, China with Ivanhoe’s gold and copper discovery at Oyu Tolgoi in southern Mongolia. The line could potentially be extended to the large Tavan Tolgoi coal deposit held under licence by a private Mongolian mining group.

Advancers lost to decliners 233 to 181 today on Canada’s junior exchange as the S&P-CDNX Composite Index dropped 5.94 points, or 0.5%, and closed at 1088.13.

Poplar Resources remained flat at 12 with 637,000 shares traded. The junior recently picked up ground in the Mistassini region north of Chibougamau and southwest of the Otish Mountains, where Ashton, Majescor, Canabrava and other diamond exploration companies are also active. A total of 313 claims have been applied for over approximately 75 distinct targets.

New Blue Ribbon found a penny and closed at 10 with 368,000 shares crossing the floor. At last report the junior an obtained an option to acquire an undivided 60% interest in the Montello Legend diamond property with Montello Resources and Tri Communications Solutions.

Starfield Resources remained steady at 72 on 348,300 shares. The company is gearing up to resume drilling on its Ferguson Lake nickel-copper-platinum-palladium property in Nunavut.

Shares in Verdstone Gold lost yesterday’s 1 gain and closed back down at a penny. The junior proposed a one-for-ten consolidation of its stock and expects to change its name to Goldrea Resources. The company recently staked property in the Eskay Creek area of BC.

Donner Minerals tacked on 4 and closed at 30 with 317,000 shares traded. Donner and Falconbridge have inked a deal to explore for Voisey’s Bay type nickel-copper-cobalt deposits in Labrador outside of the Voisey’s Bay and South Voisey Bay areas.