Trading Summary (November 28, 2001)

The Gold & Precious Metals subindex was one of just two subindices to finish in the black on the Toronto Stock Exchange on Wednesday. The golds gained 41.23 points to end at 4, 769.52; overall, the TSE 300 composite index lost 104.36 points or 1.4%.

Franco-Nevada Mining saw more than 2.5 million shares cross the floor to gain 4 to $22.99, making it the busiest mining issue on the day. Kinross Gold was close behind gaining a nickel to $1.09 on nearly 2.2 million shares. Placer Dome was just behind gaining 33 to $16.73 on just a few less shares. Barrick Gold rose 23 to $23.50.

The battle over control of the Las Cristinas gold property in Venezuela is turning nasty with reports that the TSE has appointed a disclosure analyst to investigate the details of Placer Dome’s sale of its 70% stake in Venezuelan subsidiary Minera Las Cristinas (Minca). Minca holds the mining license of the Las Cristinas gold property in the Bolivar state. A TSE spokesman refused to comment.

The base metal issues didn’t fare as well, falling 62.68 points or 1.52%. Sherritt International stood out gaining 12 to $4.04. The company recently named a new president and chief executive. Most of the others headed the other way. Inco dropped 20 to $25.90; Noranda fell 29 to $14.64; Falconbridge shed 19 to $16.26; and Teck Cominco lost 40 to $11.20.

On Wednesday, Falconbridge released assay results from a wedge hole in the Sudbury area. The hole was highlighted by a 6.15-metre core length running 2.3% nickel, 17.5% copper, 19.6 grams platinum 26.3 grams palladium and 20.5 grams gold per tonne.

Also on Wednesday, Teck Cominco inked a memorandum of understanding with Brazil’s largest non-ferrous metals group, Paranapanema, which is looking to sell its shares in zinc producer Paraibuna de Metais. Under the agreement, the major is granted a 60-day due diligence period and 90 days to come to a definitive agreement.

Canada’s junior exchange gave back yesterday’s gains led by a big drop in mining-related stocks. The Canadian Venture Exchange closed down 19.62 points, or 0.6% to close at 3045.00. The Mining Index plunged 77.53 points, or 1% to close at 7,768.54.

On just 2 trades Boulder Mining hit the most actively traded list with 647,000 shares crossing the floor. In April, the junior picked up the El Fuerte property in Sinaloa state, Mexico for US$1,000 in cash and 100,000 shares. Boulder ended the day up 2 to 5.

Mighty Beaut Minerals lost 1 to close at 14 on 150,000 shares. The company recently announced signing a memorandum of understanding with a private, Hong Kong-based investment firm to provide US$16 million in financing by December 21, 2001. The funds will be used to complete a feasibility study on the Celestial nickel laterite property in the Philippines.

Radius Explorations hit a fresh 52-week low, losing 3 to close at 20 on 100,000 shares. Disappointing drill results from the Tambor gold property in Guatemala has resulted in its share price drifting lower. At last report, the diamond drill rig was being mobilized to the Lupita zone where five of seven previously reported reverse circulation holes bottomed in phyllite-hosted gold mineralization.

Shares of Sultan Minerals stabilized following its recent sell-off on news of the latest batch of drill results from the Gold Mountain zone near Nelson, BC. Despite cutting another high-grade intercept grading 240 grams gold over 1.2 metres, most of the holes returned low grades. The junior ended the day at 30, unchanged on 62,700 shares.