The big news of the day was the Ontario Securities Commission’s ruling that HudBay Minerals has to give its shareholders a vote if it wants to complete a controversial merger with Lundin Mining (NYSE:LMC). The decision reverses the TSX position that HudBay did not require a shareholder vote. HudBay ended the session up C$0.85 at C$4.37, while Lundin closed at C$0.92 for a C$0.27 loss.

Noront Resources cut 4.21% nickel, 2.14% copper, 0.35 grams platinum and 6.3 grams palladium per tonne over 28.8 metres at its Eagle One deposit in the McFaulds Lake area of northern Ontario. Noront ended the day down C$0.09 at C$1.15.

Shore Gold recovered 398.38 carats from 4,405.69 dry tonnes of kimberlite processed form its 60% owned Orion South kimberlite in the Fort a la Corne joint venture in Saskatchewan. Thirty-eight diamonds came in at more than one carat with the largest weighing in at 3.61 carats. Shore ended the day down C$0.015 at C$0.335.

On the gold front, Barrick Gold (NYSE:ABX) led the gold miners higher by adding C$4.09 to close at C$48.79.

The schizophrenic nature of the equity markets is continuing with big gains posted one day only to be followed by big losses the next. We will see what Monday trading has in store.

Source: Resource Stock Roundup:Monday, January 26th, 2009