Trading Summary (September 25, 2002)

The Toronto Stock Exchange’s Gold index was one of just two subindices to end in the red on Wednesday, dropping 8.84 points or 4.35% to 194.3 points as the yellow metal dropped US$3.80 to US$322.30 per oz. in New York. Overall, the S&P/TSX Composite Index finished the day at 6,165.0, 96.14 points higher than Tuesday’s close.Canada’s three major gold producers managed to make the TSX’s top ten traded list. Placer Dome was out front falling 80 to $15.30 with about 3.2 million shares changing hands. Kinross Gold traded nearly 3.1 million shares to a 15 loss to $3.54, and Barrick Gold shed 63 to $28.07 on about 2.7 million shares. The refrain was the same among the rest of the gold issues.

Larger percentage loses were put in by: Glamis Gold, off $1.06 or 6.6% at $14.90; Iamgold, down 51 or 7.2% at $6.55; Meridian Mining, off $1.63 or 5.2% to $29.62; and Wheaton River Minerals, which lost 7 or 5.5% to $1.20.

Over in the base metal sector, Alcan grabbed $1.23 to make $38.99 with nearly 1.2 million shares crossing the floor. On Wednesday, Alcan announced that it plans to shut down one of two cold mills at its Fairmont, West Virginia plant. About 25% of Fairmont’s 210 employees will be affected when the plant is idled by the end of the first quarter of 2003. Alcan also said that it has sold its rolled product circles production unit in Pieve Emanuele, Italy to Madrid’s Aliberico Group.

Others on the rise were: Inco, plus 70 to $25; Sherritt International, 20 higher at $4.40; and Teck Cominco‘s B series, up a quarter to $10.35.

Canada’s junior exchange failed to follow the major bourses higher as investors continued to unload speculative issues. The S&P TSX Venture Exchange composite index lost 7.99 points or 0.8%, and closed at 961.33.

Andean American Mining lost 4 to close at 75 on 280,141 shares. The company is operating the Santa Rosa mine in Peru on a modest scale and is currently attempting to lower production costs at the new start up.

JNR Resources continued to trade heavily, ending the day flat at 5 on 305,637 shares. The uranium explorer is waiting for a new program to begin on its Moore Lake joint venture property in Saskatchewan. Based on the latest results from the Maverick zone, the junior is recommending a major drill program to partner Kennecott Canada Exploration.

Afcan ended the day at 20, down 1 on 261,000 shares. The junior recently closed a $450,000 financing and is already in the midst of another $450,000 private placement comprising 2.25 million units priced at 20 each. A unit holds one share and half a warrant. Each full warrant is exercisable at 26 for 18 months. The funds are ear marked for acquiring gold properties in West Africa.