Resource Stock Roundup Tuesday, June 3, 2008
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The Canadian Markets starting the trading month off on a quiet note with investors electing to focus in on the bigger brand names.
For the tale of the tape, the TSX Exchange gained 0.68%, while the TSX Gold Index rallied 1% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell 0.19% with the declining issuers inching past the advancers by a 554 to 520 margin on robust volume of nearly 291 million shares traded.
Shares of Solex Resources got a boost after the company announced that its Princesa project in Peru hosts an inferred resource of 4.6 million tonnes running 90.88 grams silver per tonne, plus 1.66% lead and 1.69% zinc. Solex ended the day up C$0.05 at C$0.315.
Crystallex International got word from the Director General in the Administrative Office of Permits at the Ministry of the Environment and Natural Resources of Venezuela that their legal rebuttal has been denied. The news was already priced into the stock however as Crystallex ended the day up C$0.04 at C$0.84.
Antares Minerals rallied following news that the company cut 0.6% copper and 0.57 gram gold per tonne over 146 metres at the Rio Grande copper-gold project in northwestern Argentina. Antares ended the session up C$0.13 at C$3.88.
News that Stealth Ventures closed a C$22 million financing to fund work on its shale gas project helped propel its stock C$0.15 higher to close at C$0.98.
Brett Resources closed its deal with Kinross to earn 100% of the Hammond Reef gold project in Ontario. Brett issued 14 million shares and Kinross gets to keep a 2% net smelter royalty. Brett closed up C$0.06 at C$0.95, while Kinross added C$0.30 to close at C$20.12.
It was a lackluster start to June for the more speculative stocks but with the price of bullion once again showing signs of life it is only a matter of time before there is a feed down effect. We will see what Tuesday trading has in store.
Source: Resource Stock Roundup Tuesday, June 3, 2008
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Tags: Antares Minerals, Argentina, Canadian Markets, copper, Copper Gold, Crystallex International, Exchange Canada, gold, Gold Index, Hammond Reef, internatioanl stocks, Natural Resources Of Venezuela, Northwestern Argentina, Reef Gold, Resource Stocks, Rio Grande project, Shale Gas, Solex Resources, Speculative Stocks, Stealth Ventures, Tsx Venture ExchangeAbout the Author
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.