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Resource Stock Roundup:Thursday, May 21st, 2009

Doug Casey — Thu, 21 May 2009 19:36:57 +0000

The bulls continued to ravage the bears during Wednesday trading on the Canada Markets as a drawdown in oil inventories sparked a big rally in the energy space. For the tale of the tape, the TSX Exchange added another 1.3%, while the TSX Gold Index rallied 4.4% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on 0.85% with the advancers edging out the decliners by a 442 to 393 margin on 178 million shares traded.
Western Canadian Coal is looking to wed with 34 percent stakeholder Cambrian Mining PLC. The acquisition values Cambrian at approximately C$120 million or 57 pence based on the closing price of Western shares of 76 pence. Along with its 34 percent interest in Western, Cambrian also holds $29 million of Western’s convertible debentures. Western ended the day up C$0.03 at C$1.40.

Oro Gold tagged 7.6 grams gold per tonne over 42.5 metres from its Trinidad property in Mexico. Oro ended the day up C$0.02 at C$0.51.

Shares of Bowmore Exploration surged C$0.165 to C$0.40 after the junior announced that Osisko Mining was taking down C$3 million of a C$4.2 million private placement in Bowman. Bowmore says it will use the proceeds from the private placement for exploration work on the Santa Elvira gold-copper property in Mexico, new project acquisitions, development and for working capital. Osisko ended the day up C$0.33 to C$5.95.

Shares of Centamin Egypt added C$0.35 to close at C$1.61 after the miner reported a 43 metre drill intercept running 17 grams gold per tonne starting a 499 metres downhole at its Sukari Hill porphyry project.

All lights appear green for equity investors but with the big board now at new highs for the year, a pullback could well be pending. We shall see what Thursday trading has in store.

Source: Resource Stock Roundup:Thursday, May 21st, 2009

Resource Stock Roundup: Monday, January 05th, 2009

Doug Casey — Mon, 05 Jan 2009 18:23:25 +0000

The Canadian Markets continued to march off their 2008 bottoms during the first day of trading in 2009. For the tale of the tape, the TSX Exchange added 2.74%, while the TSX Gold Index was the lone loser falling 2% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on 6.23% with the advancing issuers beating out the decliners by a 615 to 135 margin on volume of 144 million shares traded.

In a reversal of fortunes, Western Canadian Coal will loan up to $36 million to its major shareholder to Cambrian Investment Holdings, a wholly owned subsidiary of Cambrian Mining PLC. Cambrian will use the funds to repay its financing facility with Investec Bank. Western ended the day up C$0.17 at C$0.88.

NovaGold Resources (AMEX:NG) wasted little time in raising much needed capital. The cash-starved company inked a deal to sell just over 46.1 million units at $1.30 each for gross proceeds of $60 million. NovaGold ended the session up C$0.13 at C$1.90.

Meanwhile, New Gold (AMEX:NGD) has placed its Amapari mine in Brazil on temporary care and maintenance due to cost factors. New Gold ended the day at C$1.61 for a C$0.16 loss.

Dynamite Resources added C$0.005 to close at C$0.10 after the junior announced that Blue Note Mining acquired an additional 12.5 million shares of the cash-rich company.

Uranium players generally had a good session with junior JNR Resources adding C$0.155 to C$0.445 and Strathmore Minerals adding C$0.15 to close at C$0.44.

As expected Friday marked a slow trading day as most investors do not get back to their computer screens until Monday. That said, the buy side interest is encouraging. We will see what Monday trading has in store.

Source: Resource Stock Roundup: Monday, January 05th, 2009