For the tale of the tape, the TSX Exchange gained 0.26%, while the TSX Gold Index lost 4.5% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell 0.64% with the declining issuers once again outpacing the advancers this time by a 472 to 383 margin on volume of 143 million shares traded.

Iron Creek Capital (IRN) inked a deal allowing Hochschild Mining to acquire a 60% interest in a precious metals area on its Vaquillas Project in Chile. Under the deal, Hochschild pays $750,000 to Iron Creek on signing and has subscribed for 2 million shares of Iron Creek at $0.50 per share. Hochschild must also incur a total of US$6 million in exploration expenditures by the end of 2013. Iron Creek ended the day flat at C$0.41.

A weakening global outlook continued to impact the shares of advanced base metal explorer Tamerlane Ventures (TAM). The company, which recently tabled positive results of its bankable feasibility study for the Pine Point project in Canada’s Northwest Territories, ended the day down C$0.03 at C$0.22.

Greystar Resources (GS) infill drilling has returned 16.64 grams gold and 116.8 grams silver per tonne over 6.1 metres in the Los Laches area of its wholly owned, multimillion-ounce Angostura gold-silver project in the northeastern region of Colombia. The market did not care as Greystar ended the session down C$0.05 at C$1.40.

Dundee Precious Metals (DPM) cut 41.46 grams gold per tonne over 7 metres near its operating Chelopech mine in Bulgaria. Dundee closed at C$4.83 for a C$0.18 gain.

One can expect more quiet trading days because right now all eyes are focused on the financial bailout planned in the United States. Still, we will see what Friday trading has in store.

Source: Resource Stock Roundup Friday, September 26, 2008

In a surprise move, Goldcorp (G) stepped up to the plate and agreed to buy Gold Eagle Mines (GEA) in a deal valued at C$1.5 billion. The major will pay C$6.80 in cash and 0.146 Goldcorp share for each Gold Eagle share. The acquisition of Gold Eagle gives Goldcorp control of the Bruce Channel ore body, which lies next to the Red Lake mine, its largest operation. Agnico-Eagle Mines recently bought a 5.2% interest in Gold Eagle, while Goldcorp already owned a 4.7% stake. Goldcorp also came out with a second quarter loss of $9.2 million, or $0.01 per share, compared with a profit of $2.9 million in the year earlier period. Rising costs and foreign exchange expenses were attributed for the short fall. Goldcorp ended the session down C$1.70 at C$38.15, while Gold Eagle added C$1.71 to close at C$12.28.

Speaking of buying, High River Gold Mines (HRG) went out and bought the remaining 50% interest it did not own in the Prognoz silver project in Russia. The price tag is 34.1 million shares, marking 9.9% of the company and assuming debt obligation totaling $16 million. High River ended the day up C$0.13 at C$1.62.

On the permitting front, Tamerlane Ventures (TAM) has been issued a Type A Land Use Permit green lighting construction at its Pine Point lead-zinc project in the Northwest Territories. Tamerlane ended the day up C$0.16 at C$0.57.

Not to be out done, Canadian Zinc (CZN) entered into a memorandum of understanding with the Parks Canada Agency in regards to the expansion of the Nahanni National Park Reserve and the development of the Prairie Creek base metal mine in the Northwest Territories. Canadian ended the day up C$0.18 at C$0.65.

Could the junior board finally be ready to move higher or is the recent up tick a head fake to entice unwilling buyers? We will see what Friday trading has in store.

Source: Resource Stock Roundup Friday August 1, 2008

For the tale of the tape, the TSX Exchange rallied 0.98%, while the TSX Gold Index added 2.7% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on a modest 0.47% with the declining issuers continuing to swamp the advancers this time by a 549 to 397 margin on abysmal volume of only 116 million shares traded.

Another problem hit Inmet Mining (IMN) at its 70% owned Las Cruces copper project in Spain, as an unexpected ground movement occurred at its newly constructed storage site for dried residue from the process plant. This will more than likely delay the development of the mine, which already faced problems in May when Spanish authorities suspended authorization for the dewatering and groundwater reinjection system. Investors did not mind the news on an up market day as Inmet closed up C$0.99 at C$64.14.

Tamerlane Ventures (TAM) cut 40.7% combined lead-zinc over 34 metres on its Pine Point property in the Northwest Territories and ended the day up C$0.05 at C$0.60.

Belvedere Resources (BEL) hit 61.49 metres running 0.59% nickel and 0.17% copper at its Hitura nickel mine in central Finland. The junior ended the day at C$1.25 for a C$0.12 gain.

Shares of Rusoro Mining (RML) added C$0.15 to C$1.20 after the company announced that it has been selected as the partner of choice by the Venezuelan Government for gold mining opportunities in that country. The Venezuelan Government also approved its previously announced acquisition of Hecla Mining’s Venezuelan assets.

Bottle roll testing of nine composite samples from the Los Planes gold zone in Mexico have returned decent values for Pediment Exploration. The average gold recovery for all the composites after 96 hours of testing was 78.5%. Not stellar but not bad either. Pediment ended the day down a penny at C$1.50.

On the uranium front, Uracan Resources (URC) added C$0.035 to close at C$0.465 after cutting 12.7 metres running 0.142% U308 from its 100-per-cent-owned Pipewrench Lake property in Saskatchewan.

Volatility seems to be the name of the game with the bears firmly in control of the longer term trend. Gold is showing signs of potentially breaking out and if so, will that be the catalyst for the beleaguered junior exploration stocks? We will see what Friday trading has in store.

Source: Resource Stock Roundup Friday July 11, 2008