Trading Summary (September 17, 2002)

The Toronto Stock Exchange’s telecom sector managed to drag itself 0.26 of a point higher to 42.21 points on Tuesday the only subindex to do so. The gold index led the others downward with a 6.94-points or 3.35% fall to 200.31 points. The base metal miners were close behind falling 2.58 points or 2.2% to 114.12 points. By day’s end, the S&P/TSX Composite Index was off 108.35 points or 1.7% at 6,392.26 points.

Canada’s big three gold producers put in losses paced on by a US40-per-oz. loss to US$316.80 per oz. in New York. Placer Dome shed 84 to $16.30 on a trading volume of just fewer than 6 million shares. Kinross Gold lost 11 to $3.54 with about 4.7 million shares traded. Barrick Gold rounded out the top three ending 70 poorer at $27.09 with around 3 million shares changing hands.

On Tuesday, Barrick announced a US$2-billion expansion program that would see four new projects come onstream in the next six years. The company also said that it would reduce its forward sales position to 12 million ounces by end of 2003, down from the 17.9 million ounces hedged at the end of June.

In the lower ranks, Thistle Mining stood out like a sore thumb jumping 9 or 18.75% to 57. Shares of Crystallex International rose 16 or 4.6% to $3.65 after the company announced it had signed a definitive deal with Corporacion Venezolana de Guayana to develop the Las Christinas property in Venezuela. The deal would give Crystallex complete control of all the reserves and resources at Las Christinas. Las Christinas is host to proven and probable reserves of more than 11.8 million ounces of gold.

Inco led the base metal miners, falling 50 to $26.30 with just less than 1.1 million shares traded. After inking workers at its Thompson, Manitoba operations to a new three-year collective agreement, the major shut down work at its Goro laterite-nickel project in New Caledonia after demonstrations by local suppliers and contractors.

Alcan was next in line falling 33 to $40.47 with just more than 1 million shares on the go. Most of the others put in similar performances. Swimming upstream to post gains were: zinc miner Breakwater Resources, plus a penny to $14 and Fording Coal, up 21 to $23.

Advancers lost to decliners 222 to 293 on Canada’s junior exchange as the TSX Venture Exchange composite index tumbled 3.32 points or 0.33% and closed the day at 996.21 with 26.3 million shares traded.

Big Blackfoot Resources tacked on 1 and closed at 5 with 750,000 shares traded. According to the last report by the TSX Venture Exchange, the company is prohibited from granting ore exercising stock options. Big Blackfoot is expected to initiate its reactivation within twelve months of being designated inactive and is required to achieve tier maintenance requirements no later than January 24, 2004, failing which, trading in the securities of the company may be suspended.

GGL Diamond found a penny and closed at 24 on 717,000 shares. The company completed drilling three magnetic anomalies on its 100%-owned Seahorse property in the Northwest Territories. All holes intersected an “ultramafic rock” that has “characteristics consistent with kimberlite.” The junior has also closed a previously announced $300,000 financing. The 1.5 million common shares issued though a private placement at $0.20 per share have a hold period until January 17, 2003.

Temex Resources lost a nickel and closed at 70 with 363,500 shares traded. Earlier this month the junior intersected high-grade, near-surface gold mineralization at its 100% owned Juby gold project, located in the Larder Lake Mining Division, Ontario. An interval of 5.04 grams gold over 14.22 metres was cut in hole JU-02-01. A phase 2, 1,500 metre drilling campaign is now underway with the goal of expanding the higher-grade core at the Juby Main zone, both at depth and along strike.