Resource Stock Roundup: Thursday, June 25th, 2009
Jun 25th, 2009 | By Doug Casey | Category: Gold MarketThe resource rich Canadian Markets rebounded with a vengeance during Wednesday trading. For the tale of the tape, the TSX Exchange added 2.06%, while the TSX Gold Index climbed another 2.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on 1.53% with the advancers edging out the decliners by a 397 to 350 margin on 151 million shares traded.
Sherritt International and its partners on the Ambatovy nickel project in Madagascar have determined how to fund the $4.52 billion project. Sumitomo, Korea Resources and SNC-Lavalin have agreed to lend Sherritt its 40 per cent share of the remaining development costs. Sherritt ended the session up C$0.26 at C$5.27.
Shares of West Timmins Mining and Lake Shore Gold exploded upwards on news of an 83.4 metre drill intercept returning 12.75 grams gold per tonne on the Thunder Creek joint venture project in Ontario. West Timmins, which owns a 40 per cent stake, added C$0.58 to C$1.60, while Lake Shore gained C$0.46 to close at C$2.90.
Moving in the other direction were shares of Appleton Exploration. The junior tabled the final results from its Manalo gold project in Mali with the highlights including 7.53 grams gold per tonne over 1 metre. Appleton’s stock ended the day down C$0.185 at C$0.195.
Hathor Exploration cut 9.64 per cent U308 over 13.5 metres in the latest results from the Roughrider zone on its 90-per-cent-owned Midwest Northeast property in Saskatchewan. Hathor added C$0.07 to close at C$1.93
The resource bulls were back in charge but with more economic news pending, the bears are surely just waiting in the wings. We will see what Thursday trading has in store.
Source: Resource Stock Roundup: Thursday, June 25th, 2009
Advertisement
On March 30th, there'll be an announcement of FDA results for a new drug that could become the bestselling pill in the history of medicine.
One medical source says, "It could tap the largest pharmaceutical market ever." Even more exciting, early investors could make as much as $195,600, overnight... by getting in immediately.
Click here for the full details.
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.