For the tale of the tape, the TSX Exchange lost 0.95%, while the TSX Gold Index fell 6.80% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 4.04% with the advancing issuers swamping the decliners by a 483 to 368 margin on volume of 161 million shares traded.

Goldcorp tabled third quarter earnings of $297 million or $0.42 per share thanks to a big foreign exchange gain and stronger gold prices. Taking out the $240 million foreign exchange gain, profit fell to $64.7 million or $0.09 a share, from $82.3 million, or $0.12 a share in the same period in 2007. Goldcorp ended the day down C$1.98 at C$22.54.

High River Gold Mines (HRG) moved a step closer to bankruptcy after announcing that delays in getting its Taparko-Bouroum mine into commercial production has put one of its subsidiaries in breach of its financial covenants. Financial problems also put plans to purchase remaining 50 per cent of Prognoz silver project in Russia off until at least the end of November. High River ended the day down C$0.03 at C$0.11.

It was a good day on no news for Midway Gold (MDW). The company is currently raising C$2.75 million priced at C$0.22 per unit, which holds one share and one C$0.28 warrant. Midway ended the day up C$0.17 at C$0.47.

Investors in the more speculative exploration stocks are breathing a sigh of relief because buyers appear to be back bottom feeding in the sector. We will see what Monday trading has in store.

Source: Resource Stock Roundup Monday, November 3, 2008

Rockwell Diamonds (RDI) came out swinging against the hostile takeover offer by Pala Investments Holdings Limited. According to management, the C$0.36 per share offer is simply too low. Rockwell ended the session up C$0.005 at C$0.295.

Shares of International Tower Hill Mines (ITC) added C$0.05 to close at C$1.48 on 1.5 million shares traded. The Alaska and Nevada gold explorer has been the subject of some fund selling of late and perhaps the worst is now over.

West Timmins Mining (WTM) cut 7.07 grams gold per tonne over 2.6 metres at its Thorne property in Ontario. The result was good enough for a C$0.065 gain to C$0.38.

High River Gold (HRG) rebounded from Friday’s selloff after announcing the sell pressure came as a result of being dropped from the S&P/TSX Composite, Global Gold, Global Mining, and SmallCap indices. High River closed up C$0.29 at C$0.64.

Looks like the big gains seen on Friday was more of a short covering rally than sustainable buying. For now it looks like gold will be the big benefactor of the proposed bailout of the financials. We will see what Tuesday trading has in store.

Source: Resource Stock Roundup Tuesday, September 23, 2008

In a surprise move, Goldcorp (G) stepped up to the plate and agreed to buy Gold Eagle Mines (GEA) in a deal valued at C$1.5 billion. The major will pay C$6.80 in cash and 0.146 Goldcorp share for each Gold Eagle share. The acquisition of Gold Eagle gives Goldcorp control of the Bruce Channel ore body, which lies next to the Red Lake mine, its largest operation. Agnico-Eagle Mines recently bought a 5.2% interest in Gold Eagle, while Goldcorp already owned a 4.7% stake. Goldcorp also came out with a second quarter loss of $9.2 million, or $0.01 per share, compared with a profit of $2.9 million in the year earlier period. Rising costs and foreign exchange expenses were attributed for the short fall. Goldcorp ended the session down C$1.70 at C$38.15, while Gold Eagle added C$1.71 to close at C$12.28.

Speaking of buying, High River Gold Mines (HRG) went out and bought the remaining 50% interest it did not own in the Prognoz silver project in Russia. The price tag is 34.1 million shares, marking 9.9% of the company and assuming debt obligation totaling $16 million. High River ended the day up C$0.13 at C$1.62.

On the permitting front, Tamerlane Ventures (TAM) has been issued a Type A Land Use Permit green lighting construction at its Pine Point lead-zinc project in the Northwest Territories. Tamerlane ended the day up C$0.16 at C$0.57.

Not to be out done, Canadian Zinc (CZN) entered into a memorandum of understanding with the Parks Canada Agency in regards to the expansion of the Nahanni National Park Reserve and the development of the Prairie Creek base metal mine in the Northwest Territories. Canadian ended the day up C$0.18 at C$0.65.

Could the junior board finally be ready to move higher or is the recent up tick a head fake to entice unwilling buyers? We will see what Friday trading has in store.

Source: Resource Stock Roundup Friday August 1, 2008