Resource Stock Roundup: Tuesday, December 2nd, 2008
Dec 2nd, 2008 | By Doug Casey | Category: Financial NewsThe Canadian Markets started off the month of December on a sour note with the bears once again coming out of hibernation to maul the bulls. For the tale of the tape, the TSX Exchange plunged 9.32%, while the TSX Gold Index fell 13.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, dropped 3.55% with the declining issuers outpacing the advancers by a 543 to 253 margin on volume of 144 million shares traded.
Waratah Coal added C$0.26 to close at C$1.51 after the company and Mineralogy Pty. Ltd. entered into a definitive support agreement, in conjunction with a revised offer by Mineralogy or a wholly owned subsidiary of Mineralogy to buy Waratah at C$1.60 per share in cash.
Animas Resources managed to add C$0.015 to close at C$0.415 after reporting an 8.5 metre drill intercept running 2.98 grams gold per tonne at its Berta area on its Santa Teresa project in Mexico.
Shares of Nuinsco Resources added C$0.005 to close at C$0.04 after Rainy River Resources bought the bonus payment and a royalty on claims that cover Rainy River’s core holdings in northwestern Ontario. The price tag was C$50,000 in cash and 200,000 shares. Rainy River ended the day down C$0.02 at C$0.68.
Paramount Gold and Silver (AMEX:PZG) reported that the Clavos 66 and 99 targets have inferred resources of 1.5 million ounces of gold equivalent on the San Miguel project in Chihuahua, Mexico. Paramount ended the day down C$0.01 at C$0.63.
A stock to watch during Tuesday trading is Mag Silver. After the close the company announced that a subsidiary of Fresnillo PLC, intends to make a formal offer to Mag Silver shareholders for all of the outstanding shares of Mag for $4.54 is cash. Mag closed at C$4.96, down C$0.96 on the day.
Not a good start to the tax loss selling month of December. We will see what Tuesday trading has in store.
Source: Resource Stock Roundup: Tuesday, December 2nd, 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.