Shares of Western Prospector Group added C$0.18 to close at C$0.53 after the company reported that 69 per cent of its shares were tenders to the C$0.56 per share offer from CNNC International.

With holidays in both Canada and the United States taking place over the next few days, trading action is expected to remain on the light side. We will see what Thursday trading has in store.

Source: Resource Stock Roundup:Wednesday, July 01st, 2009

International Tower Hill Mines came out with some metallurgical studies on its Livengood deposit in Alaska. The results indicate that a combination of grinding, gravity concentration and cyanide leaching of the tails increase average recoveries by 15% in the oxide/transition rock and by 30% in the sulphide rock, producing a global average gold recovery of 89%. Shares in the company added a penny to C$2.96.

Shares of Cline Mining added C$0.23 to close at C$0.48 after the upstart coal miner announced that the refurbishment and development to commercial production of its New Elk metallurgical coal mine in Colorado is proceeding well.

On the downside, Western Prospector Group received notice from the Mineral Resources Authority of Mongolia stating that Western’s exploration licences 7685X and 4969X, which are the primary licences for Western’s Gurvanbulag uranium deposit, have been suspended for three months due to violations cited by inspectors from Mongolia’s Atomic Energy Agency. The company is in the midst of a C$0.56 per share takeover offer from CNNC International. Western ended the day down C$0.16 at C$0.38.

A stock to watch is Hathor Exploration. The company was halted from trading pending news at C$2.07. Drill results are expected from its Roughrider uranium discovery in Saskatchewan.

The markets appear to have stabilized at these levels but the future direction remains cloudy as earnings start to pour in. We shall see what Thursday trading has in store.

Source: Resource Stock Roundup: Thursday, April 16th, 2009

Capstone Mining produced 26.1 million pounds of copper in concentrate in the first quarter of 2009 at total cash costs of $1.05 per pound. Meanwhile drilling at its Minto North target in the Yukon continues to show signs of adding tonnage to the Minto operation with results like 2.26 per cent copper and 1.11 gram gold per tonne over 26.7 metres. Capstone ended the day down C$0.11 at C$1.97.

Denison Mines (AMEX:DNN) added C$0.21 to close at C$1.51 after the uranium miner entered into a memorandum of understanding with Korea Electric Power (NYSE:KEP) to purchase 20% of Denison’s U3O8 production and acquire 58 million common shares of Denison by private placement at $1.30 per share.

Pan American Silver (NASDAQ:PAAS) has stepped up to the plate to co-develop Orko Silver’s La Preciosa project in Mexico. Pan American will fund the development in return for a 55 per cent stake. Orko ended the session down C$0.04 at C$0.96, while Pan American added C$0.13 at C$20.30.

San Gold cut 207 grams gold per tonne over 2.3 metres in a 50 metre step out hole from the Hinge zone on its Rice Lake property in Manitoba. San Gold ended the day up C$0.13 at C$1.73.

Shares of Rodinia Minerals added C$0.12 to C$0.295 after announcing that a two-dimensional reflective seismic survey has been contracted for its Clayton Valley lithium brine prospects in Nevada.

A stock to watch is Western Prospector Group. The company was halted from trading pending news at C$0.54. CNNC International has offered to acquire all Western shares for C$0.56 each.

The broader bourse appears to be at a crossroads in terms of direction. Perhaps it is merely a consolidation phase after a nice runup or perhaps buyers have run out of gas. We shall see what Wednesday trading has in store.

Source: Resource Stock Roundup: Wednesday, April 15th, 2009

Western Prospector Group reported the China-based CNNC International Limited is offering up C$0.56 in cash for all the outstanding shares of Western. Of interest to CNNC are Western’s uranium assets in Mongolia. Western closed up C$0.16 at C$0.53.

Meanwhile, Ivernia is being offered C$0.15 per share in cash from London-based Griffin Mining. Ivernia ended the session up C$0.035 at C$0.155.

Greystar Resources came out with a prefeasibility study for its Angostura gold project located in northeastern Colombia. Using a base case gold price of $700 per ounce in the first three years of operation and $650 per ounce thereafter, the study envisions average annual production of 511,000 ounces of gold and 2.3 million ounces of silver over a 15-year mine life generating a net present value of $558 million and an internal rate of return of 19 per cent all at a 6 per cent discount. Greystar ended the day up C$0.34 at C$4.05.

The board room brawls are continuing with NEMI Northern Energy & Mining engaging the services of Vancouver lawyer Leon Getz, QC, to serve as independent chair for its annual and special meeting of shareholders next Monday. Michael Cooney, a concerned shareholder of NEMI with around 10.6 per cent interest, has nominated a new slate of directors for election to the board of directors. NEMI closed up C$.03 at C$0.33.

The unemployment news continues to be very weak and that suggests another re-test of the lows is possible so gains made best be made with quick trades. We will see what Thursday trading has in store.

Source: Resource Stock Roundup:Thursday, March 26th, 2009

Silvercorp Metals came out after the close and announced that it is suspending its TLP and HPG mines, as well as scaling down mining at the LM mine in China. The miner also expects to put its newly constructed Ying mill to be put on care and maintenance. A sign of things to come, Silvercorp says that smelters in China are shutting down or reducing their capacities, resulting in less demand for concentrates and a change in smelter terms. Silvercorp ended the day unchanged at C$2.95.

Hawthorne Gold has stepped up to the plate and is taking full ownership of the Taurus gold deposit in British Columbia by buying the remaining 70% stake from American Bonanza Gold. The price tag is 6.75 million shares giving American Bonanza a 13% stake in Hawthorne. At last count, Taurus held 32.4 million tonnes grading 1 gram gold per tonne. Hawthorne ended the day down C$0.03 at C$0.35, while American Bonanza closed unchanged at C$0.045.

Shares of Merrex Gold added C$0.01 to close at C$0.18 after the junior announced that it has acquired a 50% stake in the Crackingstone River uranium project in Saskatchewan and sold a 25% interest in the West Voiseys Bay joint venture project. Merrex will issue 1.2 million shares and spend C$1.2-million of exploration in the first year, and may incur a further C$2.4-million of exploration expenditures in the second year. For the 25% interest in the Voiseys Bay project, Merrex pockets C$1.2-million and retains a net 25% participating interest.

Western Prospector Group had another good day on no new developments. The company recently upgraded the resource estimate for its Gurvanbulag uranium project in northeast Mongolia with a feasibility study pending. Western added C$0.14 to close at C$0.53.

Cash strapped Oilexco is a stock to watch as the producer was halted from trading pending news at C$0.89.

The mini-rally in the junior market is going full bore and with such a dramatic sell off in 2008 one has to wonder how big the bounce could be. We will see what Wednesday trading has in store.

Source: Resource Stock Roundup: Wednesday, December 31st, 2008

It was a good day for Peregrine Diamonds after the company reported that it discovered a gem quality 2.01 carat stone from a 2.28 tonne sample collected from the CH-1 kimberlite on the Chidliak property in Canada’s north. Peregrine ended the session at C$0.395, for a C$0.06 gain.

Rolling Rock Resources bounced off the mat to close at C$0.035 for a C$0.015 gain. The junior announced that its Monument Bay deposit in Manitoba hosts just over 1.2 million ounces of gold.

Firestone Ventures came out with a 1.89 million tonne measured and indicated resources grading 10.55% zinc equivalent at its Torlon deposit in Guatemala. Firestone ended the session up C$0.025 at C$0.085.

Silverstone Resources sold 386,000 ounces of silver in the third quarter from its royalty stream. The cost of the ounces tallied $3.97. Silverstone ended the day up C$0.015 at C$0.48.

Western Prospector Group has officially launched legal proceeding against Tinpo Holdings Industrial Company Limited and others in connection with the failure of Tinpo to perform its obligations under the Support Agreement dated July 15, 2008 that called for Tinpo to acquire Western Prospector at C$1.34 per share. Western ended the day up C$0.005 at C$0.17.

Partners Astral Mining and Kootenay Gold tagged 21.04 grams gold per tonne over 4 metres at the Jumping Josephine project in south-eastern British Columbia. Astral ended the session up C$0.03 at C$0.095, while cash-rich Kootenay closed unchanged at C$0.46.

The intraday volatility continues at an extreme level with sentiment still pushing to the downside. We will see what Wednesday trading has in store.

Source: Resource Stock Roundup: Wednesday, November 19th, 2008