Resource Stock Roundup Friday, May 30, 2008
May 30th, 2008 | By Doug Casey | Category: Gold Market Falling gold and oil prices sent the more speculative stocks lower for the second straight day during Thursday trading on the Canadian Markets.
Consolidation continued in the Canadian junior oil patch with Southern Pacific Resource Corp. agreeing to acquire Rochester Energy in an all share transaction worth C$22.05 million. Southern Pacific will issue up to 21 million shares for the 50,575,645 million Rochester shares outstanding and a total of 34,629,187 Rochester shares issuable upon the exercise of Rochester convertible securities. Southern ended the day up C$0.02 at C$1.07, while Rochester gained C$0.06 at C$0.36.
Potash is still hot as evidenced by shares of Allana Resources. The company announced that it has acquired 100% of Latin American Potash, which holds 154,000 hectares of potash-prospective assets in Argentina. The price tag is C$130,000 and three million Allana shares. Allana ended the day up C$0.195 at C$0.40.
New assay results boosted the 17 metre intercept running 0.2% U308 to 18.5 metres averaging 0.215% U308 at the Lac Mantouchiche prospect on the Mistassini property in Quebec for owner Majescor Resources. Majescor ended the day up C$0.01 at C$0.14.
Kirkland Lake Gold continued to get no joy despite cutting 43.37 ounces of gold over 10.4 feet at its South mine complex in Ontario. Kirkland ended the day down C$0.41 at C$9.66.
The resource-rich Canadian markets appear ripe to follow the commodity price trend and right now that appears to be lower. We will see what Friday trading has in store.
Source: Resource Stock Roundup Friday, May 30, 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.