Trading Summary (September 27, 2001)

After dipping about 65 points early in the day, the Toronto Stock Exchange staged a mini-rally late on Thursday to finish 14.67 points higher at 6,669.5. The Oil & Gas sector led the nine advancing subindices with a 2.1% rise to 8,102.45 points. The Utilities went the other way falling 2.2% to 11,111.96 points. The gold and base metal issues made modest moves gaining about 0.9% each. The U.S. markets were mixed. The Dow Jones Industrial Average rose 1.2%, the Nasdaq fell 0.23% and the S&P 500 gained 1.1%.

In New York, silver, which was unchanged at US$4.58 per oz., was the lone precious metal not to fall. Gold dropped US80 to US$290.95 per oz., palladium dropped another US$21 to US$370 per oz. and platinum surrendered US$2 to US$439 per oz. Lead and tin made small gains on the London Metal Exchange. The rest suffered more small losses.

Barrick Gold was the nation’s busiest gold miner gaining 48 to $27.75 on about 3.6 million shares. Kinross Gold slipped 3 to $1.52 on just more than 2 million shares. Placer Dome gained 3 to $20.63 with about 1.7 million shares traded. Franco-Nevada Mining gained 60 to $22.60.

Novagold Resources put in a nice performance gaining 22 or 12.4% to $2 on the back of impressive drill results from the Acma target on the 13-million-oz. Donlin Creek gold deposit in southwestern Alaska.

Inco was the busiest base metal issues recovering $1.24 or 7% to $19.14 after Wednesday’s fall. Other gainers were Falconbridge, up a nickel to $14.80, Noranda 23 higher at $14.48 and Alcan which edged up 20 to $45.70. On the minus side were Sherritt International, off 16 to $3.51 (a 52-week low), Teck Cominco, 30 lower at $10.44, and Breakwater Resources continued its downward spiral losing 1 to 18.

On the diamond front, Namibian Minerals continues to rebound after securing US$6 million to continue marine diamond production of the coast of the southwestern African nation. The company also expects a US$9-million business interruption claim to be paid in a matter of days. The company’s stock climbed another 6 or 20% to 36.

Diamond Fields International climbed 8 or 15.4% to 60. DFI and its South African partner Trans Hex Group recently reported that surveys over mining licence 111 have recovered three times as many stones as previous ones. Specifically, an average of 5 carats were recovered from each square metre of trenching, versus 1.7 carats.

The Canadian Venture Exchange ended the day virtually unchanged, up 0.88 of a point to finish the day at 2,770.97. Trading volumes remained light. The Mining Index slumped 19.94 points, or 0.3%, to close at 7,050.53.

Masuparia Gold topped the most actively traded chart among junior explorers gaining 2 to close at 12 on 799,250 shares. The company launched an exploration program over the Greywacke gold property north of La Ronge Saskatchewan.

A nice percentage mover, Copper Ridge Explorations gained 4 to close at 8 on 293,000 shares. The company recently announced a positive due diligence sampling program over the Kalzas tungsten-tin-silver property near Mayo in the central Yukon. The program confirmed tungsten values within a large stockwork porphyry-style setting.

Failing to get a boost on news that platinum-palladium mineralization has been discovered on its Duke Island property in Alaska. Quaterra Resources lost 1 to end the day at 19 on 176,000 shares. The Thomas Patton-led junior also announced that four drill holes have been completed on the nearby union Bay property.

Poplar Resources continued its sea-saw-trading pattern ahead of drill results from the Bottenbacken polymetallic project in Central Sweden. Shares in the junior dropped 2 to 25 on a volume of 195,550. The company’s 65%-owned subsidiary is currently drilling the third of a planned 20-hole program over the property.

Inca Pacific Resource lost 1 to close at 17 on 140,000 shares. The company’s joint venture partner on the Magistral copper property in Peru just completed a drill program, while to the north, another joint venture partner is in the midst of a 5,000-metre drill program over the Cueva Blanca gold property, both in Peru.