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Resource Stock Roundup:Wednesday, May 27th, 2009
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This Link is located in the Public Channel Contrarian Stock Market News and Views.
Posted by lucretius 298 days ago (contrarianprofits.com). Views: 2
Tags: stock market news contrarian investing financial ideas stock ideas |
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The Canadian Markets continued to march higher with the Bank of Montreal posting better than expected earnings for the second quarter of 2009. For the tale of the tape, the TSX Exchange added 2.15%, while the TSX Gold Index gave back 0.4% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on 0.07% with the decliners beating out the advancers by a 440 to 398 margin on 171 million shares traded.
Shares of Gold Reserve (AMEX:GRZ) have stabilized after reports came in that Venezuela terminated Gold Reserve’s concession for the large Brisas project. Rumours are now that Rusoro, which launched a failed takeover bid for Gold Reserve last year, may now end up in partnership with the Venezuelan government on the property. Gold Reserve ended the day flat at C$0.65.
Rimfire Minerals and Geoinformatics Exploration are looking to wed. Geoinformatics is coming off a failed merger with Southwestern Resources. Under the Rimfire deal, Geoinformatics will acquire Rimfire on the basis of 2.6 of Geoinformatic shares for each Rimfire share. Rimfire lost C$0.02 to close at C$0.40, while Geoinformatics added C$0.055 at C$0.225.
Linear Gold went shopping and bought the Goldfields project in Saskatchewan from financially plagued GLR Resources. The roughly 600,000 ounce reserve of 10.9 million tonnes grading 1.7 grams gold per tonne will cost $5.0 million in cash and 727,273 Linear Gold shares, plus Linear with will reimburse GLR for deposits made in connection with the equipment contracts in the amounts of $3 million and C$1.2 million. Linear Gold closed up C$0.23 at C$1.44.
Denison Mines (AMEX:DNN) went to the market and inked a C$82 million bought deal financing priced at C$2.05 per share. That was well below market so the uranium producer closed down C$0.28 to C$2.11.
A stock to watch is Underworld Resources. After the bell, the junior reported the results from the first three holes from the 2009 drilling program from the Golden Saddle zone at the White Gold property. Highlights included 3.39 grams gold per tonne over 104 metres. Underworld ended the day up C$0.11 at C$1.05.
The interest in commodity stocks continues to be strong and that has pushed Canada’s big board well above the 10,000 point mark. We shall see what Wednesday trading has in store.
Source: Resource Stock Roundup:Wednesday, May 27th, 2009
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