Resource Stock Roundup: Friday, May 16th, 2008
May 16th, 2008 | By Doug Casey | Category: Gold MarketThe Canadian Markets continued to move higher during Thursday trading, as green lights were seen across the board.
For the tale of the tape, the TSX Exchange tacked on 1.38%, while the TSX Gold Index gained 3.6% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 0.33% with the advancing issuers inching past the decliners by a 499 to 487 margin on volume of 195 million shares traded.
Sprott Inc.’s first day of trading proved to be a negative one as shares in the well-known resource investment firm fell C$0.16 to close at C$9.84. The company, whose mutual funds and hedge funds made C$42.3 million last year, completed its $200 million initial public offering at C$10 each.
Shares of Brazauro got a boost after the company announced a 125 metre drill intercept running 2.31 grams gold per tonne form its Tocantinzinho project in Brazil. Brazauro ended the day up C$0.12 at C$0.69.
Meanwhile shares of Cue Resources sold off as investors digest the new resource estimate for a portion of the San Antonio uranium deposit in southeast Paraguay. The indicated resources tally 7.8 million tonnes grading 0.03% eU3O8, while the inferred resources come in at 2.5 million tonnes grading 0.4%. Cue ended the day down C$0.10 at C$0.50.
Tenajon Resources added C$0.03 to close at C$0.47 after reporting that its Ajax deposit in British Columbia hosts an inferred resource of 483.1 million tonnes grading 0.061% molybdenum and an indicated resource of 69.0 million tonnes grading 0.065% molybdenum.
It was yet another strong day for Canada’s big board stocks with even the gold guys taking part in the action. That said, the junior bourse continues to struggle to keep pace. We will see what Friday trading has in store.
Source: Resource Stock Roundup: Friday, May 16th, 2008
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.