Trading Summary (October 11, 2002)

The Toronto Stock Exchange put in another positive day, regaining another 165.81 points or 2.85% to 5,978.66. The Gold Index was in the middle of the pack advancing 4.11 points or 2.5% to 167.82. The base metal miners put in a 2.98-point gain to 110.07.

Placer Dome was the most traded gold major, tacking on 60 to make $13.70 on a trading volume of about 2.5 million shares. On Friday, Placer yet again extended, until Oct. 25, its bid for Aussie Gold miner AurionGold.

Kinross Gold slid right in behind Placer volume-wise, grabbing 6 to hit $3 with more than 2.4 million shares on the go. Barrick Gold finished 51 higher at $22.90.

After dipping in the morning, Miramar Mining composed itself and ended unchanged at $1.30. On Friday, Miramar announced it has uncovered a new zone of mineralization on the Hope Bay gold project in Nunavut. Situated in the Madrid area, the new zone, dubbed Marianas, was discovered while drill testing a 700-metre section of the Deformation zone between the Suluk and South Patch areas.

Alcan dominated the base metal miners jumping $1.76 or 4.5% to $40.62. On Friday, Joe Lombard, Aluminerie Alouette’s CEO announced that preparations of the phase 2 worksite have begun. Construction is slated to begin in the spring. Plans call for a near doubling of annual production to 550,000 tonnes. The smelter is held by Alcan (40%), Austria Metall (20%), Marubeni (6.7 %), Norsk Hydro (20 %) and La Socit gnrale de financement du Qubec (13.3%).

Inco was the next closest taking in $1.01 to reach $26.75 on 844,632 shares. Most of the others saw similar gains. Exceptions were Swedish miner Boliden, which fell a nickel to $1.60 and Fording Coal dropped 31 to $23.29.

Canada’s junior exchange bounced off its 52-week low on a rare bout of buying interest. The S&P TSX Venture Exchange composite index gained 15.65 points, or 1.8% and closed at 906.26.

Spider Resources dropped 2 to close at 4 on 523,000 shares. The junior’s stock sold off after De Beers Canada announced that exploration drilling over the Spider #3 project claims failed to hit any kimberlites. Owners of the claims are Spider and KWG Resources.

Continuing to move higher on news that permitting for a Phase II drilling program on the South Carlin gold project is complete, Nevada Pacific Gold added another 9 to close at 60 on 322,820 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.

Newport Exploration jumped 5 to close at 28 on 260,000 shares. The Ian Rozier led junior recently inked a deal to acquire an undivided 50% interest in the high grade Mantua Copper Project in Cuba from Northern Orion Explorations.