Trading Summary (November 25, 2002)

The Toronto Stock Exchange edged 24.27 points higher to 6,578.16 points on Monday. The technology stocks led the way, gaining 0.98 of a point or 5.5% to reach 18.8 points. The Gold Index slipped 3.12 points to 165.8 points as all of the precious metal ended the day with losses in New York. Gold fell US$2.80 to US$317.80 per oz., while palladium shed US$6 to US$260 per oz. The base metal miners slid 0.86 of a point to 126.39.

Barrick Gold was the most traded mining stock, losing 66 to hit $23.10 with about 2.6 million shares traded. Asia Pacific Resources made a rare appearance on the TSX’s top ten traded list sending nearly 2 million shares across the floor. The issue ended unchanged at 7.

Cambior was one of the few gold miners to put in a gain, climbing 4 to $1.64. On Monday, Cambior reported results from drilling at the Doyon mine in northwestern Quebec. So far 13,700 metres (in 27 holes) of 15,000 metres of planned drilling has been completed. Highlights from extension drilling on the M zone include: 12.7 grams gold per tonne over 3.1 metres; 6.1 grams over 3 metres and 9 grams over 4.2 metres. The T zone was highlighted by 5.8 grams over 4.2 metres and 28.1 grams over 3 metres.

Miramar Mining lost 7 to settle at $1.13 as the company posted third-quarter net earnings of $1.2 million (or a penny a share), compared with a year-ago loss of $700,000 (1 a share). Revenue climbed by $1 million to $ 14.8 million. The improvement is attributed to mostly to the reimbursement of environmental expenditures at the Giant mine from the Department of Indian and Northern Affairs.

Inco saw the most action among a quiet base metal crowd. The stock dropped a nickel to $32.50.Most of the others put in similar losses. Uranium miner Cameco was one exception grabbing 95 to reach $33.85. On Monday, Cameco reported the discovery of high-grade gold mineralization at its REN project in northern Nevada. Fourteen holes sunk over three years returned between 8 grams gold over 28.9 metres to 55.2 grams over 24.4 metres. The most recent drilling confirms that the zone extends at least 200 metres in length at depths of 700 to 900 metres below surface.

Ivanhoe Mines slipped three pennies to $2.98 on 437,900 shares after announcing "the highest sustained copper grades yet" from its Oyu Tolgoi gold-copper project in southern Mongolia.

Canada’s junior exchange started the trading week off in familiar fashion by losing ground. The S&P-TSX Venture Exchange composite index lost 2.97 points or 0.31%, and closed at 942.43.

Expatriate Resources got a boost on news that it acquired 166 additional claims in the Finlayson district of the Yukon. The claims, which are included under the recently announced option and joint venture agreement with the privately owned YK Group, cover geological settings considered favourable for emeralds. Shares in the junior added 3 to close at 11 on a volume of 769,490.

Mansfield Minerals climbed 4 to close at 67 on 541,600 shares. The company has the option to acquire 100% interest in the La Frontera Property, Argentina, located in northwestern Catamarca Province, approximately 525 km west-southwest of Salta.

Canadian Royalties continued to trade heavily as investors await the results of another 30 drill holes into the Mesamax area of the Expo Ungava property in northern Quebec. Hole 18 on the property sent shares in the junior soaring. The hole returned 3.32% nickel, 4.01% copper, 0.13% cobalt, 0.26 grams gold, 1.52 grams platinum and 30.3 grams palladium over 49.3 metres. Shares in the company added a penny to close at $2.64 on a volume of 433,500.