Trading Summary (November 21, 2002)

Toronto’s gold stocks continued their four-day slide on Thursday, dropping another 4.18 points to settle at 167.5. The yellow metal itself ended unchanged at US$317.20 in New York. The base metal miners put in a second day of gains, climbing 0.74 of appoint to hit 119.97. Overall, the S&P/TSX Composite Index added 74.69 points to make 6,567.83.

Kinross Gold was the most traded mining issue, falling a dime to $2.63 on about 3.4 million shares. Barrick Gold dropped 89 to $23.85 on 2.5 million shares, and Placer Dome fell 45 to $14.99.

Breakwater Resources regained some ground, picking up 2.5 to make 11. On Wednesday, the company warned that it will probably fail to make some scheduled debt payments in early January. The company also posted a third-quarter loss of $16.9 million or 9 per share.

Also rebounded slightly from a recent near-10% fall was Meridian Gold. The mid-tier gold producer took back 66 to finish at $23.96. The company said there have been no material corporate developments affecting the company.

Seeing elevated action in the junior ranks was Viceroy Resources, up half a penny to 31.5. On Thursday, the company announced that it has acquired the remaining 40% interest in certain mineral properties within the Gualcamayo project area for US$1 million.

After zinc miner Breakwater, the busiest base metal miner was Alcan, which tacked on $2.28 to $48.75 with just fewer than 1.5 million shares on the go. Copper miner Aur Resources grabbed 8 to make $3.16 with about 1.2 million shares traded.

Takeover target Fording edged up three pennies to $31.58. The coal miner said late on Wednesday that an Alberta court has granted the company permission to put its planned conversion to an income trust to a shareholder vote. The vote is slated for Dec. 20, a week before the $1.5-billion bid by the Sherritt Coal Partnership II is set to expire.

Canada’s junior exchange posted its first winning day of the week, finally following the major bourses higher. The S&P-TSX Venture Exchange composite index climbed 3.39 points or 0.36%, and closed at 945.72.

Donner Minerals failed to get a boost from news that Falconbridge will continue exploring the South Voiseye Bay nickel sulphide project in Labrador. Shares in the junior closed down a penny at 15 on a volume of 683,016.

Dumont Nickel continued to trade heavily, ending the day up 2 to 10 on 289,000 shares. The junior completed a management shake up and intents to advance its wholly owned Attawapiskat diamond property adjacent to De Beer’s Victor diamond property in the James Bay Lowlands, Ontario.

Demand has caused Canadian Royalties to up its latest financing attempt to $9 million from $8.5 million. The company ended the day at $2.60, down 12 on a volume of nearly 365,850. Shares in the junior has run up on news of the latest drill results from the Mesamax northwest grid area on the Expo-Ungava property in northern Quebec. Assay results are pending from 30 more holes drilled into the area.