Resource Stock Roundup: Tuesday, April 28th, 2009
Apr 28th, 2009 | By Doug Casey | Category: International InvestingThe Canadian Markets started the trading week in a sour mood with the bears coming out of retirement to rain on the bulls’ parade during Monday’s session.
For the tale of the tape, the TSX Exchange fell 1.62%, while the TSX Gold Index lost on 1.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, gave back 0.38% with the decliners beating out the advancers by a 439 to 355 margin on volume of 159 million shares traded.
Indian mining company Lakomasko BV has purchased 9.5 percent of HudBay Minerals, which announced late last week that it is evaluating its strategic options. HudBay ended the day up C$0.77 at C$8.35.
In the midst of a merger, Motapa Diamonds and Lucara Diamond recovered 715.79 carats from a 15,390 dry tonnes sample at the Mothae project in Lesotho. The sample produced 48 stones greater than two carats, 13 stones greater than five carats and one stone greater than 20 carats. Motapa ended the day up C$0.06 at C$0.31, while Lucara closed at C$0.50 for a C$0.02 gain.
Rubicon Minerals (AMEX:RBY) continued to hit the goodies at its F2 zone on the Phoenix gold project in Ontario’s prolific Red Lake mining camp. The latest results included 3.62 ounces of gold per ton over 9.8 feet and 6.96 ounces of gold per ton over 3.3 feet. Rubicon ended the day up C$0.05 at C$1.90.
Not to be outdone, Alamos Gold cut 12.2 metres grading 43.7 grams gold per tonne at its Mulatos gold project in Sonora, Mexico. Alamos ended the day up C$0.03 at C$8.25.
The junior board continues to straddle the crucial 1,000 point mark. Will it hold? We shall see what Tuesday trading has in store.
Source: Resource Stock Roundup: Tuesday, April 28th, 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.