Sherritt International posted third quarter earnings of $133.1 million, or $0.45 per share, up from the $65.4-million or $0.28 per share tallied in the same period a year earlier. Falling commodity prices have the company looking at reducing its capital spending. Sherritt ended the day up C$0.53 at C$4.60.

The fifth set of diamond results from underground bulk sampling of the Orion South kimberlite, within the Fort a La Corne joint venture in Saskatchewan resulted in the recoveries of 330.54 carats from 2,809.11 dry tonnes of kimberlite. The largest stone tallied 15.86 carats. Shore Gold, with a 60% interest in the project closed flat at C$0.57.

Trading below cash in the till, Western Uranium got a boost after announcing a 1.5 metre drill intercept running 12 grams gold per tonne at its Kings Valley uranium project in Nevada. Western ended the session at C$0.80 for a C$0.20 gain.

Stornoway Diamond came out with a positive economic study on its 50% owned Foxtrot property in north-central Quebec. The Renard pipe hosts 11.6 million indicated tonnes grading 60 carats per hundred tonnes plus another 7.2 million inferred tonnes grading 63 carats per hundred tonnes. Stornoway ended the day up C$0.04 at C$0.14.

Nevsun Resources added C$0.19 to close at C$0.65 as a falling United States dollar had investors thinking that Nevsun’s Bisha gold rich massive sulphide in Eritrea was undervalued.

The junior market may have formed a bottom at around the 800 point mark with the United States Federal Reserve cutting interest rates by 0.5%, which helped boost commodity prices. We will see what Thursday trading has in store.

Source: Resource Stock Roundup Thursday, October 30th, 2008