Resource Stock Roundup: Saturday, September 13th, 2008
Sep 13th, 2008 | By Doug Casey | Category: Gold MarketIt was a joyful day on the Canadian Markets during Friday trading as investors finally showed a little appetite for risk by actually buying some of the more speculative equities.
For the tale of the tape, the TSX Exchange added 1.24%, while the TSX Gold Index surged 10% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, rallied 2.8% with the advancing issuers actually outpacing the decliners by a 512 to 337 margin on volume of 125 million shares traded.
Uruguay Mineral Exploration (CVE:UME) cut 4.68 grams gold per tonne over 19.25 metres at the Arenal Deep target near the San Gregorio mine southern Uruguay. In the first quarter ended August 31, the company produced 16,439 ounces of gold by treating 335,832 tonnes grading 1.67 grams gold per tonne with recovery of 91.4%. The beaten down miner closed up C$0.05 at C$1.25.
It was a good session for shareholders of Energy Fuels (NASDAQ:CLNE) as the company reported that the U.S. Bureau of Land Management jointly issued a Record of Decision with a Finding of No Significant Impact for the company’s Whirlwind mine, which has surface facilities in Mesa county, Colorado, and additional mining claims in Grand county, Utah. Energy Fuels (TSE:EFR) ended the day up C$0.18 at C$0.61.
In the face of a market crumble, Potash Corp. of Saskatchewan (NYSE:POT) has increased its share repurchase program to 10%. The company ended the day up C$10.11 at C$172.11.
Shares of Odyssey Resources added C$0.08 to close at C$0.20 following news that Nassau Capital Management Partners acquired 5.2 million shares of Odyssey at a price of C$0.25 and now holds 5.2 million shares in the junior.
The junior board continues to trade at levels last seen in mid-2004 and this has many pundits calling it a major buying opportunity. We will see what Monday trading has in store.
Source: Resource Stock Roundup: Saturday, September 13th, 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.