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Resource Stock Roundup: Tuesday, April 28th, 2009

Doug Casey — Tue, 28 Apr 2009 18:53:20 +0000

The Canadian Markets started the trading week in a sour mood with the bears coming out of retirement to rain on the bulls’ parade during Monday’s session.

For the tale of the tape, the TSX Exchange fell 1.62%, while the TSX Gold Index lost on 1.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, gave back 0.38% with the decliners beating out the advancers by a 439 to 355 margin on volume of 159 million shares traded.

Indian mining company Lakomasko BV has purchased 9.5 percent of HudBay Minerals, which announced late last week that it is evaluating its strategic options. HudBay ended the day up C$0.77 at C$8.35.

In the midst of a merger, Motapa Diamonds and Lucara Diamond recovered 715.79 carats from a 15,390 dry tonnes sample at the Mothae project in Lesotho. The sample produced 48 stones greater than two carats, 13 stones greater than five carats and one stone greater than 20 carats. Motapa ended the day up C$0.06 at C$0.31, while Lucara closed at C$0.50 for a C$0.02 gain.

Rubicon Minerals (AMEX:RBY) continued to hit the goodies at its F2 zone on the Phoenix gold project in Ontario’s prolific Red Lake mining camp. The latest results included 3.62 ounces of gold per ton over 9.8 feet and 6.96 ounces of gold per ton over 3.3 feet. Rubicon ended the day up C$0.05 at C$1.90.

Not to be outdone, Alamos Gold cut 12.2 metres grading 43.7 grams gold per tonne at its Mulatos gold project in Sonora, Mexico. Alamos ended the day up C$0.03 at C$8.25.

The junior board continues to straddle the crucial 1,000 point mark. Will it hold? We shall see what Tuesday trading has in store.

Source: Resource Stock Roundup: Tuesday, April 28th, 2009

Resource Stock Roundup: Wednesday, March 18th, 2009

Doug Casey — Wed, 18 Mar 2009 19:41:28 +0000

Equities continued to march higher during Tuesday’s session on the Canadian Markets as investors smell an economic recovery in the making. For the tale of the tape, the TSX Exchange gained 2.06%, while the TSX Gold Index gave back 1.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 0.68% with the decliners beating out the advancers by a 358 to 343 margin on pathetic volume of 90 million shares traded.

Merger mania resumed with Lucara Diamond proposing to marry Motapa Diamonds in an all-share deal that would see Motapa getting 0.9055 of a Lucara share for each Motapa share. The move would consolidate the advanced Mothae project in Lesotho. Lucara ended the day flat at C$0.50, while Motapa added C$0.04 to close at C$0.35.

Shares of Baja Mining jumped C$0.075 to C$0.33 after the company tabled a 12 per cent decrease in capital costs for its Boleo copper-cobalt-zinc-manganese project in Mexico. The new number is $767 million, around $100 million less than the 2008 estimate.

Western Canadian Coal kept the good news rolling by reporting that its Belcourt property in British Columbia hosts 86 million tonnes of proven reserves in two deposits. The potential production profile is four million tonnes per year of metallurgical coal for a 15 year period. Western ended the day up C$0.13 at C$0.57.

Despite signs that the recent rally is running out of gas, investors keep jumping in to buy more of the beaten-down financial stocks. We will see what Wednesday trading has in store.

Source: Resource Stock Roundup: Wednesday, March 18th, 2009

Resource Stock Roundup:Tuesday, January 13th, 2009

Doug Casey — Tue, 13 Jan 2009 19:37:46 +0000

It was a sea of red during Monday trading on the Canadian Markets with the oils and gold guys being the hardest hit. For the tale of the tape, the TSX Exchange fell 3.27%, while the TSX Gold Index dropped 4.2% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, gave back 3.36% with the declining issuers edging out the advancers by a 491 to 224 margin on volume of 108 million shares traded.

Colossus Minerals tagged an impressive 60.5 metres grading 14.37 grams gold per tonne, 1.81 grams platinum per tonne and 2.46 grams palladium per tonne at its Serra Pelada project in Brazil. Colossus ended the day up C$0.16 at C$1.43.

Happy Creek Minerals returned 177 metres of 0.366% copper at its Rateria property in British Columbia. Happy Creek ended the day up C$0.01 at C$0.06.

Partners Motapa Diamonds and Lucara Diamond recovered 642 diamonds weighing 277.13 carats from a 7,781 tonne sample at the Mothae bulk sample project in Lesotho. Motapa ended the day flat at C$0.195, while Lucara was also unchanged at C$0.60.

Shares of NovaGold Resources (AMEX:NG) fell C$0.23 to C$1.90 after the Toronto Stock Exchange said the company is being reviewed for possible delisting. NovaGold has been granted 210 days in which to comply with listing requirements.

With earnings season about to start, investors ran for the exits in anticipation of some nasty surprises. We will see what Tuesday trading has in store.

Source: Resource Stock Roundup:Tuesday, January 13th, 2009