For the tale of the tape, the TSX Exchange plunged 1.92%, while the TSX Gold Index fell 0.5% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, dropped 1.69% with the declining issuers once again outpacing the advancers, this time by a 640 to 404 margin on volume of 230 million shares traded.

Not all was lost however, as shares of Crystallex International (KRY) added C$0.43 to close at C$1.08 after the company reported that the Venezuelan government is willing to reconsider the cancellation of the environmental permit for its Las Cristinas gold project.

Beaten down shareholders of Altius Minerals (ALS) got some good news after the company received word that Newfoundland and Labrador Refining Corp. (NLRC), of which Altius is a 39.6-per-cent shareholder, successfully obtained a stay of proceedings in relation to a petition put forward by SNC Lavalin (SNC) to force the company into bankruptcy. Altius ended the day up C$1.72 at C$9.26.

On the downside, the potash stocks led the charge lower with Potash Corporation of Saskatchewan (POT) falling C$9.90 to close at C$229.99.

The more speculative junior stocks are continuing to face intense selling pressure. One has to wonder if the critical 2,400 point mark will be breached at some point this summer. The junior bourse still has around 150 points to drop to hit that level, but a few more 40-point per day losses like Tuesday and it would not take long. We will see what Wednesday trading has in store.

Source: Resource Stock Roundup Wednesday, June 25, 2008