Trading Summary (November 22, 2002)

Toronto’s gold stock enjoyed an afternoon surge by the yellow metal, gaining 1.42 points to end the week at 168.92 on Friday. After a slow start gold itself ended US$3.40 per oz. higher at US$320.60 per oz. in New York. The base metals miners couldn’t sustain their climb, falling 0.65 of a point to 127.25. In the end, the S&P/TSX Composite Index was 13.94 points lower at 6,553.89.

Barrick Gold was the most traded gold stock with more than 3.2 million shares changing hands. Still, the issue fell 13 to $23.76. Likewise, Placer Dome shed 3 to hit $15.05 on a volume of about 2.2 million shares. Kinross Gold was the only one of the big three gold producers to manage a gain, advancing 6 to $2.68.

Cambior ended a nickel richer at $1.60 with around 216,000 shares on the go. Late on Thursday, Cambior announced that it had secured US$65 million to help fund development and construction of its Rosebel gold project in Suriname.

Having confirmed mineral continuity and delineated a high-grade core of gold mineralization at its Kemess North copper-gold project in central British Columbia, Northgate Exploration has launched a prefeasibility study. The company’s shares grabbed 3 to make $1.33.

Alcan left the rest of the base metal miners in the dust volume-wise. The aluminum giant rose 62 to $49.37 with more than 1.6 million shares crossing the floor. On Friday, Alcan said it had agreed to buy Norwegian-based Norsk Hydro’s Flexible Packaging unit, part of its German aluminium unit VAW for E345 million euros. The deal will see Alcan drop litigation against Norsk Hydro over VAW’s 50% holding in Alunorf Rolling Mill.

Noranda dropped dime to $15.40 in thin volume. Workers at the company’s Horne copper smelter in Rouyn-Noranda, Quebec, have voted 73 % to reject the company’s final contract offer.

Canada’s junior exchange ended the trading week virtually flat as investors found little reason to trade stocks. The S&P-TSX Venture Exchange composite index lost 0.32 of a point and closed at 945.40.

Minera Capital was the most actively traded junior explorer, adding 2 to close at 13 on 1.04 million shares. In April, the company picked up eight diamond claims, known as the Wemindji property, in Quebec. The price tag came in at $175,000 and 600,000 shares. The property is subject to a 3% royalty.

Shares in Canadian Royalties appeared to find a balance after a robust trading week. The junior ended the day at $2.63, up 3 on 399,240 shares. Investors are waiting for the results from another 30 drill holes into the Mesamax area of the Expo Ungava property in northern Quebec. Hole 18 on the property sent shares in the junior soaring. The hole returned 3.32% nickel, 4.01% copper, 0.13% cobalt, 0.26 grams gold, 1.52 grams platinum and 30.3 grams palladium over 49.3 metres.

Donner Minerals continued to trade heavily on news that Falconbridge will move forward on the South Voiseys Bay nickel sulphide project in Labrador. The junior added a penny to close at 16 on 390,699 shares.