Resource Stock Roundup: Friday, May 23rd, 2008
May 23rd, 2008 | By Doug Casey | Category: Gold MarketThe reversal of fortunes continued as the junior board issues outperformed the big bourse during Thursday trading on the Canadian Markets.
For the tale of the tape, the TSX Exchange gained a modest 0.01%, while the TSX Gold Index fell 0.9% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 0.32% but the declining issuers beat out the advancers by a 537 to 492 margin on good volume of nearly 240 million shares traded.
VMS Venture cut another hot hole at the Reed Lake discovery zone in Manitoba. The latest hole cut 3.54% copper and 0.26% zinc over 81.07 metres, including 18.99 metres running 5.64% and 0.13% zinc. VMS ended the day up C$0.17 at C$0.72.
Speaking of hot holes, Hathor Exploration tagged a radioactive one on its 90% owned Midwest NorthEast uranium property in Saskatchewan. The latest drill results included 15 metres running an impressive 10.02% U308 in one hole and 10.06% U308 over 9 metres in another. Nice. Hathor ended the day up C$0.27 at C$3.05, while 10% carried interest holder Terra Ventures closed flat at C$0.75.
The latest drill results from the Represa zone of the Camino Rojo project in Mexico’s Zacatecas state helped shares of Canplats Resources. The owner of the highly touted find gained C$0.07 to close at C$3.95.
Shares of Niblack Mining were halted from trading at C$0.30 as the company is looking to merge with cash-rich Committee Bay Resources. The deal would see each Niblack share exchanged for one Committee Bay share. Of interest to Committee Bay is Niblack’s wholly owned VMS project in southeast Alaska. For its part Committee Bay was halted from trading at C$0.28.
The Canadian markets look to be a wee bit overextended these days with even stellar results bringing out the sellers looking to lighten their load. We will see what Friday trading has in store.
Source: Resource Stock Roundup: Friday, May 23rd, 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.