Resource Stock Roundup Tuesday, September 30th, 2008
Sep 30th, 2008 | By Doug Casey | Category: Financial News, Gold MarketThe onslaught of selling intensified during Monday trading on the Canadian markets as investors look to get out of equities at any cost. For the tale of the tape, the TSX Exchange plunged 6.94%, while the TSX Gold Index lost 0.4% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell a mind numbing 8.82% with the declining issuers once again outpacing the advancers, this time by a 779 to 190 margin on volume of 131 million shares traded.
Teck Cominco (TCK.B) had a particularly rough day after announcing that the $4-billion senior-term loan facility and $5.81-billion senior bridge loan facility, to be used for the acquisition of Fording Canadian Coal Trust, is now complete. Teck ended the session down C$4.65 at C$28.92.
Shares of San Gold lost C$0.14 to close at C$1.18. The junior, which is working the Rice Lake gold mine project in Manitoba, recently announced a C$20 million flow through financing priced at C$1.50 per share.
Inter-Citic Minerals (ICI) got new joy after announcing an 8.8 metre drill intercept running 4.58 grams gold per tonne from its Dachang project in China. Inter-Citic ended the day down C$0.03 at C$0.47.
Colossus Minerals (CSI) tagged 26.85 metres running 8.61 grams gold and 14.43 grams palladium plus 23.3 metres running 5.11 grams gold and 2.34 grams palladium at its Serra Pelada project in Brazil. Colossus ended the day down C$0.18 at C$1.72.
Tahera Diamond (TAH), which is restructuring under court protection from creditors, has been bought by a privately held company for an undisclosed cash sum. The proceeds will be used for payments to Tahera’s creditors and the existing shareholders get nada, nothing. Tahera ended the day down $0.02 at C$0.015.
The junior explorers continue to be pounded by investors and there is no end yet in sight to the unfolding brutal bear market. The junior board is now at levels last seen in 2003 and having broken the 1,400 point mark, the 890 point bottom hit in 2002 appears within reach. We will see what Tuesday trading has in store.
Source: Resource Stock Roundup Tuesday, September 30th, 2008
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