Resource Stock Roundup:Wednesday, June 10th, 2009
Jun 10th, 2009 | By Doug Casey | Category: Gold MarketThe Canadian markets were stuck in a bit of a trading rut but the more junior exploration stocks continued to inch higher on speculation of upcoming drill results. For the tale of the tape, the TSX Exchange fell a modest 0.01%, while the TSX Gold Index was the big loser by dropping 2.3% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 1.07% with the advancers beating out the decliners by a 459 to 393 margin on a robust 252 million shares traded.
Inmet Mining elected to take more cash by expanding the previously announced bought deal by more than one million shares. Inmet amended the terms of its C$300-million equity bought deal to issue a total of 7.825 million shares, up from an earlier issuance of 6.75 million shares, at a price of C$44.50 per share for a total of C$348 million. Inmet closed down C$4.04 at C$44.50.
Mega Silver tabled an inferred resource of 2.77 million tonnes grading 2.82% copper, 0.06% Moly, 31.26 grams silver and 0.20 gram gold per tonne using a 1% copper cut-off grade for its Blue Caribou deposit in Nunavut. Mega ended the day up C$0.05 at C$1.07.
As expected, the Board of Kinbauri Gold recommended that Kinbauri shareholders reject the C$0.55 per share unsolicited offer made by Orvana Minerals. Kinbauri ended the day up C$0.02 at C$0.63, while Orvana closed at C$0.72 for a C$0.02 loss.
The bigger miners are taking as much money as the market is willing to give, while the purse strings are starting to loosen up for the more junior explorers. We shall see what Wednesday trading has in store.
Source: Resource Stock Roundup:Wednesday, June 10th, 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.