Trading Summary (October 09, 2002)

Across-the-board losses sent the Toronto Stock Exchange 135.24 points or 2.3% lower to 5,695.33 points, as the Bank of Nova Scotia, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce were downgraded to a negative trend by Dominion Bond Rating Service. Even with gold gaining US$1.40 to US$319.70 in New York, the TSX’s Gold Index slipped 0.27 of a point to 165.77. The base metal miners shed 3.27 points or 3% to 104.62.Still all was not lost. Kinross Gold managed to squeak out a dime gain to $2.87 with about 3.4 million shares traded. Eldorado gold made 7 to reach $1.53 on 2.2 million shares. Others golds to advance were: TVX Gold, up half a buck to $18.50; GoldCorp, plus 45 to 15.70; Iamgold, a quarter higher at $5.40; and Meridian Mining, which tacked on 24 to make $25.03.

Partners FNX Mining and Dynatec slipped 58 and 3, respectively, despite reporting on Wednesday that recent drilling at the Norman property has extended the near-surface North Zone 180 metres down plunge to a vertical depth of about 150 metres. The zone remains open.

The base metal miners used more red in k. Sherritt International was one exception edging up 7 to $4.10 on 315,648 shares. Fording Coal was the busiest dropping 15 to $22.85 with more than 1.8 million shares on the go. Others on the slide were: Inco, off 60 to $24.80; Falconbridge, down 80 to $13.40; Noranda, a dollar lower at $13.16; Teck Cominco‘s B series, off 18 at $10.12; and Cameco, which shed 20 to $29.80.

In the junior ranks, Western Copper Holdings managed to grab 6 to hit $2.64; American Mineral Fields rose 4 to $50; and Nuinsco gained a penny to 19.

Canada’s junior exchange faced another round of selling. The S&P TSX Venture Exchange composite index lost 10.63 points, or 1.2% and closed at 902.10.

Spider Resources was the most actively traded issue ending the session flat at 5 on over 506,000. The company, along with joint venture partner KWG Resources recently announced that 24 of 52 regional rock samples selected from their jointly held 45 sq km property near Wawa, Ontario, contain diamonds. In total, 565 diamonds were recovered from 24 samples, of which 50 are classified as macrodiamonds.

Making a nice percentage gain on news that permitting for a Phase II drilling program on the South Carlin gold project is complete, Nevada Pacific Gold added 12 to close at 44 on 133,000 shares. Located in Nevada’s Elko county, the new program is budgeted at US$250,000 and will consist of road building, drill pad construction and the drilling of approximately 6,000 feet of reverse circulation and core drilling in two holes.

A slight rebound in the price of bullion helped National Gold gain a penny to 28 on 131,000 shares. The junior holds several early stage gold project in the Purcell basin of southeastern BC and a stake in the Salamandra gold project in Mexico.