Barrick Gold (NYSE:ABX) saw its first-quarter profit fall 28 percent thanks to higher costs and weaker copper prices. The world’s top gold producer posted a profit of $371 million, or $0.42 a share in the three months that ended March 31. Gold production came in at 1.76 million ounces with cash costs soaring to $484 per ounce from $395 per ounce recorded in the same period a year earlier. Copper production tallied 95 million pounds and revenues hit $1.8 billion. Barrick ended the day up C$0.05 at C$35.65.

Diversified miner and energy player, Sherritt International posted a loss of $42.9 million or $0.15 per share in the first quarter down from a $89 million profit recorded in the first quarter of 2008. Sherritt ended the session at C$4.95 for a C$0.02 gain.

Minera Andes’ 49 per cent owned San Jose mine in Argentina produced 1,299,000 ounces of silver at a cash cost of $4.99 per ounce and 16,560 ounces of gold at a cash operating cost of $357 per ounce in the first quarter. Minera ended the day down C$0.05 at C$0.65.

Capstone Mining tabled more impressive drill results from areas south of its Minto open pit mine in the Yukon. Highlights included 2.7 per cent copper and 7.8 grams gold per tonne over 8.1 metres. Capstone ended the day up C$0.04 at C$1.89.

Shares of Kootenay Gold added C$0.12 to close at C$0.62 after the junior reported that grab samples returned up to 45.6 grams gold and 298 grams silver per tonne along strike on the Dorotea structure on its Promontorio property in Mexico.

Premier Gold Mines cut 15.97 grams gold per tonne over 32.1 metres at its Hardrock project in Ontario. Premier ended the day up C$0.31 at C$2.38.

The junior board continues to hurdle the 1,000 point mark with the future direction remaining uncertain. However, abnormally strong trading activity bodes well for the near term. We shall see what Thursday trading has in store.

Source: Resource Stock Roundup: Thursday, April 30th, 2009

It was a rough day for Teck Cominco (NYSE:TCK) after the world’s second-largest zinc producer posted a fourth quarter loss of C$607 million or C$1.28 per share compared to a profit of C$280 million or C$0.63 per share in the same period a year earlier. The debt-heavy miner took a C$844 million writedown in the quarter. Teck ended the session down C$0.48 at C$4.44.

Cameco (NYSE:CCJ), the world’s largest uranium miner posted a fourth quarter profit of C$31 million or C$0.08 per share, compared to a profit of C$61 million or C$0.17 per share in the fourth quarter of 2007. For the full year, Cameco’s profits jumped 8 per cent to C$450-million or C$1.28 a share. Shares in the company closed at C$18.17, for a C$1.03 loss.

Minera Andes solved its cash and regulatory problems with Robert McEwen electing to take down nearly 18.3 million shares at C$1 per share rather than the earlier 121 million shares at C$0.33. McEwen will also assume the Minera’s $17.5 million loan owing to Macquarie Bank. Minera ended the day up C$0.27 at C$0.75.

The only green seen these days is in the form of bullion. We will see what Wednesday trading has in store.

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

Merger mania amongst the junior explorers continued with Avion Resources looking to acquire Dynamite Resources. The proposal calls for Dynamite shareholders to get 0.75 of an Avion share for each Dynamite share. The move would consolidate the Segala mine property, in which Dynamite has a 40 per cent interest. Dynamite closed at C$0.14, up C$0.01, while Avion was unchanged at C$0.20.

Shareholders of Frontera Copper got an early Valentine’s Day present as Invecture Group raised its formal take over offer to C$0.75 from C$0.59 per share. Frontera ended the day up C$0.10 to C$0.78.

Drill results from the Border coal project in Saskatchewan sent shares of Goldsource Mines lower. Out of 18 core holes, five encountered thick intervals of core including a 50.9 metre section. Goldsource ended the day down C$0.57 at C$1.42.

In need of cash, Minera Andes inked a deal with Robert McEwen that would see the founder of Goldcorp (AMEX:UXG) take down 121.2 million shares at C$0.33 per share for a cool C$40 million. Minera ended the day up C$0.12 at C$0.49.

Red Back Mining posted record production in the fourth quarter for its mines in Mauritania and Ghana. Cash operating costs came in at an enviable $393 per ounce for the 72,664 ounces of gold. Despite the good news, Red Back followed the price of gold lower by ended the day down C$0.29 at C$6.81.

Shares of Kinbauri Gold added C$0.03 to close at C$0.42 after the company reported that a scoping study for its El Valle-Carles gold-copper project in northwestern Spain yields a net present value at a 10 per cent discount of $132 million and an internal rate of return of 42 per cent.

The buy side interest in resource stocks remains at favourable levels but with unemployment in North America soaring one has to wonder how long the optimism will last. We will see what Tuesday trading has in store.

Source: Resource Stock Roundup: Tuesday, February 10th, 2009

Minera Andes says that its 49 per cent owned San Jose mine in Southern Argentina will crank out 95,000 ounces of gold and 7.5 million ounces of silver in 2009 thanks to a doubling of the processing capacity. Minera ended the session up C$0.005 at C$0.385.

News that drilling returned 42.08% Cr2O3 over 34.8 metres at the Big Daddy Chromite Deposit in the James Bay Lowlands of northern Ontario helped partners Spider Resources add C$0.01 to C$0.05, KWG Resources climb C$0.005 at C$0.035 and Freewest Resources Canada tack on C$0.01 at C$0.24.

SilverCrest Mines has increased the gold and silver resources at its Santa Elena project in Sonora, Mexico to 2.16 million tonnes grading 2.75 grams gold per tonne and 170.2 grams silver per tonne in the indicated camp and 3.26 million tonnes grading 1.11 grams gold and 76.2 grams silver in the inferred section. SilverCrest ended the session up C$0.01 at C$0.45.

Despite extreme volatility, the broader markets appear to want to move higher. Earnings season hits full stride over the next few week so we will see what Monday trading has in store.

Source: Resource Stock Roundup: Monday, January 19th, 2009

For the tale of the tape, the TSX Exchange surged 1.64%, while the TSX Gold Index exploded upwards to the tune of 5.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, rallied 1.39% with advancing issuers swamping the declining issues by a 601 to 423 margin with good volume of over 207 million shares traded.

Shares in Yamana Gold continued to move higher following news that company posted a profit of $134.7 million, or $0.20 per share in the first quarter of 2008. Total production rang in at 237,495 gold equivalent ounces at cash costs, after byproduct credits of $124 per gold equivalent ounce. Yamana ended the day up C$1.11 at C$14.92.

Moving in the other direction, FNX Mining tabled earnings of $24.1 million or $0.28 per share for the first quarter, compared to a profit of $30.2 million or $0.36 per share for the same period in 2007 when the nickel price was soaring. FNX ended the day down C$2.26 at C$27.75.

Allied Nevada Gold got a boost after announcing an inferred resource of 5.2 million ounces of gold and 75 million ounces of silver at its Hycroft property in Nevada. The oxide portion holds just over 1 million of those gold ounces in 53.1 million tons grading 0.019 ounce gold per ton. Allied ended the session up C$0.26 at C$5.78.

It was a good day for Minera Andes as the company reported first quarter production of 12,140 ounces of gold and 968,000 ounces of silver from its 49% owned San Jose mine in Argentina. Minera ended the session at C$1.40 for a C$0.15 gain.

Iamgold inked a deal to sell its La Arena copper-gold project in Peru for $47.55 million and a 5.5% equity stake in Rio Alto Mining. Iamgold ended the day up C$0.42 at C$6.25.

Timminco put the short sellers on edge after announcing that its wholly owned subsidiary signed a second agreement to supply solar-grade silicon to Solar Power Industries. Timminco ended the day up C$1.15 at C$24.85.

The gold miners are finally starting to garner some investor recognition as the thought that the bullion price has peaked seems to be dissipating. We will see what Friday trading has in store.