Trading Summary (November 22, 2001)

The oil sector led the Toronto Stock Exchange higher on Thursday amid thin trading as U.S. investors enjoyed a tryptophan-induced Thanksgiving nap. The TSE’s Oil & Gas subindex gained 253.48 points or 2.9% and the TSE 300 composite index rose 51.6 points to end at 7,382.5. By day’s end, just three of the TSE’s 14 subindices finished in the red. The golds managed to gain 14.46 points and the base metal stocks climbed 24.68 poiints.

Tiomin Resources put in a surprising appearance atop the TSE’s activity list with nearly 4.9 million shares crossing the floor. The issue surged 4.5 or 82% to close at a dime. The company’s Kwale titanium project in Kenya remains stalled amid environmental protests. The proposed open-pit mine will extract heavy-mineral sands containing titanium minerals and zircon. Resources of 200 million tonnes containing 2% ilmenite (FeTiO3), 0.5% rutile (TiO2) and 0.3% zircon (ZrSiO4) have been outlined on the 64-sq.-km Kwale property, and feasibility work defined a minable reserve of 140 million tonnes at similar grades.

The country’s major gold producers were a quiet bunch, Barrick Gold experienced the most traffic gaining 15 to $22.98 on just more than 682,000 shares. Placer Dome rose 14 to $15.84 on less than half that volume. On the minus-side were Franco-Nevada, off a dime to $23.05 and Kinross Gold, 2 pennies lower at $1.06.

In the junior ranks, Cumberland Resources fell 3 to 81. On Thursday, Cumberland reported initial metallurgical test that indicates a recovery 92% for material from the Vault gold deposit in Nunavut. Putting in decent percentage gains were: Aurizon Mines, up 9% to a quarter; Rio Narcea Gold Mines, up 15% to 60; and Etruscan Resources, 11% higher to 30.

Teck Cominco led a mixed and slumbering base metal sector with a trading volume of just less than 240,000 shares. The stock lost a nickel to $11.05. Aluminum giant Alcan saw just 89,415 shares on the go, as it gained 66. Most of the others traded sideways.

Boliden was unchanged at 31.5. On Thursday, Boliden said it had received approval to restructure its ordinary shares on the Stockholm Stock Exchange, adding it had made a similar application for the Toronto Stock Exchange. The applications are part of Boliden moving its group of companies to Sweden from Canada. Shareholders will vote on the move in Toronto on Nov. 29.

Canada’s junior exchange ended the day virtually unchanged despite some profit taking in mining-related issues. The Canadian Venture Exchange gained 4.72 points, or 0.2% to finish the day at 3,077.42. The Mining Index dropped 78.84 points, or 1%, to close at 7,811.42.

Andean American Mining gave back some of its recent gains, losing 5 to 45 on a heavy 1.16 million shares. The company is aiming to expand its Santa Rosa pilot plant in southern Peru to treat 3,250 tonnes of gold-bearing ore per day.

Energold Mining ended the day flat at 10 on 932,017 shares. Fellow junior Impact Minerals International has agreed to proceed to the second phase of its joint venture agreement over 27,409 hectares of Energold grond in the Domincan Republic. Impact ended the day unchanged at 6.

Cash strapped American Bonanza Gold Mining dropped 1 to close at 3 on 747,000 shares. The company has been attempting to advance the Copperstone gold project in Arizona.

New Blue Ribbon Resources ended the day at 7, unchanged from the previous session on 445,000 shares. The junior recently inked two deals to earn an additional 20% interest in the Montello Legend diamond property in Alberta. The company now has the right to earn an 80% stake in the property.