Resource Stock Roundup Tuesday August 26, 2008
Aug 26th, 2008 | By Doug Casey | Category: Financial News, Gold MarketThe Canadian markets started the trading week off on a sour note as falling commodity prices once again impacted the overall bourse.
For the tale of the tape, the TSX Exchange lost 1.18%, while the TSX Gold Index gave back 0.3% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell 0.60% with the declining issuers beating out the advancers by a 472 to 355 margin on pathetic volume of only 90 million shares traded.
Hathor Exploration (HAT) reported that a drill hole intersected 5.3 metres of basement-hosted uranium mineralization having off-scale radioactivity readings at its 90% owned Midwest NorthEast property in Saskatchewan. This marks the longest continuous off scale reading hit so far. It was an opportunity for liquidity as Hathor ended the day down C$0.15 at C$3.35, while 10% owner Terra Ventures added C$0.01 to close at C$0.83.
Verena Minerals (VML) added C$0.05 to close at C$0.19 after reporting that it hit 7.1 grams gold per tonne over 14.3 metres at its Volta Grande project in Brazil.
Beaten up zinc miner Blue Note Mining (BN) managed to tack on C$0.005 to close at C$0.055 after announcing that it is trying to reduce costs at its Caribou zinc mines in New Brunswick.
The final trading week of August is now underway and so far little has changed for the Canadian markets as selling continues to dominate the day. We will see what Tuesday trading has in store.
Source: Resource Stock Roundup Tuesday August 26, 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.