Resource Stock Roundup: Thursday, April 30th, 2009
Apr 30th, 2009 | By Doug Casey | Category: Gold MarketWeaker than expected first quarter growth out of the United States failed to damper the mood during Wednesday trading on the Canadian Markets. For the tale of the tape, the TSX Exchange rallied 0.73%, while the TSX Gold Index tacked on 0.4% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, surged 2.10% with the advancers beating out the decliners by a 486 to 316 margin on good volumes of 205 million shares traded.
Barrick Gold (NYSE:ABX) saw its first-quarter profit fall 28 percent thanks to higher costs and weaker copper prices. The world’s top gold producer posted a profit of $371 million, or $0.42 a share in the three months that ended March 31. Gold production came in at 1.76 million ounces with cash costs soaring to $484 per ounce from $395 per ounce recorded in the same period a year earlier. Copper production tallied 95 million pounds and revenues hit $1.8 billion. Barrick ended the day up C$0.05 at C$35.65.
Diversified miner and energy player, Sherritt International posted a loss of $42.9 million or $0.15 per share in the first quarter down from a $89 million profit recorded in the first quarter of 2008. Sherritt ended the session at C$4.95 for a C$0.02 gain.
Minera Andes’ 49 per cent owned San Jose mine in Argentina produced 1,299,000 ounces of silver at a cash cost of $4.99 per ounce and 16,560 ounces of gold at a cash operating cost of $357 per ounce in the first quarter. Minera ended the day down C$0.05 at C$0.65.
Capstone Mining tabled more impressive drill results from areas south of its Minto open pit mine in the Yukon. Highlights included 2.7 per cent copper and 7.8 grams gold per tonne over 8.1 metres. Capstone ended the day up C$0.04 at C$1.89.
Shares of Kootenay Gold added C$0.12 to close at C$0.62 after the junior reported that grab samples returned up to 45.6 grams gold and 298 grams silver per tonne along strike on the Dorotea structure on its Promontorio property in Mexico.
Premier Gold Mines cut 15.97 grams gold per tonne over 32.1 metres at its Hardrock project in Ontario. Premier ended the day up C$0.31 at C$2.38.
The junior board continues to hurdle the 1,000 point mark with the future direction remaining uncertain. However, abnormally strong trading activity bodes well for the near term. We shall see what Thursday trading has in store.
Source: Resource Stock Roundup: Thursday, April 30th, 2009
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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.