Trading Summary (November 13, 2001)

Positive news out of Afghanistan helped cheer investors and send the Toronto Stock Exchange 100.52 points higher to close at 7,324.4 points. The base metals issues put in the best percentage gain rising 145.5 points or 3.83% to 3,948.4. The technology-laden Industrial Products subindex gained 3.77% to reach 3,517.13 points. Leaving the traditional safe haven, investors sold off the gold stocks sending the group down 101.12 points or 2% to 4,961.83 points.

In New York, platinum and palladium weren’t able to hang on to Monday’s gains surrendering US$23 and US$19 to end at US$420 and US$312 per oz., respectively. Gold pulled back another US90 to US$277 per oz. Silver managed to gain two pennies to US$4.14 per oz. Nickel stood out on the London Metal Exchange gaining US$560 to US$5,540 per tonne.

Diversified miner Teck Cominco was the most active mining stock on the day. The issue gained a quarter to $11.55 on more than 2.5 million shares. Junior gold producer Wheaton River Minerals was next in line adding 3 to hit 65 with about 1.8 million shares traded. Wheaton recently agreed to sell its George Lake project, near Bathurst Inlet in Nunavut, to Kinross Gold for 4 million shares, worth about $6 million.

A selloff in the gold sector left few survivors. Barrick Gold shed 75 to $24.51; Placer Dome lost 51 to $17.52; Kinross Gold fell 3 to $1.31; TVX gold was 2 lower at 64 and Cambior lost a penny to 71. Royalty company Franco-Nevada Mining stood out adding 40 to reach $23.20.

The red tide swept over the smaller producers as well. Larger percentage drops were seen by: Viceroy Resources, off 10.3% to 13; Glamis Gold, off 3.6% to $5.15; and Miramar Mining, down 6.3% to 89. On Tuesday, Miramar announced that it and the Federal Department of Indian Affairs and Northern Development have finalized an agreement to extend the mining life of the Giant gold mine near Yellowknife.

The base metal miners were a happy bunch. Falconbridge shot up $1.01 to $15.90; Noranda rose 80 to $14.70; Inco gained 84 to $24.19; Sherritt International tacked on 18 to reach $4.50 and Alcan found $2.15 to hit $54.62. Smaller producers on the rise were Aur Resources, up 19 to $2.99 and Breakwater Resources, which vaulted 7 or 35% to 27.

Canada’s junior exchange put in a mixed session as gains in oil & gas issues were offset by loses in technology and mining-related shares. The Canadian Venture Exchange tacked on 1.55 points, or 0.1% to finish the day at 3,023.01. The Mining Index lost 32.60 points, or 0.4% to close at 7,709.37.

Stock in Rubicon Minerals jumped 11 to 47 on 402,382 shares. The junior recently completed a 1,600-metre drill program over the Slate Bay prospect in the prolific Red Lake mining district of Ontario. Five of the six holes cut mineralization with hole 1 hitting 2.56 grams gold over 2.3 metres.

Masuparia Gold ended the day flat at 8 on 261,000 shares. The junior recently completed a 1,000-metre drill program confirming the previously cut gold grades on the Greywacke property north of La Ronge Saskatchewan. The company can earn a 70% stake in the project from equal partners JNR Resources and Shane Resources. JNR ended the day up 3 at 6 on 165,000 shares, while Shane ended the day flat at 6 on 50,000 shares.

Idaho Consolidated Metals gained 1 to end the day at 39 on 126,500 shares. The company and Toronto-listed Crystallex International terminated their management services agreement. Entered into in January for the purpose of providing Idaho with additional management expertise and to assist in the raising of capital. On the back of new additions to the board of directors and management of Idaho, both Crystallex and Idaho have agreed to terminate the deal. The options granted to Crystallex remain in effect until November 15, 2002. Idaho has been exploring the Stillwater platinum-palladium property in Montana.