Trading Summary (December 10, 2002)

The markets rallied strongly today with the Toronto Stock Exchange composite index closing at 6,597.20, 93.11 points higher on the day. Technology and industrial stocks were both up strongly and most market sectors moved ahead. Hoever, the mining stocks were flat and the golds slid about 2% of value.

Bullion prices eased off about US$2, with the London afternoon fix at US$323.10 and later New York trading in the same range. The TSX Gold index was down 3.91 points at 175.54.

Glamis Gold was off 27 at $4.06 despite announcing an over-allotment option on its recent $175-million financing had closed. Agnico Eagle Mines, which had been beaten up on Monday, was the one gainer among the golds, rising 4 to $19.81.

The Mining and Metals index was unchanged at 122.35, although stock-by-stock performance was mixed. Teck Cominco fell 39 to $10.91 and Falconbridge was off 20 at $14.65, but that was balanced off by Inco, which rebounded 41 to $29.71 and Noranda, which was up 14 at $14.24.

LionOre Mining announced it had closed its $30-million financing and was unchanged at $4.50.

Off the indexes, Nevsun Resources announced good results from its Segala gold property in western Mali. Infill drilling using reverse circulation has encountered grades in the 10- to 30-gram-per-tonne range over widths of 3 to 30 metres.

Canada’s junior exchange remained stuck in bear mood with decliners swamping advancers 410-to-295. The S&P-TSX Venture Exchange composite index lost 7.80 points, or 0.80% and closed at 966.24.

Canadian Royalties tumbled 30 and closed at $2 on 759,000 shares. Stock in the company has traded heavily over the past month since announcing drill results from the Mesamax nickel, copper, platinum, palladium discovery zone on the Expo Unganva property in northern Quebec.

Desert Sun Mining gave back some of yesterday’s gains, loosing 2 and closing at 51 on 749,000 shares. The junior is about half way through its first round of drilling at the Jacobina gold project in Brazil. Eight areas are being tested and so far 7 holes totaling about 1,500 metres have been completed at the former Canavieiras mine area. Three holes are in progress at Canavieiras; one each at the Joao Belo Sul and Morro do Cuzcuz target areas and one additional hole is planned for Canavieiras. Drilling is expected to be completed by Christmas.

Firestone Ventures tacked on 8 and closed at 38 with 681,332 shares traded. The company recently inked a deal with True North Gems whereby Firestone will fund emerald gemstone exploration on the 118 mineral claims staked by True North the Finlayson District, Yukon. According to the deal, Firestone stands to earn up to 60% in the claims in return for paying True North Gems’ staking costs, issuing 500,000 shares, and spending $750,000 over a five-year period.