Paramount Energy Trust went shopping and agreed to buy Profound Energy in a friendly cash-and-stock deal valued at $112.9 million. Paramount ended the day down C$0.10 at C$3.09, while Profound added C$0.54 to close at C$1.19.

Meanwhile, Capital Gold has left Gammon Gold (NYSE:GRS) standing at the altar. The board of directors of Capital Gold have decided not to sign a definitive merger agreement and are walking away. Capital ended the day down C$0.05 at C$0.70, while Gammon added C$0.20 at C$8.16.

Forsys Metals is continuing to try to get its C$7 per share takeover offer from George Forrest International Afrique SPRL completed, but so far no definitive deal on the agreement has been reached. Forsys ended the day down C$0.84 at C$4 even.

Capstone Mining tabled 2008 earnings of $131.8 million or $1.46 per share on sales of 42 million pounds of copper, 2 million pounds of zinc, 24,344 ounces of gold and 132,465 ounces of silver. Capstone ended the day up C$0.03 at C$1.67.

Shareholders of NEMI Northern Energy & Mining voted 2 to 1 to elect concerned shareholder Michael Cooney and his slate of nominees as NEMI’s new board of directors at the company’s annual and special general meeting. NEMI ended the day up C$0.04 at C$0.36.

The schizophrenic nature of the market is continuing and for those quick and nimble some profits are probably being made. Those with a buy and hold strategy are treading water at best. We will see what Wednesday trading has in store.

Source: Resource Stock Roundup: Wednesday, April 1st, 2009

Western Prospector Group reported the China-based CNNC International Limited is offering up C$0.56 in cash for all the outstanding shares of Western. Of interest to CNNC are Western’s uranium assets in Mongolia. Western closed up C$0.16 at C$0.53.

Meanwhile, Ivernia is being offered C$0.15 per share in cash from London-based Griffin Mining. Ivernia ended the session up C$0.035 at C$0.155.

Greystar Resources came out with a prefeasibility study for its Angostura gold project located in northeastern Colombia. Using a base case gold price of $700 per ounce in the first three years of operation and $650 per ounce thereafter, the study envisions average annual production of 511,000 ounces of gold and 2.3 million ounces of silver over a 15-year mine life generating a net present value of $558 million and an internal rate of return of 19 per cent all at a 6 per cent discount. Greystar ended the day up C$0.34 at C$4.05.

The board room brawls are continuing with NEMI Northern Energy & Mining engaging the services of Vancouver lawyer Leon Getz, QC, to serve as independent chair for its annual and special meeting of shareholders next Monday. Michael Cooney, a concerned shareholder of NEMI with around 10.6 per cent interest, has nominated a new slate of directors for election to the board of directors. NEMI closed up C$.03 at C$0.33.

The unemployment news continues to be very weak and that suggests another re-test of the lows is possible so gains made best be made with quick trades. We will see what Thursday trading has in store.

Source: Resource Stock Roundup:Thursday, March 26th, 2009