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

Teck Cominco (NYSE:TCK) posted a first quarter profit ofC$241 million or C$0.50 per share. That is a 30 percent drop from the C$345 million or C$0.78 per share in the same period a year earlier. Much more importantly, the company entered into a commitment letter to amend its existing $4-billion senior term loan facility and $5.81-billion senior bridge loan facility. The $4.4 billion has been deferred and the $3.5 billion of the Bridge Facility due October 29, 2009 has been stretched out to October 30, 2011. Teck ended the day up C$3.25 at C$12.36.

Anfield Ventures jumped ahead of the commodity curve by purchasing all of the outstanding shares of Mayaniquel, S.A. from BHP Billiton (NYSE:BHP) for $2.5 million and the issuance of a 1.5% net smelter royalty. Mayaniquel holds 21 mineral exploration licenses totaling approximately 83,430 hectares in the nickel laterite belt that surrounds Lake Izabal adjacent to the HudBay Mineral’s Fenix project in Guatemala. Anfield also announced plans to sell 10.15 million shares at a price of C$0.35 per share to Lumina Capital Limited Partnership, an investment partnership held principally by Vancouver mining entrepreneur Ross Beaty. Anfield ended the day up C$0.685 at C$1.05.

Shares of Salazar Resources added C$0.13 to C$0.48 after the junior announced that it received official notice from the Minister of Mines and Petroleum of Ecuador authorizing the restart of its field operations.

Despite facing weakening economic data, the current market clearly does not want to go down. Can it continue to swim against the tide? We shall see what Wednesday trading has in store.

Source: Resource Stock Roundup: Wednesday, April 22nd, 2009