Resource Stock Roundup Friday, September 26, 2008
Sep 26th, 2008 | By Doug Casey | Category: Financial News, Gold MarketIt was a reversal of fortunes during Thursday trading on the on the Canadian markets as the big board stocks managed to squeeze out modest gains, while the junior bourse saw nothing but red.
For the tale of the tape, the TSX Exchange gained 0.26%, while the TSX Gold Index lost 4.5% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell 0.64% with the declining issuers once again outpacing the advancers this time by a 472 to 383 margin on volume of 143 million shares traded.
Iron Creek Capital (IRN) inked a deal allowing Hochschild Mining to acquire a 60% interest in a precious metals area on its Vaquillas Project in Chile. Under the deal, Hochschild pays $750,000 to Iron Creek on signing and has subscribed for 2 million shares of Iron Creek at $0.50 per share. Hochschild must also incur a total of US$6 million in exploration expenditures by the end of 2013. Iron Creek ended the day flat at C$0.41.
A weakening global outlook continued to impact the shares of advanced base metal explorer Tamerlane Ventures (TAM). The company, which recently tabled positive results of its bankable feasibility study for the Pine Point project in Canada’s Northwest Territories, ended the day down C$0.03 at C$0.22.
Greystar Resources (GS) infill drilling has returned 16.64 grams gold and 116.8 grams silver per tonne over 6.1 metres in the Los Laches area of its wholly owned, multimillion-ounce Angostura gold-silver project in the northeastern region of Colombia. The market did not care as Greystar ended the session down C$0.05 at C$1.40.
Dundee Precious Metals (DPM) cut 41.46 grams gold per tonne over 7 metres near its operating Chelopech mine in Bulgaria. Dundee closed at C$4.83 for a C$0.18 gain.
One can expect more quiet trading days because right now all eyes are focused on the financial bailout planned in the United States. Still, we will see what Friday trading has in store.
Source: Resource Stock Roundup Friday, September 26, 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.