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Resource Stock Roundup:Thursday, July 23rd, 2009

Doug Casey — Thu, 23 Jul 2009 17:30:23 +0000

It was a rather uneventful session during Wednesday trading on the Canadian Markets with the fluctuating price of commodities effecting individual sectors. For the tale of the tape; the TSX Exchange gave back 0.64%, while the TSX Gold Index fell 0.79% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 0.79% with the advancers beating out the decliners by a 395 to 354 margin on 152 million shares traded.

High-flying Ventana Gold appointed Stephen Orr to the position of president and chief executive officer effective September 1. Mr. Orr was chief executive officer of OceanaGold and prior to that he was vice-president of North American operations, then managing director of Australia and Africa for Barrick Gold (NYSE:ABX). Ventana ended the day up C$0.01 at C$5.20.

Following the Colombian gold theme, Ventana’s neighbor Greystar Resources ended the day up C$0.35 at C$4.30.

Shares of Keegan Resources (AMEX:KGN) added C$0.24 to close at C$3.03 after the company reported drill results that included 10.31 grams gold per metric ton over 22 meters at its Esaase property in southwest Ghana.

Investors in junior resource stocks are eagerly anticipating the next batch of drill results with favorable ones driving the share price higher and disappointing ones causing a run for the exits. In other words, all appears to be right with the world. We shall see what Thursday trading has in store.

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

Resource Stock Roundup:Tuesday, June 16th, 2009

Doug Casey — Tue, 16 Jun 2009 19:05:19 +0000

Profit-taking was the name of the game during Monday trading on the Canadian Markets. For the tale of the tape; the TSX Exchange fell 2.35%, while the TSX Gold Index lost another 1.9% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, dropped 1.89% with the decliners swamping the advancers by a 585 to 300 margin on a robust 204 million shares traded.
Uranium One went shopping and elected to buy a 50% interest in the Karatau uranium mine in Kazakhstan from the Russian state-owned uranium mining company. The price tag is 117 million shares of Uranium One and a cash payment of $90 million. The deal also provides for a contingent payment of up to $60 million, payable in three tranches over the period between 2010 and 2012 subject to certain post-closing tax related adjustments. Uranium One ended the day up C$0.12 at C$2.95.

Shares of Merc International Minerals added C$0.035 to close at C$0.35. The junior is about to commence drilling on its high-grade Damoti gold project in the Northwest Territories.

Ventana Gold continued to defy gravity with the latest news indicating that mineralization from its La Mascota zone of the La Bodega project in northeastern Colombia is metallurgical challenged but recoverable. Ventana ended the day up C$0.38 to C$5.28.

Appleton Exploration added C$0.44 to close at C$0.64 after tabling a reverse circulation drill hole that returned 192 grams gold per tonne over 10 metres on the Manalo project in Mali, West Africa.

International Northair Mines sparked some interest after reporting surface sampling of 25.3 metres running 362.7 grams silver per tonne from the La Boracha zone on the La Cigarra project in Mexico. International ended the day up C$0.01 at C$0.075.

The second half of June started off on a sour note with the strength in the United States dollar hurting commodities. Is the selloff a one day wonder or the start of a trend? We shall see what Tuesday trading has in store.

Source: Resource Stock Roundup:Tuesday, June 16th, 2009

Resource Stock Roundup:Friday, June 05th, 2009

Doug Casey — Fri, 05 Jun 2009 19:29:33 +0000

In a reversal of fortunes, the commodity heavy Canadian Markets made back a good chunk of Wednesday’s sell-off during Thursday trading. For the tale of the tape, the TSX Exchange rallied 1.82%, while the TSX Gold Index climbed 2.4% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 2.27% with the advancers beating out the decliners by a 495 to 359 margin on a robust 220 million shares traded.
Hathor Exploration cut 2.5 metres grading 70 per cent U308 at its Roughrider discovery on its 90 per cent held Midwest Northeast property in Saskatchewan. Of the 23 holes reported, 20 intersected uranium mineralization. Hathor ended the day up C$0.07 at C$2.23.

Colossus Minerals tagged more big numbers from its Serra Pelada project in Brazil. Highlights included 27.9 metres grading 35.49 grams gold per tonne, 19.89 grams platinum and 25.14 grams palladium. Colossus ended the session at C$3.50 for a C$0.12 gain.

Greystar Resources may have put out news of a new discovery on its Angostura deposit in Colombia but it is the neighboring Ventana Gold that has shareholders smiling. Ventana appointed Robert Pirooz to the board of directors. Mr. Pirooz is general counsel for Pan American Silver (NASDAQ:PAAS). Ventana reported a 94.5 metre intercept grading 5.83 grams gold per tonne from its La Bodega property. Lumina Capital holds 16.9 per cent of Ventana. Greystar closed up C$0.06 at C$3.80, while Ventana added C$1.22 to close at C$3.45.

After one day’s rest, the resource mojo is back for investors. We shall see what Friday trading has in store.

Source: Resource Stock Roundup:Friday, June 05th, 2009