Trading Summary (January 24, 2002)

The Toronto Stock Exchange rose another 59.15 points to end at 7,657.6 on Thursday spurred on by encouraging words from U.S. Federal Reserve chairman Alan Greenspan. The oil & gas sector led the TSE’s nine advancing subindices with a 212.46-point or 2.5% gain. The golds fell another 10.64 pints to end at 5,370.28 while the base metal issues gained another 50.21 points to settle at 4,342.9.

Gold edged up a dime to US$278.40 per oz. in New York and silver gained 2 pennies to US$4.27 per oz., as sister metals platinum and palladium both saw modest losses. Lead was the lone base metal; to suffer a loss on the London Metal Exchange.

Quebec-based gold producer McWatters Mining soared 4 or more than 72% to 9.5 with about 3.8 million shares traded to rank as the nation’s busiest mining issue. On Thursday, the company announced that its secured and unsecured creditors and shareholders approved its reorganization plan at special meetings on Wednesday. The plan still needs the ratification of the Superior Court of Quebec. A hearing is slated for Jan. 28. If approved, the plan should take effect by Feb. 28. Under the plan, unsecured creditors would hold 75% of the company with the existing common and preferred shareholders owning the remaining 25%.

Franco-Nevada Mining as a distant second adding a nickel to hit $25.45 on about 1.6 million shares. The country’s gold majors saw mixed results. Barrick Gold lost 7 to $26.05; Placer Dome climbed 12 to $18.70; and Kinross Gold dropped a penny to $1.39.

In the lower ranks, NovaGold Resources tacked on 31 or about 11% to make $3.21. On Thursday, NovaGold tabled an updated resource estimate of its Donlin Creek gold deposit in Alaska. The deposit’s measured and indicated resource has nearly doubled to 4.4 million contained oz. and the inferred resource has increased by a whopping 161% to 6.2 million contained oz.

Also making noise were: Miramar Mining, up 12 or 12% to $1.12; Hope Bay Gold, 2 higher at 28; and Wheaton River Minerals, which gained 6 or 7.8% to 83. Partners Miramar and Hope Bay recently updated the resource estimate on their Hope Bay project in western Nunavut. The new resource figure for the project’s three deposits — Boston, Doris, and Madrid — is 10 million tonnes grading 13.3 grams gold per tonne.

Alcan led the base metal miners rising 85 to $60.10 with about 1.2 million shares changing hands. Inco climbed 44 to $%27.90; Falconbridge dropped 45 to $16.45; and Noranda found 14 to reach $15.75. Unionized employees at Noranda’s Bell Allard zinc mine in Matagami, Quebec, voted 80 % in favour of a new three-year collective agreement.

Canada’s junior exchange surged forward with advancer leading decliners by a 228-to-197 margin. The S&P-CDNX Composite Index gained 9.14 points, or 0.8% to close at 1101.85.

Seahawk Minerals added 2 to close at 5 on 777,000 shares. The cash-strapped company recently suspended bulk sampling activities on its Piteiras emerald project in Brazil.

Investors sold off shares in Quaterra Resources ahead of assay results from the four holes drilled on its Duke island nickel sulphide property in Alaska. Stock in the Thomas Pattan-led company fell 3 to 9 on 328,000 shares. All of the holes reportedly intersected sulphide mineralization from surface. Assay results are expected any day now.

Vannessa Ventures gained 11 to close at $1.05 on 156,250 shares. The junior announced that it has obtained an exploitation permit for it’s wholly-owned Crucitas gold project in Costa Rica. The property hosts a total measured and indicated gold resource 29.6 million tonnes grading 1.51 grams gold and 3.41 grams silver.

Mandorin Goldfields managed to hold on to yesterday’s gain ending the session unchanged at 3 on a volume of 331,000. The company has a joint venture with a subsidiary of London-based Lonmin on and around the Tafuna Hill area in the Shamva district of Zimbabwe.

Amarc Resources is showing signs of life gaining ground for the second straight day. Shares in the Hunter-Dickinson junior gained 4 to close at 54 on a volume of 52,000 shares. The company is gearing up to drill test the Inde gold property in Mexico’s Durango state.