It was a good day for shareholders of Noble Metal Group (NMG) after the company’s subsidiary has entered into an exploration agreement with Cougar Minerals for the exploration of Noble’s 37,980 hectares of oil shale exploration permitted lands near Hudson Bay, Saskatchewan. Noble ended the day up C$0.035 at C$0.325.

Shares of Stornoway Diamond (SWY) bounced off the floor after the company announced that it arranged a C$22 million private placement priced at C$0.90 to Agnico Eagle Mines (AEM) and Lorito Holdings to pay off a C$20 million convertible debenture. Stornoway ended the day up C$0.07 at C$0.36, while Agnico lost C$2.63 to C$73.19.

On the drill front, Fortress Minerals (FST) hit 91.8 metres running 1.82 grams gold per tonne at its Elena target on the Svetloye project located in northeastern Russia. Fortress ended the day flat at C$1 even.

Closer to home, Full Metal Minerals (FMM) continues to tag on its LWM deposit in Eastern Alaska. The latest includes 19.9 metres running 12.5% zinc, 8.1% lead and 158.7 grams silver per tonne. Investors did not care as shares of Full Metal closed down C$0.05 at C$1.15.

Some signs of the trading life during the late stages of Wednesday trading so perhaps the worst is now behind us. Wishful thinking? We will see what Thursday trading has in store.

Source: Resource Stock Roundup Thursday July 17, 2008

For the tale of the tape, the TSX Exchange rallied 0.98%, while the TSX Gold Index added 2.7% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on a modest 0.47% with the declining issuers continuing to swamp the advancers this time by a 549 to 397 margin on abysmal volume of only 116 million shares traded.

Another problem hit Inmet Mining (IMN) at its 70% owned Las Cruces copper project in Spain, as an unexpected ground movement occurred at its newly constructed storage site for dried residue from the process plant. This will more than likely delay the development of the mine, which already faced problems in May when Spanish authorities suspended authorization for the dewatering and groundwater reinjection system. Investors did not mind the news on an up market day as Inmet closed up C$0.99 at C$64.14.

Tamerlane Ventures (TAM) cut 40.7% combined lead-zinc over 34 metres on its Pine Point property in the Northwest Territories and ended the day up C$0.05 at C$0.60.

Belvedere Resources (BEL) hit 61.49 metres running 0.59% nickel and 0.17% copper at its Hitura nickel mine in central Finland. The junior ended the day at C$1.25 for a C$0.12 gain.

Shares of Rusoro Mining (RML) added C$0.15 to C$1.20 after the company announced that it has been selected as the partner of choice by the Venezuelan Government for gold mining opportunities in that country. The Venezuelan Government also approved its previously announced acquisition of Hecla Mining’s Venezuelan assets.

Bottle roll testing of nine composite samples from the Los Planes gold zone in Mexico have returned decent values for Pediment Exploration. The average gold recovery for all the composites after 96 hours of testing was 78.5%. Not stellar but not bad either. Pediment ended the day down a penny at C$1.50.

On the uranium front, Uracan Resources (URC) added C$0.035 to close at C$0.465 after cutting 12.7 metres running 0.142% U308 from its 100-per-cent-owned Pipewrench Lake property in Saskatchewan.

Volatility seems to be the name of the game with the bears firmly in control of the longer term trend. Gold is showing signs of potentially breaking out and if so, will that be the catalyst for the beleaguered junior exploration stocks? We will see what Friday trading has in store.

Source: Resource Stock Roundup Friday July 11, 2008

The big news of the day was Inmet (IMN) Mining’s C$320 million all-cash bid for Petaquilla Copper (PTQLF). The move allows the advancement of the Petaquilla copper property in Panama where Petaquilla Copper says it owns 52 per cent of the project but Teck Cominco  (TCK) says it earned 26% of that in March after delivering a final commitment to participate in the mine. Inmet held a 48% stake. Inmet ended the day up C$0.99 at C$64.51, while Petaquilla added C$0.98 to close at C$1.94 and Teck Cominco fell C$0.94 to C$43.38.

Shares of Noront Resources (NOT) lost C$0.08 to close at C$2.62 after investors digested the initial resource calculations for its Eagle One project in Ontario’s James Bay Lowlands. Indicated resources tally 1.834 million tonnes running 1.96% nickel, 1.18% copper, 3.91 grams palladium, 1.12 grams platinum and 0.15 gram gold per tonne. The inferred resource came in at 1.087 million tonnes grading 2.39% nickel, 1.27% copper, 4.5 grams palladium, 1.37 grams platinum and 0.13 gram gold per tonne.

Is this the beginning of a rather nasty correction in resource stocks or simply a buying opportunity? Either way the current markets are not for the faint of heart. We will see what Tuesday trading has in store.

Source: Resource Stock Roundup Tuesday, July 8, 2008

Investors came out of the Canada Day holiday in a selling mood as the Canadian Markets ended Wednesday trading in a sea of red. For the tale of the tape, the TSX Exchange plunged 2.99%, while the TSX Gold Index fell 1.5% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, lost 1.49% with the declining issuers swamping the advancers by a 660 to 344 margin on light volume of 144 million shares traded.

Kola Mining (KM) added C$0.12 to close at C$0.47. The company recently arranged a C$10 million financing to advance its Souker nickel project in Russia.

Shares in Gold Point Energy (GPE) added C$0.045 to close at C$0.17 after the junior inked a letter of intent to farm-in to a portion of two oil and gas licenses in Bulgaria.

Armed with the Mount Klappan anthracite coal project in British Columbia, Fortune Minerals (FT)has hired CIBC World Markets to act as its financial advisor to unlock the value of the asset. Mount Klappan holds measured resources of 107.9 million tonnes and indicated resources of 123 million tonnes of coal but has long been stalled because of a variety of issues, the least of which has been a lack of infrastructure. Fortune ended the day up C$0.11 at C$2.11.

On the diamond front, Mountain Province Diamonds (MDM) announced that a 25.13 carat stone valued at about $440,000 has been recovered from the 2008 Tuzo bulk sample from the Gahcho Ku project in Canada’s far north. The junior ended the session up C$0.32 at C$4.74.

The equity markets seem to be facing a confidence crisis with worries over inflation sparking a global economic slow down starting to take hold. We will see what Thursday trading has in store.

Source: Resource Stock Roundup Thursday July 3, 2008