Resource Stock Roundup:Wednesday, May 06th, 2009
May 6th, 2009 | By Doug Casey | Category: Gold MarketAfter posting stellar gains on Monday, the Canadian Markets took a well deserved breather during Tuesday’s session. For the tale of the tape, the TSX Exchange added 0.19%, while the TSX Gold Index fell 0.3% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on 0.31% with the decliners beating out the advancers by a 437 to 397 margin on good volumes of 207 million shares traded.
Mindoro Resources inked a deal allowing Gold Fields (NYSE:GFI) the right to earn up to a 75 per cent stake in Mindoro’s El Paso, Lobo and Talahib porphyry copper-gold projects in the Philippines. Gold Fields must fund all the exploration and produce a feasibility study for each project to earn the interest. Mindoro ended the day up C$0.01 at C$0.15.
Tenajon Resources tabled an updated resource for its Moly Brook zone in Newfoundland. At a cut-off of 0.04% molybdenum, the indicated resource tallies 86.8 million tonnes grading 0.065% molybdenum and the inferred resource came in at 31.3 million tonnes grading 0.056% molybdenum. Tenajon ended the day down C$0.02 at C$0.10.
HudBay Minerals lost $3.95 million in the first quarter, compared with a profit of $21.52 million in the same period of 2008. The lower earnings reflect significantly lower realized prices for copper and zinc in 2009. On the exploration front, HudBay cut 23.11 grams gold per tonne over 8.75 metres at its Lalor deposit in Manitoba. HudBay ended the day down C$0.18 at C$8.65.
The Canadian markets are showing exceptional resilience in the face of still-weak economic data. We shall see what Wednesday trading has in store.
Source: Resource Stock Roundup: Wednesday, May 06th, 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.