The bulls continued to ravage the bears during Wednesday trading on the Canada Markets as a drawdown in oil inventories sparked a big rally in the energy space. For the tale of the tape, the TSX Exchange added another 1.3%, while the TSX Gold Index rallied 4.4% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on 0.85% with the advancers edging out the decliners by a 442 to 393 margin on 178 million shares traded.
Western Canadian Coal is looking to wed with 34 percent stakeholder Cambrian Mining PLC. The acquisition values Cambrian at approximately C$120 million or 57 pence based on the closing price of Western shares of 76 pence. Along with its 34 percent interest in Western, Cambrian also holds $29 million of Western’s convertible debentures. Western ended the day up C$0.03 at C$1.40.

Oro Gold tagged 7.6 grams gold per tonne over 42.5 metres from its Trinidad property in Mexico. Oro ended the day up C$0.02 at C$0.51.

Shares of Bowmore Exploration surged C$0.165 to C$0.40 after the junior announced that Osisko Mining was taking down C$3 million of a C$4.2 million private placement in Bowman. Bowmore says it will use the proceeds from the private placement for exploration work on the Santa Elvira gold-copper property in Mexico, new project acquisitions, development and for working capital. Osisko ended the day up C$0.33 to C$5.95.

Shares of Centamin Egypt added C$0.35 to close at C$1.61 after the miner reported a 43 metre drill intercept running 17 grams gold per tonne starting a 499 metres downhole at its Sukari Hill porphyry project.

All lights appear green for equity investors but with the big board now at new highs for the year, a pullback could well be pending. We shall see what Thursday trading has in store.

Source: Resource Stock Roundup:Thursday, May 21st, 2009