Resource Stock Roundup: Friday, March 13th, 2009
Mar 13th, 2009 | By Doug Casey | Category: Financial NewsThe buying of equities continued during Thursday’s session on the Canadian Markets with gains seen across the board. For the tale of the tape, the TSX Exchange surged 3.39%, while the TSX Gold Index added 3.2% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, gained 2.37% with the advancers beating out the decliners by a 392 to 319 margin on 119 million shares traded.
Silver Wheaton (NYSE:SLW) has stepped up to the plate and is offering up 0.185 of its shares for each share of Silverstone Resources. The proposal values Silverstone at C$1.59 per share. In return, Silver Wheaton gains Silverstone’s silver stream agreements with Capstone Mining’s Minto copper-gold-silver mine in Yukon and its Cozamin copper-silver-lead-zinc mine in Mexico. Silver Wheaton closed the day at C$8.08 for a C$0.14 gain and Silverstone closed C$0.20 higher at C$1.45.
Largo Resources came out with an updated resource model for the Northern Dancer tungsten-molybdenum project in the Yukon. The latest tally shows measured resources of 30.8 million tonnes grading 0.114% WO3 and 0.030% molybdenum, indicated resources of 192.6 million tonnes grading 0.100% WO3 and 0.029% molybdenum and an inferred resource of 201.2 million tonnes grading 0.089% WO3 and 0.024% molybdenum. Largo ended the session down C$0.005 at C$0.075.
Donner Metals discovered massive sulphide mineralization in the Daniel-1 area just 16 kilometres northwest of Xstrata’s operating Perseverance mine and 26 kilometres northwest of the Matagami mill in Quebec. The discovery hole returned 3.95 metres grading 2.20 per cent copper, 0.09 per cent zinc, 8.8 grams silver per tonne and 0.25 gram gold per tonne. Donner closed flat at C$0.16.
Optimism that the worst of the economic turmoil is over had investors bidding up equities for the third straight session. We will see what Friday trading has in store.
Source: Resource Stock Roundup: Friday, March 13th, 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.