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Resource Stock Roundup: Thursday, January 15th, 2009

Doug Casey — Thu, 15 Jan 2009 20:10:08 +0000

It was another sea of red during Wednesday trading on the Canadian Markets, with resource-related stocks hit hard thanks to more bad news on the global economic front. For the tale of the tape, the TSX Exchange fell 3.05%, while the TSX Gold Index dropped 2.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, gave back 2.23%, with the declining issuers edging out the advancers by a 461 to 268 margin on volume of 155 million shares traded.

Northern Freegold Resources continues to tag some nice numbers at its Nucleus zone on the Freegold Mountain project in the Yukon. The latest included 92.74 grams gold per tonne over 1.23 metres. Northern ended the session up C$0.07 at C$0.26.

Brilliant Mining tabled a 39 per cent jump in indicated resources at its 25 per cent owned Lanfranchi mine in Western Australia. The tally now sits at 2.44 million tonnes grading 2.93 per cent nickel. Brilliant ended the day up C$0.03 at C$0.23.

StrataGold added C$0.045 to close at C$0.075 after reporting that its Dublin Gulch Eagle zone in the Yukon holds an indicated resource of 2.69 million ounces of gold.

Moving to Venzuela, Rusoro Mining posted record quarterly gold production of 38,868 ounces of gold from its Choco 10 operations in the fourth quarter of 2008. Rusoro ended the day up C$0.05 at C$0.65.

The equity losses are starting to mount for 2009 and we are only in the second full week of trading. No light at the end of the bad economic news tunnel, and even good exploration results are generally being ignored. We will see what Thursday trading has in store.

Source: Resource Stock Roundup: Thursday, January 15th, 2009

Resource Stock Roundup: Tuesday, December 16th, 2008

Doug Casey — Wed, 17 Dec 2008 01:25:00 +0000

The Canadian markets started the trading week off by going on their usual roller coaster ride with gains seen at the open gradually eroding into solid losses by the close of Monday trading. For the tale of the tape, the TSX Exchange fell 0.63%, while the TSX Gold Index gained 3.7% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, lost 0.24% with the declining issuers beating out the advancers by a 458 to 399 margin on volume of 244 million shares traded.

After making a stink ball bid earlier in the year, Rusoro Mining has come back and is offering three of its share for every Gold Reserve (AMEX:GRZ) share. The move would alleviate Gold Reserve’s problem in Venezuela because Rusoro has the ears of the Chavez government. Rusoro ended the day down C$0.105 at C$0.255, while Gold Reserve soared C$0.28 to close at C$0.73.

Due to reduced metal demand and the persistent weakness in zinc prices, Teck Cominco (NYSE:TCK) is shutting down its Pend Oreille operations in Washington State. Teck ended the day up C$0.25 at C$5.70.

Exeter Resource (AMEX:XRA) tagged 72.76 grams gold and 6,471 grams silver per tonne over 3.36 metres at its Cerro Moro project in Argentina. Exeter ended the session up C$0.32 at C$1.95.

Sprott Resource added C$0.11 to close at C$2 after reporting that it acquired 40,475 ounces of gold bullion and 852,478 ounces of silver bullion.

It was a rather busy trading day, which suggests that the tax loss selling may be kicking in. That said, despite the modest losses, the resource sector appears to have found a floor. We will see what Tuesday trading has in store.

Resource Stock Roundup: Tuesday, December 16th, 2008