Resource Stock Roundup: Thursday, July 24th, 2008
Jul 25th, 2008 | By Doug Casey | Category: Gold MarketIt was another day of big losses on the Canadian markets as investors continued to liquidate resource stocks during Wednesday trading.
For the tale of the tape, the TSX Exchange lost 0.96%, while the TSX Gold Index plunged 5.9% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell 1.79% with the declining issuers beating out the advancers by a 587 to 348 margin on volume of 138 million shares traded.
It was a good day for shareholders of Sinchao Metals (CVE:SMZ) as the company recently tallied a 188.55 metre drill intercept running 2.02% copper on the Breccia zone at the Sinchao property in Peru. The junior ended the day up C$0.135 at C$0.34.
A sign of the times, Birch Mountain Resources (AMEX:BMD) reported that it is imperative to pursue an immediate sale of the company to unlock maximum value for its shareholders because its share price is below its underlying value. Birch Mountain added C$0.07 at C$0.335.
Ontex Resources (TSE:ONT) reported a 21 metre intercept averaging 17.41 grams gold per tonne at its Brookbank gold deposit in Ontario. Nobody cared as Ontex ended the day down C$0.01 at C$0.32.
Well, there appears to be no end in sight for an end to the current bear market but remember it is always darkest before the dawn. We will see what Thursday trading has in store.
Source: Resource Stock Roundup: Thursday, July 24th, 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.