Resource Stock Roundup:Friday, May 29th, 2009
May 29th, 2009 | By Doug Casey | Category: Gold MarketDespite a notable lack of news, the Canadian markets continued to surge higher during Thursday trading. For the tale of the tape, the TSX Exchange added 2.5%, while the TSX Gold Index tacked on 1.80% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, rallied 1.11% with the advancers beating out the decliners by a 458 to 354 margin on 172 million shares traded.
Shares of Underworld Resources built on Wednesday’s C$0.36 gain by adding another C$0.15 to close at C$1.56. News is spreading on the size potential of its Golden Saddle zone at the White Gold property that recently returned 3.39 grams gold per tonne over 104 metres.
San Gold continued to turn out the numbers from its Hinge zone in Manitoba. The latest included 37 grams gold per tonne over 3.9 metres. San Gold closed up C$0.08 at C$2.44.
Cash rich Raytec Metals inked a farm-out agreement with Africa Oil to earn into the production sharing contracts in both the state of Puntland, Somalia, and the Republic of Kenya. In Somalia, Africa Oil will transfer a 25-per-cent licence interest to Raytec in the Nogal and Dharoor petroleum production sharing agreements, while in Kenya, Africa Oil will transfer a 10-per-cent interest in the block 9 production sharing agreement and a 25-per-cent licence interest in its other interests in Kenya. Raytec was halted from trading prior to the news at C$0.37.
The markets are back rocking, with the junior board breaching the 1,100 point mark. We shall see what Friday trading has in store
Source: Resource Stock Roundup:Friday, May 29th, 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.