Resource Stock Roundup:Tuesday, June 02nd, 2009
Jun 2nd, 2009 | By Doug Casey | Category: Gold MarketThe Canadian Markets continued to surge like a runaway train during Monday trading. For the tale of the tape, the TSX Exchange added 2.21%, while the TSX Gold Index gave back 2.6% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, rallied 1.46% with the decliners beating out the advancers by a 468 to 443 margin on a robust 259 million shares traded.
Goldcorp is the latest major to go to the market looking to top up the till. The company announced a $750 million offering of convertible notes due 2014. The terms are yet to be reported. Goldcorp ended the day down C$2.20 at C$40.95.
Shares of Helio Resource added C$0.02 to close at C$0.52 after the junior announced two new gold zones on its Porcupine target in Tanzania. Highlights from the latest results included 72 metres running 0.6 gram gold per tonne.
Alamos Gold pulled a record intercept from the Mulatos pit in Mexico and announced that it has increased its exploration budget for 2009 to $10 million. The record results came in at 7.81 grams gold per tonne over 141.77 metres. Alamos ended the day down C$0.04 at C$9.71.
The first trading day of June was pretty much just like the month of May where investors gobbled up resource stocks. We shall see what Tuesday trading has in store.
Source: Resource Stock Roundup:Tuesday, June 02nd, 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.