Trading Summary (February 21, 2002)

The gold issues regained their glitter on the Toronto Stock Exchange gaining 276.75 points or 4.8% to 6,096.64 on Thursday. The Consumer Products subindex also put in a nice performance rising 3.3% to 17,768.3. The base metal issues trailed behind grabbing 41.95 points to end at 4,550.3. By day’s end, the TSE 300 composite index was 13.69 points lower at 7,418.1.

The usual cast of characters headed the list of most traded mining issues on the day. Placer Dome headed the bunch adding $1 to reach $19.30 with about 3.5 million shares on the go. TVX Gold rose 4 to $1.11 on 3 million shares while Barrick Gold tacked on $1.51 to reach $29.75 on a volume f 2 million shares.

On Thursday, Barrick reported a summary of financial results for the one-month period following the business combination with Homestake Mining. During the period, net income tallied to US$9 million (2 per share). Gold production was 480,592 oz. and gold sales were 300,449 oz.; production and costs were in line with plan for the month. Barrick expects to produce 5.7 million oz. at cash costs of US$167 per oz. in 2002. The summary required under the merger agreement between the two companies.

Teck Cominco’s B series was the most heavily traded base metal issue. The stock gained 45 to $14.20. The rest of the group traded sideways. In the junior ranks Western Copper Holdings added 8 or 12.3% to make 73. At the San Nicolas copper-zinc project in Mexico, Teck Cominco delivered a final feasibility study to its partner, Western Copper Holdings. A production decision is not expected until metal prices improve.

Canada’s junior exchange managed to post its first gains of the week with advancers edging out decliners by a 186-to-167 margin. The S&P-CDNX Composite Index tacked on 1.47 points, or 0.1% to close at 1111.49.

Canabrava Diamond topped the most actively traded chart adding 1 to close at 40 on nearly 1.6 million shares. The company, along with joint venture partner Paramount Ventures & Finance started drilling the Groundhog project in northern Ontario. Shares in Paramount ended the day at 9, down 1 on 225,500 shares

Madison Enterprises ended the day flat 11 on 506,500 shares. The cash-strapped company holds the Mt. Kare gold deposit in Papua New Guinea.

Mano River Resources dropped 4 to close at 5 on 600,000 shares. The junior recommence diamond exploration in Kono district of Sierra Leone.

TNR Resources managed to hold on to recent gain, closing the session unchanged at 23 on 212,318 shares. Stock in the company has traded heavily over the past week on news that it inked a deal with Toronto-listed NovaGold Resources to earn a 50% stake in the Rock Creek and Shotgun gold deposits in Alaska.

Starfield Resources bounced back after a series of losing sessions gaining 10 to 81 on 395,500 shares. The company is about to resume drilling on the Ferguson Lake nickel-copper-platinum-palladium project in Nunavut.