Trading Summary (October 03, 2002)

The Diversified Metals & Mining Index was one of just four subindices to end in the black on the Toronto Stock Exchange on Thursday, but just barely advancing 0.27 of a point to 111.32. The golds went the other way, dropping 1.12 points to 179.28 points, as the 79th element dropped US$20 to US$321.40 per oz. in New York. In the end, the S&P/TSX Composite Index finished 73.9 points lighter at 6,02678.

Placer Dome shed two pennies to $14.23 on less than 2.7 million shares to rank as the most active miner. At last count, Placer reported a 45% stake in takeover target AurionGold. When that hits 50%, Placer plans on taking control of the Aussie miner’s board.

Kinross Gold was the only other miner to crack the TSX’s top ten traded list finding 4 to make $3.18 with about 2.2 million shares on the go. Barrick Goldregained 6 to $24.69 on just less than 2 million shares.

Dynatec dropped a penny to 71 on a few more shares than Barrick. The company and partner FNX Mining continue to cut wide zones of copper-rich massive sulphide mineralization at the Norman property, near Sudbury, Ont. For their part, FNX shares shed 3 to $5.05.

NovaGold Resources climbed 26 or 5.8% to $4.74. The company reported continued high-grade gold intercepts from a resource-expansion drilling program on its Donlin Creek gold project in Alaska.

Alcan took back the lead among the base metal miners, falling 35 to $39.50 on nearly 1.7 million shares. The list of the few issues heading higher included: Inco, plus a nickel to $26.51; Cameco, up 45 to $28.95; and Fording Coal, which regained $1.33 to $23.50.

Canada’s junior exchange failed to find firm footing with investors continuing to liquidate speculative issues. The S&P TSX Venture Exchange composite index lost 3.51 points or 0.4%, and closed at 945.90.

IMA Explorations added 3 to close at 50 on 609,000 shares. The company recently extended its field program over the Patagonia gold project in southern Argentina. The move is meant to better understand the property’s potential an is expected to be concluded in about three weeks.

New Guinea Gold ended the session flat at 5 on 547,900 shares. The junior has been working the Normandy Island gold properties in Papua New Guinea.

A big percentage loser, Dynacor Mines dropped 11 to close at 47 on 531,200 shares. The junior has been working the Tumipampa I and II copper-gold-molybdenum properties in Peru.

Novawest Resources added 8 to close at 15 on 335,500 shares. The junior holds a number of promising claims in the Raglan nickel sulphide belt of northern Quebec.