UTS Energy shareholders have rejected the C$1.75 cash per share offer tabled by Total E&P Canada. As a result, Total has terminated the offer. UTS ended the session down C$0.06 at C$1.52.

Petro-Canada (NYSE:PCZ), which is in the midst of merger with Suncor (NYSE:SU), reported a first quarter loss of $47 million or $0.10 per share. Petro-Canada ended the day up C$0.07 at C$37.65.

NovaGold Resources (AMEX:NG) tabled a feasibility study for its 50 percent owned Donlin Creek project in Alaska. The study envisions a 53,500 tonne per day operation producing 1.6 million ounces of gold at a cash cost of $394 per ounce over the first five years of a 21 year mine life. At $900 per ounce for gold, the net present value at a 5 per cent discount rate is $1.5-billion with an internal rate of return of 9.4 per cent. NovaGold ended the day up C$0.05 at C$3.29.

Timminco managed to tack on C$0.19 to close at C$1.77 after the solar silicon supplier inked a financing deal with its controlling shareholder, AMG Advanced Metallurgical Group N.V. Under the proposal, AMG will purchase about 7.4 million common shares at a price of C$2.02 per share for a cool C$15 million.

Western Canadian Coal announced that it has secured enough sales contracts for the fiscal year ending March 31, 2010 to continue mining operations at the Wolverine operation and Brule mine in British Columbia. Western added C$0.18 to close at C$0.96.

Romarco Minerals failed to get a lift despite hitting more goodies at its Haile mine project in South Carolina. The latest included 5.1 grams gold per tonne over 54.9 metres. Romarco ended the session down C$0.02 at C$0.53.

The junior board failed to stay above the 1,000 point resistance mark and with the summer doldrums fast approaching trading volumes should start declining. We shall see what Wednesday trading has in store.

Source: Resource Stock Roundup: Wednesday, April 29th, 2009