Trading Summary (November 15, 2001)

The Toronto Stock Exchange lost ground on Thursday led by a big drop in resource-related issues. The TSE 300 composite index lost 86.55 points, or 1.2% to close at 7262.90. Leading the losers was the oil & gas sector, which plunged 698.88 points or 7.82%. In the end, just three of the TSE’s fourteen subindices finished in the black. Gold royalty company Franco-Nevada Mining gave back a portion of yesterday’s big gain, losing 59 to $24.08 on nearly 8.1 million shares. On Wednesday, Newmont Mining, North America’s biggest gold producer, announced plans to buy Toronto-based Franco-Nevada and make an offer for Australia’s Normandy Mining. The deals worth $4.42 billion would create the world’s largest gold miner.The nation’s remaining gold miners also felt downward pressure as the Gold and Precious metals index fell 3.12%, or 155.30 points to 4819.93. Kinross Gold dropped 6 to close at $1.20 on 3.5 million shares. Barrick Gold fell 67 ending the session at $23.45 on 2.3 million shares. Placer Dome shed 86 to $16.79 on just over 2 million shares. Gold retreated in early New York trade hitting a nine-week low before recovering slightly to US$274.60 per oz., down US$2.60 from Wednesday’s end. Silver lost 3 to US$4.11 per oz.; platinum lost US$3 to US$423 per oz.; and palladium rose US$7 to US$323 per oz.The base metal stocks put in a mixed day. Teck Cominco lost 20 to $11.53, while Inco managed to tack on 7 to $25.07. Noranda fell 14 to $14.85.News that Breakwater Resources would seek a $15 million rights offering sent its shares lower. The financial troubled zinc producer lost 4.5 or 13% to close at 30.

A late day rally helped Canada’s junior exchange end the day virtually unchanged. The Canadian Venture Exchange managed to gain 3.03 points, or 0.1% to finish the day at 3,026.17. The Mining Index faired slightly better tacking on 26.52 points, or 0.3% to close at 7,686.26.The first day of trading on its new exchange was not a good one for South-Malartic Exploration. Previously listed on the Montreal Exchange, the company lost 9 to close at 20 on 1.13 million shares. The latest drill results for its Croinor gold property, 75 km east of Val d’Or, Que. Are expected to boost the project resources. At last count, the property held 3.1 million tonnes grading 3.04 grams gold per tonne (301,000 contained ounces gold) using a cutoff grade of 1.15 grams gold.Quaterra Resource gave back all a small portion of yesterday’s gains, dropping 1 to end the day at 24 on a heavy 368,700 shares. The company announced plans for a $2 million financing and is currently drilling its Duke Island nickel-copper-platinum-palladium property in Alaska. The first hole reportedly cut 80 metres of sulphide mineralization. Assay results are pending.Shares in Kenrich Mining bounced off the floor, gaining 2 to close at 3 on a volume of 300,700. The junior is looking at a number of mineral properties in BC and is seeking a joint venture partner to advance its Corey project near the Eskay Creek polymetallic mine, also in BC.Rubicon Minerals continued its winning ways of late, adding 1 to 49 on 96,330 shares. The company just completed a high resolution magnetic survey over its 100% owned claim groups that lie outside of the AngloGold joint venture in the Red Lake gold camp of Ontario. The results will be used to define drill targets. With the joint venture, five of six drill holes completed on the Slate Bay prospect cut mineralization with hole 1 hitting 2.56 grams gold over 2.3 metres.