Potash Corporation of Saskatchewan (NYSE:POT) tabled first quarter earnings of $308.3 million or $1.02 per share down from the $566 million or $1.74 per share tallied in the first quarter of 2008. Prices for potash actually rose during the quarter but demand fell by 86 per cent. Potash ended the day down C$2.91 at C$97.49.

Suncor Energy (NYSE:SU) reported a first quarter loss of C$189 million or C$0.20 per share with output hitting 278,000 barrels per day during the first three months of the year. The second-largest oil sands producer, which is in the midst of a merger with Petro Canada (NYSE:PCZ), added C$0.86 on the day to close at C$30.33.

Fortress Minerals came out with an inferred resource of 5.975 million tonnes grading 2.43 grams gold per tonne at its Amy prospect on the Svetloye gold project in the Russian Far East. Fortress ended the day up C$0.075 at C$0.315.

Upstart gold miner Avion Resources produced 6,211 ounces of gold during the six weeks since beginning production in Mali. The cash cost per ounce of gold for the year is currently projected to be $505 per ounce. Avion ended the session up C$0.005 at C$0.30.

Shares of Chariot Resources added C$0.005 to close at C$0.295 after the company reported a positive feasibility study for the Mina Justa project located on its 70-per-cent-owned Marcona copper property in Peru. Using $2 per pound for copper, the pretax net present value comes in at $616.2 million at a discount rate of 8 per cent. The internal rate of return is 19.9 per cent and the cash operating cost over the life of the mine is $0.885 per pound of payable copper.

A stock to watch is beaten-down nickel player Belvedere Resources. Shares in the company were halted pending news at C$0.12.

The market is defying all the economic data and without verification that the earnings picture will improve, a selloff is in the cards at some point. We shall see what Friday trading has in store.

Source: Resource Stock Roundup: Friday, April 24th, 2009