Resource Stock Roundup: Friday, June 26th, 2009
Jun 26th, 2009 | By Doug Casey | Category: Gold MarketThe resource bulls continued to trample the bears during Thursday trading on the Canadian Markets. For the tale of the tape, the TSX Exchange added 2.52%, while the TSX Gold Index climbed another 4.5% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on 1.14% with the advancers edging out the decliners by a 411 to 374 margin on a weak 123 million shares traded.
Teck Resources (NYSE:TCK) cut its 2010 copper production forecast by 13 percent because of geotechnical issues at its Highland Valley mine in British Columbia. Copper production estimates for next year now stand at 755 million pounds down from the previous 870 million pounds, while this year’s output from Highland Valley drops by 12 percent and by 2010 output hits 187 million pounds, a 38 percent drop. Teck ended the day down C$0.07 at C$18.43.
In a case of tax dollars being put to work, Adroit Resources is set to receive C$603,633 from the Provincial Government of British Columbia as compensation for the 1995 expropriation of its Amber mineral claims to make way for a Park. The Supreme Court of British Columbia also ordered the Government to pay Adroit’s legal costs and to pay interest on the monetary award from July, 1995. The total award is expected to be more than C$1.4 million. Adroit ended the day unchanged at C$0.11.
International Tower Hill (AMEX:THM) tabled an updated resource for its Livengood project in Alaska. Using a 0.3 gram gold per tonne cutoff, the indicated resource tallies nearly 235 million tonnes grading 0.69 gram gold per tonne and the inferred camp tallies north of 280 million tonnes running 0.59 gram gold per tonne. International ended the day up C$0.13 at C$3.45
Shares of Sabina Silver added C$0.06 to close at C$0.99 after the company announced a drill intercept of 26.2 percent zinc and 457 grams silver per tonne over 8.8 metres at its Hackett River silver-zinc project in Nunavut.
Starfield Resources continued to get no trading action following word that it is taking over fellow junior Nevoro. The friendly all-share transaction would see each Nevoro share exchanged for a 0.87 of a Starfield share. Starfield ended the day down C$0.015 at C$0.16, while Nevoro cloased flat at C$0.125.
Weaker job numbers out of the United States failed to damper investor appetite for equities. We will see what Friday trading has in store.
Source: Resource Stock Roundup: Friday, June 26th, 2009
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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.