Resource Stock Roundup: Friday, March 20th, 2009
Mar 20th, 2009 | By Doug Casey | Category: Financial NewsThe United States dollar continued to fall and that helped commodity stocks during Thursday trading on the Canadian Markets. For the tale of the tape; the TSX Exchange gained 0.71%, while the TSX Gold Index added 3.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, surged 4.37% with the advancers swamping the decliners by a 467 to 289 margin on volume of 152 million shares traded.
Avion Resources and Dynamite Resources are the latest wedding candidates with Avion proposing 0.75 of an Avion share for each Dynamite share. The move would consolidate ownership of the Tabakoto-Segala gold mine in Mali. Dynamite ended the day up C$0.005 at C$0.155, while Avion added C$0.02 at C$0.23.
Terrane Metals got a boost after announcing that it had received the Environmental Assessment Certificate for the province of British Columbia for its Mt. Milligan copper-gold project. Terrane ended the session up C$0.06 at C$0.25.
Meanwhile, Hawthorne Gold tabled an inferred resource of some 33 million metric tons grading 0.99 gram gold per ton for its Taurus deposit in British Columbia, Hawthorne closed out the day at C$0.275 for a C$0.02 gain.
Strathmore Minerals tabled resource estimates for its Nose Rock and Dalton Pass uranium properties in New Mexico. Nose Rock hosts a measured and indicated resource of 884,091 tons running 0.147% U3O8, plus an inferred resource of 167,012 tons averaging 0.135% U3O8. Dalton Pass hosts a measured and indicated resource of 1,622,750 tons running 0.095% U3O8, plus an inferred resource of 908,127 tons averaging 0.084% U3O8. Strathmore ended the session up C$0.035 at C$0.355.
Shares of Greystar Resources added C$0.43 to close at C$4.24 on no new developments. The first stage of its feasibility study on its multi-million ounce Angostura gold resource is expected shortly.
Well it looks like the United States dollar is finally coming under some pressure and that is good for commodity stocks, which are priced in United States dollars. How long will this trend continue? We will see what Friday trading has in store.
Source: Resource Stock Roundup: Friday, March 20th, 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.