Trading Summary (December 27, 2001)

The oil sector led the Toronto Stock Exchange 98.01 points or 1.3% higher on Thursday. Oil stocks gained 2.45% as investors waited for an expected OPEC production cut. By day’s end, the TSE 300 composite index ended at 7,650.6 in thin trading. The golds, off 1.62%, were one of just two subgroups to finish in the red. The base metal issues gained 1.8%.

Pure Gold minerals was the nosiest miner with more than 3.1 million shares crossing the floor to gain 4.5 or about 33% to 18. Pure Gold and partner Ashton Mining of Canada recently reported significant microdiamond counts from the discovery hole on the Artemisia kimberlite on the Kim property in Nunavut. For its part, Ashton gained 57 or 24% to $3.

Franco-Nevada Mining was next in line with 1.6 million shares changing hands. The issue gained 7 to $23.65. Barrick Gold went the other way dropping 61 to $25.44 on about 1.2 million shares. On Thursday, Anglogold announced a sweetened offer for Australia’s Normandy Mining. The South African is in a battle for the Aussie with Newmont Mining, which has a side deal with Franco (which has a 19.9% stake in Normandy).

Among the other gold majors, Placer Dom shed 58 to $17.30, Kinross Gold lost 4 to $1.14;TVX Gold edged up a penny to 64.

Gains were seen across the board among the base metal issues. Alcan led the pack with just 470,000 shares on the go. The stock climbed 93 to $57. Inco gained 55 to $27; Falconbridge rose 3 pennies to $15.83, Noranda climbed a quarter to $14.80; and Teck Cominco ended 45 higher at $12.95.

Marine diamond Miner Namibian Minerals continued to rise, gaining 5.5 or 24% to 28.5. Namco recently received a US$3 million bridge loan from its major shareholder, and its chief executive has resigned.

Canada’s junior exchange managed to extend its recent rally on light volume. The S&P-CDNX Composite Index gained 10.48 points, or 1.1% to close at 1005.20.

Randy Turner-led Diamondex topped the most actively traded chart among junior explorers losing 2 to close at 34 on nearly 2.4 million shares. The company recently earned a 60% stake in the Kelsey diamond property in the Northwest Territories. Fellow junior Tyler Resources holds the remaining 40% and a joint venture has been formed to further explore the property. Tyler ended the day up 1 at 10 on 24,000 shares.

Major General Resources added 3 to 10 on 643,500 shares. The junior announced a non-brokered private placement of 1.6 million units priced at 10 each. BHP Billiton is exploring the company’s Misty Lake diamond property in the Northwest Territories.

The closing of a private placement consisting of 273,300 flow through shares priced at 15 each failed to help lift shares of New Millennium Metals. The company lost 4 to end the day at 11 on 529,000 shares.

A nice percentage gainer, NovaWest Resources added 6 to close at 17 on 120,000 shares. The junior recently launched an exploration program over the Nickel Royale base metal project west of Thunder Bay.

Radius Explorations continued to bounce back from recent tax loss selling, gaining 4 to end the day at 34 on 76,550 shares. The Simon Ridgway-led company recently inked a deal with South African-based Gold Fields paving the way for the major to earn a 55% interest in the Tambor and Bella Vista gold projects in Guatemala.

Canadian Royalties ended the day flat at 65 on a light 43,500 shares. The Val d’Or, Quebec-based company closed an $800,000 financing. The proceed will be used to continue drilling the Expo-Ungava and Phoenix copper-nickel-platinum-palladium prospects in Ungava.