Barrick Gold (NYSE:ABX) saw its first-quarter profit fall 28 percent thanks to higher costs and weaker copper prices. The world’s top gold producer posted a profit of $371 million, or $0.42 a share in the three months that ended March 31. Gold production came in at 1.76 million ounces with cash costs soaring to $484 per ounce from $395 per ounce recorded in the same period a year earlier. Copper production tallied 95 million pounds and revenues hit $1.8 billion. Barrick ended the day up C$0.05 at C$35.65.

Diversified miner and energy player, Sherritt International posted a loss of $42.9 million or $0.15 per share in the first quarter down from a $89 million profit recorded in the first quarter of 2008. Sherritt ended the session at C$4.95 for a C$0.02 gain.

Minera Andes’ 49 per cent owned San Jose mine in Argentina produced 1,299,000 ounces of silver at a cash cost of $4.99 per ounce and 16,560 ounces of gold at a cash operating cost of $357 per ounce in the first quarter. Minera ended the day down C$0.05 at C$0.65.

Capstone Mining tabled more impressive drill results from areas south of its Minto open pit mine in the Yukon. Highlights included 2.7 per cent copper and 7.8 grams gold per tonne over 8.1 metres. Capstone ended the day up C$0.04 at C$1.89.

Shares of Kootenay Gold added C$0.12 to close at C$0.62 after the junior reported that grab samples returned up to 45.6 grams gold and 298 grams silver per tonne along strike on the Dorotea structure on its Promontorio property in Mexico.

Premier Gold Mines cut 15.97 grams gold per tonne over 32.1 metres at its Hardrock project in Ontario. Premier ended the day up C$0.31 at C$2.38.

The junior board continues to hurdle the 1,000 point mark with the future direction remaining uncertain. However, abnormally strong trading activity bodes well for the near term. We shall see what Thursday trading has in store.

Source: Resource Stock Roundup: Thursday, April 30th, 2009

Capstone Mining produced 26.1 million pounds of copper in concentrate in the first quarter of 2009 at total cash costs of $1.05 per pound. Meanwhile drilling at its Minto North target in the Yukon continues to show signs of adding tonnage to the Minto operation with results like 2.26 per cent copper and 1.11 gram gold per tonne over 26.7 metres. Capstone ended the day down C$0.11 at C$1.97.

Denison Mines (AMEX:DNN) added C$0.21 to close at C$1.51 after the uranium miner entered into a memorandum of understanding with Korea Electric Power (NYSE:KEP) to purchase 20% of Denison’s U3O8 production and acquire 58 million common shares of Denison by private placement at $1.30 per share.

Pan American Silver (NASDAQ:PAAS) has stepped up to the plate to co-develop Orko Silver’s La Preciosa project in Mexico. Pan American will fund the development in return for a 55 per cent stake. Orko ended the session down C$0.04 at C$0.96, while Pan American added C$0.13 at C$20.30.

San Gold cut 207 grams gold per tonne over 2.3 metres in a 50 metre step out hole from the Hinge zone on its Rice Lake property in Manitoba. San Gold ended the day up C$0.13 at C$1.73.

Shares of Rodinia Minerals added C$0.12 to C$0.295 after announcing that a two-dimensional reflective seismic survey has been contracted for its Clayton Valley lithium brine prospects in Nevada.

A stock to watch is Western Prospector Group. The company was halted from trading pending news at C$0.54. CNNC International has offered to acquire all Western shares for C$0.56 each.

The broader bourse appears to be at a crossroads in terms of direction. Perhaps it is merely a consolidation phase after a nice runup or perhaps buyers have run out of gas. We shall see what Wednesday trading has in store.

Source: Resource Stock Roundup: Wednesday, April 15th, 2009

Paramount Energy Trust went shopping and agreed to buy Profound Energy in a friendly cash-and-stock deal valued at $112.9 million. Paramount ended the day down C$0.10 at C$3.09, while Profound added C$0.54 to close at C$1.19.

Meanwhile, Capital Gold has left Gammon Gold (NYSE:GRS) standing at the altar. The board of directors of Capital Gold have decided not to sign a definitive merger agreement and are walking away. Capital ended the day down C$0.05 at C$0.70, while Gammon added C$0.20 at C$8.16.

Forsys Metals is continuing to try to get its C$7 per share takeover offer from George Forrest International Afrique SPRL completed, but so far no definitive deal on the agreement has been reached. Forsys ended the day down C$0.84 at C$4 even.

Capstone Mining tabled 2008 earnings of $131.8 million or $1.46 per share on sales of 42 million pounds of copper, 2 million pounds of zinc, 24,344 ounces of gold and 132,465 ounces of silver. Capstone ended the day up C$0.03 at C$1.67.

Shareholders of NEMI Northern Energy & Mining voted 2 to 1 to elect concerned shareholder Michael Cooney and his slate of nominees as NEMI’s new board of directors at the company’s annual and special general meeting. NEMI ended the day up C$0.04 at C$0.36.

The schizophrenic nature of the market is continuing and for those quick and nimble some profits are probably being made. Those with a buy and hold strategy are treading water at best. We will see what Wednesday trading has in store.

Source: Resource Stock Roundup: Wednesday, April 1st, 2009