Trading Summary (February 26, 2002)

The golds stormed back to life on Tuesday gaining 261.26 points or 4.4% to reach 6,188.9. The Oil & Gas sector was a distant second among the Toronto Stock Exchange‘s twelve other advancing subindices rising 1.9% to 9,672.86 points. The base metal issues were the only losers on the day slipping 3.34 points to 4,616.52. Overall, the TSE 300 composite index tacked on 55.04 points to finish at 7,567.5.

In New York, gold soared US$5.10 per oz. to close at US$297.50. The rest of the shinnies were towed along for the ride with more modest gains. Similarly, the base metals were higher across the board at the London Metal Exchange.

Not surprisingly, TVX Gold was the TSE’s second busiest stock. The gold miner gained 3 to $1.13 on more than 6.6 million shares. Barrick Gold came in seventh place gaining $1.34 to $29.99 with about 3.4 million shares changing hands and Placer Dome grabbed $1.06 to hit $19.66 on just more than 3 million shares.

Cambior continued to rise gaining another dime or 8.2% to hit $1.32. Cambior, back from the brink thanks to a hedging book disaster, recently posted fourth-quarter US$12.1 million, or 12 per share, compared with a year-earlier loss US$101.7 million, or $1.35 per share. Other nice percentage gainers were: Glamis, up 8.5% to $7.65; Miramar Mining, plus 9.2% to $1.30; and Wheaton River Minerals, a 8.2% higher 92.

Teck Cominco’s B shares were the most heavily traded base metal issue. The stock gained 12 to $14.32 with more than 1.2 million shares on the go. Alcan dropped a quarter to $64.07. On Tuesday, the aluminum giant announced confirmed that its offer to purchase a 20% stake in Aluminerie Alouette has been accepted by the consortium partners and announced the formation of an alliance between itself and Hydro-Quebec. Under the alliance, the two will explore mutually beneficial opportunities ranging from optimizing hydroelectric resources in the Saguenay-Lac-St-Jean region to providing power for an eventual expansion of Alcan’s Alma smelter. The Alouette deal is expected to wrap up by the end of April 2002.

Canada’s junior exchange edge higher with advancers leading decliners by a 222-to-196 margin. The S&P-CDNX Composite Index gained 1.95 points, or 0.2% to close at 1105.65.

Inactive explorer, Breckenridge Minerals lost 1 to close at 1 on 708,000 shares. At November 30, 2001, the company had a shareholders’ and working capital deficiency of $249,190. The company’s ability to continue as a going concern is dependent upon the continued financial support of its officers and directors.

AntOro Resources lost 3 to close at 10 on 784,000 shares. The company recently announced a $260,000 financing and inked a purchase option agreement with Les Mines J.A.G. Ltee. and Les Placement SPEL Inc. on their jointly owned silica property located in Ste-Clotilde, Quebec.

Ahead of its Annual General Meeting set for April 17, Madison Enterprise continued to trade heavily losing 1 to close at 10 on 670,000 shares. The cash strapped company holds the Mt. Kare gold property in Papua New Guinea.

TNR Resources held onto last week’s gains, adding 1 to close at 22 on 556,000 shares. Stock in the company jumped on news of a deal with Toronto-listed NovaGold Resources to earn a 50% stake in the Rock Creek and Shotgun gold deposits in Alaska.