It was a rare session as buying across the board saw all the indices close in the black during Wednesday trading on the Canadian Markets.

For the tale of the tape, the TSX Exchange tacked on 2.17%, while the TSX Gold Index was the laggard by gaining a modest 0.1% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 0.95% with the declining issuers beating out the advancers by a 458 to 401 margin on volume of 117 million shares traded.

It seems like every few months Goldcliff Resource (GCN) puts out some bonanza grade surface samples from its notoriously high-grade Panorama Ridge property in British Columbia and the market responds. Today was no different as the company announced values of 5.366 ounces of gold per ton and 3.76 ounces per ton and its stock added C$0.08 to close at C$0.25. Drilling is expected to begin in the next few weeks.

Shares of Adriana Resources (ADI) added C$0.18 to close at C$0.90 after the company reached an agreement with ArcelorMittal (MT) regarding the principal terms for the development of an iron ore port facility in Brazil. ArcelorMittal will acquire 80% of the port for about $40.5 million with Adriana holding the remaining 20%. ArcelorMittal also agreed to acquire up to 19.9% of Adriana by completing two private placements worth up to C$25 million.

Shares of ATAC Resources (ATC) continued to gain ground after reporting a 78.54 metre intercept running 1.71 grams gold per tonne at its wholly owned Rau property in the Keno Hill district of central Yukon. ATAC ended the session up C$0.06 at C$0.40.

We are now at a critical junction in the season when interest usually picks up on the junior side and if Wednesday trading is any indication perhaps the downward spiral has been broken. With the number of declining stocks still outnumbering the advancers perhaps this is just wishful thinking. We will see what Thursday trading has in store.

Source: Resource Stock Roundup Thursday August 21, 2008