Trading Summary (September 10, 2002)

Buoyed by the technology stocks, the Toronto Stock Exchange ended Tuesday’s trading session 22 points higher at 6,544.22. The golds felt the pain of a US$1.60-per-oz. drop in the price of gold in New York, falling 6.12 points or more than 3%. The base diversified metals & mining sector added 1.13 points to hit 116.42.

Mid-tier producer Iamgold stood out among the gold issues gaining 30 or 5% to $6.25 on just less than a million shares. In mid-May, Iamgold chipped in US$12 million to a US$31.5-million payment that did away with all remaining senior and subordinated loans associated with the Sadiola mine in western Mali. Iamgold has a 38% stake in Sadiola; the remainder is shared by AngloGold, International Finance Corp., and the Malian government.

Of the country’s three major producers, Kinross Gold was the most traded dropping a nickel to $3.56 with about 6.4 million shares changing hands. Placer Dome, which has extended its offer for AurionGold by ten days to Sept. 20 lost 76 to $15.94. Barrick Gold fell 62 to $25.98 with about 1.7 million shares on the go.

In the junior ranks, Echo Bay Mines saw increased activity, shedding two pennies to $1.82 with around 3.8 million shares crossing the floor. TVX Gold, the other member of the three-way merger between Kinross and Echo Bay, lost a quarter to $23 in thinner trading.

Cumberland Resources benefited from more near-surface, high grade intersections from the delineation of the Vault deposit at its Meadowbank gold project in the Canadian Arctic. The company stock rose a dime or 4.2% to $2.50.

Alcan led a quiet bunch of base metal miner tacking on 45 to make $42.45 with just fewer than 668,000 shares on the move. Others on the rise were: Inco, plus 44 to $28.14; Falconbridge, a nickel higher at $16; Sherritt International, up 7 to $4.52; Teck Cominco‘s B shares, which gained 5 to make $10.30; and uranium producer Cameco, $1.10 richer at $30.50.

Canada’s junior bourse dropped below the crucial 1,000 point support mark on modest volume. The TSX Venture Exchange composite index lost 10.24 points, or 1%, to close at 992.38.

Sultan Minerals added 2 on news that Toronto-listed Kinross Gold will fund atleast $500,000 in costs before the end of the year and an additional $500,000 by September 4, 2003 to acquire an option to earn a 60% stake in the junior’s Kena gold-copper property near Nelson BC. Sultan ended the session at 30 on 580,000 shares.

American Bonanza Gold Mining lost 2 to close at 14 on nearly 500,000 shares. The junior is aiming to advance the Copperstone gold project in Arizona.

Shares in Diagem International Resource continued to attract interest gaining 2 to close at 21 on 289,000 shares. Stock in the junior has rallied over the past week on news of surface sample results from a diamond project near Wawa, Ontario. Joint venture partner, KWG Resources and fellow junior Spider Resources reported that 24 of 52 samples collected on the 45-sq-km property returned 565 diamonds, 50 of which were macrodiamonds.Starfield Resources lost ground for the second straight day ending the session at 44, down 3 on 251,650 shares. The company reported that hole 132 into the Ferguson Lake nickel-copper-platinum-palladium cut three zones of massive sulphide ranging in thickness from 5.5-to-13.7 metres. Assay results are pending.