Resource Stock Roundup: Monday, March 16th, 2009
Mar 16th, 2009 | By Doug Casey | Category: Financial NewsIt was yet another quiet news day during Friday’s trading session on the Canadian Markets, with some investors electing to lock in the gains made over the past week. For the tale of the tape, the TSX Exchange gained 0.26%, while the TSX Gold Index tacked on 0.9% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 0.66% with the advancers beating out the decliners by a 354 to 331 margin on pathetic volume of 91 million shares traded.
Gammon Gold (NYSE:GRS) and Capital Gold are looking to team up with Capital Gold in an all share transaction that would see Capital Gold shareholders get 0.1028 Gammon Gold share for each Capital Gold share. Capital Gold also came out with second quarter earnings of $3.19 million or C$0.02 per share. Gammon ended the day down C$0.46 at C$9.13, while Capital Gold added C$0.06 at C$0.87.
Fronteer Development Group (AMEX:FRG) and 49 per cent holder AuEx Ventures tabled an indicated resource of 4.81 million tonnes grading 2.35 grams gold per tonne and an inferred resource of 8.78 million tonnes at an average grade of 1.63 grams gold per tonne for the Long Canyon deposit in northeastern Nevada. That tallies 822,000 contained ounces of gold. Fronteer ended the day up C$0.05 at C$2.91, while AuEx added C$0.07 to close at C$2.52.
The take over of Forsys Metals has hit a bump as the company extended the closing date for its proposed takeover offer from George Forrest International Afrique SPRL. The new date has not been determined, but no later than July 31. The purchase price remains at C$7 per share but the break fee jumps to $20 million. Forsys ended the day down C$1.55 to C$3.70.
The broader markets look very stable right now and appear to want to inch themselves higher. That said, we have been here before over the past 18 months and the end results proved to be lower-lows. We will see what Monday trading has in store.
Source: Resource Stock Roundup: Monday, March 16th, 2009
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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.