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Resource Stock Roundup: Thursday, April 16th, 2009

Doug Casey — Thu, 16 Apr 2009 21:01:44 +0000

The broader bourse remained in neutral during Wednesday trading on the Canadian markets, as investors elect to wait for more economic news before laying down big bets. For the tale of the tape, the TSX Exchange added a modest 0.16%, while the TSX Gold Index rallied 0.20% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on 1.13%, with the advancers edging out the decliners by a 408 to 367 margin on volume of 152 million shares traded.

International Tower Hill Mines came out with some metallurgical studies on its Livengood deposit in Alaska. The results indicate that a combination of grinding, gravity concentration and cyanide leaching of the tails increase average recoveries by 15% in the oxide/transition rock and by 30% in the sulphide rock, producing a global average gold recovery of 89%. Shares in the company added a penny to C$2.96.

Shares of Cline Mining added C$0.23 to close at C$0.48 after the upstart coal miner announced that the refurbishment and development to commercial production of its New Elk metallurgical coal mine in Colorado is proceeding well.

On the downside, Western Prospector Group received notice from the Mineral Resources Authority of Mongolia stating that Western’s exploration licences 7685X and 4969X, which are the primary licences for Western’s Gurvanbulag uranium deposit, have been suspended for three months due to violations cited by inspectors from Mongolia’s Atomic Energy Agency. The company is in the midst of a C$0.56 per share takeover offer from CNNC International. Western ended the day down C$0.16 at C$0.38.

A stock to watch is Hathor Exploration. The company was halted from trading pending news at C$2.07. Drill results are expected from its Roughrider uranium discovery in Saskatchewan.

The markets appear to have stabilized at these levels but the future direction remains cloudy as earnings start to pour in. We shall see what Thursday trading has in store.

Source: Resource Stock Roundup: Thursday, April 16th, 2009

Resource Stock Roundup: Wednesday, March 11th, 2009

Doug Casey — Wed, 11 Mar 2009 17:04:40 +0000

The gold stocks took one on the chin as some optimistic news coming out of the financial sector helped buoy the broader markets during Tuesday’s session on the Canadian Markets. For the tale of the tape, the TSX Exchange surged 4.14%, while the TSX Gold Index lost 7.3% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 0.54% with the decliners beating out the advancers by a 378 to 307 margin on 109 million shares traded.

With Geoinformatics Exploration out of the merger talks, Southwestern Resources has inked a preliminary deal to be taken out by Hochschild Mining (LON:HOC) for C$0.50 per share in cash. Southwestern ended the day up C$0.205 at C$0.41.

In the wake of a failed merger with Lundin Mining (NYSE:LMC), HudBay Minerals’ Allen Palmiere has resigned as chief executive officer and as a director. Colin Benner has assumed the role on an interim basis. HudBay ended the day up C$0.19 at C$5.90.

Despite cutting 100 metres of 1.11 gram gold per tonne at its Livengood project in Alaska, International Tower Hill Mines followed the price of bullion lower. Shares in the company fell C$0.30 to close at C$2.65.

Despite the modest uptick, the junior board continues to look weak in the face of seasonally low trading volumes. We will see what Wednesday trading has in store.

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

Resource Stock Roundup: Friday, February 13th, 2009

Doug Casey — Fri, 13 Feb 2009 19:27:02 +0000

It was a wild ride for investors during Thursday trading on the Canadian markets, with the bulls managing to beat down the bears late in the session. For the tale of the tape, the TSX Exchange added 0.47%, while the TSX Gold Index gained another 0.7% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on 0.51% with the advancing issuers edging out the decliners by a 377 to 374 margin on 140 million shares traded.

Shares of Evolving Gold added C$0.02 to close at C$0.38 after the junior reported that metallic screen re-assays have increased gold values at the Rattlesnake Hills project in Wyoming. Highlights included 2.74 grams gold per tonne over 131.1 metres.

International Tower Hill Mines is looking to cash in on the gold craze by offering up two million shares at C$2.50 a piece. The company closed unchanged at C$2.95.

Northern Freegold tabled a 1.24 metre section running 206.5 grams gold per tonne from its Freegold project in the Yukon. Investors rewarded the junior by bidding up its share price by C$0.08 to C$0.66.

Just when the market looks set to retest its lows a late day rally puts the bulls in the drivers’ seat. We will see what Friday trading has in store.

Source: Resource Stock Roundup: Friday, February 13th, 2009