For the tale of the tape, the TSX Exchange lost 2.46%, while the TSX Gold Index lost another 2.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell 2.42% with the declining issuers swamping the advancers by a 621 to 251 margin on volume of 120 million shares traded.

VMS Ventures continued to make the grade at its Reed Lake Discovery zone in Manitoba with the latest results including 97.21 metres grading 2.08% copper. Not good enough in a bad market as VMS ended the day down C$0.015 at C$0.485.

B2Gold (BTO) reported the discovery of a new gold find at the Trinidad zone on the Gramalote property in Colombia. Drill results included 109.4 metres grading 1.13 grams gold per tonne and 101.85 metres running 1.24 grams gold per tonne. B2Gold, which holds a 51% stake in the project, closed at C$0.60, unchanged on the day.

Moving to Argentina, Exeter Resource (XRC) hit more bonanza grades at its Escondida vein system at its Cerro Moro project. Highlights include 302.4 grams gold and 6,623 grams silver over 5.55 metres. Exeter ended the day down C$0.02 at C$2.70.

The wicked selling of resource stocks is showing no signs of abating any time soon with the 1800 point mark now looming. With all the pessimism it may be prudent to remember that it is always darkest before the dawn. We will see what Friday trading has in store.

Source: Resource Stock Roundup Friday, September 5th, 2008

For the tail of the tape; the TSX Exchange gained 0.32%, while the TSX Gold Index (TSE:XGD) lost 3% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell 0.84% with the declining issuers beating out the advancers by a 525 to 339 margin on pathetic volume of 105 million shares traded.

In the it’s about time camp, Teck Cominco (NYSE:TCK) finally stepped to the plate and agreed to buy out the remaining stake it does not already own in Fording Canadian Coal Trust in a total cash and stock deal worth C$14.1 billion. Under the proposal, Fording unitholders get C$82 in cash and 0.245 of a Teck Class B subordinate voting share for each Fording unit. Teck will finance the cash portion of its bid primarily with C$9.8 billion in loans arranged with a syndicate of banks, as well as with proceeds of a sale of Fording units that Teck holds. Teck ended the day up C$2.44 at C$42.85, while Fording added C$6.55 to close at C$90.35.

It was a good day for Exeter Resources (CVE:XRC) as the company reported the highest-grade intersection to date from its Cerro Moro gold-silver project in Argentina. The hot hole yielded a mind numbing 471.9 grams gold per tonne over 3.6 metres. Exeter ended the session up C$0.27 at C$3.49.

Hathor Exploration (CVE:HAT) hit basement-hosted uranium mineralization in the second and third diamond drill holes completed during the summer 2008 drill program on the Roughrider zone on its 90% owned Midwest NorthEast project. Assay results still pending. Hathor ended the day up C$0.05 at C$2.96, while 10% owner Terra Ventures (CVE:TAS) added C$0.06 at C$0.70.

Northern Freegold Resources (CVE:NFR) tagged 46.96 metres averaging 9.6 grams gold per tonne at its Freegold Mountain project in the Yukon. No one cared as Freegold ended the day unchanged at C$0.60.

With no rest for the sellers with the underlying commodity prices weakening, one has to wonder what it will take to get some serious buying back into resource stocks We will see what Wednesday trading has in store.

Source: Resource Stock Roundup: Wednesday, July 30th, 2008