International Tower Hill Mines came out with some metallurgical studies on its Livengood deposit in Alaska. The results indicate that a combination of grinding, gravity concentration and cyanide leaching of the tails increase average recoveries by 15% in the oxide/transition rock and by 30% in the sulphide rock, producing a global average gold recovery of 89%. Shares in the company added a penny to C$2.96.

Shares of Cline Mining added C$0.23 to close at C$0.48 after the upstart coal miner announced that the refurbishment and development to commercial production of its New Elk metallurgical coal mine in Colorado is proceeding well.

On the downside, Western Prospector Group received notice from the Mineral Resources Authority of Mongolia stating that Western’s exploration licences 7685X and 4969X, which are the primary licences for Western’s Gurvanbulag uranium deposit, have been suspended for three months due to violations cited by inspectors from Mongolia’s Atomic Energy Agency. The company is in the midst of a C$0.56 per share takeover offer from CNNC International. Western ended the day down C$0.16 at C$0.38.

A stock to watch is Hathor Exploration. The company was halted from trading pending news at C$2.07. Drill results are expected from its Roughrider uranium discovery in Saskatchewan.

The markets appear to have stabilized at these levels but the future direction remains cloudy as earnings start to pour in. We shall see what Thursday trading has in store.

Source: Resource Stock Roundup: Thursday, April 16th, 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