Trading Summary (November 29, 2001)

The Toronto Stock Exchange rebounded from Wednesday’s triple-digit loss to end Thursday’s trading session up 42.3 points at 7,400.5. The financial sector helped power the recovery gaining 1.25%. By the end of the day just four of the TSE’s fourteen subindices were using red ink, the Metals & Minerals subindex was one of those sliding 35.3 points to 4,014.35.

Franco-Nevada Mining was the country’s busiest mining stock falling 14 to $22.85. Franco has committed its 19.9% stake in Australia’s Normandy Mining to a takeover bid by U.S. giant Newmont Mining. On Thursday, rival bidder AngloGold of South Africa, as expected, sweetened its bid with a A20 cash component. Normandy’s TSE shares climbed 70 to $12.90.

Close behind Franco was TVX Gold, which finished unchanged at 64 on nearly 1.5 million shares. Barrick Gold gained a dime to $$23.60; Placer Dome ascended 28 to $17.01; Kinross Gold fell 2 pennies to $1.07 and Cambior edged up a penny to 71.

Among the smaller producers, Hope Bay Gold fell half a penny to 19.5. On Thursday, Hope Bay posted third-quarter loss of $328,200 (or nil per share), compared with a year-ago loss of $1.3 million (1 per share). For the first nine months of 2001, the company’s loss piled up to $1.35 million (1 per share), compared wit ha loss of just under $2 million (2 per share) the previous year. Also making noise was Wheaton River Minerals, which finished off 10 or more than 16% at 52.

Most of Canada’s base metal issues fell on Thursday. Seeing the most traffic was Boliden, which fell a penny to 29.5. On Thursday, the Swedish-Canadian miner announced that its shareholders have approved the redomiciliation of the company to Sweden. More than 99% of the votes cast were in favour of the move. A hearing to obtain the required court approval is scheduled for Friday.

Teck Cominco was next in line sliding 10 to $11.10; Inco was off 40 to $25.50; Falconbridge sank 22 to $16.04; Sherritt International shed 4 to $4; Breakwater Resources fell 3 to $21; and Alcan lost 49 to $56.

Canada’s junior exchange managed to post modest gains despite some profit taking in mining-related issues. The Canadian Venture Exchange gained 17.54 points, or 0.6% to finish the day at 3,062.55. The Mining Index dropped 19.45 points, or 0.3%, to close at 7,749.10.

Cash-strapped American Bonanza Gold Mining topped the most actively traded list ending the day flat at 3 on 1.2 million shares. The company has been attempting to advance the Copperstone gold project in Arizona.

Seahawk Minerals ended the day unchanged at 6 on 417,900 shares. The company reported a loss of $719,000 in the first nine months of the year. During that time, the company spent $940,000 on its 75%-owned Piteiras emerald property in Minas Gerais state, Brazil.

Nevada Pacific Gold hit the list as one of the most actively traded junior explorers adding 3 to close at 28 on 526,000 shares. The junior recently announced a $500,000 financing and a joint venture deal with Placer Dome over its South Carlin gold project in Nevada.

Leader Mining International dropped 4 to close at $2.21 on 218,280 shares. The junior has turned the Cogburn nickel property near Hope, BC, into a magnesium project. Currently drilling the property, Leader Mining announced plans to drill on its nearby, newly acquired Andy and Roman claims, also for magnesium.

A nice percentage gainer, Atacama Minerals jumped 8 to end the day at 60 on 185,100 shares. The junior holds a 50% stake in the Aguas Blancas iodine project in Chile.

Erin Venture gained 2 to close at 45 on 313,500 shares. Stock in the company has gone on a strong run following news that a revised proposal has been submitted to the Yugoslavian authorities for the continuation of the development of the Piskanja borate property. The proposal does not include the participation of Electroprevreda (the national power corporation of Yugoslavia), but leaves the government with a non-participating and non-controlling interest in the project.