Trading Summary (August 10, 2001)

The Toronto Stock Exchange fell 50.56 points to end the holiday-shortened week at 7,644.7. Only three of its 14 subindexes ended in the black. The golds and base metal issues were not among that number, falling 75.82 points and 3.4 points, respectively.

In New York, platinum added US$15 and palladium gained US$21 to finish at US$446 and US$465 per oz., respectively. Gold tacked on another US80 to end at US$274.10 per oz. and silver was US8 lower at US$4.13 per oz. All of the base metals, except for slightly lower nickel, made modest gains in Europe.

Barrick Gold was the lone miner among the TSE’s top 10 most actively traded issues, with nearly 1.9 million shares crossing the floor to lose 69 to $23.99. The rest of the country’s gold miners reversed fortunes and followed Barrick’s lead. Placer Dome shed 21 to $16.69, Franco-Nevada Mining fell 16 to $20.95, Goldcorp was 51 lower at $16.49 and Normandy Mining dropped a nickel to $9.25.

Cambior was one of a few modest gainers, rising a penny to 66. The company announced that a strike by 195 hourly employees at the Niobec niobium mine in northeastern Quebec has ended. Cambior co-owns the mine with operator Mazarin, which fell 2 to 48. The new three-year deal expires April 30, 2004.

The base metal miners performed as well as the gold miners. Inco finished off 29 at $24.46, Falconbridge lost 25 to $16.15, Sherritt International shed 23 to $4.77, Noranda fell 19 to $15.55, and Teck’s B series fell 12 to $11.28.

A late-day buying binge propelled Canada’s junior exchange higher with only the Oil & Gas Index seeing losses on the day. The Canadian Venture Exchange tacked on 6.33 points, or 0.2%, to finish the day at 3,090.29. The Mining Index followed suit, climbing 16.97 points, or 0.2%, to close at 7,456.06.

Shares in Radius Exploration inched higher ahead of further drill results from the Tambor gold property in Guatemala. The results from the first four holes into the Lupita zone on the property failed to lift shares in the junior. Despite hitting broad zones of 1-2 grams gold per tonne, stock in the junior has fallen from $1.25 per share to 97, down 1 on the day with 81,600 shares changing hands.

Leader Mining International continued to move up on news of further work on the Cogburn nickel property in B.C. Stock in the company ended the week at 90, up 1 on 115,000 shares.

Kelowna-based Cantex Mine Development ended the week flat at 9 on 225,100 shares. The company is attempting to advance the Wadi Qutabah nickel-copper-cobalt-platinum-palladium prospect in Yemen.

Great Quest Metals climbed 7 to 26 on a very light 4,000 shares. The junior announced that it had acquired the 32-sq.-km Kenieba gold concession in Mali. To acquire a 95% interest, Great Quest has paid $70,000 and must pay a further $45,000 over a period of four years.