Resource Stock Roundup Friday, October 3, 2008
Oct 3rd, 2008 | By Doug Casey | Category: Financial News, Gold MarketThe onslaught of selling resumed with a vengeance during Thursday trading on the Canadian Markets. For the tale of the tape, the TSX Exchange lost 6.95%, while the TSX Gold Index plunged 14.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, dropped 6.73% with the declining issuers swamping the advancers by a 698 to 216 margin on volume of 154 million shares traded.
Bravo Venture Group (BVG) tagged 73 metres of 20.99 grams gold per tonne at its Homestake Ridge project in northwestern British Columbia. Bravo ended the day up C$0.30 at C$0.53.
Hathor Exploration (HAT) continues to cut the goods at its 90% owned Midwest Notheast property in Saskatchewan but continues to get no investor love. The latest results include 46 metres running 3.25% U308. Hathor ended the day down C$0.37 at C$2.70, while 10% owner Terra Ventures lost C$0.08 at C$0.56.
Copper Mountain Mining (CUM) got no joy after the company announced that Mitsubishi Materials Corporation has agreed to pay C$28.75 million for a 25% equity stake. Mitsubishi will also arrange a C$250 million project loan, and contract to purchase all the copper concentrate from the Copper Mountain project in British Columbia. The junior finished the session at C$1.02 for a C$0.17 loss.
Victoria Gold (VIT) cut 11.48 grams gold per tonne over 33.5 metres at its Cove-McCoy project located in north-central Nevada. The results sent Victoria shares C$0.035 higher to C$0.305.
Despite cutting 77.34 grams gold per tonne over 11 metres from its Detour Lake project in Ontario, Detour Gold (DGC) fell C$1.28 to close at C$10.64.
Shares of Potash Corp (POT) got slammed thanks to the on going selloff of commodities. Potash ended the day down C$35.50 at C$101 even.
The junior bourse has hit fresh five year lows and its descent since May of 2007 is showing no signs of abating anytime soon. We will see what Friday trading has in store.
Source: Resource Stock Roundup Friday, October 3, 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.