Trading Summary (October 10, 2002)

With gold falling US$3.30 to US$316.40 per oz. in New York, the Toronto Stock Exchange‘s Gold Index was exempt from a broader rally on Thursday, falling 1.56 points to 163.71. The base metal miners were better off climbing 2.47 points or 2.4% to 107.09. By session’s end, the S&P/TSX Composite Index had regained 117.52 points to 5,812.85.

Canada’s big three gold majors all saw more than 4 million shares cross the floor. Kinross Gold was the busiest gaining 7 to $2.94 on more than 5.1 million shares. Barrick Gold dropped 67 to $22.39 and Placer Dome ended a nickel higher at $13.10. Most of the other gold issues put in losses. Exceptions included Goldcorp, up a dime to $15.80; Iamgold, plus 20 to $5.60; and NovaGold Resources, 11 higher at $4.42.

Noranda was the most traded base metal issues, advancing 54 to $13.70 on more than 1.8 million shares. On Thursday, Reuters reported that the union at Noranda’s Horne copper smelter in Quebec plans to meet with management on Oct. 17 to try and put an end to a 4-month-long strike at the operation. Sticking points to a deal include seniority, sub-contracting and health benefits. Noranda has been running the smelter at about 70% of capacity since the strike was launched.

Inco was next in line rising 89 to $25.69 with about 1.3 million shares traded. In New York on Thursday, Inco CEO, Scott Hand, indicated that the strength in nickel demand which began in March has continued, resulting in little more than a 6% year-over-year growth in the first half of 2002. Powering the increase are Asian stainless steel markets, the Japanese nickel alloys industry and a recovery in the markets for nickel powders. While war jitters are expected to have some negative impact, Hand expects full-year demand to average slightly more than 6%.

Canada’s junior exchange failed to follow the major bourses higher as investors continuing to liquidate speculative issues. The S&P-TSX Venture Exchange composite index lost 11.49 points or 1.3%, and closed at 890.61.

VVC Exploration dropped a penny to close at 30 on 380,000 shares. The company is in the midst of a $450,000 financing and recently acquired 32 claim units situated in central Newfoundland along the Botwood gold trend.

Cantex Mine Development added 1 to close at 6 on 380,000 shares. The kelowna-based junior is running a ground geophysical survey over its wholly owned Al Masna nickel – copper – platinum project in Yemen.

Belmont Resources added 1 to close at 5 on 290,000 shares. At last report, the junior was working on its 1,024 ha diamond property in north-central Tolmie township of the James Bay lowlands in Ontario.

Continuing to move higher on word that more drilling is slated for the South Carlin project in Nevada, Nevada Pacific Gold gained 6 to close at 50 on 300,900 shares.