Fording Canadian Coal Trust (FDG) continued to slide on worries that the credit crunch will put a crimp in Teck Cominco’s takeover offer set to close in October. Fording ended the day down C$0.67 at C$81.16, while Teck closed at C$35.38, down C$1.26.

Speaking of takeover flops, Midway Gold’s (MDW) proposed merger with Golden Predator Mines has been shelved. No reason was given. Midway ended the session down C$0.18 at C$0.82, while Golden Predator lost C$0.15 at C$0.80.

Happy Creek Minerals (HPY) managed to lose C$0.01 to close at C$0.28 despite reporting a 135 metre drill intercept running 0.43% copper at its Rateria property in British Columbia.

Inca Pacific Resources (IPR) fell C$0.10 to close at C$0.55 with more then 3 million shares traded. The company is moving forward with its Magistral copper molybdenum project in Peru.

Meanwhile, shares in Dynamite Resources saw action on no news. The company has been drilling the Mike Lake copper-gold project in the Yukon with two rigs all summer and recently added a third but has yet to release results. Dynamite ended the day down C$0.02 at C$0.0115.

VMS Ventures (VMS) managed to tack on C$0.055 to close at C$0.42 after tabling a 53.19 metre drill intercept running 3.08% copper at its Reed Lake Discovery zone in Manitoba.

Liquidation is the name of the game with even cash rich companies getting the punt from investors’ portfolios. We will see what Wednesday trading has in store.

Source: Resource Stock Roundup Wednesday, September 17th, 2008