Resource Stock Roundup Saturday, May 31, 2008
May 31st, 2008 | By Doug Casey | Category: International InvestingResource stocks rebounded during Friday trading on the Canadian Markets as investors nibbled on select issues.
For the tale of the tape, the TSX Exchange gained 0.94%, while the TSX Gold Index rallied 2.9% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on 1.08% with the advancing issuers outpacing the decliners by a 620 to 451 margin on good volume of over 237 million shares traded.
Golden Predator Mines and Fury Explorations are looking to merge in a deal that would see Fury shareholders get 1/3 of a Golden Predator share plus a warrant priced at C$3.35. The move would consolidate Golden Predator’s land position in Nevada. Fury ended the day up C$0.03 at C$0.63, while Golden Predator added C$0.01 at close at C$1.86.
It was a good day for shareholders of Whistler Gold. The company inked a letter of intent to acquire a 90% interest in the Beregovo and Kvasovo gold-lead-zinc licences in southwest Ukraine. The price tag is C$6-million and 2.5 million shares. Whistler ended the day up C$0.24 at C$0.64.
Sherwood Copper generated $16.9 million in cash flow from its Minto copper-gold mine in the Yukon during the first three months of 2008. The company sold 7.1 million pounds of copper, 3,950 ounces of gold and 25,016 ounces of silver in the quarter. Sherwood ended the day down C$0.08 at C$5.40.
Strategic Metals posted its sixth consecutive positive quarter by reporting income of C$227,274 for the quarter ended March 31, 2008. The project generator, which earned C$6.7 million in 2007, now has working capital north of C$20 million. Strategic ended the session up C$0.03 at C$0.61.
The volatility appears to back on the Canadian markets with stock selection holding the key to success or failure. We will see what Monday trading has in store.
Current Market Indices:
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Source: Resource Stock Roundup Saturday, May 31, 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.