Resource Stock Roundup: Thursday, August 7th, 2008
Aug 7th, 2008 | By Doug Casey | Category: Gold MarketThe Canadian markets managed a modest recovery from Tuesday’s massive sell off as select investors went bargain hunting during Wednesday trading.
For the tail of the tape; the TSX Exchange gained 1.63%, while the TSX Gold Index (TSE:XGD) rallied 2.9% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on 0.28% with the declining issuers beating out the advancers by a 462 to 362 margin on volume of 101 million shares traded.
The big news of the day did not include any Canadian listed stocks as mining giant Xstrata (LON:XTA) made a $10 billion cash offer for Lonmin (LON:LMI), the world’s third largest platinum producer. Xstrata tabled a $33 per share bid that Lonmin says is opportunistic despite its 42% premium over Tuesday’s closing price.
Back at home, Atac Resources (CVE:ATC) appears to have tagged at its wholly owned Rau property in the central Yukon. The discovery hole returned 1.24 grams gold per tonne over 68.69 metres. The company describes the mineralization as stratabound in limestone/dolomites with assays pending for nine nearby drill holes that cut similar thicknesses of the same type of mineralization. Atac ended the session up C$0.125, at C$0.375.
Axmin (CVE:AXM) added C$0.015 to close at C$0.23 after the junior reported a 46.7 metre intercept running 3.9 grams gold per tonne at its Komahun project in Sierra Leone.
It was a good day for shareholders of Hathor Exploration (CVE:HAT) despite no new developments at its 90% owned Roughrider uranium zone in the prolific Athabasca basin of Saskatchewan. Hathor ended the session up C$0.51 to a new high of C$3.72.
Consolidation is continuing and the weakness in the resource market means only the strong will survive. We will see what Thursday trading has in store.
Source: Resource Stock Roundup: Thursday, August 7th, 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.