Trading Summary (October 17, 2001)

The Toronto Stock Exchange opened higher but failed to maintain the momentum on Wednesday, finishing 70.09 points behind yesterday’s close at 6,956.80. The only bright spot on an otherwise dismal day was the gold and precious metals subgroup, which rose 1.07% in value to 5,172.66 points.

Bullion markets were mixed, with gold and silver up but platinum and palladium down. The yellow metal ended the day at a London afternoon fix of US$281.60 per oz., or 50 higher.

The most actively traded of the golds was Placer Dome, which rose 5 to $18.95 as 2.2 million shares changed hands. Barrick Gold and TVX Gold were traded heavily as well: the former rose 40 to $26.55 on volume of 1.5 million shares and the latter edged ahead a penny to 74 on volume of 941,846 shares.

Meridian Gold led the mid-tier producers, rising 30 to $15.10. Next came Goldcorp, up 14 to $17.99, then Glamis Gold, up 10 to $5.30.

The metals and minerals subindex followed the broad market’s decline, ending the day 1.48% thinner at 3,508.91 points. Alcan was once again the most heavily traded, falling 35 to $47.60 on a volume of 920,288 shares. The aluminum producer reported an increase in profits in the third quarter, but concurrently warned of mounting pressure by depressed metal prices.

Falconbridge was the most active among the base-metal producers, with 883,341 shares traded. The major finished the day down 85 at $14.05. Among the smaller producers, Aur Resources rose 3 to $2.56, while Boliden gained 4 to rest at 26.

Among juniors, Band-Ore Resources climbed 4 to 64 as it announced dealt an option for its GQ property to Kennecott Canada Exploration. The Rio Tinto unit can earn a 70% stake in the property, which has yielded more than 13,000 carats of diamonds.

Canada’s junior exchange failed to find firm footing with the market, ending the day lower on a moderate trading volume. The Canadian Venture Exchange closed down 4.04 points, or 0.1%, at 2,881.93. The Mining Index bucked the negative trend gaining 20.52 points, or 0.3%, to close at 7,227.44.

Investors offloaded shares in IMA Exploration after hearing the results of the first 13 drill holes drilled in the Rio Tabaconas polymetallic project in northern Peru. Despite cutting up to 8.8 grams gold per tonne over 25.4 metres in hole 13, the results yielded erratic values. IMA Exploration dropped 12 to close at 45 on 294,000 shares.

Shares of Samex Mining climbed 3 to 12 on a volume of 706,9940. The junior is in the midst of a 600-metre drill program at the Eskapa copper-gold property in Bolivia.

Poplar Resources rose 2 to 21 on a volume of 882,500 shares. The company raise $350,000 by issuing 1.4 million units at 25 each. At last report, the company’s 65%-owned subsidiary had completed five holes of a planned 20-hole program at the Bottenbacken polymetallic property in central Sweden.

Adding to recent gains, Sultan Minerals jumped 3 to 44 on 180,000 shares. The junior is currently drilling the Gold Mountain zone at its Kena gold property near Nelson, B.C.