Trading Summary (November 11, 2002)

With all but the telecom sector ending in the red, the Toronto Stock Exchange slipped 96.15 points or 1.5% to 6,293.86 on Monday. The gold stocks finished down 0.46 of a point to 179.90 as gold fell US 30 to US$320.70 per oz. in New York. The base metal miners shed 2.08 points to settle at 121.38.

Placer Dome saw more than twice the action of its nearest gold-mining competitor, gaining 40 to make $15.90 with nearly 5.3 million shares on the go. On Monday, Placer upped its 2003 production target by 40% to 3.5 million oz. after securing more than 90% of AurionGold’s issued shares. Placer now intends to compulsorily acquire the rest of the Aussie gold miner’s shares for delisting.

Barrick Gold was the next closest, dropping 42 to $24.73 on about 2.3 million shares. Kinross Gold ended unchanged at $2.95 on a handful fewer shares.

Mid-tier producer Glamis Gold dropped nickel to $13.75. Glamis’ third-quarter earnings came to US$2.4 million (or 2 a share), compared with year-ago earnings of US$603,000 a penny per share). Revenue climbed about US$4 million to US$19.8 million. The company also reported that drilling at the Marlin project in Guatemala, boosted resources to 3.3 million oz. of gold from 1.4 million oz.

High River Gold Mines jumped 9 or 5.4% to $1.75 after South Africa’s Harmony Gold Miningannounced plans to pick up a 21% stake in the company from Japanese gold-investing company Jipangu for US$14.5 million. Jipangu currently owns 32.5% of High River.

Ivanhoe Mines led a quiet bunch of base metal miners, adding 11 to hit $2.85 with just under a million shares on the go. Recent drilling by Ivanhoe significantly expanded a zone of copper-rich mineralization at the Oyu Tolgoi gold-copper project in southern Mongolia.

Most of the others put in losses including: Inco, off 60 at $29.40; Noranda, minus 23 to $14.35; Sherritt International, down 9 to $4.21; and takeover target Fording, 20 lower at $32.40.