Shares of Gold Reserve (AMEX:GRZ) have stabilized after reports came in that Venezuela terminated Gold Reserve’s concession for the large Brisas project. Rumours are now that Rusoro, which launched a failed takeover bid for Gold Reserve last year, may now end up in partnership with the Venezuelan government on the property. Gold Reserve ended the day flat at C$0.65.

Rimfire Minerals and Geoinformatics Exploration are looking to wed. Geoinformatics is coming off a failed merger with Southwestern Resources. Under the Rimfire deal, Geoinformatics will acquire Rimfire on the basis of 2.6 of Geoinformatic shares for each Rimfire share. Rimfire lost C$0.02 to close at C$0.40, while Geoinformatics added C$0.055 at C$0.225.

Linear Gold went shopping and bought the Goldfields project in Saskatchewan from financially plagued GLR Resources. The roughly 600,000 ounce reserve of 10.9 million tonnes grading 1.7 grams gold per tonne will cost $5.0 million in cash and 727,273 Linear Gold shares, plus Linear with will reimburse GLR for deposits made in connection with the equipment contracts in the amounts of $3 million and C$1.2 million. Linear Gold closed up C$0.23 at C$1.44.

Denison Mines (AMEX:DNN) went to the market and inked a C$82 million bought deal financing priced at C$2.05 per share. That was well below market so the uranium producer closed down C$0.28 to C$2.11.

A stock to watch is Underworld Resources. After the bell, the junior reported the results from the first three holes from the 2009 drilling program from the Golden Saddle zone at the White Gold property. Highlights included 3.39 grams gold per tonne over 104 metres. Underworld ended the day up C$0.11 at C$1.05.

The interest in commodity stocks continues to be strong and that has pushed Canada’s big board well above the 10,000 point mark. We shall see what Wednesday trading has in store.

Source: Resource Stock Roundup:Wednesday, May 27th, 2009

Cash strapped Cadiscor Resources and cash-rich Tiomin Resources have agreed to merge in an all-share transaction that would see Tiomin consolidate its shares on a 10 old for 1 new basis, and then receive one Cadiscor share for each new Tiomin share. The move would allow Cadiscor to move forward into production at the Sleeping Giant mine in Northern Quebec. Cadiscor ended the day down C$0.18 at C$0.30, while Tiomin closed unchanged at C$0.03.

Uranium One inked a financing deal that would give a Japanese consortium a 19.95 per cent equity stake in the uranium miner. The company will sell 117 million shares at a price of C$2.30 to the consortium for a total of C$270 million. Uranium One also entered into an offtake agreement with the group that includes Tokyo Electric Power Toshiba, and the Japan Bank for International Cooperation. Uranium One ended the session up C$0.08 at C$2.03.

It was a good day for shareholders of Reservoir Capital, which added C$0.12 to close at C$0.35. The company announced that it has been awarded two energy licenses to develop hydroelectric projects in Serbia.

Grayd Resource tabled indicated resources of 17.2 million tonnes grading 1.01 grams gold per tonne and inferred resources of 9.4 million tonnes grading 1.05 grams gold per tonne at its La India gold project in Mexico. Gryad ended the day down C$0.015 at C$0.455.

The Ontario Superior Court of Justice has granted an injunction restraining Rusoro Mining from proceeding with any hostile takeover bid to acquire the shares of Gold Reserve (AMEX:GRZ) until the conclusion and disposition at trial of the action commenced by Gold Reserve. Shares of Rusoro were halted from trading at C$0.74, while Gold Reserve lost C$0.04 to close at C$1.24.

After a brief hiatus, all eyes are once again focused on bullion and its rosy prospects moving forward. We will see what Wednesday trading has in store.

Source: Resource Stock Roundup: Wednesday, February 11th, 2009

After making a stink ball bid earlier in the year, Rusoro Mining has come back and is offering three of its share for every Gold Reserve (AMEX:GRZ) share. The move would alleviate Gold Reserve’s problem in Venezuela because Rusoro has the ears of the Chavez government. Rusoro ended the day down C$0.105 at C$0.255, while Gold Reserve soared C$0.28 to close at C$0.73.

Due to reduced metal demand and the persistent weakness in zinc prices, Teck Cominco (NYSE:TCK) is shutting down its Pend Oreille operations in Washington State. Teck ended the day up C$0.25 at C$5.70.

Exeter Resource (AMEX:XRA) tagged 72.76 grams gold and 6,471 grams silver per tonne over 3.36 metres at its Cerro Moro project in Argentina. Exeter ended the session up C$0.32 at C$1.95.

Sprott Resource added C$0.11 to close at C$2 after reporting that it acquired 40,475 ounces of gold bullion and 852,478 ounces of silver bullion.

It was a rather busy trading day, which suggests that the tax loss selling may be kicking in. That said, despite the modest losses, the resource sector appears to have found a floor. We will see what Tuesday trading has in store.

Resource Stock Roundup: Tuesday, December 16th, 2008

For the tale of the tape, the TSX Exchange tacked on 1.74%, while the TSX Gold Index climbed 2.2% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 0.38% with the declining issuers beating out the advancers by a 427 to 419 margin on volume of 119 million shares traded.

Venezuelan gold miner Rusoro Mining (CVE:RML) went shopping and elected to put a bid in on Gold Reserve. The offer is two Rusoro shares for each Gold Reserve (AMEX:GRZ) share for a value of about $90 million. Gold Reserve came out swinging saying that the offer is inadequate given its cash position and its 10.2 million ounces of gold and 1.4 billion pounds of copper at its Brisas project in Venezuela. Rusoro ended the day unchanged at C$0.80, while Gold Reserve closed up C$0.10 at C$1.58.

A state clean water initiative aimed to stop development of the huge Pebble copper-gold project in Alaska has gone down to defeat. This is good news for all Alaskan explorers and especially for shares of Northern Dynasty Minerals (AMEX:NAK), which rallied C$1.14 to close at C$6.67.

On the energy front, shares of Transeuro Energy (CVE:TSU) added C$0.125 to close at C$0.395 after the junior reported that joint operations are under way to test the deeper shales in the Liard basin in northeast British Columbia.

More rough earnings came out from the Canadian banks during Wednesday and indications are the financial crisis for the banks are far from over. We will see what Thursday trading has in store.

Source: Resource Stock Roundup: Thursday, August 28th, 2008