Resource Stock Roundup: Wednesday, November 19th, 2008
Nov 19th, 2008 | By Doug Casey | Category: Financial NewsThe bulls and the bears battled hard for supremacy throughout Tuesday trading on the Canadian Markets with the bulls eventually coming out on top of the big board and the bears winning the day once again over on the junior bourse. For the tale of the tape, the TSX Exchange added 0.46%, while the TSX Gold Index dropped 0.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, lost 4.52% with the declining issuers outpacing the advancers by a 543 to 290 margin on volume of 169 million shares traded.
It was a good day for Peregrine Diamonds after the company reported that it discovered a gem quality 2.01 carat stone from a 2.28 tonne sample collected from the CH-1 kimberlite on the Chidliak property in Canada’s north. Peregrine ended the session at C$0.395, for a C$0.06 gain.
Rolling Rock Resources bounced off the mat to close at C$0.035 for a C$0.015 gain. The junior announced that its Monument Bay deposit in Manitoba hosts just over 1.2 million ounces of gold.
Firestone Ventures came out with a 1.89 million tonne measured and indicated resources grading 10.55% zinc equivalent at its Torlon deposit in Guatemala. Firestone ended the session up C$0.025 at C$0.085.
Silverstone Resources sold 386,000 ounces of silver in the third quarter from its royalty stream. The cost of the ounces tallied $3.97. Silverstone ended the day up C$0.015 at C$0.48.
Western Prospector Group has officially launched legal proceeding against Tinpo Holdings Industrial Company Limited and others in connection with the failure of Tinpo to perform its obligations under the Support Agreement dated July 15, 2008 that called for Tinpo to acquire Western Prospector at C$1.34 per share. Western ended the day up C$0.005 at C$0.17.
Partners Astral Mining and Kootenay Gold tagged 21.04 grams gold per tonne over 4 metres at the Jumping Josephine project in south-eastern British Columbia. Astral ended the session up C$0.03 at C$0.095, while cash-rich Kootenay closed unchanged at C$0.46.
The intraday volatility continues at an extreme level with sentiment still pushing to the downside. We will see what Wednesday trading has in store.
Source: Resource Stock Roundup: Wednesday, November 19th, 2008
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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.