Resource Stock Roundup: Friday, May 2nd, 2008
May 2nd, 2008 | By Doug Casey | Category: Gold MarketIt was an up and down session on the Canadian markets during Thursday trading, as gains on the coal front were offset by losses in the gold stocks.
For the tale of the tape, the TSX Exchange gained 0.92%, while the TSX Gold Index fell 0.7% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, ended the session up 0.36% with declining issues continuing to surpass the advancers this time by a 546 to 440 margin with slowing volume of almost 191 million shares traded.
Centerra Gold earned $19.3 million or $0.09 per share in the first quarter of 2008, up from the $5.9 million or $0.03 per share posted in the same period of 2007. Not good enough on a down day for gold as Centerra ended the session down C$0.16 at C$8.48.
Shares of Goldsource Mines are not letting up as buyers continue to gobble it up on speculation the junior has made a coal discovery in Saskatchewan. The company recently completed six drill holes of a permitted 22-hole program on its mineral claim blocks in central and eastern Saskatchewan. No kimberlites were encountered and the only results of interest were coal intercepts in two of the holes. The coal is described as black and moderately hard and therefore judged by visual characteristics to be either sub-bituminous or bituminous in rank rather than lignite. Results are pending but in the meantime Goldsource added C$1.37 to close at C$4.67.
Riding the area play, Swift Resources made applications for coal permits in east-central Saskatchewan, in the area of Goldsource’s recently-announced coal discovery. This news sent its shares up C$0.745 to C$1.05.
Not to be left out, Saturn Minerals also made applications for coal permits in the same area and saw its shares climb C$0.21 to close at C$0.485 on a mind boggling 26 million shares traded.
Midway Gold added C$0.10 to close at C$2.34 after announcing a 12.2 metre intercept running 4.6 grams gold per tonne at its Thunder Mountain project in Nevada.
Canada’s junior bourse is once again treading water around the 2,400-point level, which has been bottom support since early in 2006. We will see what Friday trading has in store.
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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.