Trading Summary (September 18, 2001)

The U.S. markets suffered across-the-board losses again on Tuesday, though not as steep as those on Monday. The Dow Jones industrial average shed 0.19% to 8,903.4 points. The Nasdaq index dropped 1.55% to1,555.08and the S&P 500 index lost 0.66% to 1,031.95. The Toronto Stock Exchange followed suit and fell 63.46 points or 0.92% to 6,844.50.

Gold found US$1.05 in New York to end at US$288.50 per oz. Platinum gained US$7 to US$478 per oz. Palladium was unchanged at US$458 per oz.and silver lost a penny to US$4.36 per oz.

The golds and Paper & Forest products sectors put in the best performances on the TSE gaining 1.09% and 1.6% respectively. BarrickGold led the country’s gold majors with about 2.3 million shares traded. The stock gained 6 to $26.21. Kinross Gold was close behind gaining 2 to hit $1.57 on volume of more than 2.2 million shares. Placer Dome rose 26 to $18.75 on about 1.8 million shares.

NovaGold resources saw one of the better percentage gains rising 16 or 9.8% to $1.80. The San Jose, California-based company hit high-grade gold values with the first five holes of an ongoing drill program on the Acma target on the 13-million-oz. Donlin Creek gold deposit in southwestern Alaska.

Bema Gold shot up 6 or 10.9% to 61 on news that its 79%-owned Julietta mine in far eastern Russia, commenced production.

Also of note was Goldcorp, which gained $1.35 or 7.6% to $19.10. The company will be updating its exploration program at Red Lake, Ontario after the market closes on Wednesday.

The base metals had mixed results in Europe. The TSE’s Metals & Minerals subindex managed to edge up 17.24 points to 3,656.30. Alcan was the busiest climbing 70 to $49.20 on 1.6 million shares. Restructuring Boliden gained 3 or 11.5% to 29, putting in one of the better percentage gains. Inco dropped 60 to $22.60, Falconbridge shed a nickel to $15.40 and Teck Cominco lost 47 to $10.98.

Canada’s junior exchange followed the major bourses lower. The Canadian Venture Exchange plunged 37.72 points, or 1.3%, to finish the day at 2,843.12. The Mining Index dropped 82.36 points, or 1.1%, to close at 7,225.29.

Ventures Resources topped the most actively traded chart among junior explorers, losing 1 to close at 1 on nearly 1.6 million shares. In early June, the company launched an US$800,000 exploration program on its Veta property in east-central Alaska.

A big percentage mover, Gold Canyon Resources jumped 43 to end the day at $2.03 on 248,587 shares. The junior is in the midst of a 2,300-metre drill program on its Cordero gallium project in Humboldt County, Nevada.

Shares in Poplar Resources ended the day down 1 at 27 on a volume of 474,400. The company’s 65%-owned subsidiary is working the Sundsvall diamond project and the Bottenbacken polymetallic project, both in Sweden.

Quaterra Resources moved higher on news that the drill rig is turning on its Union Bay platinum-palladium property in Alaska. Shares in the company tacked on 5 to 24 on a volume of 160,000.

Radius Exploration touched yet another 52-week low following the release of the latest assay results from the Bridge zone on its Tambor gold property in Guatemala. Stock in the Simon Ridgway-led junior lost 2 to close at 33 on a volume of 151,000.