Resource Stock Roundup: Wednesday, January 07th, 2009
Jan 7th, 2009 | By Doug Casey | Category: Financial NewsIt was another upbeat session for the Canadian Markets during Tuesday trading with investors continuing to pick up resource related equities. For the tale of the tape, the TSX Exchange added 2.01%, while the TSX Gold Index finally rallied adding 1.9% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on 4.42% with the advancing issuers beating out the decliners by a 540 to 278 margin on volume of 197 million shares traded.
Eurasian Minerals inked a deal that paves the way for Centerra Gold to earn up to a 70% stake in the Akarca, Samli and Elmali properties in Turkey. The price tag for the first 50% is $5 million in expenditures. Eurasian ended the day up C$0.25 at C$1.17, while Centerra gained C$0.14 to close at C$4.60.
Shares of Western Canadian Coal dropped C$0.27 to C$0.80 after the company reported that it is planning to reduce operations at its Brule mine and the Wolverine operation in British Columbia.
News of a 406 metre drill intercept running 0.06% MoS at its Falcon project in British Columbia helped shares of Geoinformatics Exploration add C$0.05 to C$0.20.
Allied Nevada Gold (AMEX:ANV) produced 1,000 ounces of gold and 3,000 ounces of silver in December marking its first production from the run-of-mine, heap leach Hycroft mine in Nevada. Allied ended the day up C$0.19 at C$5.71.
The bounce in the junior market shows no signs of abating anytime soon. We will see what Wednesday trading has in store.
Source: Resource Stock Roundup: Wednesday, January 07th, 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.