Resource Stock Roundup: Wednesday, June 03rd, 2009
Jun 3rd, 2009 | By Doug Casey | Category: Gold MarketThe Canadian Markets took a well deserved breather during Tuesday trading with several pundits expressing views that a market correction is imminent. For the tale of the tape, the TSX Exchange gave back a modest 0.13%, while the TSX Gold Index was the big winner by jumping 2% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added a modest 0.10% with the decliners beating out the advancers by a 456 to 431 margin on a robust 227 million shares traded.
Osisko Mining tabled an updated resource estimate for the South Barnat deposit located adjacent to the 6.28 million ounce Canadian Malartic gold deposit in Quebec. Based on a cut-off grade of 1 gram gold per tonne, the measured and indicated resource tallied 1.94 million ounces of gold at an average grade of 2.09 grams gold per tonne with another 100,000 ounces gold running 1.86 grams gold per tonne in the inferred resource section. Osisko ended the day up C$0.09 at C$7.18.
Shares of Continental Nickel fell C$0.20 to C$0.55 on no news. The junior has a 70% interest in Nachingwea nickel project in Tanzania.
Underworld Resources wasted little time in inking a C$14 million private placement comprising 8.4 million units at C$1.25 per unit and 2,415,000 flow-through units at a price of C$1.45. A unit holds one share and one-half of a warrant. Each whole unit warrant is exercisable at C$1.60 for one year. Coming off a string of hot holes including 104 metres of 3.4 grams gold per tonne on its White Gold project in the Yukon, topping up the till makes sense. Underworld ended the day down C$0.09 at C$1.43.
There appears to be a few cracks developing in this two and half month rally. We shall see what Wednesday trading has in store.
Source: Resource Stock Roundup: Wednesday, June 03rd, 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.