Resource Stock Roundup: Thursday, March 12th, 2009
Mar 12th, 2009 | By Doug Casey | Category: Financial NewsIt was green arrows across the board during Wednesday’s session on the Canadian Markets as optimism that the financial system will survive ruled the day. For the tale, of the tape, the TSX Exchange surged 1.66%, while the TSX Gold Index added 6% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, gained 0.65% with the advancers beating out the decliners by a 360 to 323 margin on 109 million shares traded.
Aurizon Mines (AMEX:AZK) posted a profit of $4.9 million or $0.03 per share in 2008 with gold production in the fourth quarter hitting 38,363 ounces. Aurizon ended the day up C$0.22 at C$4.42.
Not to be outdone, Alamos Gold earned $29.38 million or $0.31 per share in 2008 with gold sales reaching nearly $133 million. Alamos ended the session up C$0.66 at C$8.05.
Khan Resources tabled an internal rate of return of 29.1% for its Dornod uranium project in Mongolia. The study uses a $65 per pound U308 price and envisions a 3,500 tonne per day operation for a period of 15 years producing 3 million pounds of U308 per year. Khan ended the day up C$0.08 at C$0.39.
Shares of Rainy River added C$0.09 to close at C$1.85 after the company reported drill intercepts of 5.46 grams gold per tonne over 7.5 metres and 5.69 grams gold per tonne over 3.7 metres on its Target 1 in Ontario.
That’s two strong days in a row for the broader markets so perhaps the over due rally is now underway. That said, more weak economic data should be forthcoming and that may put a damper on the current mood. We will see what Thursday trading has in store.
Source: Resource Stock Roundup: Thursday, March 12th, 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.