Potash One added C$0.37 to close at C$2.49 after the company announced that well-known mining financier Robert Friedland will become chairman of the board. Mr. Friedland will advise Potash One on strategic financing for its potash resources in Saskatchewan.

Great Panther Resources produced 480,267 silver equivalent ounces in the first quarter from its Mexican operations. This led to a 6 per cent jump in revenues to $6.3 million. Great Panther ended the day up C$0.05 at C$0.51.

Copper producer Quadra Mining posted first quarter earnings of $26.7 million or $0.40 per share a 66 per cent drop from the $78.6 million or $1.42 per share tallied in the first quarter of 2008. Quadra closed at C$7.92 for a C$0.16 loss.

Beaten-down Phoenix Coal added C$0.035 to close at C$0.33 after the thermal coal miner announced a 59 per cent increase in reserves from its Gryphon mining complex in the Illinois Basin.

Orvana Minerals says it will proceed with its C$0.55 per share all-cash offer to acquire Kinbauri Gold. Management of Kinbauri has rejected the bid electing to proceed with the Glen Eagle deal. Glen Eagle will invest C$32 million for a 45% interest in Kinbauri’s El Valle/Carles project in Spain. Kinbauri ended the day down C$0.03 at C$0.57, while Orvana added C$0.02 at C$0.73.

It was a good session for the gold guys and a breakout to the upside is a good possibility moving forward. We shall see what Wednesday trading has in store.

Source: Resource Stock Roundup:Wednesday, May 13th, 2009

Silver Wheaton (NYSE:SLW) saw its first quarter profits fall to $15.1 million or $0.06 per share down from the $27.9 million or $0.11 per share tallied in the same period a year earlier. The company sold 3.2 million ounces of silver during the three-month period; up from the 2.8 million ounces sold in the same period of 2008 but silver sale revenues fell to $37.6 million from $48.9 million thanks to lower silver prices. Silver Wheaton ended the day down C$0.12 at C$10.14.

Uranium One reported a first quarter profit of $61.1 million or $0.13 per share, compared to a loss of $114.9 million, or $0.25 per share in the same period of 2008. Revenues came in at $43 million, compared with $22.5 million in the year earlier period. Production increased to 700,900 pounds. Uranium One closed at C$3.86 for a C$0.17 gain.

HudBay Minerals, with the consent of Lundin Mining, entered into an agreement to sell its entire 16.7 per cent stake in Lundin to GMP Securities for cash proceeds of approximately C$236 million, marking a gain before tax of $100 million. HudBay closed up C$0.02 at C$8.09.

Kinbauri Gold has flat out rejected a C$0.55 per share all cash offer from Orvana Minerals. The management team says that the previously announced transaction with Glen Eagle is moving towards completion. Under that proposal, Glen Eagle will invest C$32 million for a 45% interest in Kinbauri’s El Valle/Carles project in Spain. Kinbauri ended the day up C$0.205 at C$0.60, while Orvana lost C$0.02 at C$0.71.

A trend of two days up followed by some profit taking is rapidly developing. Will it continue? We shall see what Tuesday trading has in store.

Source: Resource Stock Roundup:Tuesday, May 12th, 2009