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Resource Stock Roundup Wednesday, September 3rd, 2008

Doug Casey — Wed, 03 Sep 2008 19:02:33 +0000

Investors came off the Labour Day weekend in a selling mood as a sharp drop in the price of bullion and oil propelled the resource-rich Canadian markets lower during Tuesday trading. For the tale of the tape, the TSX Exchange lost 3.23%, while the TSX Gold Index plunged 6.5% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell 2.72% with the declining issuers swamping the advancers by a 588 to 312 margin on volume of 104 million shares traded.

Minera Andes (MAI) cut 63.63 grams gold per tonne and 1,158 grams silver per tonne over 1.94 metres at its producing San Jose mine in southern Argentina. Shares in Minera however followed the gold price lower by closing down C$0.10 at C$1.10.

Paramount Gold and Silver (PZG) lost C$0.05 to close at C$1.11 despite announcing a 2.2 metre interval running 26 grams gold per tonne at its San Miguel project in Mexico.

Paragon Minerals (PGR) added C$0.05 to close at C$0.24 after announcing that a geophysical survey on its South Tally Pond base metal project in Newfoundland identified several targets.

The resource stocks took it on the chin wiping out all the optimism that surrounded last week’s modest rally on the junior bourse. Not a good start to the trading month of September. We will see what Wednesday trading has in store.

Source: Resource Stock Roundup Wednesday September 3, 2008

Resource Stock Roundup: Saturday, August 16th, 2008

Doug Casey — Sun, 17 Aug 2008 00:59:08 +0000

It was more of the same during Friday trading on the Canadian markets as a stronger United States dollar put pressure on the price of commodities and investors continued to rotate out of resource stocks.

For the tale of the tape, the TSX Exchange fell 1.88%, while the TSX Gold Index gave back 4.4% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, dropped 2.7% with the declining issuers beating out the advancers by a 569 to 281 margin on volume of 109 million shares traded.

Shares of Blue Note Mining (TSE:BN) added C$0.01 to close at C$0.05 after Jaguar Financial (TSE:JFC) reported that it had acquired over 30 million shares of the company and now holds an 11.3% equity stake.

Macusani Yellowcake (CVE:YEL) reported a 6.45 metre intercept running 0.203% U308 at its Colibri II property in southeastern Peru. Nobody cared, as Macusani ended the day unchanged at C$0.40.

Minera Andes (TSE:MAI) posted a second quarter profit of $8.9 million, or $0.05 per share thanks to its 49% owned San Jose mine in southern Argentina. Minera ended the day up C$0.01 at C$1.19.

It was another painful day for those investors with a steadfast belief that the commodity stocks will eventually recover. The sell-off is clearly testing the fortitude of even the seasoned optimist. We will see what Monday trading has in store.

Source: Resource Stock Roundup: Saturday, August 16th, 2008