For the tale of the tape, the TSX Exchange fell 1.88%, while the TSX Gold Index gave back 0.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, dropped 0.58% with the declining issuers once again outpacing the advancers, this time by a 644 to 430 margin on big volume of nearly 262 million shares traded.

Kadywood Capital increased its C$200 million financing to C$260 million. The private placement will fund the purchase of 50% of the contained gold, platinum and palladium metal in ore mined and shipped from multiple FNX Mining operations in Ontario. Kadywood intends to change its name to Gold Wheaton. Kadywood ended the day down C$0.09 at C$1.10, while FNX added C$0.43 to close at C$25.70.

Largo Resources continued to benefit from its exploration exposure to vanadium as well as news that it has launched a scoping study over the Northern Dancer tungsten-molybdenum project in the Yukon. Largo can earn a 70% stake by issuing 4 million shares and spending C$5 million on exploration. Largo can then purchase the remaining interest from Strategic Metals for C$5 million in cash or stock at Strategic’s election. Largo ended the day up C$0.19 at C$1.40, while Strategic gained C$0.01 at C$0.52.

Pediment Exploration got a modest boost after reporting a 13.7 metre drill intercept running 16.3 grams gold per tonne at its Los Planes deposit in Mexico. Pediment closed out the day at C$1.54, up C$0.03.

Inflationary pressure continues to be a concern to the equity markets with rising interest rates typically bad for stocks. We will see what Friday trading has in store.

Source: Resource Stock Roundup: Friday, June 20th, 2008

For the tale of the tape, the TSX Exchange dropped 0.3%, while the TSX Gold Index lost 0.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, matched Tuesday gains by adding 0.22% with declining issuers still out pacing the advancing issues this time by a 551 to 498 margin with good volume of nearly 202 million shares traded.

Gammon Gold posted first quarter earnings of $0.07 per share on production of 33,099 ounces of gold and 1.31 million ounces of silver at cash costs of $491 per gold equivalent ounce. Cash flow turned positive at $1.6 million. Gammon ended the day up C$0.75 at C$8.67.

Kinross Gold earned $70.9 million, or $0.12 per share in the first quarter compared to $68.5 million or $0.16 per share in the same period of 2007. Gold production rang in at 331,784 gold equivalent ounces with cash costs coming in at $455 per gold equivalent ounce. Kinross ended the day down C$0.62 at C$19.28.

The board of Yukon Zinc has given its nod to the takeover offer from Jinduicheng Molybdenum Group and Northwest Nonferrous International Investment Company. The deal is C$0.22 in cash and if approved by shareholders, London-listed Griffin Mining will get a $2.5 million break fee and related expenses, not to exceed $250,000. Yukon Zinc ended the day up C$0.005 at C$0.21.

The gold miners are coming in with first quarter results that show higher costs impacted the bottom line. 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 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.