Trading Summary (November 16, 2001)

The Toronto Stock Exchange ended the week with a 52.39-point gain to 7,315.3 points. The Paper & Forest subindex led the ten advancing subindices with a 2.6% gain to 4,663.65 points. Leading the three declining subgroups were the golds, off 1.8% to 4,731.74 points.

Gold slipped a dime to US$274.50 per oz. in New York. Silver dropped a penny to US$410 per oz.; platinum gained US$5 to US$428 per oz.;’ and palladium rose US$16 to US$339 per oz.

Franco-Nevada Mining remained on investors radar screen surrendering another $1.15 to $22.90 on nearly 4.7 million shares, making it the busiest mining issue. On Wednesday, Newmont Mining, North America’s biggest gold producer, announced plans to buy Franco and make an offer for Australia’s Normandy Mining. The US$4.42-billion twin bid would create the world’s largest gold miner.

Most of the country’s remaining gold miners followed suit. Barrick Gold dropped 35 to $23.10; Placer Dome shed 43 to $16.36; Kinross Gold lost 3 to $1.17; and Cambior was 3 lower at $72.

Making waves in the junior ranks was Chesbar Resources, up 4.5 or 45% to 14.5 on no news. Northern Orion Explorations gained 1.5 or 27% to 7. McWatters Mining added a penny or 14% to hit 8.

The base metal issues were mostly swamped in red ink. Inco was the busiest falling 22 to $24.85; Teck Cominco shed 28 to $11.25; Falconbridge dropped 7 to $16.18; and Noranda lost a dime to $14.76. Aur Resources stood out rising 2 to $2.80.

On Thursday, Inco and Norilsk Nickel denied a plan to coordinate operations. The rumours surface after Inco officials attended a "fact finding" tour of Norilsk’s facilities, according to Reuters. Inco spokesman Steve Mitchell said, "We have a lot of these exchanges. The purpose is really to get to know each other better.” A Norilsk statement said, "No talks on coordinating the companies’ actions or activities have taken place.”

Despite the continuing slide in oil & gas related issues, Canada’s junior exchange managed to extend its recent rally led by gains in technology stocks. The Canadian Venture Exchange ended the week by gaining 25.42 points, or 0.8% to finish at 3,051.58. The Mining Index climbed 47.58 points, or 0.6% to close at 7,733.83.

Leader Mining International continued to soar to new heights, adding 25 to close at $2.39 on 105,700 shares. 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.

Samex Mining lost 3 to close at 5 on 647,000 shares. The company is awaiting drill results from the Eskapa copper-gold property in Bolivia.

Quaterra Resource lost 1 to end the week at 23 on 219,000 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.

Kensington Resources continued to climb higher as investors await bulk sample results from the Fort a la Corne diamond project in Saskatchewan. Nine of the ten newly completed drill holes are from the central part of the 141 kimberlite and one minibulk sample was collected from kimberlite 150. Shares in the junior closed at 74, up 10 on a volume of 113,300.

Oliver Gold gained 1 to end the day at 25 on 116,200 shares. 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.