Resource Stock Round Up Thursday July 10, 2008
Jul 10th, 2008 | By Doug Casey | Category: Gold MarketDespite a modest reprieve in the morning, the selling intensified as the day wore on and at the end of the Wednesday trading session it was another sea of red for the resource-rich Canadian Markets.
For the tale of the tape, the TSX Exchange fell 1.44%, while the TSX Gold Index dropped 0.7% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, plunged another 3.13% with the declining issuers swamping the advancers by a 537 to 386 margin on abysmal volume of only 137 million shares traded.
Shares of Hathor Exploration (HAT) and Terra Ventures (TAS) rallied after resuming trading following news that measurement of natural gamma emission radiation in counts per second (cps) indicate nineteen individual zones (ranging from 0.1 to 3.4 metres) of highly radioactive (5,000 cps to greater than 9,999 cps) mineralization were encountered within broader zones of elevated radioactivity (greater than 500 cps), of up to 20.7 metres on the Rough Rider uranium zone in Saskatchewan. Hathor with a 90% stake in the project added C$0.30 to close at C$2.85, while 10% holder Terra added C$0.11 at C$0.64.
Beleaguered zinc miner Blue Note Mining gave some rare good news in that its Caribou zinc-lead mine in New Brunswick produced a record 85,537 tonnes during June. Blue Note ended the day up C$0.01 at C$0.125.
Shares of Uracan Resources (URC) were halted from trading pending news at C$0.43. The company recently tabled an inferred resource for its Double S zone in Quebec. Based on a 0.009% U3O8 cut-off, the resource tallied 74.215 million tonnes averaging 0.012% U3O8.
The correction in resource stocks continued with the junior bourse leading the way. The question now is: how low will we go? We will see what Thursday trading has in store.
Source:Resource Stock Round Up Thursday July 10, 2008
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.