Resource Stock Roundup: Saturday, July 26th, 2008
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After getting beaten down the first four trading days of the week, investors finally elected to do some buying during Friday’s session on the Canadian markets.
For the tail of the tape; the TSX Exchange added 1.31%, while the TSX Gold Index tacked on 1.4% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, gained 0.16% with the declining issuers beating out the advancers by a 443 to 355 margin on volume of 130 million shares traded.
Shares of Roscan Minerals (CVE:ROS) lost C$0.35 to close at C$0.35 after the company announced that it will not proceed with the acquisition of the Prognoz silver project.
Goldsource Mines (CVE:GXS) managed a modest recovery as some optimism that economic coal could still be found on its coal permits of the Border Property near Hudson Bay, Saskatchewan. Goldsource ended the day up C$4.74 at C$8.89.
Equal partners Thundermin Resources (TSE:THR) and Cornerstone Resources (CVE:CGP) continue to hit the goods on the Little Deer property in Newfoundland. The latest results include 2.2% copper over 16.8 metres. Cornerstone ended the day down C$0.01 at C$0.22, while Thundermin added C$0.015 at C$0.29.
The sellers apparently elected to take a rare day off but indications are they will be back. We will see what Monday trading has in store.
Source: Resource Stock Roundup: Saturday, July 26th, 2008
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Tags: , CGP, Doug Casey, Gold Prices, GXS, mining stocks, ROS, THRAbout the Author
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.