Resource Stock Roundup:Tuesday, June 30th, 2009
Jun 30th, 2009 | By Doug Casey | Category: Gold MarketThe bigger board resource stocks continued to ascend to higher levels but the more junior exploration stocks fell victim to a lack of buyers during Monday’s session on the Canadian Markets. For the tale of the tape, the TSX Exchange added 0.84%, while the TSX Gold Index tacked on 0.4% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, lost 0.54% with the decliners edging out the advancers by a 443 to 342 margin on 161 million shares traded.
North American Tungsten is temporarily suspending production form its CanTung tungsten mine in the Northwest Territories starting October 15 due to declining prices. North American ended the day down C$0.035 at C$0.125.
Fortress Minerals cut 40 metres of 3.68 grams gold per tonne at its Amy prospect in Russia. Fortress ended the day up C$0.03 at C$0.35.
Centamin Egypt has poured its first gold from the Sukari Hill gold mine in Egypt. The upstart miner is expected to produce 200,000 ounces of gold per year over a 15-year mine life. Centamin ended the day up C$0.02 at C$1.69.
B2Gold continued to ramp up its exploration presence in Nicaragua by optioning Radius Gold’s ground in that country. The company also announced a bought deal financing comprising 33.34 million shares at C$0.75 each. B2Gold closed down C$0.03 at C$0.77, while Radius added C$0.015 at C$0.20.
Shares of Sacre-Coeur Minerals added C$0.21 to close at C$0.91 after the junior reported that it is assessing the alluvial gold potential of its projects in Guyana.
Looks like the summer time doldrums may be taking hold of the exploration stocks. We will see what Tuesday trading has in store.
Source: Resource Stock Roundup:Tuesday, June 30th, 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.