Contrarian Stock Market Investing News - Featuring Bargain Stocks » Andean American Mining http://www.contrarianprofits.com Access market-beating ideas from the world's top investment gurus on stock market investing, the gold market, ETFs, Forex trading and real estate values. Mon, 10 May 2010 15:10:45 +0000 http://wordpress.org/?v=2.8.5 en hourly 1 Resource Stock Roundup: Tuesday, June 23rd, 2009 http://www.contrarianprofits.com/articles/resource-stock-roundup-tuesday-june-23rd-2009/18256 http://www.contrarianprofits.com/articles/resource-stock-roundup-tuesday-june-23rd-2009/18256#comments Tue, 23 Jun 2009 21:30:49 +0000 Doug Casey http://www.contrarianprofits.com/?p=18256 Investors bailed out of the equity markets in a big way during Monday’s session on the Canadian Markets. For the tale of the tape, the TSX Exchange plunged 4.41%, while the TSX Gold Index dropped 5.5% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell 3.59% with the decliners beating out the advancers by a 632 to 213 margin on a lower than normal 156 million shares traded.
The real news of the day did not involve any Canadian listed companies but it was a doozy. Xstrata (LON:XTA) proposed an all-share merger of equals with Anglo American (NASDAQ:AAUK) in a move that would create the world’s third largest mining company. For its part, Anglo flat out rejected the proposal.…

]]> Investors bailed out of the equity markets in a big way during Monday’s session on the Canadian Markets. For the tale of the tape, the TSX Exchange plunged 4.41%, while the TSX Gold Index dropped 5.5% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell 3.59% with the decliners beating out the advancers by a 632 to 213 margin on a lower than normal 156 million shares traded.
The real news of the day did not involve any Canadian listed companies but it was a doozy. Xstrata (LON:XTA) proposed an all-share merger of equals with Anglo American (NASDAQ:AAUK) in a move that would create the world’s third largest mining company. For its part, Anglo flat out rejected the proposal. Stay tuned.

Fresnillo PLC has withdrawn its offer to buy Mag Silver. Fresnillo has not been able to conclude the independent valuation of Mag required under applicable Canadian securities laws in order to permit the offer to proceed and it is not clear to Fresnillo when or if this will happen. Mag ended the day down C$0.23 at C$5.32.

Victoria Gold bucked the downward trend after reporting a drill intercept of 2.5 grams gold per tonne over 274.3 metres at is Helen zone on the Cove project in north-central Nevada. Victoria added C$0.01 to close at C$0.39.

Shares of Andean American Mining fell C$0.055 to C$0.235 after the company reported that its Invicta project has a projected capital cost of $65.3 million with a net present value at an 11 per cent discount rate of the five-year free cash flow net of debt amortization of $159-million. All this using a gold price of $900 per ounce and copper price of $2 per pound.

Worries that the global economic recovery will be slower than some had been anticipating put pressure on resource stocks. Will we get the usual rebound on Tuesday or will the selling continue? We will see.


Source: Resource Stock Roundup: Tuesday, June 23rd, 2009

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