Resource Stock Roundup Wednesday, September 3rd, 2008
Sep 3rd, 2008 | By Doug Casey | Category: Financial News, Gold MarketInvestors came off the Labour Day weekend in a selling mood as a sharp drop in the price of bullion and oil propelled the resource-rich Canadian markets lower during Tuesday trading. For the tale of the tape, the TSX Exchange lost 3.23%, while the TSX Gold Index plunged 6.5% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell 2.72% with the declining issuers swamping the advancers by a 588 to 312 margin on volume of 104 million shares traded.
Minera Andes (MAI) cut 63.63 grams gold per tonne and 1,158 grams silver per tonne over 1.94 metres at its producing San Jose mine in southern Argentina. Shares in Minera however followed the gold price lower by closing down C$0.10 at C$1.10.
Paramount Gold and Silver (PZG) lost C$0.05 to close at C$1.11 despite announcing a 2.2 metre interval running 26 grams gold per tonne at its San Miguel project in Mexico.
Paragon Minerals (PGR) added C$0.05 to close at C$0.24 after announcing that a geophysical survey on its South Tally Pond base metal project in Newfoundland identified several targets.
The resource stocks took it on the chin wiping out all the optimism that surrounded last week’s modest rally on the junior bourse. Not a good start to the trading month of September. We will see what Wednesday trading has in store.
Source: Resource Stock Roundup Wednesday September 3, 2008
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