Trading Summary (November 21, 2001)

The Toronto Stock Exchange sunk 50.31 points to end at 7,330.9 on Wednesday, as investors sought to reduce their positions heading into the U.S. Thanksgiving weekend. The Utilities subindex was really the only group spared as it gained 128.58 points or more than 1% to 12,564.28. The golds surrendered 37.35 points and the base metal issues shed 8.93 points.

Pure Gold Minerals put in a surprise appearance as the nation’s most actively traded mining stock. The issue climbed 4 or more than 36% to 15 on 2.3 million shares. On Wednesday, Pure Gold announced that it intends to raise an additional $250,000 via a brokered private placement of flow through common shares to arms length parties at 10 apiece.

Nickel giant Inco was the next busiest with just more than 1.4 million shares traded. The company’s stock gained 9 to $25.01. Most of the other base metal majors didn’t fare as well. Falconbridge shed a nickel to $16.05; Noranda and Teck Cominco lost the same to $14.85 and $11.10, respectively. Breakwater Resources slipped 2 pennies or 7.7% to 24. Breakwater recently posted a whopping $102-million loss for the first nine months of 2001.

Similar results were seen among the gold majors. Placer Dome fell 43 to $15.70; Barrick Gold slid 27 to $22.83; Kinross Gold fell 3 to $1.08; TVX Gold was a penny lower at 63; and Cambior dropped a penny to 71.

In the junior ranks, River Gold Mines gained 6 or 4.6% to $1.36. On Tuesday, River posted solid third-quarter earnings of $1 million (or 3 per share). During the same period of 2000, the company incurred a loss of $1.1 million (or 2 per share).

Canada’s junior exchange continued its slow but steady climb higher. The Canadian Venture Exchange ended the day up 8.05 points, or 0.3% to close at 3072.70. The Mining Index surged 64.42 points, or 0.8% to close at 7,890.27.

Kernow Resources & Developments tacked on 2 to 5 on 165,000 shares. The company has acquired the Jales gold property in Portugal. The 16.8 sq-km project includes the now closed Jales operation, which produced over 830,000 ozs of gold from 1933 to 1992 at a reported grade of 12.9 grams per tonne.

Shares in Barramundi Gold came to life, gaining 2 to end the day at 3 on 150,000 shares. The cash-strapped junior has been trying to advance the Rescue gold mine property in central Idaho.

On the back of plans to expand its Santa Rosa pilot plant in southern Peru, Andean American mining continued to move higher, gaining 2 to close at 50 on 495,426 shares. By early next year the company envisions a 3,250 tonnes per day gold operation on the property.

Leader Mining International drifted lower on some apparent profit taking after posting solid gains over the past month. Shares in the junior dropped 5 to $2.70 on a volume of 104,050. Two diamond drill rigs are being mobilized to its Cogburn nickel property near Hope BC.