Management of Forsys Metals approved the C$7 per share takeover offer tabled by George Forrest International Afrique SPRL. The advanced uranium player added C$1.36 to close at C$6 even.

Shares of Northern Abitibi Mining lost C$0.015 to close at C$0.075 after the company reported a 3.7 metre intercept running 50.05 grams gold per tonne at the Viking property in Newfoundland. Northern is earning a majority interest in the project from Altius Resources, which closed unchanged at C$4.70.

Sprott Resource tabled earnings of C$67.15-million or C$0.76 per share in the third quarter and C$73.84 million or $1.13 per share in the first nine months of the year. At the end of the quarter, the company had C$155 million in cash and subsequently sold its remaining stake in PBS Coals for another C$140.82 million. Sprott ended the day down C$0.06 at C$1.98.

The junior board hit fresh multi-year lows and appears poised to move ever lower. We will see what Tuesday trading has in store.

Source: Resource Stock Roundup: Tuesday, November 18th, 2008