Trading Summary (November 20, 2001)

Profit taking sent the Toronto Stock Exchange down 41.55 points on Tuesday. The Oil & Gas sector climbed 3.1% and the golds managed to gain 115.26 points or 2.5% to 4,683.68 points. By day’s end, only four of the TSE’s fourteen subindices finished in the black.

Kinross Gold was the country’s busiest miner with more than 2.3 million shares changing hands. The stock added 3 to hit $1.11. Kinross recently posted a US$8.7-million third-quarter loss, better than the year-ago loss of US$14.3 million.

Franco-Nevada Mining was next in line rising 31 to $23.20 on just more than 2 million shares. The company is part of a three-way multi-billion-dollar deal proposed by Newmont Mining. Also including Australia’s Normandy Mining, the deal would create the world’s largest gold mining company.

Rounding out the majors, Barrick Gold added 81 to reach $23.10; Placer Dome rose 54 to $16.13; TVX Gold and Cambior were both unchanged at 64 and 72 , respectively.A decent percentage gainer among the mid-tier producers was Glamis Gold. The issue rose 21 or 4.2% to $5.23 on about 53,000 shares. On Tuesday, Glamis released a final feasibility study of the Marigold Millennium project in Nevada. Elsewhere among the mid-tiers: Agnico-Eagle Mines dropped a nickel to $14.30; Goldcorp grabbed a quarter to reach $16.65; Meridian Gold shed 2 to $15.40; and Iamgold fell 9 to $3.41.

The base metal miners were mostly lower. Inco dropped 46 to $24.92 with nearly 1.1 million shares traded; Falconbridge shed a dime to $16.10; Alcan fell 65 to $55.70 and Teck Cominco lost 15 to $11.15.

Breakwater surged 3.5 or 15.6% to 26. On Tuesday, the zinc miner posted a net third-quarter loss of $91.8 million, including a $69.8-million writedown, compared with a year-ago profit of $6.4 million.

Canada’s junior exchange managed to keep its head above water despite some profit taking on technology-related issues. The Canadian Venture Exchange ended the day up 13.36 points, or 0.4% to close at 3,064.65. The Mining Index tacked on 81.84 points, or 1.1% to close at 7,825.85.

Erin Ventures shot up 8 to close at 40 on a heavy 706,400 shares. The junior announced that it reduced the carrying value of the Piskanja borate property in Yugoslavia to $1. Under a 1997 agreement with Electroprevreda (the national power corporation of Yugoslavia), Erin was earning a 50% interest in the property before civil unrest triggered a force majeure. With the election of a new government earlier this year, the Yugoslavian Ministry of Mining advised Erin of its intention to take over Electroprevreda’s interest in the project and that requested the junior to submit a proposal to continue development of the property.

Shares in Andean American Mining continued to move higher, adding 5 to 48 on 506,430 shares. The junior recently announced plans to expand its Santa Rosa pilot plant in southern Peru. By early next year the company envisions a 3,250-tonnes-per-day gold operation on the property.

Leader Mining International hit yet another 52-week high on news that two rigs are being mobilized to its Cogburn nickel property near Hope, BC. The junior added 5 to close at $2.77 on 198,564 shares.

Quaterra Resource managed to bounce off recent lows, gaining 1 to end the day at 19 on 315,000 shares. The company is currently drilling its Duke Island nickel-copper-platinum-palladium property in Alaska. The first hole reportedly cut 80 metres of sulphide mineralization. Assay results are pending.