Resource Stock Roundup:Wednesday, May 20th, 2009
May 20th, 2009 | By Doug Casey | Category: Gold MarketFollowing the Victoria Day holiday on Monday, the Canada Markets roared out of the gates during Tuesday trading. For the tale of the tape, the TSX Exchange surged 3.46%, while the TSX Gold Index dropped 1.7% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on 1.26% with the advancers edging out the decliners by a 437 to 399 margin on 196 million shares traded.
Avion Resources tabled an updated resource for its Segala and Tabakoto gold projects in Mali. The Segala zone hosts an open pit measured and indicated resource of 4.1 million tonnes grading 3.3 grams gold per tonne and an inferred resource of 2.5 million tonnes running 3.52 grams gold per tonne. The underground resources came in at nearly 2.7 million grading 3.73 grams gold per tonne in the measured and indicated camp, while the inferred section hit nearly 3.4 million tonnes grading 3.68 grams gold per tonne. Avion ended the day up C$0.35 at C$0.38.
One time highflying Katanga Mining reported a first quarter loss of US$52 million, or US$0.25 per share compared to a loss of US$17.4 million or US$0.10 per share in the same quarter last year. The company sold US$47 million of copper cathode, cobalt and cobalt concentrate from its Democratic Republic of Congo operation in the quarter. Katanga ended the session down C$0.02 at C$0.83.
It was a rough day for shareholders of Cardero Resource (AMEX:CDY). The company announced that a subsidiary of Nanjinzhao Group Co. Ltd. has declined to pay a US$10 million deposit due May 17 to purchase the Pampa de Pongo iron property in Peru. The US$200 million price tag is currently being negotiated. Cardero ended the day down C$0.32 at C$1.02.
Grayd Resource tagged a nice hole on its La India project in Mexico. The hole returned 89.9 metres grading 4.26 grams gold per tonne. Grayd ended the day up C$0.10 at C$0.45.
Despite more weak housing data out of the United States, investors continued to gobble up equities. We shall see what Wednesday trading has in store.
Source: Resource Stock Roundup:Wednesday, May 20th, 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.