Resource Stock Roundup Friday, June 06, 2008
Jun 6th, 2008 | By Doug Casey | Category: Gold MarketThe Canadian Markets managed to rally during Thursday trading, as investors went bargain hunting after the recent sell-off.
For the tale of the tape, the TSX Exchange surged 1.99%, while the TSX Gold Index gained 2.7% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 0.53% with the advancing issuers beating the advancers by a 549 to 518 margin on good volume of nearly 225 million shares traded.
Fronteer Development Group says its 100%-owned Northumberland gold project in Nevada holds a measured and indicated resource of 2.44 million ounces, plus an inferred resource comprising 0.82 million ounces. This marks a 28% jump over the previous estimate. Fronteer ended the day up C$0.52 at C$5.29.
Shares in Potash North Resource continued to soar following news that the Saskatchewan Mines Branch has issued a potash permit covering 91,000 acres. The company added C$0.53 to Wednesdays’ C$1.34 surge to close at C$2.07.
Northern Freegold Resources tacked on C$0.025 to close at C$0.50 after reporting a 168.3 foot intercept running 0.94 grams gold and 56.1 grams silver per tonne at the Burro Creek property in northwestern Arizona.
No news was good news for VMS Ventures as shares in the junior added C$0.12 to close at C$0.87. Perhaps more drill results are pending from its Reed Lake discovery zone in Manitoba.
A stock to watch is X-Terra Resources. Shares in the company recently surged on news that the application permits for over 120,000 hectares of share permits in Quebec would be processed shortly. X-Terra was halted from trading pending news at C$2.21, up C$0.13 prior to the halt.
A bit of a relief rally helped lift the spirit of beaten down resource investors. Will it continue? We will see what Friday trading has in store.
Source: Resource Stock Roundup Friday, June 06, 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.