Resource Stock Roundup: Friday, April 17th, 2009
Posted on: Apr 17th, 2009 | By Doug Casey | Filed under Financial News
Investors remained hesitant to make big bets during Thursday trading on the Canadian markets. For the tale of the tape, the TSX Exchange added 0.97%, while the TSX Gold Index plunged 5.3% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, gave back 0.59%, with the decliners edging out the advancers by a 396 to 384 margin on volume of 253 million shares traded.
Financially troubled Cue Resources tabled a big jump in resources on a portion of the San Antonio uranium deposit in Paraguay. The indicated resource tallies 9 million tonnes at 0.042 % eU3O8, while the inferred section came in at 1.1M tonnes grading 0.050% eU3O8. Cue ended the day down C$0.015 at C$0.10.
Speaking of financially troubled, Adanac Molybdenum added C$0.075 to close at C$0.10 after posting an updated resource estimate for its Ruby Creek molybdenum deposit in British Columbia. At a cut-off grade of 0.04% molybdenum, the measured resources now tally 43.6 million tonnes running 0.078% molybdenum.
Shares of Copper Mountain Mining added C$0.07 to close at C$0.52 after the junior stated that it is continuing to advance the Copper Mountain project in British Columbia towards production. Mitsubishi will fund the program through the $28.75 million line of credit provided.
Hathor Exploration tallied 10.18% U3O8 over 12 metres from its latest round of drilling on the Roughrider uranium discovery in Saskatchewan. However, the overall results were mixed at best and Hathor dropped C$0.12 to C$1.95.
The markets are looking for firm direction and with the economic data still looking weak, this flatline trend may continue for some time. We shall see what Friday trading has in store.
Source: Resource Stock Roundup: Friday, April 17th, 2009
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.