Resource Stock Roundup: Saturday, June 7th, 2008
Jun 7th, 2008 | By Doug Casey | Category: Gold MarketA poor jobs report out of the United States sparked a buying binge in hard assets and that helped the gold miners to move higher during Friday trading on the Canadian Markets.
For the tale of the tape, the TSX Exchange gave back a modest 0.09%, while the TSX Gold Index surged 2.6% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 0.93% with the advancing issuers beating the decliners by a 571 to 447 margin on good volume of nearly 248 million shares traded.
It was a good day for shareholders of Cash Minerals as the company announced a strategic review to reassess the economic potential of the Division Mountain coal property in the Yukon, which hosts a measured resource of 52.5 million tonnes of high-volatile B bituminous thermal coal. Cash ended the day up C$0.055 at C$0.27.
Shares in Potash North Resource rallied for the third straight day following news that the Saskatchewan Mines Branch has issued a potash permit covering 91,000 acres. The company added C$0.48 to close at C$2.55.
Canplats Resources moved C$0.02 higher to close at C$4.92 after investors digested the latest results from the Represa zone on the Camino Rojo project in Mexico. Highlights included 292 metres running 1.16 gram gold, 11.65 grams silver per tonne, plus 0.4% zinc.
X-Terra Resources remained halted at C$2.21 but the company did table news that Brownstone Ventures will acquire a 50 percent interest in applications for some 150,000 hectares of land in the Quebec lowlands, prospective for gas shales. Brownstone will issue two million shares and two million warrants, which are exercisable at a price of C$2 for two years. Brownstone also agreed to purchase 850,000 units in X-Terra.
It was a strong end to the trading week as investors are banking that the junior market is ready for a Summer rally. We will see what Monday trading has in store.
Source: Resource Stock Roundup: Saturday, June 7th, 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.