For the tale of the tape, the TSX Exchange plunged 4.04%, while the TSX Gold Index fell 5.4% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, dropped 4.52% with the declining issuers swamping the advancers by a 616 to 243 margin on volume of 130 million shares traded.

On the plus side, Freewest Resources Canada (FRW) cut 100 metres of chromite on its wholly-owned McFaulds property in Ontario’s James Bay Lowlands. Freewest ended the day up C$0.015 at C$0.26.

Shares of Augen Gold (AUJ) got slammed on no particular news closing at C$0.20 for a C$0.19 loss. The company has been working the Jerome gold property in Ontario.

Sticking to that theme, Formation Capital (FCO) came out and stated that is not aware of any material reason for the decline in its share price. The company, which is advancing the Idaho cobalt project, lost C$0.04 to close at C$0.32.
San Gold reported a 2.7 metre intercept running 51.4 grams gold per tonne at its Rice Lake gold mine in Manitoba. Not good enough in a bad market, as San Gold ended the day down C$0.06 at C$1.06.

The junior board hit yet another new three-year low and is showing no signs of bottoming just yet. The five year low is rapidly approaching so we will see what Tuesday trading has in store.

Source:  Resource Stock Round Up Tuesday, September 17th, 2008