Resource Stock Roundup: Saturday, August 9th, 2008
Aug 9th, 2008 | By Doug Casey | Category: Gold MarketIt was a quiet summer trading day for the Canadian markets during Friday’s session as falling commodity prices and Canada’s biggest monthly job loss in 17 years prompted some selling.
For the tail of the tape; the TSX Exchange fell 0.42%, while the TSX Gold Index (TSX:XGD) gave back 4.1% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, dropped 1.82% with the declining issuers beating out the advancers by a 520 to 327 margin on pathetic volume of only 95 million shares traded.
In the face of high operating costs, Yukon-Nevada Gold (TSE:YNG) has decided to suspend its underground operations at its Jerritt Canyon mine in Nevada and focus on operating the profitable 4,000 ton per day mill that has been refurbished over the past six months. Yukon-Nevada ended the day down C$0.31 at C$0.54.
Aurizon Mines (AMEX:AZK) tallied earnings of $5.6 million or $0.04 per share during the second quarter on production of 36,871 ounces of gold from its Casa Berardi mine in Quebec. Aurizon ended the day down C$0.10 at C$4.17.
NovaGold Resources (AMEX:NG) and several of its officers have been named as defendants in a purported securities class action lawsuit filed in the United States District Court for the Southern District of New York. The complaint alleges that the company failed to disclose materially adverse facts concerning its operations and prospects in various public statements. The lawsuit comes on the heels of NovaGold halting development of its huge 50% owned Galore Creek project in British Columbia due to big capital cost increases. NovaGold ended the day down C$0.38 at C$7.06.
The junior bourse is now at levels last seen in 2005 and there appears to be no end in sight for the much beleaguered junior explorers. We will see what Monday trading has in store.
Source: Resource Stock Roundup: Saturday, August 9th, 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.