Trading Summary (December 04, 2002)

Toronto’s Gold Index rode a US$2.20-per-oz. gain by gold 1.82 points higher to end at 174.42 points on Wednesday. The yellow metal ended the day at US$322.20 per oz. in New York. The base metal miners were among the three other subindices to tag along with gold, dropping 0.81 of a point to 126.92. Overall, the S&P/TSX Composite Index lost 30.25 points to 6,610.36.

Teck Cominco, and Westshore Terminals Income Fund made news late in the day trumping by $5 the Sherritt Coal Partnership II’s $29-per-share bid for Fording. The $795-million plan calls for Fording’ assets to be combined with Teck’s metallurgical coal assets.

Teck Cominco’s B series dropped 3 at $11.13; Fording shares ended a dime lower at $32.65; and Westshore was a penny lighter at $4.70. For their part, Sherritt shares grabbed a penny to make $4.25.

The most traded issues on the day were, not surprisingly, mostly gold miners. Kinross Gold led the pack adding 13 to $2.89; Placer Dome was next, 35 higher at $15.90; Barrick Gold rounded out the majors with a 17 gain to $ 23.84. Most of the others gold miners put in similar gains.

Southwestern Resources soared $1.05 to $6.40, after announcing the discovery of bonanza gold grades in China. Tunnel XG-15, one of 134 adits dug in the Boka 1 zone, returned an average of 75.2 grams gold and 25.3 grams silver per tonne over 34.5 metres. A 2,000-metre drilling program has begun testing the zone’s continuity and possible extension to the Boka 8 prospect, about 3 km to the east.

On the diamond watch, Aber Diamond grabbed $1.60 or 6.1% to hit $28 even. On Wednesday, the company announced that the first uncut stones had been recovered from the Diavik mine in the Northwest Territories. The stones were recovered during commissioning of the mine’s plant last month. Operator Rio Tinto owns 60% of the mine; Aber has the remaining 40%.

The few gainers among the base metal miners, aside from Sherritt, included: LionOre Mining International, plus a penny to $4.30; Western Copper Holdings rose 6 to $3.30; and zinc miner Breakwater Resources, plus half a cent to 14.

Canada’s junior exchange remained stuck in bear mood with decliners swamping advancers by a 302-to-283 margin. The S&P-TSX Venture Exchange composite index lost 1.44 points, or 0.15% and closed at 958.75.

Emerald interest took centre stage for the second straight day with Expatriate Resources dropping a penny to close at 10 on over 1.1 million shares. The junior has teamed up with a private group to explore for emeralds on its Finalyson base metal project in the Yukon.

Pan Asia Mining tacked on 2 to close at 9 on 721,000 shares. The company is in the midst of a $100,000 financing aimed at its 701 diamond project in China.

Arctic Star Diamonds added 2 to 47 on 336,220 shares. The junior has a stake in several early staged diamond projects in northern Ontario and Manitoba.

Axmin added 1 to yesterday’s 8 gain to close at 30 on 410,800 shares. The junior expects to have a prefeasibility complete next year on its Bouroum gold deposit in Burkina Faso.