Trading Summary (December 11, 2002)

The Toronto Stock Exchange retreated to the tune of 9.95 points to end at 6,587.25 on Wednesday. The Gold Index led three other advancing subindices by grabbing 3.59 points or more than 2% to make 179.13. In New York, the yellow metal tacked on US$1.20 to settle at US$324.60 per oz. The base metal miners rose 0.64 of a point to 122.99.

Not surprisingly, most of the country’s gold stocks put in gains. Kinross Gold grabbed 4 to hit $2.92 on nearly 3.8 million shares to rank as the busiest. Nice percentage gainers were: Miramar Mining, plus 13 or 10.4% to $1.38; Iamgold, 37 or more than 6% higher at $6.27;

On Wednesday, NovaGold Resources announced that it has attained its 70% stake in the Donlin Creek gold project in Alaska, by spending US$10 million on the property over the past 15 months. Placer Dome now has 60 days to decide its future level of participation in the project. NovaGold shares ended 4 lower at $4.46; Placer climbed 36 to $16.04.

Most of the base metal miners put in modest gains. Fording was the busiest, gaining 6 to $32.66. On Wednesday, Fording vowed to fight any attempts by the Sherritt Coal Partnership II to delay its Dec. 20 shareholder’s meeting. Fording’s shareholders are to vote on the company’s new three-way income trust conversion, involving Teck Cominco and Westshore Terminals Income Fund (WTE.U-T). Sherritt International climbed 9 to 4.25; Teck Cominco’s B shares grabbed 12 to hit $11.03, and for their part, Westshore’s units dropped 8 to $4.95.Alcan was next in line, trading more than a million shares to a 26 gain to $46.86.

Canada’s junior exchange remained stuck in neutral with advancing issues equally decliners 324-to-324. The S&P-TSX Venture Exchange composite index lost 1.17 points, or 0.12% and closed at 965.07.

Making a nice percentage gain on news that its joint venture drill program with Toronto-listed Kinross Gold on the Gil claims in Alaska is nearly complete, Teryl Resources added 5 to close at 37 on 607,775 shares. The junior has four gold properties in Fairbanks, Alaska mining division, of which two are joint-ventured with Kinross Gold. The Gil prospect joint venture contains a drill indicated 10.7 million tons grading 0.04 oz gold per ton.

Snowfield Development gained a penny to close at 14 on 341,000 shares. The company is in the midst of a drill program on the Drybones Bay diamond property located approximately 46 km southeast of Yellowknife, Northwest Territories. Initial drilling is focused on the Mud Lake area of the Drybones 4 claim.

The latest drill results from the Mesamax discovery zone on the Expo Ungava nickel-copper-platinum-palladium property in Northern Quebec sent investors running for the exits. Shares in Canadian Royalties plunged 14 in early trading but recovered by day end to close at $1.98, down 2 on a volume of 749,110.