Trading Summary (February 25, 2002)

The gold issues picked up where they left off last week shedding another 69.49 points to 5,927.64 to lead the way for just three declining Toronto Stock Exchange subindices on Monday. The base metal issues tacked on 51.02 points to finish at 4,619.86 points. The banks stocks led the advancing subindices gaining 2.2%. Overall, the TSE 300 composite index gained 85.86 to close the day out at 7,512.5.

TVX Gold took top spot as the TSE’s most active mining stock losing a penny to $1.10 on more than 4.5 million shares. Geomaque Explorations made a rare appearance in the TSE top ten traded list gaining 2 pennies or 22% to 11 on about 2.8 million shares.

Geomaque shareholders recently approved a previously announced private placement for gross proceeds of about $2 million. In connection with the placement, the documentation relating to the company’s credit and security arrangements with its principal lender, Resource capital Fund II of Denver have been completed. The current issued and outstanding share capital of the company is 116.6 million shares. Construction of the new leach pad at the company’s Vueltas del Rio Mine in Honduras was completed earlier in February and loading of the pad is underway from existing stockpiled ore. Mining recommenced Feb. 18, 2002.

Shares of Cambior were unchanged at $1.22. On Monday the company announced fourth-quarter net earnings of US$12.1 (or 12 per share), its first quarterly earnings since the third quarter of 2000. Another gold miner posting fourth-quarter earnings was Reno, Nevada-based Glamis Gold, which earned US$2.8 million on the back of record gold production of 230,065 oz. The issue lost 35 to $7.05 as

Etruscan Resources put in a nice percentage gain, 13.25% or 11 to 94. On Monday the company announced that its 50% owned subsidiary African GeoMin Mining and Development has repaid in full a US$3.5-million debenture plus accrued interest to RMB Resources International of Dublin, a wholly owned business of Rand Merchant Bank. The debenture was issued in 1999 and the proceeds used to fund the Samira Hill gold project feasibility study.

Most of the base metal issues traded sideways. Teck Cominco’s B series was the busiest gaining a penny to $14.20 with about 1.25 million shares changing hands. Breakwater Resources fell 1.5 or 5.3% to 27.

Canada’s junior exchange started the trading week off in a sour mood as decliners led advancer by a 210-to-176 margin. The S&P-CDNX Composite Index dropped 8.88 points, or 0.8% to close at 1103.70.

Madison Enterprises continued to attract trader interest. The junior is slated to hold its annual general meeting on April 17. The cash-strapped company, which holds the Mt. Kare gold deposit in Papua New Guinea, ended the day up 2 to 12 on 846,000 shares.

Olympus Pacific Minerals added 5 to 80 on 512,500 shares. The company has been busy advancing the Phuoc Son gold property in Vietnam.

Starfield Resources bounced back from last week’s drubbing, gaining 14 to close at 99 on 376,150 shares. The company is about to resume drilling on the Ferguson Lake nickel-copper-platinum-palladium property in Nunavut. At a 1% copper-nickel cut off, the project hosts a resource of 60.1 million tonnes grading 0.59% nickel, 0.93% copper, 1.32 gram palladium and 0.19 gram platinum per tonne.

Failing to get a boost on news that it acquired the remaining interest in the Manantial Espejo silver-gold property in Argentina, shares in Standard Silver Resource fell 12 to close at $4.29 on weak Volume. The junior then dished off a 50% stake in the property to Toronto-listed Pan American Silver, which fell 30 or 3.7 to $7.85.