Resource Stock Roundup: Thursday, June 11th, 2009
Jun 11th, 2009 | By Doug Casey | Category: Gold MarketThe resource rich Canadian markets took a breather during mid-week trading. For the tale of the tape, the TSX Exchange added a modest 0.48%, while the TSX Gold Index lost another 0.5% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, gave back 0.14% with the decliners edging out the advancers by a 433 to 425 margin on a robust 225 million shares traded.
Yamana Gold (NYSE:AUY) sold three of its non-core operating mines to Aura Minerals for a cool $90 million in cash, $70 million in deferred cash payments and $40 million in Aura stock. The first part of the sale includes the San Andres mine in Honduras and that nets the major US$74 million. The second part, which is expected to close by year-end, is the sale of the Sao Francisco and Sao Vicente mines in Brazil. Yamana ended the day down C$0.42 at C$11.24, while Aura closed at C$0.52 for a C$0.08 gain.
Shares of Crowflight Mines added C$0.065 to close at C$0.305 after the company announced that commercial production has started at it Bucko Lake nickel mine in Manitoba.
Arcus Development Group got a boost after Atac Resources granted Arcus an option to acquire a 50% interest in the Green Gulch, Touleary, Dan Man and Shamrock gold prospects, collectively referred to as the Dawson gold project. The Green Gulch claims are wholly surrounded by Underworld Resources White Gold discovery property. Arcus added C$0.05 to close at C$0.13, while Atac lost C$0.025 to close at C$0.325.
The deals continue to flow but the overall market still seems to be getting tired after its strong run up over the past few months. We shall see what Thursday trading has in store.
Source: Resource Stock Roundup: Thursday, June 11th, 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.