Trading Summary (March 01, 2002)

The Toronto Stock Exchange finished the week off by gaining 73.3 point to end at 7,710.8 on Friday. Leading the gaining eight advancing subindices was the Oil & Gas sector, which tacked on nearly 2%. The golds continued lower dropping 16.55poinst to 5,955.97. The base metal miners shed 6.39 points to 4,654.77.

Making splash on Friday was TVX Gold, which lost 7 to $1.07 with nearly 21 million shares changing hands — more than double market heavyweight Nortel Networks. On Friday, the company announced that the Greek Conseil d’Etat, the country’s highest administrative law court, has ruled invalid and annulled permits already issued by the Greek government for the company’s Olympias gold project.

Placer Dome was the next busiest miner with about 4 million shares on the go. The issue fell 32 to $18.26.

Another gold miner making news was Hope Bay Gold, which dropped a penny to 35 after announcing a deal to buy some French Guiana gold assets from Asarco, a subsidiary of Grupo Mexico, for US$16.4 million. The properties will not be included in Hope Bay’s proposed combination deal with long-time partner Miramar Mining. Miramar lost 3 pennies to $1.30.

Breakwater Resources fell 2 pennies to 27 after posting a net loss of $111.1 million for 2001 thanks to record low zinc prices.

Going opposite ways were Alcan, off 78 at $64.08, and Noranda, plus 74 to $17.49. Sherritt International edged up 3 to $4.33. On Friday, Sherritt posted net earnings of $51.6 million, compared with year-ago earnings of $115.6 million. The recent year-end results include a $23.4-million writedown on the company’s investment in Anaconda Nickel.

Canada’s junior exchange joined the joyous mood of the major bourses by ending the week higher on strong volume. The S&P-CDNX Composite Index gained 8.52 points, or 0.8% to close at 1126.50.

Dianor Resources failed to get a boost on news of a diamond discovery on its mineral exploration permit 1404 property in the James Bay area. Shares in the junior lost 1 to close at 24 on a volume of just over 1.07 million shares. A total of 2 microdiamonds were recovered from 2 xenolithic lamprophyre dykes.

Excellon Resources ended the session flat at 26 on 788,000 shares. The junior is negotiating a financing to fund an additional 6,000 metres of drilling on its Platosa-Saltillera massive sulphide property in the northeastern part of Durango state in Mexico.

Marum Resources added 3 on news that the company intends to "allocate significant resources" to its Alberta diamond exploration projects. In partnership with Shear Minerals plans call for definition of potential kimberlite targets on the large Fort Vermilion property, followed by a drill program later in 2002. The large population of anomalies on the Birch Mountains joint venture property will be reviewed and prioritized for a drill program next winter. Marum closed at 11 on 552,000 shares, while Shear ended the week down 3 to 26 on light volume.

Investors bid up shares in Majescor on news that the drill is turning on the Wemindji diamond property in Quebec. Stock in the company closed the week at $1.60, up 12 on 171,100 shares.