Trading Summary (November 28, 2002)

The Toronto Stock Exchange put in gains for the second straight day, rising 25.12 points to make 6,629.37 on Thursday. Likewise, the golds continued lower, falling 0.41 of a point to 164.28. The base metal miners managed to grab 0.73 of a point to make 128.76.Kinross Gold was the most traded gold major ending a penny higher at $2.67 on only just more than 810,000 shares. Placer Dome made 17 to hit $14.75 and Barrick Gold fell 23 to $22.85.

Cambior dropped a penny to $1.68. On Thursday, Cambior announced that Jipangu, a Japanese gold-oriented investment company, exercised 4.95 million warrants at US83.3 per share. Cambior says it plans to use the US$4.12 million in proceeds to help fund construction and development of the Rosebel gold project in Suriname. Jipangu now holds a 28% stake in Cambior.

Most of the other gold issues made modest moves in quiet action as investors south of the boarder enjoyed a tryptophan-induced nap.

The story was much the same among the base metal miners. LionOre Mining International saw the most action with 266,638 shares traded. The issue climbed 11 to $4.29.

Noranda tacked on 6 to make $15.25. Noranda has resubmitted an environmental impact study for its $3-billion Alumysa aluminum plant in Chile. The company is also looking for a partner to help develop the project.

Uranium miner Cameco advanced 48 to $35. The company said on Thursday that the restructuring of British Energy, its partner in the Bruce Power nuclear plant, added more clarity to talks aimed at acquiring BE’s 82% stake in the joint venture, reports Reuters.

Canada’s junior exchange put in its best performance of the week as investors started nibbling on beaten down issues. The S&P-TSX Venture Exchange composite index surged 9.97 points or 1.06%, and closed at 951.09.

Continuing to move higher on good volume, Arctic Star Diamond added 5 to close at 41 on 965,500 shares. The company is currently in the midst of selling up to 1.5 million units at a price of $0.25 each.Each unit holds one share and one warrant entitling the holder to purchase one additional share at a price of $0.30 per share for a period of two years. Arctic Star holds a number of diamond projects in Ontario and Manitoba.

Dynacor Mines added 2 to close at 51 on 727,200 shares. The junior recently completed a 2,200-metre drill program over its Tumipampa property located 52 km south of the town of Abancay in Peru. The result received to date indicates the potential of a large copper-gold porphyry system. Values included up to 12.3 grams gold over 2 metres in hole 6.

Madison Enterprises attracted more trading interest gaining 1 to close at 15 on 486,500. Shares in the junior have traded heavily since the company announced drill results from the Virgin fault target on the Lewis property in Nevada. Results from the 9 hole program include up to 3.24 oz gold per ton over 15 ft.

The continuing legal dispute with Ungava Minerals failed to impact the price of Canadian Royalties. The company ended the day flat at $2.15 on a volume of 230,300 shares. Ungava and Canadian Royalties are heading back to the arbitrator for a ruling on one disputed claim on the Expo Ungava nickel sulphide property in northern Quebec.