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Resource Stock Roundup: Thursday, April 23rd, 2009

Doug Casey — Thu, 23 Apr 2009 20:38:36 +0000

The bulls continued to run during Wednesday trading on the Canadian Markets as even lofty oil inventory numbers failed to damper to jubilant mode. For the tale of the tape, the TSX Exchange climbed 0.35%, while the TSX Gold Index tacked on 0.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 0.49% with the advancers beating out the decliners by a 360 to 352 margin on volume of 148 million shares traded.

Vantex Resources cut 0.52 grams gold per tonne over 245 metres at its Galloway project in the Rouyn-Noranda mining district. Vantex ended the day up C$0.01 at C$0.055.

Shares of Salazar Resources continued to move higher after the junior announced that it received official notice from the Minister of Mines and Petroleum of Ecuador authorizing the restart of its field operations. Salazar ended the day up C$0.13 at C$0.61.

Despite a lack of news, Titan Uranium added C$0.095 to close at C$0.47. the company recently tabled drill results from the Border block project in Saskatchewan where Japan Oil, Gas and Metals National can earn a 50-per-cent undivided interest in the project by financing $6-million in exploration over four years.

It was another green day across the board but investors took profits late in the session, which suggests the runup has come too far, too fast. We shall see what Thursday trading has in store.

Source: Resource Stock Roundup: Thursday, April 23rd, 2009

Resource Stock Roundup: Thursday, March 19th, 2009

Doug Casey — Thu, 19 Mar 2009 21:33:32 +0000

A late-day rally helped keep the winning streak alive for equities during Wednesday’s session on the Canadian Markets. For the tale of the tape, the TSX Exchange gained 0.81%, while the TSX Gold Index surged 8.9% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 1.48% with the advancers edging out the decliners by a 353 to 349 margin on volume of 114 million shares traded.

Shares of Titan Uranium got a boost after the company announced that Mega Uranium had purchased 13.5 million Titan shares from Dejour Enterprises (AMEX:DEJ). That represents 15.5 per cent of Titan. Titan ended the day up C$0.045 at C$0.215, while Mega closed down C$0.09 at C$1.46.

Skygold Ventures tabled an updated resource of 102.26 million tonnes grading 0.785 grams per tonne gold and an inferred resource of 11.65 million tonnes running 0.787 grams gold per tonne at its Main zone on its wholly owned Spanish Mountain project in central British Columbia. Skygold ended the day down C$0.02 at C$0.195.

In a case of will they pay or not, Cardero Resource (AMEX:CDY)extended the $10 million payment due from the Nanjinzhao Group Co. in regards to the purchase of Cardero’s Pampa de Pongo iron ore project in Peru. The new date is the earlier of May 17, 2009, or within five business days after Nanjinzhao receives federal approvals. Cardero ended the day up C$0.13 at C$1.60.

The rally was all thanks to the United States Federal Reserve, which said it will buy long-term Treasury bonds for the first time in four decades in an effort to revive the recession-hit economy. That sparked a big jump in the price of bullion. But remember, a little profit taking never hurt anyone and after posting solid gains of late, a little selling would probably be a welcome sight. We will see what Thursday trading has in store.

Source: Resource Stock Roundup: Thursday, March 19th, 2009

Resource Stock Roundup: Thursday, November 13th, 2008

Doug Casey — Thu, 13 Nov 2008 18:15:44 +0000

After an ever so brief reprieve the bears returned and once again started mauling the bulls during Wednesday’s trading session on the Canadian markets. For the tale of the tape, the TSX Exchange plunged 5.32%, while the TSX Gold Index tanked 8.5% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, lost 5.71% with the declining issuers outpacing the advancers by a 607 to 224 margin, on volume of 141 million shares traded.
Going from the penthouse to the poorhouse, Teck Cominco (NYSE:TCK) is looking at several options to trim costs. A series of investments over the past two years has pushed the company from a cash-rich state to a cash poor one, with reports out that the diversified miner will cut its dividend, cut spending on development projects such as the Fort Hills oil sands, its Galore Creek copper project in British Columbia and its Petaquilla copper project in Panama. Given the current commodity price environment Teck, which lost C$2.12 to close at C$6.63, simply overpaid for its most recent acquisition; Fording Canadian Coal.

Meanwhile, investors digested (NYSE:CCJ) Cameco’s third quarter profit of $142-million or $0.41 per share, which is 46% lower that the third quarter of 2007. Lower uranium prices are the reason for the shortfall. Cameco ended the session down C$1.25 at C$17.35.

Titan Uranium remained unchanged at C$0.155 despite announcing that it had inked a deal allowing Japan Oil, Gas and Metals National Corp. to earn a 50% interest in its Border Block project in Saskatchewan. The price tag is C$6 million in exploration spending.

Barrick Gold (NYSE:ABX) represented the sell-off in the gold sector with the global leader losing C$2.88 to close at C$25.60.

It looks like forced selling will drive both the big and small boards past their recent lows and into uncharted territory. We will see what Thursday trading has in store.

Source: Resource Stock Roundup: Thursday, November 13th, 2008