Trading Summary (November 01, 2002)

The Toronto Stock Exchange ended the week on a high note reclaiming 72.61 points to make 6,321.4 on Friday with all subindices in the black. The Gold Index led them all with a 5.73-point or 3.5% rise to 169.7. The Diversified Metals & Mining Index tacked on 1.01 points to end at 123. 06.After nearing US$320 per oz. earlier in the day, gold finished up at US$318.60 per oz. in New York, a US$1 higher than Thursday’s close.

Placer Domewas the shiniest of the golds grabbing 35 to make $14 with about 3.3 million shares crossing the floor. The company extended for the twelfth time its bid for AurionGold’s shares. The company reports that 78% of the Aussie gold miner’s shares have been handed over. The offer is now good until Nov. 8.

Cambior advanced a dime or more than 7% to $1.52. On Friday, the company and partner Aurizon Mines announce a new 5-year labour deal at the Sleeping Giant mine in Quebec. The mine’s hourly employees will get a wage increases of 2.5% from Aug. 1 and 2% per year for the four subsequent years. For their part Aurizon shares were off 9 or 7% at $1.17.

Canada’s remaining gold majors, Barrick Gold and Kinross Gold also saw gains. Barrick added 75 to reach $24.20 and Kinross advanced 12 to $2.71. Most of the other gold issues put in modest gains.

Inco was the most traded base metal miner, earning 54 to settle at $30.29 on a volume of 1.1 million shares. Alcan was the next closest finishing $1.15 higher at $45 even.

Uranium miner Cameco put on a late-day surge to end unchanged at $34.94. The company posted lower third-quarter earnings of $7 million on Friday. That’s less than half the pace of a year ago thanks to lower production at the Kumtor mine in Kyrgyzstan, where a pit-wall failure earlier this year is impeding production.

Copper miner Aur Resources dropped 2 pennies to $2.98. Late on Thursday, Aur posted lower third-quarter earnings on lower copper prices and sales. Earnings rang in at $2.9 million, (or 3 a share), down from $7 million (8 a share) a year earlier. Revenue fell to $46.3 million from $52 million. Copper production slipped to 55.9 million lbs. from 62.8 million lbs. Zinc production was 4 million lbs., up from 2.6 million lbs.

Canada’s junior exchange ended the trading week by posting its strongest two day rally in months. The Venture Exchange S&P Composite Index closed up 9.41 points, or 1%, to 924.10.

Pan Asia Mining was the most actively trade junior explorer, gaining 2 to close at 7 on nearly 1.6 million shares. The company has not maintained the requirements for a Tier 1 company listing on the exchange and has had its classification changed to a Tier 2 level. The junior is exploring for diamonds in China.

Investors continued to snap up shares of Canadian Royalties following news that the company won the legal battle over a disputed ground on its Phoenix nickel-copper-platinum-palladium property in northern Quebec. Canadian Royalties finished the week at $1.06, up 6 on 523,750 shares.

Spider Resources ended the week at 5, unchanged on just over 340,000 shares. Stock in the junior has traded heavily since De Beers announced it had cut massive sulphides in one of its 13 holes drilled on the Spider 3 property in northern Ontario. Failing to hit any kimberlites, De Beers elected to stop work on the property. However, the sulphide hole returned 8 metres grading 1.61% copper, 0.34% zinc and 0.13% lead, plus 9.9 grams silver and 0.13 gram gold per tonne. Included in this section was a half a metre running 7.09% copper, 4.67% zinc, 2.68% lead, 150.6 grams silver and 0.76 gram gold. The property is jointly held with KWG Resources, which is 38.9%-owned by Diagem International Resources. Diagem added 4 to close at 20 on a volume of 845,000 shares.

Snowfield Development ended at 12, flat on the day on 706,000 shares. Th company recently inked a deal to earn 100% in the Lac Vernon diamonds claims in northwest-central Quebec.