For the tale of the tape, the TSX Exchange gave back 0.34%, while the TSX Gold Index lost another 0.9% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, lost 0.78% with the declining issuers swamping the advancers by a 605 to 424 margin on surging volume of 267 million shares traded.

Iamgold tabled a profit of $34.4 million, or $0.12 per share, for the first quarter of 2008. This was triple the $11.3 million or $0.04 cents a share tabled in the same period of 2007 as higher gold prices offset rising costs. Investors however, remain skeptical as shares of Iamgold ended the day up only C$0.05 at C$6.10.

Not to be outdone, Cameco reported first-quarter earnings of $133 million, up by 125% from a year ago as revenue increased to $593 million on higher prices for uranium and gold and an increase in uranium volumes. The World’s largest uranium miner tabled earnings of $0.37 per share compared with $59 million or $0.17 per share in the year-earlier period. Cameco ended the day up C$0.06 at C$40.34.

Midlands Minerals failed to attract interest after reporting that its fully-permitted, past-producing Sian project in Ghana hosts an indicated resource of 2.56 million tonnes grading 2.33 grams gold per tonne, plus an inferred resource of 2.69 million tonnes grading 2.35 grams gold per tonne. Midlands ended the day unchanged at C$0.24.

Coal continued to attract interest as evidenced by West Hawk Development, which inked a letter of intent to acquire and develop a coal mine and coalbed methane gas operation in Oklahoma and Arkansas. West Hawk ended the day up C$0.08 at C$0.33.

A stock to keep an eye on is Gabriel Resources as the company continues to try to get the huge Rosia Montana project in Romania back on track. Gabriel ended the day up C$0.37 at C$2.70 on nearly 11 million shares traded.

The United States dollar is showing signs of renewed strength but commodities are continuing to hold up well. We will see what Wednesday trading has in store.

Source: Resource Stock Roundup: Wednesday, May 14th, 2008 

For the tale of the tape, the TSX Exchange surged 1.64%, while the TSX Gold Index exploded upwards to the tune of 5.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, rallied 1.39% with advancing issuers swamping the declining issues by a 601 to 423 margin with good volume of over 207 million shares traded.

Shares in Yamana Gold continued to move higher following news that company posted a profit of $134.7 million, or $0.20 per share in the first quarter of 2008. Total production rang in at 237,495 gold equivalent ounces at cash costs, after byproduct credits of $124 per gold equivalent ounce. Yamana ended the day up C$1.11 at C$14.92.

Moving in the other direction, FNX Mining tabled earnings of $24.1 million or $0.28 per share for the first quarter, compared to a profit of $30.2 million or $0.36 per share for the same period in 2007 when the nickel price was soaring. FNX ended the day down C$2.26 at C$27.75.

Allied Nevada Gold got a boost after announcing an inferred resource of 5.2 million ounces of gold and 75 million ounces of silver at its Hycroft property in Nevada. The oxide portion holds just over 1 million of those gold ounces in 53.1 million tons grading 0.019 ounce gold per ton. Allied ended the session up C$0.26 at C$5.78.

It was a good day for Minera Andes as the company reported first quarter production of 12,140 ounces of gold and 968,000 ounces of silver from its 49% owned San Jose mine in Argentina. Minera ended the session at C$1.40 for a C$0.15 gain.

Iamgold inked a deal to sell its La Arena copper-gold project in Peru for $47.55 million and a 5.5% equity stake in Rio Alto Mining. Iamgold ended the day up C$0.42 at C$6.25.

Timminco put the short sellers on edge after announcing that its wholly owned subsidiary signed a second agreement to supply solar-grade silicon to Solar Power Industries. Timminco ended the day up C$1.15 at C$24.85.

The gold miners are finally starting to garner some investor recognition as the thought that the bullion price has peaked seems to be dissipating. We will see what Friday trading has in store.

For the tale of the tape, the TSX Exchange added 0.98%, while the TSX Gold Index rallied 0.4% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, ended the session up 0.22% with declining issuers still out paced the advancing issues this time by a 529 to 472 margin with slowing volume of 168 million shares traded.

The world’s largest gold miner, Barrick Gold earned $514 million, or $0.59 a share in the quarter of 2008 a 29% jump over last year’s quarter. The previously well known gold hedger received a price of $925 an ounce of gold in the quarter. Sales in the quarter rang in at $1.96 billion as the company produced 1.7 million ounces of gold at total cash costs of $393 an ounce. All was not rosy however, as this figure is down from the 2 million ounces produced in the same period of 2007 when cash costs came in at $309 an ounce. Barrick ended the day down C$0.01 at C$39.40.

Meanwhile AngloGold Ashanti fared much better after reporting earnings of $105 million for the first quarter of 2008 and production of 1.2 million ounces of gold. Total cash costs for the South African company came in at $430 per ounce and importantly, Anglo finally announced that its La Colosa project in Colombia holds an inferred resource of 12.9 million ounces of gold within 468.8 million tonnes grading 0.86 gram gold per tonne. Anglo ended the session up $3.50 in New York at C$38.31.

Shares in VMS Ventures rallied on news that the junior cut 1.09% copper over 102.5 metres at its Reed Project Discovery Zone in Manitoba. VMS ended the day up C$0.09 at C$0.60.

It was a good day for Sprott Resource as the company inked a deal with Altius to explore for potash in the St. George’s basin in southwestern Newfoundland. Under the deal, Sprott can earn a 60% stake by spending C$2.5 million over 4 years. Sprott ended the session up C$0.52 at C$3.75.

Profit taking was the story of the day for Goldsource Mines. After running up from C$0.30 to nearly C$5 per share on speculation of a major coal find in Saskatchewan, Goldsource ended the day down C$0.26 at C$4.29.

All lights were green for the Canadian markets as investors start to become believers that commodity prices won’t be falling off a cliff anytime soon. We will see what Wednesday trading has in store.

For the tale of the tape, the TSX Exchange gained 1.52%, while the TSX Gold Index rallied 1.5% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, ended the session up 1.28% with advancing issuers actually beating out the declining issues by a 557 to 460 margin with slowing volume of almost 200 million shares traded.

Shares in VMS Ventures got a modest boost after the junior announced that drilling has resumed on its Reed Lake copper-zinc discovery zone in Manitoba. VMS ended the day up C$0.075 at C$0.53.

Finally some profit taking ensued on Goldsource Mines’ red hot coal play. Shares in the junior have exploded following news that two holes testing for kimberlites cut coal instead in east-central Saskatchewan. Having run up from C$0.19 two weeks ago, shares in Goldsource ended the day down C$0.47 at C$4.20.

Swift Resources and Saturn Minerals also gave back some of Thursday’s gains following news it made applications for coal permits in the area. Swift ended the day down C$0.41 at C$0.64, while Saturn lost C$0.145 to C$0.34.

As usual for this time of year, the news flow has stalled to a trickle. That said, the news coming out does tend to be market moving. We will see what Monday trading has in store.

For the tale of the tape, the TSX Exchange gained 0.80%, while the TSX Gold Index rallied 2.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, ended the session up 0.91% with declining issues continuing to surpass the advancers this time by a 572 to 482 margin with slowing volume of almost 175 million shares traded.

Altius Minerals got a boost after announcing that John Baird, Minister of Environment Canada has declared a positive decision regarding the Newfoundland and Labrador Refining Corp’s (NLR) Southern Head Marine Terminal and associated works related to a crude oil refinery development proposal in Newfoundland. Altius, which is a major shareholder in NLR, closed at C$15.28 for a C$2.49 gain.

The political plague that is engulfing parts of South America hit long time sufferer Crystallex International. You see, the Government of Venezuela denied the company’s request to conduct resource exploration activities at the Las Christinas gold deposit. Crystallex ended the day down C$0.69 at a new multi-year low of C$0.92.

Lara Explorations inked a deal to sell its 10% future interest in the Mantaro Phosphate project in Peru to Sprott Resource for 1,180,872 Sprott shares, which have a value of over $3 million. Lara ended the day up C$0.04 at C$0.68, while Sprott gained C$0.03 to close at C$2.88.

Tri Origin Exploration tabled an updated resource for its Aussie subsidiary owned Woodlawn zinc-copper Projects in Australia. The measured and indicated resource now stands at 9.4 million tonnes grading 2.3% zinc, 0.5% copper, 1.4% lead, 0.3 gram gold and 32 grams silver per tonne. Tri Origin ended the session unchanged at C$0.45.

Shares of Goldsource Mines continued to rocket higher on speculation the junior has made a coal discovery in Saskatchewan. The company recently completed six drill holes of a permitted 22-hole program on its mineral claim blocks in central and eastern Saskatchewan. No kimberlites were encountered and the only results of interest were a coal intercepts in two of the holes. The coal is described as black and moderately hard and therefore judged by visual characteristics to be either sub-bituminous or bituminous in rank rather than lignite. Results are pending but in the meantime Goldsource added C$0.93 to close at C$3.30.

Well it is nice finally to see a little bit of green on the junior resource stock screen. Especially since Canada’s junior bourse was once again flirting with the 2,400 point low before Wednesday’s bounce. We will see what Thursday trading has in store.

For the tale of the tape, the TSX Exchange dropped 1.85%, while the TSX Gold Index took it on the chin falling 4.4% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, ended the session down 2.02% with declining issues almost doubling the advancers on a margin of 676 to 363 with robust volume of over 231 million shares traded.

Yukon Zinc got an unsolicited takeover bid, from Northwest Nonferrous Investment Co. Ltd. and Jinduicheng Molybdenum Group Ltd., that is superior to the earlier offer from Griffin Mining. The new offer is C$0.22 in cash, up from the April 18 Griffin share offer that gives Yukon Zinc holders one Griffin share for every nine Yukon Zinc shares held. Yukon Zinc ended the day with C$0.05 gain at C$0.21.

Inmet Mining got bad news from Turkey in that the Trabzon Regional Administrative Court rejected an appeal by the Turkish Ministry of Energy and Natural Resources concerning the injunction issued against Inmet’s Cerattepe project. That will put the project on hold through at least 2008. Inmet ended the session down C$4.48 at C$87.72.

Aurelian Resources has suspended operations in Ecuador, as mandated by the government pending a new mining code. This caused another bout of trading in the Ecuadorian explorers with Aurelian Resources falling C$0.47 to close at C$4.09, Dynasty Metals and Mining lost C$0.45 to close at C$3.53 and Corriente Resources bucked the trend by gaining C$0.05 to close at C$3.75.

Closer to home, Santoy Resources came out firing after the British Columbia government banned uranium mining and exploration. You see, Santoy has an equity stake in Boss Power, which holds the advanced Blizzard uranium deposit in that province. According to Santoy, “the release does not address the expropriation procedure the government intends to use, nor any discussion regarding compensation for damage caused”. Santoy ended the day down C$0.03 at C$0.21, while Boss was unchanged at C$0.20, well off its 52-week high of C$1.29.

The resource market is in the midst of a correction and investors are electing to punch out rather than ride out the storm. We will see what Wednesday trading has in store.

For the tale of the tape, the TSX Exchange dropped 0.13%, while the TSX Gold Index fell 1.7% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, ended the session down 0.24% with declining issues once again out pacing the advancers this time by a 596 to 474 margin on volume of 180 million shares traded.

Total E&P Canada, a wholly-owned subsidiary of Total, is offering up C$9 per share in cash for Synenco Energy. Shares in Synenco surged C$1.18 to close at C$8.97.

Shares in Archangel Diamond added C$1.10 to close at C$1.60. The company resumed trading, having entered into definitive agreements with respect to the acquisition of a license for the exploration and mining of diamonds over an approximate 400-square-kilometre area, located approximately 115 kilometres north-northeast of Arkhangelsk, Russia.

Speculation that Goldsource Mines has made a coal discovery moved that stock up C$0.63 at C$2.60. The company recently completed six drill holes of a permitted 22-hole program on its mineral claim blocks in central and eastern Saskatchewan. No kimberlites were encountered and the only results of interest were coal intercepts in two of the holes.

Political issues in Ghana are bad news for shareholders of Keegan Resources. The junior is advancing its Esaase deposit and rumours are circulating that tensions in that country are running high. Keegan ended the day down C$0.46 at C$3.75.

Shares in Independent Nickel added C$0.03 to close at C$0.32 following news that the company tagged a new zone of nickel mineralization on its Lynn Lake property in Manitoba. Results included 18 metres grading .5% nickel.

Speculation on the coal front and surging oil & gas prices will keep select pockets of the over all market active on the trading front but investors appear eager for the more perceived safe investments like cash. We will see what Tuesday trading has in store.

For the tale of the tape, the TSX Exchange fell 0.74%, while the TSX Gold Index plunged another 4.1% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, ended the session down 1.50% with declining issues once again swamping the advancers this time by a 632 to 402 margin on stable volume of 189 million shares traded.

Nevoro has offered to buy Sheffield Resources in an all-share transaction that would see Sheffield shareholders get 0.8 of a Nevoro share for each Sheffield share held. Sheffield, which holds the Moonlight copper project in California, added C$0.09 to close at C$0.335.

Newmont Mining posted a first quarter profit of $370 million, or $0.81 a share, a five-fold increase from the $68 million, or $0.15 a share tabled in the same period a year ago. Despite the jump the falling bullion price had the World’s third largest gold producer by volume end the day down $0.85 at $43 in New York.

Potash Corp of Saskatchewan continued to ride the fertilizer train as the world’s largest crop-nutrient maker by market value posted a record first quarter profit of $566 million or $1.74 per share up from the $198 million or $0.62 per share tallied in the year ago period. After a stellar run up so far this year, Potash ended the day at C$193.90, down C$10.22.

In a case of total bewilderment, shares of Goldsource Mines soared C$0.405 to close at C$0.78 on nearly 1.2 million shares traded. The company recently completed six drill holes of a permitted 22-hole program on its mineral claim blocks in central and eastern Saskatchewan. No kimberlites were encountered and the only results of interest were a coal seam. More news pending?

The latest pullback in commodity prices from recent highs is having a rather dramatic impact on resource equities. To many this pullback will make a good entry point for the next leg up, while others think that the resource bull is now over. Based on the overall trend and current price point, I suspect the former to be closer to the truth. We will see what Friday trading has in store.

For the tale of the tape, the TSX Exchange fell 0.38%, while the TSX Gold Index fell 0.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, ended the session down 0.09% with declining issues once again outpacing the advancers this time by a 577 to 440 margin on moderating volume of nearly 183 million shares traded.

London-listed Griffin Mining has agreed to acquire financially-stalled Yukon Zinc in an all share deal valued at about C$93 million. Under the proposal, Yukon Zinc shareholders get one Griffin share for every nine Yukon Zinc shares held. Griffin holds a 60% stake in Caijiaying zinc-gold-silver-lead mine in the People’s Republic of China and is looking at advancing Yukon Zinc’s Wolverine base metal project in the Yukon. After the transaction closes, Yukon Zinc shareholders will hold 16% of Griffin. Yukon Zinc ended the day up C$0.03 at C$0.17.

On the earnings front, lower zinc prices and a strong Canadian dollar resulted in Teck Cominco posting a 4.2% dropped in profit during the first quarter. The World’s second largest zinc miner tabled income of C$345 million or C$0.78 per share compared to C$360 million or C$0.83 per share in the same period a year ago. Teck ended the day down C$0.78 at C$47.50.

Fording Canadian Coal Trust reported C$500,000 in first-quarter profit, down from C$76.8 million a year earlier. The massive shortfall is attributed to slow rail shipments and a rising Canadian dollar. Fording, whose major shareholder is Teck, closed the day down C$2.30 at C$65.21.

It was a good day for shareholders of Canadian Gold Hunter as the company tabled a 94.5 metre drill intercept running 2.09 grams gold per tonne from the Caballo Blanco project in Mexico. Canadian Gold ended the day up C$0.47 at C$1.52.

Lero Gold, which is in the midst of a takeover offer from European Minerals, tabled an indicated resource estimate of 4.75 million tonnes grading 2.46% copper and an inferred resource of 2.81 million tonnes grading 1.81% copper from its Karchiga deposit in northeast Kazakhstan. Lero ended the day down C$0.05 at C$0.85.

Disappointing earnings results drove investors away from the bigger resource plays, and neglect of the more speculative issues continued. We will see what Wednesday trading has in store.

For the tale of the tape, the TSX Exchange tacked on 0.59%, while the TSX Gold Index fell again, this time by 1.8%, and the TSX Venture Exchange, Canada’s largest junior exploration bourse, ended the session down 0.48% with declining issues outpacing the advancers by a 560 to 449 margin on moderating volume of nearly 185 million shares traded.

The selloff of Ecuadorian explorers resumed with a vengeance following Friday’s news that Ecuador will suspend large-scale mining exploration projects while a new mining law is approved to regulate the sector. The time frame is estimated at six months and the overall outcome of a new mining law is unknown. Aurelian Resources fell C$1.31 to close at C$3.73, Dynasty Metals and Mining plunged C$1.39 to close at C$2.66 and Corriente Resources, which halted its shares from trading pending news that it will analyze the situation, resumed trading on Monday and ended the day down C$0.82 to close at C$3.28.

Eldorado Gold has made an offer to acquire Frontier Pacific in a deal valued at around C$157 million. Frontier Pacific shareholders will get 0.122 of an Eldorado share and C$0.01 per share in cash for each Frontier Pacific share held. Frontier management is not going gently into that good night as the team says the offer is too low. We shall see, but in the meantime Eldorado ended the day down C$0.22 at C$7.16, while Frontier added C$0.19 to close at C$0.89.

Lukas Lundin-led Lucara Diamond and partner Motapa Diamonds have recovered 267 diamonds with a total weight of 132.31 carats, including nine diamonds exceeding two carats, with the largest stone being 8.65 carats, from the Mothae kimberlite project in Lesotho. The roughly 9,000 tonne sampling is part of an initial 30,000-tonne bulk sampling program aimed at determining the potential for the Mothae kimberlite to host large high-value diamonds similar to those recovered at the nearby Letseng diamond mine. With a carat count of between 1.3 to 2.3 carats per 100 tonnes, the proof will be in the value of the stones. Lucara ended the day up C$0.03 at C$0.81, while Motapa added C$0.07 at close at C$0.42.

Here comes the ABCP lawsuits. First Quantum Minerals is suing HSBC Bank Canada over the asset-backed commercial paper the company holds. The copper miner has filed suit in British Columbia Supreme Court claiming that HSBC recommended that the company invest $11.3-million of its excess cash in ABCP notes. First Quantum also announced plans to take over Scandinavian Minerals. Of interest to First Quantum is Scandinavian’s wholly-owned Kevitsa nickel-copper-PGE project in northern Finland. The price tag is C$9 per share in cash plus 0.01 of a First Quantum share for each Scandinavian share held. Scandinavian ended the day up C$2.98 at C$9.98, while First Quantum rallied C$0.78 at C$90.14.

Political risk has once again reared its ugly head and the players in Ecuador are feeling the wrath of shareholders, but the takeover news kept the resource sector buoyant. We will see what Tuesday trading has in store.