Resource Stock Roundup:Wednesday, May 13th, 2009
May 13th, 2009 | By Doug Casey | Category: Gold MarketThe Canadian Markets took a bit of a breather during Tuesday trading as investors digest the growing deficit in the United States. For the tale of the tape, the TSX Exchange gave back a modest 0.16%, while the TSX Gold Index surged 4.7% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 1.43% with the advancers swamping the decliners by a 462 to 374 margin on 181 million shares traded.
Potash One added C$0.37 to close at C$2.49 after the company announced that well-known mining financier Robert Friedland will become chairman of the board. Mr. Friedland will advise Potash One on strategic financing for its potash resources in Saskatchewan.
Great Panther Resources produced 480,267 silver equivalent ounces in the first quarter from its Mexican operations. This led to a 6 per cent jump in revenues to $6.3 million. Great Panther ended the day up C$0.05 at C$0.51.
Copper producer Quadra Mining posted first quarter earnings of $26.7 million or $0.40 per share a 66 per cent drop from the $78.6 million or $1.42 per share tallied in the first quarter of 2008. Quadra closed at C$7.92 for a C$0.16 loss.
Beaten-down Phoenix Coal added C$0.035 to close at C$0.33 after the thermal coal miner announced a 59 per cent increase in reserves from its Gryphon mining complex in the Illinois Basin.
Orvana Minerals says it will proceed with its C$0.55 per share all-cash offer to acquire Kinbauri Gold. Management of Kinbauri has rejected the bid electing to proceed with the Glen Eagle deal. Glen Eagle will invest C$32 million for a 45% interest in Kinbauri’s El Valle/Carles project in Spain. Kinbauri ended the day down C$0.03 at C$0.57, while Orvana added C$0.02 at C$0.73.
It was a good session for the gold guys and a breakout to the upside is a good possibility moving forward. We shall see what Wednesday trading has in store.
Source: Resource Stock Roundup:Wednesday, May 13th, 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.