Trading Summary (August 13, 2002)

A late-day selloff sent Toronto stocks deep into the red on Tuesday as th eU.S. Federal Reserve elected not to cut interest rates. The Materials, Telecoms and Utilities sectors were alone in the black, and just barely. Gold finished unchanged at US$314.10 per oz. in New York failing to inspire the gold stocks, which shed 0.42 of a point to hit 171.79 points. The base metal issues sank 0.64 of a point to 116.19 points on lower metal prices. By the end of the session, the S&P/TSX Composite Index was off 42.46 points at 6,528.98 points.

Cambior managed to break into the TSX’s top ten traded list gaining 4 to $1.61 on about 1.8 million shares. Cambior recently posted a second-quarter net loss of US$3.1 million (or US2 per share) on revenue of US$48.7 million, compared with a loss of US$10.9 million (US12 per share) on US$49.9 million in revenue during the corresponding period last year. Gold production slipped to 137,000 oz. from 153,000 oz., thanks to lower head grades at the Omai mine in Guyana and flagship Doyon division in Quebec.

Barrick Gold was the next closest 13 richer at $24.88 with nearly 1.5 million shares on the move. Placer Dome finished 35 lower at $14. As of Aug. 12, Placer’s hostile bid for AurionGold had 27.5% of the Aussie gold miner’s shares tendered to it.

In the lower ranks, High River Gold Mines managed to tack on 4 to reach $1.74. On Tuesday, Nigh River posted improved second-quarter net income of $2 million (or 3 per share) on revenue of $25.1 million, compared with a year-ago loss of $1.7 million (a nickel per share) on revenue of $5.3 million.

Alcan was the most active base metal major adding 15 to make $43.15 with fewer than 900,000 shares changing hands. Noranda, plus 16 to $16.46, and Teck Cominco’s B series, 18 richer at $10.70, were among just a handful of other advancing base metal miners.

The TSX Venture Exchange composite index lost 9.53 points, or 0.92%, and closed the day at 1025.43, with 21.7 million shares traded.

IBI Corp. was the leading resource trader with 661,000 shares changing hands. Despite the activity the junior’s issue remained flat at 6. IBI owns and operates a vermiculite mine located in the Mbale region of south-east Uganda, near the Kenyan border. IBI recently inked a deal for to sell $2.6 million worth of its medium grade Vermiculite. Weekly shipments are anticipated to commence this month.

Marum Resources found a penny and closed at 8 on 268,500 shares. The junior and its joint venture partner Ressources Appalaches await assay results from hole F-21 on the B20 property near Port Cartier, Quebec. Hole F-21 intersected numerous mineralized horizons within a 36 metre disseminated sulphide zone, from 39 to 75 metres. A subsequent 25 metre interval, from 75 to 100 metres, contains well disseminated sulphide mineralization.

Pan Asia Mining flat lined at 20 with 244,000 shares traded. The company is exploring four parcels of land in the southern part of the Shandong province in China. These four targets are dubbed the Songjiazhuang, the Xizoquanzhung, the Beishangzi and the Shiquo areas. The junior is now planning a work program that will consist of further soil sampling, high-resolution magnetic and resistivity surveys, and, if warranted, pitting, trenching and drilling of the most favourable sites.

Diagem International Resources remained steady at 20 with 244,000 shares traded. Diagem’s bulk testing program on its 108 property in Brazil on test pit #7 yielded 888 diamonds weighing 75.45 carats, with sizes up to 2.05 carats. Results from test pits 8 and 9 are expected shortly.