Resource Stock Roundup Friday July 11, 2008
Jul 11th, 2008 | By Doug Casey | Category: Gold MarketThe resource-rich Canadian markets managed a modest bounce back during Thursday trading as investors went bargain hunting following the recent sell-off.
For the tale of the tape, the TSX Exchange rallied 0.98%, while the TSX Gold Index added 2.7% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on a modest 0.47% with the declining issuers continuing to swamp the advancers this time by a 549 to 397 margin on abysmal volume of only 116 million shares traded.
Another problem hit Inmet Mining (IMN) at its 70% owned Las Cruces copper project in Spain, as an unexpected ground movement occurred at its newly constructed storage site for dried residue from the process plant. This will more than likely delay the development of the mine, which already faced problems in May when Spanish authorities suspended authorization for the dewatering and groundwater reinjection system. Investors did not mind the news on an up market day as Inmet closed up C$0.99 at C$64.14.
Tamerlane Ventures (TAM) cut 40.7% combined lead-zinc over 34 metres on its Pine Point property in the Northwest Territories and ended the day up C$0.05 at C$0.60.
Belvedere Resources (BEL) hit 61.49 metres running 0.59% nickel and 0.17% copper at its Hitura nickel mine in central Finland. The junior ended the day at C$1.25 for a C$0.12 gain.
Shares of Rusoro Mining (RML) added C$0.15 to C$1.20 after the company announced that it has been selected as the partner of choice by the Venezuelan Government for gold mining opportunities in that country. The Venezuelan Government also approved its previously announced acquisition of Hecla Mining’s Venezuelan assets.
Bottle roll testing of nine composite samples from the Los Planes gold zone in Mexico have returned decent values for Pediment Exploration. The average gold recovery for all the composites after 96 hours of testing was 78.5%. Not stellar but not bad either. Pediment ended the day down a penny at C$1.50.
On the uranium front, Uracan Resources (URC) added C$0.035 to close at C$0.465 after cutting 12.7 metres running 0.142% U308 from its 100-per-cent-owned Pipewrench Lake property in Saskatchewan.
Volatility seems to be the name of the game with the bears firmly in control of the longer term trend. Gold is showing signs of potentially breaking out and if so, will that be the catalyst for the beleaguered junior exploration stocks? We will see what Friday trading has in store.
Source: Resource Stock Roundup Friday July 11, 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.