Trading Summary (October 09, 2001)

On Tuesday, the Toronto Stock Exchange 300 index slipped 24.94 points, or just under 0.36%, to end the day at 6,869.30. Oil and gas issues were the biggest gainers among the 14 sub-groups, climbing over 4%. All of the U.S. indices were down on the weekend news of joint U.S.-British attacks in Afganistan, with the Nasdaq losing over 2% in value.

Canadian Hunter Exploration vaulted $13.05 to $52.06 on news of an impending takeover by Burlington Resources of Houston, Texas. Burlington is offering $53 per share for the Albertan oil and gas issue, pegging that company’s worth at US$2.1 billion. The news caused a flurry of trading in Canadian Hunter, with over 46 million shares changing hands.

In stark contrast to their brethren out west, the gold and precious metals sub-group lost 3.76% of its value, ending the day at 5,117.63 points. Barrick Gold slipped $1.20 to $25.75 on a volume of 1.5 million shares, while Placer Dome fell $1.05 to $19.55. The latter announced a partnership with Phelps Dodge to develop proprietary techniques to extract precious and base metals.

Geomaque Explorations was the biggest percentage gainer among the eastern miners, rising nearly 17% to 10.5 on a volume of 394,050 shares. The junior is attempting to convince its senior lender, Resource Capital Fund, to extend the maturity date of its loan beyond September 30, 2002.

Not much news was heard from the base metals camp, though the group fell 50.92 points to lose 1.46% of its value. The exception was First Quantum Minerals, which announced the resignation of Tom Dale as its chief operator in Zambia. The issue was down 10 to $2.50, perilously close to a 52-week low of $2.26.

Canada’s junior exchange returned from the holiday-extended weekend in a sour mood, led by triple-digit losses in mining-related issues. The Canadian Venture Exchange ended the day down 21.02 points, or 0.7% to finish the day at 2,836.54. The Mining Index plunged 151.04 points, or 2.1%, to close at 7,125.75.

Shares in Poplar Resources continued to drift lower ahead of drill results from the Bottenbacken polymetallic project in Central Sweden. Stock in the company fell 3 to end the day at 18 on 635,850 shares. At last report, the company’s 65%-owned subsidiary is drilling the third of a planned 20-hole program over the property.

Starfield Resources gave back some of its recent gains, ending the day at 44, down 2 on 172,250 shares. The junior’s stock got a boost on news that hole 101 on the Ferguson Lake project in Nunavut cut a new zone above the nickel sulphide horizon, which returned 103 grams palladium and 26.7 grams platinum per tonne over 0.35 metre from a depth of 962 metres down-hole.

Ahead of further drill results from the Greywacke property, shares of Masuparia Gold ended the day up 1 at 12 on a volume of 415,000. The company is in the middle of a 1,000 metres drill program over the project just north of La Ronge, Sask.

Quaterra Resources dropped 2 to 19 on 227,600 shares. The Thomas Patton-led junior recently identified a zone of copper-nickel-platinum-palladium on its wholly owned Duke Island claims. Forty outcrop and boulder samples collected from the zone contain values of up to 1.59% copper, 0.25% nickel and65 grams combined platinum and palladium. The company is also awaiting drill results from 4 holes collared on the Union Bay platinum property near Ketchikan.