Trading Summary (August 30, 2001)

Broad losses sent the Toronto Stock Exchange lower for the third straight day on Thursday, led by a 2.4% decline in the technology issues. The TSE 300 composite index fell 76.64 points, or 1%, to 7,417.7. The consumer products index, which was the star of the show on Wednesday, reversed course and dropped 405.15 points, or 2.4%. The base metal issues shed 107.73 points, or 1.3%. The Gold & Precious Minerals subindex managed to gain 36.27 points to 4,856.96, making it just one of three advancing subindices.

Platinum and palladium were both lower in New York, falling US$22 and US$23 per oz. on the day, respectively. Platinum finished at US$435 per oz. and palladium at US4440 per oz. Silver dropped a penny to US$4.17 per oz. Gold gained US$1.79 to US$275.30 per oz.

Miners were well represented on the TSE’s top 10 most active list. TVX Gold led the way with more than 6.1 million shares on the go. The issue climbed 4 to 80. Boliden was right behind, falling 3 to 29 with about 3.1 million shares traded. Barrick Gold was unchanged at $24.95 on more than 1.9 million shares.

Barrick and partner Newmont Mining announced that production at the Deep Post gold mine in northern Nevada has halted following a pit-wall slide on the south side of the Betze-Post pit. The pit, which is operated by Barrick, will remain closed for several days until federal and state inspectors have completed their investigation.

The remaining gold majors were little changed. Placer Dome found a dime to reach $17.10, Franco-Nevada Mining climbed 73 to $20.60 and Kinross Gold shed a penny to $1.36.

The country’s base metal miners saw more red. Alcan was 91 lower at $55.69, Inco fell 24 to $25.27, Sherritt International lost 2 to $4.83, Teck-Cominco dropped 8 to $12.10 and Boliden slid 3 to 29.

Canada’s junior exchange fared much better than the major bourses but all indices still ended the day in the red. The Canadian Venture Exchange fell 5.54 points, or 0.2%, to finish the day at 3,023.94. The Mining Index lost 7.78 points, or 0.1%, to close at 7,416.64.

Golconda Resources tacked on 6 to 41 on 206,400 shares. The junior reported that a drill hole into its Wapawekka Lake property in north-central Saskatchewan cut 60 metres of massive sulphides. The sulphides comprise mostly pyrrhotite with some copper and zinc sulphides. Assay results are pending.

Starfield Resources ended the day flat at 49 on 252,000 shares. The junior has three rigs turning on the Ferguson Lake copper-nickel-platinum-palladium project in Nunavut.

Shares in Gold Canyon Resources continued to surge higher, ending the day at another new 52-week high, up 12 to $1.60 on 172,940 shares. The junior has stepped away from the Springpole gold property in Ontario and is now looking at gallium on the Cordero property in Humboldt County, Nev.

Continuing to catch the eye of traders, Sultan Minerals tacked on 4 to end the day at a new 52-week high of 26 on 275,500 shares. The company announced that drilling would resume by mid-September on a gold porphyry target dubbed Gold Mountain on the Kena property in southeastern B.C.

Shares in Radius Explorations appear to have found a bottom, ending the day up 1 to close at 66 on a volume of 97,000. The Simon Ridgway-led junior has drifted lower over the past month as investors await further drill results from the Tambor gold property in Guatemala. The first seven holes into the Lupita target returned broad intervals of low-grade mineralization (0.7-2.2 grams gold).