Resource Stock Roundup: Thursday, June 5th, 2008
Jun 5th, 2008 | By Doug Casey | Category: Gold MarketThe Summer doldrums appear to have taken hold of the Canadian Markets, as during Wednesday trading only select plays attracted the interest of investors.
For the tale of the tape, the TSX Exchange lost 0.26%, while the TSX Gold Index gave back 0.7% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 0.09% with the declining issuers beating the advancers by a 550 to 490 margin on robust volume of nearly 255 million shares traded.
Arctic Star Diamond Corp., WSR Gold Inc. and Metalex Ventures tabled visual estimates for their joint venture project some 45 kilometres north of Noront resource’s Eagle One discovery in Ontario’s James Bay lowlands. Of particular interest is hole 5.01-06 that cut 95 metres of near massive sulphide. Results are still pending. Arctic Star ended the day down C$0.01 at C$0.135, Metalex closed up C$0.02 at C$0.385 and WSR added C$0.13 to close at C$0.79. It is worth noting that WSR can earn 50% of the property by spending C$20 million over 4 years and currently Metalex, which is run by legendary Canadian diamond finder Charles Fipke, owns 91.5% and Arctic 8.5%.
Word that the Saskatchewan Mines Branch has issued a potash permit covering 91,000 acres to Potash North Resource drove the junior’s share price C$1.34 higher to C$1.54.
Despite the healthy volume, it was another generally quiet trading day. We will see what Thursday trading has in store.
Source: Resource Stock Roundup: Thursday, June 5th, 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.