Resource Stock Roundup Wednesday, September 17th, 2008
Sep 17th, 2008 | By Doug Casey | Category: Financial News, Gold MarketThere was more blood in the streets for the Canadian markets during Tuesday trading as the price of oil continued to slide. For the tale of the tape, the TSX Exchange fell 0.22%, while the TSX Gold Index was the lone winner by gaining 3.9% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, plunged another 4.94% with the declining issuers swamping the advancers by a 705 to 240 margin on volume of 169 million shares traded.
Fording Canadian Coal Trust (FDG) continued to slide on worries that the credit crunch will put a crimp in Teck Cominco’s takeover offer set to close in October. Fording ended the day down C$0.67 at C$81.16, while Teck closed at C$35.38, down C$1.26.
Speaking of takeover flops, Midway Gold’s (MDW) proposed merger with Golden Predator Mines has been shelved. No reason was given. Midway ended the session down C$0.18 at C$0.82, while Golden Predator lost C$0.15 at C$0.80.
Happy Creek Minerals (HPY) managed to lose C$0.01 to close at C$0.28 despite reporting a 135 metre drill intercept running 0.43% copper at its Rateria property in British Columbia.
Inca Pacific Resources (IPR) fell C$0.10 to close at C$0.55 with more then 3 million shares traded. The company is moving forward with its Magistral copper molybdenum project in Peru.
Meanwhile, shares in Dynamite Resources saw action on no news. The company has been drilling the Mike Lake copper-gold project in the Yukon with two rigs all summer and recently added a third but has yet to release results. Dynamite ended the day down C$0.02 at C$0.0115.
VMS Ventures (VMS) managed to tack on C$0.055 to close at C$0.42 after tabling a 53.19 metre drill intercept running 3.08% copper at its Reed Lake Discovery zone in Manitoba.
Liquidation is the name of the game with even cash rich companies getting the punt from investors’ portfolios. We will see what Wednesday trading has in store.
Source: Resource Stock Roundup Wednesday, September 17th, 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.