Resource Stock Roundup: Saturday, June 21st, 2008
Jun 21st, 2008 | By Doug Casey | Category: Gold MarketIt was a quiet session for the Canadian markets during Friday trading but an energy takeover did spark some action.
For the tale of the tape, the TSX Exchange fell 1.37%, while the TSX Gold Index was the biggest winner by adding 0.6% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, managed to tack on 0.11% with the declining issuers once again outpacing the advancers, this time by a 546 to 490 margin on big volume of nearly 227 million shares traded.
The big news was word that Ithaca Energy received an unsolicited non-binding proposed offer from Endeavour International to acquire the entire issued share capital of Ithaca for a combination of cash and shares at an indicative price of $3.25 per Ithaca share. Ithaca ended the day up C$0.70 at C$3.06.
Rusoro Mining picked up Hecla Mining’s Venezuelan assets including the Block B - Isidora mining leases and the La Camorra mill facility in Bolivar State. The price tag is $20 million and 4,273,504 Rusoro shares. Rusoro ended the day up C$0.06 at C$1.25.
No news was good news for Bitterroot Resources as shares in the junior rallied C$0.19 to close at C$0.82. The company’s partner, Mineral Creek Ventures has resumed underground and surface exploration on the Mineral Creek gold property near Port Alberni, in British Columbia and the company also has a joint venture with Cameco in Michigan. But driving the action was a newsletter recommendation that touts three coal permits Bitterroot is picking up in Manitoba.
Shares of Largo Resources continued to march higher thanks to its Vanadium project in Mexico. Largo ended the day up C$0.10 at C$1.50.
The Canadian Markets appear to be taking a breather after hitting record highs on the big board and bouncing off the bottom on the junior bourse. We will see what Monday trading has in store.
Source: Resource Stock Roundup: Saturday, June 21st, 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.