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Resource Stock Roundup:Thursday, July 9, 2009

Doug Casey — Thu, 09 Jul 2009 22:30:59 +0000

The selloff in commodity-related stocks continued with a vengeance during Wednesday trading on the Canadian Markets. For the tale of the tape; the TSX Exchange was down 1.94%, while the TSX Gold Index fell 3.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, plunged 3.32% with the decliners swamping the advancers by a 593 to 248 margin on a modest 168 million shares traded.
Shares of Atac Resources gave back C$0.03 of yesterday’s C$0.19 gain to close at C$0.60. Atac reported a drill intercept of 24.07 grams gold per tonne over 28.04 metres including 5.34 metres of just over 100 grams gold per tonne from its Rau project in the Yukon.

Mercator Minerals shipped 9,091,708 pounds of copper, 418,987 pounds of molybdenum and 56,441 ounces of silver from its Mineral Park Mine in Arizona during the second quarter. In the process the company generated $5.7 million in earnings before interest, taxes, depreciation and amortization. Despite the news, Mercator failed to fight the downdraft in the market as the company ended the day down C$0.08 at C$1.13.

Exeter Resource (AMEX:XRA) tabled an inferred resource of 646,000 ounces of gold equivalent, which comprises 371,000 ounces of gold at a grade of 10.5 grams gold per tonne and 19.2 million ounces of silver at a grade of 545 grams silver per tonne at its Cerro Moro project in Argentina. Exeter ended the day down C$0.21 at C$3 even.

Bucking the down trend on no new developments was Quest Uranium. Rumours are that the company is attracting big player interest thanks to their Strange Lake rare earth project in Quebec. Quest ended the day up C$0.13 at C$0.425

The falling price of oil and bullion is putting immense pressure on the resource rich Canadian markets. We shall see what Thursday trading has in store.

Source: Resource Stock Roundup:Thursday, July 9, 2009

Resource Stock Roundup:Monday, June 22nd, 2009

Doug Casey — Mon, 22 Jun 2009 19:19:49 +0000

It was yet another quiet summer time Friday trading session on the Canadian Markets. For the tale of the tape, the TSX Exchange tacked on 1.64%, while the TSX Gold Index rebounded 3.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 0.4% with the advancers beating out the decliners by a 420 to 344 margin on a lower than normal 155 million shares traded.
Canadian Superior Energy (AMEX:SNG) went shopping and elected to buy Challenger Energy (OTC: CHQGF) in a deal valued at C$77.8 million. Canadian Superior will issue 0.51 of its shares for every Challenger share and assume C$54.4 million in debt. Challenger ended the day up C$0.08 at C$0.40, while Canadian Superior closed unchanged at C$0.82.

Shares of Atac Resources continued to climb after word got out that the first hole of its 2009 program on the Rau property in the Yukon cut 65.07 metres of oxide mineralization with results pending. Atac ended the day up C$0.07 at C$0.46.

Sticking to the Yukon theme, new market darling Underworld Resources (CVE:UW) closed its C$16.55 million financing and rumours are that drill results are coming out on Monday. Underworld ended the day down C$0.07 at C$2.40.

The recovery story in the resource sector remains intact and that is helping both the Canadian dollar and the Canadian markets. We shall see what Monday trading has in store.

Source: Resource Stock Roundup:Monday, June 22nd, 2009

Resource Stock Roundup: Thursday, June 11th, 2009

Doug Casey — Thu, 11 Jun 2009 19:25:49 +0000

The resource rich Canadian markets took a breather during mid-week trading. For the tale of the tape, the TSX Exchange added a modest 0.48%, while the TSX Gold Index lost another 0.5% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, gave back 0.14% with the decliners edging out the advancers by a 433 to 425 margin on a robust 225 million shares traded.
Yamana Gold (NYSE:AUY) sold three of its non-core operating mines to Aura Minerals for a cool $90 million in cash, $70 million in deferred cash payments and $40 million in Aura stock. The first part of the sale includes the San Andres mine in Honduras and that nets the major US$74 million. The second part, which is expected to close by year-end, is the sale of the Sao Francisco and Sao Vicente mines in Brazil. Yamana ended the day down C$0.42 at C$11.24, while Aura closed at C$0.52 for a C$0.08 gain.

Shares of Crowflight Mines added C$0.065 to close at C$0.305 after the company announced that commercial production has started at it Bucko Lake nickel mine in Manitoba.

Arcus Development Group got a boost after Atac Resources granted Arcus an option to acquire a 50% interest in the Green Gulch, Touleary, Dan Man and Shamrock gold prospects, collectively referred to as the Dawson gold project. The Green Gulch claims are wholly surrounded by Underworld Resources White Gold discovery property. Arcus added C$0.05 to close at C$0.13, while Atac lost C$0.025 to close at C$0.325.

The deals continue to flow but the overall market still seems to be getting tired after its strong run up over the past few months. We shall see what Thursday trading has in store.
Source: Resource Stock Roundup: Thursday, June 11th, 2009

Resource Stock Roundup:Thursday, May 07th, 2009

Doug Casey — Thu, 07 May 2009 18:32:08 +0000

The bulls went on another rampage during Wednesday trading on the Canadian Markets as investors gobbled up resource stocks. For the tale of the tape, the TSX Exchange added 2.66%, while the TSX Gold Index surged 4.5% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on 1.70% with the advancers swamping the decliners by a 500 to 391 margin on good volumes of 213 million shares traded.

Yamana Gold (NYSE:AUY) tabled first quarter earnings of $86 million or $0.12 per share on revenues of $224.3 million. Production rang in at 271,482 gold equivalent ounces with cash costs hitting $379 per ounce. Yamana ended the day up C$0.39 at C$10.33.

Kinross Gold (NYSE:KGC) earned $76.5 million or $0.11 per share in the first quarter on production of 526,888 gold equivalent ounces. Revenue rang in at $532.7 million with cost of sales coming in at $419 per ounce. Kinross closed at C$19.70 for a C$0.50 gain.

Northern Freegold Resources completed its earn-in on Atac Resources‘ Golden Revenue project in the Yukon. Atac received C$100,000 and 1 million Freegold shares as it final payment and Atac retains a 1 percent net smelter return royalty. Atac ended the day up C$0.025 at C$0.215, while Northern Freegold added C$0.01 at C$0.59.

Alexco Resource (AMEX:AXU) stated that initial underground chip-channel results from the Bellekeno resource in the Yukon returned up to 57.3 ounces of silver per ton over 6.04 metres. Alexco ended the day up C$0.05 at C$1.79.

Fewer than expected job losses in the United States during April and a robust rise in Canadian building permits in March caused euphoria on the Canadian markets. Clearly this logic is somewhat flawed given the overall weak numbers but who am I to argue with a stellar bull run. We shall see what Thursday trading has in store.

Source: Resource Stock Roundup:Thursday, May 07th, 2009

Resource Stock Roundup…Thursday, November 06th, 2008

Doug Casey — Thu, 06 Nov 2008 20:58:07 +0000

The much anticipated presidential rally failed to materialize as profit taking was the story of the day during Wednesday trading on the Canadian markets. For the tale of the tape, the TSX Exchange gave back 2.27%, while the TSX Gold Index fell back 1.5% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, lost 2.44% with the declining issuers outpacing the advancers by a 484 to 322 margin on volume of 130 million shares traded.

Venezuela has finally come out and stated that it is taking over (TSE:CRY) Crystallex’s Las Cristinas gold project. The Venezuelan government aims to have it up and running next year. Crystallex fell C$0.13 to close at C$0.38.

Shares of Pure Nickel (TSE:NIC) added C$0.03 to close at C$0.10 after the company granted a Japanese firm the right to earn up to 75% of the Man property in Alaska by spending $40 million.

Atac Resources (CVE:ATC) hit 46.42 metres running 2.92 grams gold per tonne at its Rau property in the Keno Hill district of the Yukon. Atac ended the session up C$0.015 at C$0.125.

Upstart Gold Wheaton(CVE:GLW) tabled a third quarter loss of $2.3 million on the sale of 10,804 ounces of gold. At the end of the quarter the company had some $67 million in cash. Gold Wheaton ended the day unchanged at C$0.38.

The election of a historical new president in the United States was not reason enough for a stock market rally. The winning streak for the junior bourse ended at six but there still appears to be more buy side interest then we have seen in several months. We will see what Thursday trading has in store.

Source: Resource Stock Roundup…Thursday, November 06th, 2008