Silver Wheaton (NYSE:SLW) has stepped up to the plate and is offering up 0.185 of its shares for each share of Silverstone Resources. The proposal values Silverstone at C$1.59 per share. In return, Silver Wheaton gains Silverstone’s silver stream agreements with Capstone Mining’s Minto copper-gold-silver mine in Yukon and its Cozamin copper-silver-lead-zinc mine in Mexico. Silver Wheaton closed the day at C$8.08 for a C$0.14 gain and Silverstone closed C$0.20 higher at C$1.45.

Largo Resources came out with an updated resource model for the Northern Dancer tungsten-molybdenum project in the Yukon. The latest tally shows measured resources of 30.8 million tonnes grading 0.114% WO3 and 0.030% molybdenum, indicated resources of 192.6 million tonnes grading 0.100% WO3 and 0.029% molybdenum and an inferred resource of 201.2 million tonnes grading 0.089% WO3 and 0.024% molybdenum. Largo ended the session down C$0.005 at C$0.075.

Donner Metals discovered massive sulphide mineralization in the Daniel-1 area just 16 kilometres northwest of Xstrata’s operating Perseverance mine and 26 kilometres northwest of the Matagami mill in Quebec. The discovery hole returned 3.95 metres grading 2.20 per cent copper, 0.09 per cent zinc, 8.8 grams silver per tonne and 0.25 gram gold per tonne. Donner closed flat at C$0.16.

Optimism that the worst of the economic turmoil is over had investors bidding up equities for the third straight session. We will see what Friday trading has in store.

Source: Resource Stock Roundup: Friday, March 13th, 2009