Trading Summary (December 20, 2001)

After surrendering most of its recent gains on Wednesday, the Gold & Precious Minerals subindex shot up 109.28 points or 2.2% to 5,123.19 on Thursday. Still, even with a 1.9% gain by the Consumer Products subindex, the tech-heavy Industrial Products dragged the market down falling nearly 3.3%. Overall, the Toronto Stock Exchange slipped 46.09 points to end at 7,455.

Barrick Gold was the most traded miner with just less than 1.5 million shares traded. The issue gained 58 to $26. Franco Nevada Mining was the next busiest gold miner added 50 to hit $23.30 on less than 1.1 million shares. Kinross Gold gained 4 to $1.16; TVX Gold slipped two pennies to 61 and Cambior lost a nickel to 67.

Normandy Mining shed 35 to $14.30. On Thursday, Normandy announced that as part of its ongoing asset rationalisation program, its has reached an agreement to sell its interests in the Ity gold mine and Tasiast gold project to Tasiast Holdings and Companie Generale Des Matieres Nucleaires, respectively. The deals will generate a combined profit of about A$6 million for Normandy. The company says neither sale will breach any of the AngloGold or Newmont takeover conditions.

Making moves among the smaller gold producers were: Iamgold, up 19 or 5.2% to $3.84; Hope Bay Gold, 1.5 or about 9% higher at 18.5; and Glamis Gold, which gained 19 or 3.3% to $5.89.

Alcan saw the most action falling 16 to $56.24 with about 1.2 million shares changing hands. On Wednesday, Alcan said it will close a foil plant and two packaging plants in North America and sell various extrusion and packaging assets in the United States and Asia under a plan to lower costs and increase profits. Teck Cominco was next in line with about 850,000 shares crossing the floor to gain 69 to $12.45.

In diamond news, marine diamond miner Namibian Minerals (Namco) announced on Thursday that its major shareholder, LL Mining Corp. has provided a US$3-million bridging loan facility. Namco has also finalized the terms of a re-scheduling agreement with its senior lenders, and is finalizing terms to re-schedule repayment of convertible debentures issued in March and April 2001 and repayment to LL Mining of an earlier US$2.6-million loan, plus an agreement with LL Mining for the provision of a US$10-million loan facility, which replaces the US$3-million bridging loan. In the boardroom, Alastair Holberton has resigned from his CEO position. Arye Barboy, a director representing the Leviev Group, has beenappointed Chairman.

Canada’s junior exchange managed to post modest gains on heavy volume. The S&P-CDNX Composite Index ended the session up 4.57 points, or 0.5% to close at 978.49.

News that a $3-million financing has been secured failed to lift shares of Idaho Consolidated Metals. The junior ended the day unchanged at 38 on 523,000 shares. The funds are earmarked for a second round of drilling on its platinum-palladium properties in the Stillwater complex of Montana.

War Eagle Mining tacked on 1 to 13 on 167,300 shares. The junior’s 2001 exploration program of mapping and sampling confirmed the tantalum potential of the Mac property located in the Mackenzie Mountains of the Northwest Territories. The program outlined two areas in the northern and southern parts of the complex where drill targets will be defined early next year.

The discovery of a 400-metre-long geochemical anomaly on its Norton Lake nickel-copper-cobalt-platinum-palladium zone near Thunder Bay failed to lift the shares of East West Resource. The new target lies at the east end of the known zone. Previous drilling outlined a sulphide zone hosting 944,500 tonnes grading 0.72% nickel and 0.55% copper. The junior ended the day unchanged at 8 on 340,000 shares.

The latest drill results from the Boyongan copper-gold prospect in the Philippines propelled shares in Philex Mining 5 higher. The junior’s joint venture partner, Anglo American has two drills turning on the property and plans on adding four more in the new year. Philex ended the day at 60 on 53,500 shares.