Trading Summary (October 03, 2001)

On Wednesday, the Toronto Stock Exchange 300 index 64.90 points, or just under 1%. Leading the recovery was the Transportation and Environmental Services sub-group, which jumped by 4.2%; but the gain was partly offset by a 188-point reduction in the golds and precious metals. All of the U.S. indices were up.

In New York, Gold closed down US30 at US$289.40 per oz., whereas silver remained unchanged at US$4.60 per oz. Platinum and palladium both increase in value, rising US$19 and US$5 per oz., respectively. The base metals all recovered ground in Europe.

Placer Dome was the most active mining issue with more than 1.5 million shares changing hands, followed closely by Barrick Gold, with 1.2 million shares traded. The former sank $3.77 to $19.63, while Barrick flopped $3.90 to $27.04.

SouthernEra Resources has begun a feasibility study on the Doornvlei section of its Messina platinum group metals mine in South Africa. Currently, the junior is feeding the concentrator with ore from the Voorspoed section, about 12 km to the west. SouthernEra rose 20 to $2.60 on a small volume.

Alcan gained $1.91 to $48 on volume of 1.5 million shares to make it the most widely traded base-metal miner. The increase helped push the metals and minerals sub-group up by 0.8% to 3,480.70 points.

Teck Cominco slipped 15 to $10.85 as it announced an impending writedown on the carrying value of non-operating properties. Asset sales and restructuring costs add another $15 million to the non-cash charges, all of which will be recorded in the third quarter.

Canada’s junior exchange followed the major bourses, rising 4.21 points, or 0.1%, to end the day at 2,831.51. The Mining Index slumped 21.33 points, or 0.3%, to close at 7,161.98.

Masuparia Gold was the most active among junior explorers, ending the day flat at 13 on a volume of 859,900 shares. The company has restated results for a 4.14-metre section of core from the first hole of an ongoing drill program at the Greywacke property. The interval ran 26.20 grams using the metallic fire method, versus 22.92 grams using other methods.

Despite a lack of news, Starfield Resources soared 12 to 51 on a volume of 607,200 shares. A drill program is under way at the West zone of the Ferguson Lake nickel-copper-platinum-palladium property in Nunavut.

A single 400,000 block trade pushed Mansfield Minerals down 2 to 18. Mansfield and its partner, Teck Cominco, recently completed a first round of drilling at the Rio Grande iron oxide-copper-gold prospect in northwestern Argentina. The company is also working nearby on its wholly-owned Arizaro property some 12 km to the southeast.

Following the recent upward trend in gold prices, Francisco Gold tacked on 35 to close at $7.50 on a volume of 101,000 shares. The company recently completed its latest round of drilling at the wholly owned Marlin gold-silver project in western Guatemala.

Poplar Resources fell 1 to close the day at 22, on a volume of 246,000 shares.