Resource Stock Roundup: Thursday, June 12th, 2008
Jun 12th, 2008 | By Doug Casey | Category: Gold MarketIn a repeat of Tuesday’s action it was all about speculative potash plays during Wednesday trading on the Canadian Markets.
For the tale of the tape, the TSX Exchange fell 0.13%, while the TSX Gold Index was essentially flat and the TSX Venture Exchange, Canada’s largest junior exploration bourse, dropped 0.39% as the declining issuers inched past the advancers by a 517 to 496 margin on huge volume of 314 million shares traded.
Shares in Potash North Resource showed new signs of ending their upward trajectory despite announcing a C$25 million financing priced at C$2.50 per unit. The company gained another C$0.28 to close at C$4.06.
Not to be outdone, Raytec Metals added another C$0.40 to Tuesday’s C$0.62 rally to close at C$1.82. The company tabled an indicated resource of 148.02 million metric tonnes grading 23.44 per cent K2O and an additional inferred resource of 229.16 million metric tonnes grading 20.40 per cent K2O on its KP441 potash disposition application located in south-central Saskatchewan.
Shares of Western Potash added C$0.21 to close at C$1.77. The company recently signed a drill contract for its exploration program on the Russell-Miniota exploration permits in Manitoba. These permits comprise 555 square kilometers and lie some 13 kilometres from Saskatchewan Potash’s Rocanville potash mine.
It was a good day for Sprott Resources after the company got some media attention in one of Canada’s newspapers. Sprott added C$0.32 to close at C$4.35.
Canadian Zinc sparked some interest after the company reported that applications have been submitted to the Mackenzie Valley Land and Water Board for permits for the proposed operations and production at the Prairie Creek Mine in the Northwest Territories. Canadian Zinc closed up C$0.13 at C$0.63.
Potash remained the flavour of the day for investors, while other resource stocks tended to struggle to stay in the black. We will see what Thursday trading has in store.
Source: Resource Stock Roundup: Thursday, June 12th, 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.