It was a busy day at South African-based Gold Fields (NYSE:GFI). First off, Africa’s second- largest miner agreed to sell its 19.9 percent stake in Sino Gold Mining to Eldorado Gold in an all stock deal valued at $282 million.

Eldorado will exchange 48 of its shares for every 100 shares of Sino Gold. That will give Gold Fields 27.8 million shares or a 7 per cent stake in Eldorado. Eldorado closed at C$10.41 for a C$0.57 loss.

Next up, Gold Fields inked a deal to earn up to 70 per cent of the Woodjam North gold-copper property in British Columbia from Cariboo Rose Resources, which holds 40 per cent and Fjordland Exploration, which holds 60 per cent. Under the proposal, Gold Fields can take an initial 51 per cent interest by spending C$7 million and making $350,000 in cash payments over a three year period. Gold Fields can earn another 19 per cent by spending an additional C$12 million over a four year term. Cariboo ended the day up C$0.04 at C$0.135, while Fjordland added C$0.03 to close at C$0.11.

East Asia Minerals added C$0.06 to close at C$0.70 after reporting rock chip samples of up to 125.9 grams gold per tonne over 23 metres at the Miwah project in Indonesia.

Greystar Resources tagged significant, near-surface gold mineralization three kilometres south of its wholly owned, multimillion-ounce Angostura gold-silver deposit in northeastern Colombia. Highlights included 36.7 metres grading 1.1 gram gold per tonne. Greystar ended the day up C$0.09 at C$3.74.

Is it the usual one step back for every two steps forward or was Wednesday sell-off the start of a widely anticipated correction to the nearly three month rally? We shall see what Thursday trading has in store.

Source: Resource Stock Roundup:Thursday, June 04th, 2009

Kinross Gold (NYSE:KGC)went to the market hat in hand to raise up to $360.5 million by issuing 20.9 million shares at $17.25. Shopping season for Kinross perhaps? Kinross ended the day down C$1.11 at C$22 even.

Speaking of shopping, Franco-Nevada Corp. has agreed to acquire from Coeur d’Alene Mines (NYSE:CDE)a 50-per-cent gold royalty stream in the Palmarejo silver and gold project in Mexico. The price tag is a cool $80-million. Franco-Nevada ended the day up C$1.52 at C$21.50.

Centamin Egypt is raising C$60 million by issuing 92 million shares at C$0.65 each. The proceeds will be used to advance its 9 million ounce Sukari gold project in Egypt. The company closed at C$0.67 for a C$0.07 loss.

Shares of East Asia Minerals added C$0.035 to close at C$0.265 after reporting rock saw sample results from its Miwah gold project in Indonesia. Highlights included 20 metres running 14 grams gold per tonne.

Weakness in the financial sector once again ruled the trading session and that sparked another bout of risk aversion from investors. We will see what Thursday trading has in store.

Source: Resource Stock Roundup: Thursday, January 22nd, 2009