Trading Summary (January 11, 2002)

The Toronto Stock Exchange took a dive late in the day to end the week at 7,701.9 points, off 20.48 from Thursday’s close. By day’s end seven of the TSE fourteen subindices were in the red. The golds dropped 27.14 points to 5,477.22, while the base metal issues managed to tack on 11.81 points to reach 4,190.48.

Franco-Nevada Mining trailed on market heavyweight Nortel Networks falling 21 to $24.60 on about 5.7 million shares. On Friday, Franco announced that it has sold 5 million shares of Aber Diamond for proceeds of $105 million. Franco now holds about 2.7 million or just less than 5% of Aber’s issued and outstanding shares. For their part, Aber shares gained 31 to $21.26. Aber trailed only Franco with about 5.5 million shares on the go. Aber’s key asset is a 40% stake in the $1.3-billion Diavik mine in the Northwest Territories, which is set to become Canada’s second diamond mine.

Barrick Gold also grabbed a spot on the TSE’s top ten traded list slipping 20 to $27.45 on more than 2.2 million shares.

Decent percentage gainers in the lower ranks were: Aurizon Mines, up 3 or 6.7% to 34; McWatters Mining, half a penny or 9.1% higher at 6; Orezone Resources grabbed 3 or 33% to reach 12 and Etruscan Resources, 8 or 17% higher at 55. On Friday, Etruscan announced the completion of a private placement for aggregate proceeds of US$1,320,000. The proceeds from the private placement were used to complete Etruscan’s contractual obligations to acquire a 75% interest in the Ventersdorp Diamond project in South Africa.

North American Palladium gained 26 to $10.75. The company’s modifications at its Lac des les mine in northern Ontario are starting to pay off with improved performance.

Alcan was the country’s busiest base metal with more than 1.5 million shares traded. The issue was unc

Canada’s junior exchange ended the week by posting modest gains. The S&P-CDNX Composite Index added 2.12 points, or 0.2% to close at 1,101.18.

American bonanza Gold Mining topped the most actively traded chart among junior explorers climbing 2 to close at 6 on nearly 1.2 million shares. The cash-strapped company has been trying to advance the Copperstone gold project in Arizona and holds several other gold properties in Nevada.

Hyder Gold gained 1 to close at 8 on just over 1 million shares. The company recently terminated its option agreement with Rimfire Minerals over the Eagle claims, 30 km southwest of the Pogo gold deposit in Alsaka and is seeking new ground.

Cantex Mine Development stayed at the lower end of its 52-week trading range ending the day flat at 9 on 211,400 shares. The Charles Fipke-led company is working gold and base metal projects in Yemen and holds a stake in the West Greenland nickel sulphide joint venture property.