Trading Summary (November 09, 2001)

The Toronto Stock Exchange ended the week on a high note gaining 68.91 points to close at 7,209.7 points. Powering the gain was the Oil & Gas sector, which rose 2.3% as crude prices strengthened on news that Russian oil companies plan to join OPEC in cutting production to prop up sagging prices. By day’s end, just two of the TSE’s fourteen subindices managed to end in the red.

Barrick Gold took top honours as the TSE’s most active mining issue with just short of 2.7 million shares on the go. The stock gained 41 to $25.16. Placer Dome was the next busiest gold miner rising 23 to $17.93 on more than 1.2 million shares. Franco-Nevada Mining added 95 to hit 22.20; Kinross Gold and TVX Gold were both unchanged at $1.33 and 65, respectively. In all the TSE’s Gold & Precious Minerals subindex gained 69.76 points to 5,020.7. Most of the smaller producers were little changed.

Pan American Silver lost a dime to $5.25. On Friday, the company posted a third-quarter loss, excluding unusual items, of US$2.8 million, compared with a loss of US$400,000 a year earlier. For the first three quarters of 2001, the company incurred a net loss (excluding unusual items) of US$7.2 million, compared with a year-ago loss of US$1.9 million.

Losers in the realm of the junior gold miners include: McWatters Mining, down 2.5 or 28% to 6.5; Richmont Mines, off a dime to $1.50; Greystar Resources, which slid 1.5 to 12.5; Golden Star dropped a dime to $1; and Chesbar Resources fell 1.5 to 10.5.

Noranda rebounded from recent 52-week lows to gain 31 to $14.02 on about 1.5 million shares. Falconbridge was next inline adding 32 to reach $14.90. Similar results were seen among most of the rest. Inco was 41 higher at $23.37; Teck Cominco gained 8 to $11.30; and Boliden rose a penny to 27.

Making noise in the junior ranks were: Nuinsco, up 3 or 9.4% to 35; Tenke Mining, up 2 pennies to 50; and Ivanhoe Mines, 13 higher at $2.44. Ivanhoe recently announced that gold production has resumed at the Bakyrchik gold mine in northeastern Kazakstan. The mine had been dormant since Ivanhoe acquired its 70% interest in 1996.

Heading south was Western Copper, off 9 or 13% to 60.

Canada’s junior exchange rallied for a third straight day led by a 1.8% gain in technology related issues. The Canadian Venture Exchange gained 26.48 points, or 0.9% to finish the week at 3,032.79. The Mining Index tacked on 75.42 points, or 1%, to close at 7,750.41.

Andean American Mining gained 5 to 39 on 211,442 shares. The company announced plans to expand its Santa Rosa pilot plant in southern Peru to treat 3,250 tonnes of gold-bearing ore per day.

Leader Mining International fell victim to profit taking, losing 33 to end the week at $2 on 339,170 shares. The company climbed to new 52-week highs over the past week. The junior has been busy tying up ground near Hope, BC. The Harrison Lake Property covers an ultramafic belt that extends over 60 km northwest from the B.C. Nickel mine, which mined and milled a reported 4.2 million tonnes grading 1.19% nickel and 0.46% copper.

A new resource estimate over the Ferguson lake nickel-copper-cobalt-platinum-palladium property in Nunavut failed to lift shares of Starfield Resources. The junior lost 2 to close at 49 on 154,450 shares.

Oliver Gold ended the week at 22, unchanged on the day with 117,900 shares changing hands. Stock in the Lawrence Nagy-led junior has been actively traded since announcing a proposed 9.3-for-1 roll back and a merger with privately held Hastings Resources. The annual general meeting is set for Dec. 21.

Chilean Gold soared 9 to 49 on 196,000 shares. Last year, the company acquired the Las Hadas property in Chile for $1. Cantex Mine Development ended the week flat at 6 cents on 328,000 shares. The Charles Fipke-led junior has been actively exploring for gold and massive sulphides in Yemen.