Resource Stock Roundup:Thursday, July 9, 2009
Posted on: Jul 9th, 2009 | By Doug Casey | Filed under Gold Market
The selloff in commodity-related stocks continued with a vengeance during Wednesday trading on the Canadian Markets. For the tale of the tape; the TSX Exchange was down 1.94%, while the TSX Gold Index fell 3.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, plunged 3.32% with the decliners swamping the advancers by a 593 to 248 margin on a modest 168 million shares traded.
Shares of Atac Resources gave back C$0.03 of yesterday’s C$0.19 gain to close at C$0.60. Atac reported a drill intercept of 24.07 grams gold per tonne over 28.04 metres including 5.34 metres of just over 100 grams gold per tonne from its Rau project in the Yukon.
Mercator Minerals shipped 9,091,708 pounds of copper, 418,987 pounds of molybdenum and 56,441 ounces of silver from its Mineral Park Mine in Arizona during the second quarter. In the process the company generated $5.7 million in earnings before interest, taxes, depreciation and amortization. Despite the news, Mercator failed to fight the downdraft in the market as the company ended the day down C$0.08 at C$1.13.
Exeter Resource (AMEX:XRA) tabled an inferred resource of 646,000 ounces of gold equivalent, which comprises 371,000 ounces of gold at a grade of 10.5 grams gold per tonne and 19.2 million ounces of silver at a grade of 545 grams silver per tonne at its Cerro Moro project in Argentina. Exeter ended the day down C$0.21 at C$3 even.
Bucking the down trend on no new developments was Quest Uranium. Rumours are that the company is attracting big player interest thanks to their Strange Lake rare earth project in Quebec. Quest ended the day up C$0.13 at C$0.425
The falling price of oil and bullion is putting immense pressure on the resource rich Canadian markets. We shall see what Thursday trading has in store.
Source: Resource Stock Roundup:Thursday, July 9, 2009
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.