Resource Stock Roundup: Saturday, May 17th, 2008
May 17th, 2008 | By Doug Casey | Category: Gold MarketThe Canadian Markets marched ever higher during Friday trading.
For the tale of the tape, the TSX Exchange tacked on another 1.05%, while the TSX Gold Index gained 2.9% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 1.37% with the advancing issuers beating the decliners by a 584 to 434 margin on volume of over 223 million shares traded.
Shares of Crystallex International continued to slide after comments made by the Minister of the Environment and Natural Resources of Venezuela that call for a ban on open pit mining in Venezuela. Crystallex maintains that the Minister’s comments “are in conflict with the Las Cristinas environmental impact study approval, construction compliance guarantee bond request and environmental tax request issued by the same ministry.” Welcome to Venezuela. Crystallex ended the day flat at C$0.84.
Sprott Inc’s second day of trading proved to be similar to the first as shares in the well-known resource investment firm fell C$0.14 to close at C$9.70. The company, whose mutual funds and hedge funds made C$42.3 million last year, completed its $200 million initial public offering at C$10 each.
Shares of Southern Hemisphere Mining got a modest boost after reporting a 78 metre drill intercept running 0.96% copper and 0.4 grams silver per tonne at its El Arrayan project in Chile. Southern ended the day up C$0.035 at C$0.25.
Beleaguered Southwestern Resources has inked a deal to sell its troubled Boka gold project in China to Hong Kong East China Non-Ferrous International Mineral Development Co. for $9.4 million and a 2.7% net smelter return on production is excess of 6.5 tonnes. Southwestern ended the day down C$0.02 at C$0.53.
Rumours are circulating that Hathor Exploration is about to table some good news for shareholders. No word on what that news is. The company recently discovered the Roughrider zone on its 90% owned Midwest NorthEast uranium property in Saskatchewan’s Athabasca Basin. Hathor ended the day up C$0.16 at C$2.76.
Given the strong run up in Canadian equities, the Monday holiday in Canada may well give investors pause and a correction may be in the offing. We will see what Tuesday trading has in store.
Source: Resource Stock Roundup: Saturday, May 17th, 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.