The Hudbay takeover saga just got a tad more interesting after Jaguar Financial announced that it would offer Hudbay shareholders the cash value of Hudbay, less a 1% fee estimated at C$5.40 per share, plus the cash from the remaining assets of Hudbay under a sale. HudBay Minerals and Lundin Mining (NYSE:LMC) have inked a friendly deal that would have Lundin shareholders getting 0.3919 of a Hudbay share for each Lundin share held. Hudbay ended the day up C$0.15 at C$3.31, while Lundin lost C$0.10 to close at C$0.95 and Jaguar Financial closed down C$0.005 at C$0.07.

Sherwood Copper made C$12.1 million in the third quarter after excluding adjustments to unrealized forward sales and other non-cash adjustments. Copper production from its Minto operation tallied 7.3 million pounds of payable copper with total cash costs ringing in at $2.10. Sherwood, which became Capstone Mining as of Monday, ended the session up C$0.22 at C$0.90.

NovaGold Resources (AMEX:NG) hit the wall after announcing that it has to repay a $20 million loan by December 29 and has only $10 million in the bank. The part owner of the Donlin Creek project in Alaska and the Galore Creek project in British Columbia will pony up its cash call for Donlin but not Galore. NovaGold closed down C$1.48 at C$0.72.

Canplats Resources tallied a measured and indicated resource of 3.445 million ounces grading 0.66 gram gold per tonne at its Represa zone in Mexico. Canplats ended the day up C$0.15 at C$1.39.

The junior board appears to be forming some sort of bottom at around the 700 point mark. Let’s hope that tax loss selling does not prompt a serious breach of this already beaten down level. We will see what Tuesday trading has in store.

Source: Resource Stock Roundup: Tuesday, November 25th, 2008