Trading Summary (October 11, 2001)

Liquidity and optimism drew the Toronto Stock Exchange 300 composite index to 7,060.11 points on Thursday, a gain of 107.84 points on the day. One of the main beneficiaries of the rally was the metals and minerals group, which outpaced all the market sectors except the volatile industrial products group.

The TSE metals and minerals index was up 115.57 points, or 3.3% of value, to 3,625.21. Volume leader was uranium producer Cameco, which saw 2.3 million shares move while gaining 25 to close at $36.65. Another modest gainer was Noranda, up 25 to $14.65 as it announced the beginning of commercial production from the Antamina mine in Peru. Its partner in the project, Teck Cominco, did even better, rising 45 to close at $10.85.

Nickel was the biggest mover on the London MetalExchange on Thursday, rising US$45 per tonne for a morning ring price of US$5,180 per tonne. The nickel producers caught some of that wave, with Falconbridge adding 55 to close at $15.25. Inco, which dealt out one of its periodic announcements that discussions were continuing with the Newfoundland government on the future of the Voisey’s Bay nickel deposit, closed up $1.07 at $21.57.

There was also some joy for the smaller producers, as Aur Resources gained 25 to close at $2.60 and Sherritt International picked up 20 to finish at $4.10.

The golds, on the other hand, gave back some of their gains from fearful Friday, shedding 38.88 pints to settle at 4,915.79. Barrick Gold, the heaviest trader, swam against the tide, rising 19 for a close of $25.19 with 3.1 million shares riding the tape. Placer Dome was down 56 at $17.90 and Kinross Gold fell 7 to close at $1.35.

Canada’s junior exchange posted gains for a second straight day led by renewed interest in technology related issues. The Canadian Venture Exchange ended the day up 22.55 points, or 0.8% to finish the day at 2,879.72. The Mining Index followed suit, climbing 31.56 points, or 0.4%, to close at 7,191.11.

Andean American Mining contiued to move higher on news that a $385,000 financing was over subsubscribed. The company plans on using the funds to purchase additional equipment for the Santa Rosa gold project in Peru. Andean American closed the day at 27 cents, up 1 cent on 274,500 shares.

News of an independent evaluation for the 122 and 141 kimberlite bodies on the Fort a la Corne propect in Saskatchewan drove shares of Kensington Resources higher. The study determined that a previous estimate tabled by De Beers was reasonable. Shares of the junior ended the day at 27 cents, up 2 cents on a volume of 185,560.

Hunter Dickinson-led Anooraq Resources climbed 5 cents on news that the junior dealt a portion of its 12,176 ha land package in the prolific Bushveld Complex of South Africa to a private affiliate of Robert Friedland-led Ivanhoe Capital. Lying in the northern limb of the intrusive complex, African Minerals can earn a 50% interest in Anooraq’s 2,900 ha Rietfontein farm property by spending $1.5 million over 2-years. Shares of Anooraq ended the day at 65 cents on a volume of 127,000.

Idaho Consolidated Metals tacked on a penny to close at 40 cents on 156,900 shares. The company is in the middle of a proposed $3 million fianacing aimed at completing a second round of drilling on its platinum-palladium properties in the prolific Stillwater Complex of Montana.