Trading Summary (January 29, 2002)

The gold issues took centre stage on the Toronto Stock Exchange on Tuesday gaining 108.55 points or nearly 2% to end at 5,606.45. Only two other subindices, the merchandising and paper & forest sector, managed to scrape together small gains. The base metal issues lost 60.73 pints to finish at 4,324.07. By the end of the day the TSE 300 composite index had shed 76.63 points to end at 7,567.1.

After an uninspiring open, gold surged US$3.90 to end the day at US$282.10 per oz. in New York. Silver went along for the ride gaining US6 to US$4.29 per oz. Platinum and palladium suffered losses as did most of the base metal on the London Metal Exchange.

TVX Gold gained a penny to 84 on 4.3 million shares to rank as the nation’s most traded mining stock. Kinross Gold saw a handful fewer shares traded and gained 4 to $1.44. Barrick Gold was further down the line rising 30 to $27.05 on just less than 2.8 million shares.

Smaller producers putting in nice percentage gains were: Goldcorp, up 92 or 4.3% to $22.36, a new 52-week high; Glamis Gold, 28 or 4.3% higher at $6.97; Miramar Mining, up 14 or 12% to $1.29; partner Hope Bay Gold, which gained 6 or 22% to 33; Meridian, plus 90 or 5% to $$19.20; and Agnico Eagle Mines gained 93 or 5.1% to $19.25, a 52-week high.

Pan American Silver gained 21 to $7. On Tuesday, Pan Am reported that its three operations in Peru and Mexico produced 6.9 million oz. silver during 2001, up 90% over last year. By product zinc production was 17,191 tonnes and copper production was pegged at 2,161 tonnes, a 26% and 97% increase, respectively.

The base metal miners were a less fortunate bunch. Teck Cominco B class led the way dropping 7 to $13.298 on about 1.1 million shares. Inco fell 14 to $27.85; Falconbridge half a dollar to $16.25; Noranda shed 19 to $15.65 and Alcan lost $1.18 to $59.80. Standing out, Boliden added 4 to hit $6.70 and Cameco gained 30 to reach $41.80.

Canada’s junior exchange faired better than the major bourses but still ended the day in the red. The S&P-CDNX Composite Index lost 2.01 points, or 0.2% to close at 1115.43.

On the back of a $203,000 financing, First Point Minerals added 4 to close at 24 on 1.37 million shares. The junior has started trenching on its Cacamuya gold property in Honduras.

Majescor Resources took a breather losing 6 to close at $1.71 on 1.3 million shares. The junior’s share price has soared over the past few months on its large land package of prospective diamond properties in the Otish Mountains region of northern Quebec.

Spider Resources added 1 to close at 7 on 1.22 million shares. The company holds a stake in the Spider 1 diamond property in the James Bay Lowlands of northern Ontario.

Falling victim to some profit taking after yesterday’s surge, Starfield Resources lost 8 to close at 99 on 386,000 shares. Starfiled is gearing up to resume drilling on its Ferguson Lake nickel-copper-platinum-palladium property in Nunavut.