Resource Stock Roundup: Wednesday, March 11th, 2009
Mar 11th, 2009 | By Doug Casey | Category: Financial NewsThe gold stocks took one on the chin as some optimistic news coming out of the financial sector helped buoy the broader markets during Tuesday’s session on the Canadian Markets. For the tale of the tape, the TSX Exchange surged 4.14%, while the TSX Gold Index lost 7.3% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 0.54% with the decliners beating out the advancers by a 378 to 307 margin on 109 million shares traded.
With Geoinformatics Exploration out of the merger talks, Southwestern Resources has inked a preliminary deal to be taken out by Hochschild Mining (LON:HOC) for C$0.50 per share in cash. Southwestern ended the day up C$0.205 at C$0.41.
In the wake of a failed merger with Lundin Mining (NYSE:LMC), HudBay Minerals’ Allen Palmiere has resigned as chief executive officer and as a director. Colin Benner has assumed the role on an interim basis. HudBay ended the day up C$0.19 at C$5.90.
Despite cutting 100 metres of 1.11 gram gold per tonne at its Livengood project in Alaska, International Tower Hill Mines followed the price of bullion lower. Shares in the company fell C$0.30 to close at C$2.65.
Despite the modest uptick, the junior board continues to look weak in the face of seasonally low trading volumes. We will see what Wednesday trading has in store.
Source: Resource Stock Roundup: Wednesday, March 11th, 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.