Trading Summary (January 31, 2002)

Subindex-wide gains pushed the Toronto Stock Exchange 99.66 points or 1.3% higher on Thursday. The Metals & Minerals subindex led the way with a 136.8-point or 3.2% rise to 4,414.72. The golds tacked on 75.86 points or 1.4% to hit 5,664.48.

TVX Gold gained two pennies to 87 on the strength of more than 9.6 million shares to place a the TSE’s second busiest issue. Diamond explorer Tahera was a distant second shooting up 3.5 or 17% to 24. Neither company reported news on Thursday.

Most of Canada’s remaining gold majors saw results similar to TVX’s. Barrick Gold gained 31 to $27.30. The company posted 2001 gold production of 6.1 million oz. On Thursday, in line with expectations. Placer Dome rose 55 to $19.60; Kinross Gold added 7 to hit $1.52; and Franco Nevada Mining gained 67 to $27.75.

Cambior tacked on 4 to $1.08. On Thursday, Cambior reported that it along with partner Mazarin have upgraded more resources into reserves at their equally owned Niobec niobium mine in Quebec. Fo rits part Mazarin’s stock was unchanged at 50.

The nation’s base metal miners were higher across the board. Noranda was out front gaining 7 to hit $15.57 with 1.8 million shares traded. Inco rose 87 to $28.85; Falconbridge finished 49 higher at $16.49; and Teck Cominco’s B series added a penny to reach $12.96.

On Thursday, Teck posted an after tax net loss for 2001 of $21 million, or 17 per share, after asset writedowns valued at $122 million. Falconbridge said on Thursday the government of New Caledonia had approved a 15-year tax holiday for its still undeveloped Koniambo ferronickel project, which hosts resources of 151 million tonnes grading 2.58 percent nickel.

Canada’s junior exchange managed to end the day in the plus column after losing ground over the past two sessions. The S&P-CDNX Composite Index gained 5.04 points, or 0.5% to close at 1118.53.

Mandalay Resources ended the day flat at 11 on 600,000 shares. The junior is attempting to raise $300,000 to advance its 7 mineral concessions comprising the El Puclaro copper-silver property some 45 km northeast of La Serena, Chile.

Shares in Amarc Resources sprung to life climbing 5 to close at 01 on 193,000 shares. The Hunter Dickinson-led junior is gearing up to drill test its newly acquired Inde gold property in Mexico’s Durango state.

Majescor Resources continued to trade heavily on rumours of a major drill program by BHP Diamonds on its Portage diamond property in the Otish Mountains region of northern Quebec. Shares in the junior ended the day down 5 at $1.70 on 329,385 shares.

IMA Exploration stayed steady at 50 on 554,129 shares. The junior closed a $1 million financing ad aims to resume drilling on the Rio Tabaconas gold property shortly.

Major General Resources dropped 5 to close at 12 on 446,250 shares. Shareholders will be asked to approve a reorganization of the company’s corporate structure leading to the formation of a new diamond company. The new structure would see Major General’s existing shares being consolidated on a three-for-one basis. Shareholders of the consolidated Major General would receive shares in a yet to be named new diamond company.