Trading Summary (December 16, 2002)

The Toronto Stocks Exchange ended 60.33 points higher at 5,724.59 points, thanks in large to the mining issues. The Gold Index, climbed 5.52 points or nearly 3% to 202.94, while the base metal miners tacked on 2.75 points or 2.2% to make 126.92.

Kinross Gold led the gold issues gaining 9 to $3.56 with nearly 9.2 million shares crossing the floor as the yellow metal added US$4.10 to end at US$337.10 per oz. in New York. Placer Dome climbed 47 to $18.25 and Barrick Gold found 64 to reach $25.62 to round out the major gold producers.

Northgate Exploration rose 12 to $1.62 on about 5.2 million shares. The company recently launched a prefeasibility study at its Kemess North gold-copper project in central British Columbia.

TVI Pacific rose half a penny to 8.5 with more than 2.8 million shares on the go. On Monday, TVI announced the signing of 2 option deals to acquire 114 sq. km in the Shuikoushan Mining District in China’s Hunan Province for up to $11 million. The option period runs 5 years.

Inco advanced $1.35 to $31.85 with about 960,408 shares traded to rank as the busiest base metal major. Rival Noranda tacked on 57 to hit $14.89 despite announcing that it will delay development of its Perseverance zinc deposit near Matagami, Quebec. The decision comes in the face of zinc prices, which have been foundering in the US33-36-per-lb. range.

Switching to coal, target and prey both headed south. Sherritt international dropped 6 to $4.11, and Fording fell 6 to $33.27. Fording shareholders are slated to take their pick of two income trust conversion plans at a special shareholders’ meeting on Jan. 3. Sherritt and the Ontario Teachers’ Pension are partnered against a three-way deal involving Teck Cominco, Westshore Terminals Income Fund, and Fording. For their part, Teck’s B series ended 20 higher at $11.45, while Westshore dropped 3 to $4.70.

Gold issues helped Canada’s junior exchange gain ground despite decliners swamping advancers by a 332-to329 margin. The Venture Exchange S&P Composite Index closed up 9.49 points, or 0.95%, to close at 1,005.12.

Holmer Gold Mines added 5 to close at 21 on just over 1.5 million shares. The junior has been attempting to advance the Timmins gold deposit in Ontario. An independent mineral resource study estimated that in all gold zones, lies a total indicated resource of 465,000 tons with a cut grade of 0.40 oz. gold per ton and an inferred resource of 980,000 tons averaging 0.19oz.gold.

International Wayside Gold Mines ended the day flat at 12 on 391,570 shares. The Frank Callaghan-led company is looking to advance its Cariboo gold property near Wells BC in the New Year.

Pan Asia Mining jumped 3 to close at 12 on nearly 667,000 shares. The company recently failed to maintain the requirements for a Tier 1 company listing on the exchange and has had its classification changed to a Tier 2 level.

Seabridge Gold added 5 to close at $2.30 on 827,285 shares. The company recently acquired the Courageous Lake gold project and closed a $5.4 million equity financing. Hatch Engineering is completing a scoping study at Courageous Lake.