Daily Roundup - March 10, 2009

Spot gold had another rough day today. After remaining flat overnight, it sunk to about US$910 early this morning and stayed in the 910-915 range until a little after 9:30 AM ET. Then, it broke the bottom of the range and sunk to a little below 900 by about 10:15. The 900 resistance level holding, it bounced between 900 and 905 until about 11:30, when the 900 level was breached. The next range was between 893 and 897, and even that range was poked through just before 2 PM ET. Gold then trundled back up to about 900, and spent the rest of the regular trading day stuck between 896 and 900. It closed the regular trading day at US$897.30, for a loss of $24.20. Again, the Amex Gold Bugs Index was down - this day, by more than 5%.

Many of the Canadian gold stocks with news items today were down too, but not all of them. The biggest gainer, both in percentage and point terms, was a takeover target. Southwestern Resources shot right up to 43 cents at the open, and stayed between 42 and 43 for most of the first hour. After briefly touching 44, it drifted down to 42, dawdled awhile, and sunk down to 40 by noon ET. It quickly rebounded to a range of 41-41.5, closing at a straight 41 cents for an exact double on the day. Trading was extremely heavy, and no wonder: before the market opened, Hochschild plc bid 50 cents a share for the company. That bid got okayed by Southwestern's board.

The next biggest gainer on a percentage basis was Alexandria Minerals, which picked up after it announced that it is pursuing an NI 43-101 compliant resource estimate for its Orenada and Sleepy properties in its Cadillac Break property group. The stock had picked up a little before the news hit the Net, but the announcement gave it a little extra kick. Alexandria closed at 4.5 cents, up a penny on the day, in moderate trading. This gain, though, put the stock back in the middle of a trading range that was cut to the downside yesterday.

In point terms, the next biggest gainer behind Southwestern was Amex Exploration, Inc. Amex announced that it had landed $250,000 of a planned $500,000 financing: Visible Gold, Inc. committed to take the entire tranche. Visible Gold is the same company which optioned Amex's Cameron property. Amex closed at 23.5 cents, up 1.5 cents on somewhat heavy trading. Visible Gold itself closed unchanged at 8 cents, on moderate trading.

An unchanged close could be considered pretty good, given how the typical gold stock fared today. The stock that was the worst performer in the posts below was IAMGOLD. The company announced that its planned secondary offering, increased to $300 million gross proceeds, was to be priced at $8.75. That pricing made it a bargain at yesterday's close of $9.43, but not at today's close at $8.30.

That's it for the Canadian Gold Stock News Watch daily wrapup. This post will stay at the header until early tomorrow morning, when the items that came in overnight will be put up. Also, I'll put up any items from yesterday that came through the CNW Group wire. (For some reason, my filter there leaves me a day behind.) Until that time, thanks for stopping by - and best chances through the gold slump.


Stocks Mentioned: Southwestern Resources, Alexandria Minerals Corp., Amex Exploration, Inc., Visible Gold Mines, Inc., IAMGOLD.

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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.

Gryphon Gold Corp. Signs LOI For Joint Venture With Piedmont Mining

Through its wholly-owned subsidiary, Nevada Eagle Resources, Gryphon Gold has signed a Letter of Intent for a joint venture with Piedmont Mining Company, Inc. The venture pertains to Gryphon's Argentite property in Nevada. Piedmont will pay US$8,000 to Gryphon on done-deal day, and will earn a 51% interest in Argentite by committing US$750,000 of exploration work over a five-year period. Coming up with a bankable feasibility study, whether or not the work committment has been filled, will get Piedmont up to a 70% interest in the property. Subsequent payments to Gryphon will be counted against the work committment. The news release has further details on the JV deal, and contains a capsule description of what's been found so far on the property.

Gryphon's traded down today. As of the time of this post, it's dropped a penny to 14 cents. The current bid is at the same price as the last trade.

Gryphon's Google Finance web page is here.

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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.

International Tower Hill Drills 100 Metres Of 1.11 g/t Gold

International Tower Hill Mines Inc. got results from the two holes it drilled earlier this year on its Livengold Project. Hole MK-RC-0112 intersected 100 metres of 1.11 g/t gold and 17 metres of 0.97 g/t. The second hole, MK-RC-0111, intersected 68 metres of 0.59 g/t gold. A recently-completed bought deal will allow International Tower to double its 2009 drilling program for the property. The news release also has details on the project itself, including the most current resource estimate. (3.41 million ounces indicated, 3.39 million inferred, using a cutoff grade of 0.5 grams per ton.)

Like many other gold stocks, International Tower is down today. Before the news was disseminated, the stock was at about $2.50; dissemination gave it a bump-up to almost $2.60. After briefly re-slumping down to $2.51 at 2:48 PM ET, International got back up to $2.56 as of 3 PM ET.

Its Google Finance web page is here.

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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.

Rocher Deboule Announces Intent To Drill On Iron Oxide-Copper-Gold Project

As part of its 2008 review and statement of 2009 plans, Rocher Deboule Minerals Corp. announced that they plan to drill on their Victoria adit area, where an earlier miner got 112.6 grams of gold per ton of ore plus economic percentages of molybdenum and cobalt. 90 tons were mined back then. Rocher has applied for drilling permits for the area. The bulk of the news release discusses what they've done and what they intend to do on their Artillery Peak manganese property.

Rocher's stock has dropped. As of the time of this posting, the last trade was at 10 cents, down a penny from yesterday's close.

Its Google Finance web page is here.

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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.

Augen Gold Disputes Accuracy Of Earlier Augen Capital Release

Augen Gold Corp. has issued a rejoinder to last Friday's release from Augen Capital Corp, which deals with Augen Gold converting debt owed to Augen Capital to equity. Augen Gold says that: a) Augen Capital only offered to take shares at 12.5 cents for the swap, not the 15 cents claimed; b) Augen Gold's board never expressed approval of Augen Capital's terms; c) contrary to Augen Capital's claim to have been forced to call a special shareholder's meeting to deal with the matter, ACC had already planned to call the meeting in mid-January. The full rebuttal from Augen Gold is here.

Augen Gold's shares were down slightly this morning: one trade at 6.5 cents, for a drop of half a cent. Augen Capital's shares have not traded at all so far; it closed yesterday at 10 cents.

Augen Gold's Google Finance web page is here. Augen Capital's is here.

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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.

Alexandria Minerals Intends To Complete Resource Estimate For Oreanda, Sleepy

Alexandria Minerals Corp. has announced it intends to complete an NI 43-101 compliant resource estimate for its Oreanda and Sleepy gold projects on its Cadillac Break property in Quebec. The news release has some details on its current four-hole drilling program in another area of the Cadillac Break, and goes further in describing what Alexandria has already got on Oreanda and Sleepy. The estimate is expected to be completed this summer.

Alexandria is up slightly in moderate morning trading: 4 cents as of the time of this post, for a gain of half a penny.

Its Google Finance page is here.

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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.

Amex Exploration Lands $250,000 Financing From Visible Gold Inc.

Amex Exploration Inc. has announced that Visible Gold Mines, Inc. has picked up the entire first half of its planned $500,000 financing. Visible Gold acquired 1 million units, at a price of 25 cents each, with each unit containing a share and one warrant. (Most deals of this sort include half a warrant per unit.) Each warrant entitles its holder to purchase an Amex share at 35 cents for a period of one year after the distribution date. As disclosed in the news release, Visible Gold has already entered into a joint venture, by which Visible can earn a 50% interest in Amex's Cameron property. It also says that the proceeds will be used for further exploration on Amex's properties, and will also go "toward meeting short term operating working capital requirements."

Despite a generally lousy gold-stock market, Amex Exploration is up. As of the time of this post, it's gained a penny to reach 26 cents on fairly heavy trading. Visible Gold is currently unchanged at 8 cents on moderate trading.

Amex's Google Finance web page is here, and Visible's is here.

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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.

Detour Gold Appoints Derek Teevan as Vice President for Aboriginal and Government Affairs

Detour Gold Inc. has appointed Mr. Derek Teevan as its Vice President for Aboriginal and Government Affairs. The news release delineates Mr. Teevan's accomplishments. Also, another news release acknowledges the appointment of Mr. Teevan by PDX Resources, which holds a 42.2% equity stake in Detour.

Unfortunately, a rough market for gold shares made for not the best welcome. Detour Gold was down 61 cents to $8.54 as of the time of this post, on fairly heavy trading. PDX Resources was down too, though by less: $2.13, for a drop on 9 cents on the day. Trading in PDX was relatively light.

Detour's Google Finance Web Page is here, and PDX's is here.



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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.

Castle Resources Suspends Exploration On San Ramon, May Sell It

Castle Resources, Inc. has provided an update on its San Ramon project. The company expresses optimism about the property's prospects, probably because Castle's now looking into selling it, but has suspended exploration on it for now. Although primarily a silver project, Castle has found some anomalous gold sample results on two claims in the property. The news release contains further details.

Castle hasn't traded so far today, and the spread is wide: 4 cents bid, 9.5 cents asked. It last traded on Feb. 27, at 5 cents.

Its Google Finance web page is here.

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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.

Colossus Minerals Secures $24.7 Million Gross In Bought Deal

Colossus Minerals Inc. announced that it has closed a bought deal for 11.5 million units, each unit going for $2.15. Total proceeds are $24.7 million. As is usual, each unit contains a share and half of a warrant. These warrants are good for purchasing a share of Colossus at $2.70 until March 11, 2011. The news release contains further details, including a special expiry-acceleration feature on the warrants. The funds will be used for exploration of Colussus' Serra Pelada project, other exploration initiatives, and for "general corporate purposes."

Colossus is currently trading at $1.65, well below the $2.15 unit price, although it's also above the early-morning low of $1.55.

Colossus Mineral Inc.'s Google Finance web page is here.

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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.

IAMGOLD Prices Equity Financing, Now $300 Million Gross

IAMGOLD Corporation has announced the pricing of its offering today, rather than later on as my earlier summary expected. The shares will go for $8.75 each, and the offering will be for 34,300,000 common shares. The news release announcing it contains further details, including the full syndicate list.

Currently, IAMGOLD's shares are still halted, and will remain so until 10:15 AM ET. The current posted bid and ask prices are both the same as the secondary-offering price: $8.75.

IAMGOLD Corp.'s Google Finance web page is here.

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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.

Kinross To Announce First-Quarter Results On May 5, Day Before Shareholder Meeting

Kinross Gold will announce its first-quarter results on May 5, the day before the shareholder meeting. The news release announcing it also has the phone numbers for a planned conference call at 5:30 PM ET on the 5th. There's also a webcast planned.

Because gold itself has slumped, Kinross opened down 28 cents, at $20.05, and is currently down even more. As of 9:52 AM ET, it was at $19.42.

Kinross Gold Inc.'s Google Finance web page is here.

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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.

Mantra Mining Acquires Two Gold Properties In Alaska From NovaGold Resources, Three Polymetallic

Mantra Mining Inc. has closed a deal to acquire five properties from NovaGold and a subsidiary for 3,125,000 shares of Mantra. Two of these properties, Colorado Creek and Tintina, are gold exploration properties; the other three are polymetallic. Both of the gold properties are in the early stage of exploration; the other three have some result that are historical in nature. The news release has details on them all, and notes that the share payment represents about 7% of Mantra's current shares.

Mantra's shares have not traded so far. The current bid is 40 cents, while the current ask is 54 cents. Yesterday's close was 50 cents.

Mantra Mining Inc.'s Google Finance web page is here.

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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.

Mexican Silver Mines Ltd. Moves Into Gold Through Takeover

Mexican Silver Mines Inc. has announced that it will be taking over Rio Alto Mines, Inc. Rio Alto is a privately-owned exploration company with a stake in the La Arena gold-copper project in Peru, which it was in the process of acquiring from IAMGOLD Inc. To secure 38.7% of the project, Rio Alto (and now Mexican Silver) is required to invest $30 million to develop a gold mine on La Arena. Acquiring a further 61.3% requires a cash payment of US$48.55 million to IAMGOLD, including the already-made initial payment of $1 million, within two years unless special exemptions are made. The news release contains further details, and notes that the terms of Mexican Silver warrants and stock options are unchanged as a result of this takeover.

As of the time of this post, Mexican silver shares are halted. Yesterday's close was 16 cents.

Mexican Silver Mines Inc.'s Google Finance web page is here.

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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.

Southwestern Okays Takeover Bid By Hochschild Mining plc For 50 Cents

The board of directors of Southwestern Resources Corp. has given the "friendly" stamp on a 50 cents/share takeover offer from Hochschild Mining plc. The takeover offer is still subject to an independent fairness opinion and due diligence, and has yet to be approved by Southwest's shareholders. The news release specifies that March 23rd is the deadline for the offer, and that Geoinformatics Exploration Inc. lost out.

As of the time of this posting, the market hasn't opened for trading. Southwestern's current bid and ask is 36 cents, indicating an open there. The bid-ask is well above yesterday's closing price of 20.5 cents.

Southwestern Resource Corp.'s Google Finance web page is here.

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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.

West Timmins Minerals Scores 60.50 Metres of 1.03 g/t Gold With Drill Hole

West Timmins Mining Inc. has hit a deep, if relatively low-grade, finding on its wholly-owned Thorne property in Ontario. Hole GW08-33 returned a 60.50 m interval which averaged 1.03 g/t gold. Included in this 60.5 metre stretch on the Golden River West Zone were three different high-grade intervals: 14.50 g/t over 1.10 metres, 15.80 g/t over 0.80 metres and 7.13 g/t over 1.20 metres. As the news release point out, the Golden River Trend (including Golden River West) already has a NI 43-101 complaint resource estimate, of 4.0 Mt of 3.03 g/t gold. That estimate does not include the announced GW08-33 hole results, which extends the Golden River West zone. The release also specifies the other areas that West Timmins is testing currently.

As of the time of this posting, the market has not opened yet. West Timmins is currently 30 cents bid, 43 cents asked; yesterday's close was at 40 cents.

The West Timmins Mining Inc. Google Finance web page is here.


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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.

Africo Resources Signs A Memorandum Of Understanding With Electricity Company SNEL

Africo Resources Ltd. has signed a Memorandum of Understanding with Société Nationale d'Electricité (SNEL), a government-owned power company in the Democratic Republic of Congo. SNEL has agreed to supply power to Africo's 75%-owned Kalkundi property. Africo has to finance a study that'll spell out what capacity upgrades (if any) SNEL will have to undertake, and also has to raise the capital for any upgrades needed. In addition to further details, the news release also specifies that SNEL has agreed to supply the electricity at official rates.

As of the time of this posting, the market has not opened. Africo is 55 cents bid, 64 cents asked; yesterday's close was at 63 cents.

Africo Resources Ltd.'s Google Finance web page is here.

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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.

Rimfire Minerals Gets 53.73 m Of 0.11% Copper And 0.19 g/t Gold In Grizzly Showing Drill Hole

Rimfire Minerals Corporation has announced the results from its Grizzly Property, from an eight-hole drilling program at the Grizzly Showing and three holes at the Mirko Grid. Hole GRZ08-11 on the Grizzly Showing assayed at 53.73 metres of 0.11% copper and 0.19 g/t gold, including 17.38 metres of 0.21% copper and 0.28 g/t gold. This hole is the only one to have yielded significant assay results on the Grizzly Showing. The news release provides geological context and details on the moly results on the Mirko Grid part of the Grizzly Property.

As of the time of this posting, the market hasn't opened yet. Rimfire is 23.5 cents bid, 26 cents asked; yesterday's close was at 26 cents, same as the ask.

The Rimfire Minerals Corp. Google Finance web page is here.

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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.

Two Independent Proxy Firms Recommend B2Gold Acquisition Of Central Sun Mining

The takeover of Central Sun Mining Inc. by B2Gold Corp. has been recommended by two leading proxy-advisory firms. Both RiskMetrics-ISS Canada and Glass Lewis have okayed the arrangement to their subscribers, and have advised Central Sun shareholders to vote for it. Under the term of the deal, one share of Central Sun can be exchanged for 1.20 shares of B2Gold. "The special meeting of the shareholders of Central Sun with respect to the arrangement is scheduled for Friday March 20, 2009 at 10:00 a.m. at the head office of Central Sun at 6 Adelaide Street East, Suite 500, Toronto, Ontario M5C 1H6."

The rest of the news release detailing this recommendation notes that B2Gold has extended a new $8 million loan to Central Sun, replacing the old one of same principal value. This loan carries a 15% annualized rate, and is due on Mar. 31 (extendible to June 30th.) Central Sun paid $200,000 and 1 million common shares for the privilege.

As of the time of this posting, the market isn't open yet. B2Gold is 60 cents bid, 69 cents asked with yesterday's closing price being 65 cents; Central Sun is 69 cents bid, 70 cents asked, with yesterday's closing price of 69 cents.

The B2Gold Corp. Google Finance page is here. The Central Sun Mining Inc. one is here.

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NOTE: This blog is confined to aggregating news relating to Canadian gold stocks, as well as to commenting on past and present price movements, and is intended as an informational resource. It is not intended to make recommendations, nor is it a tool for forecasting future price movements. Its author is not a qualified investment advisor, and as such cannot make any investment recommendations. Should you be interested in any stock that appears here, please consider carefully if it is suitable for you and your portfolio. Please also consider seeking advice from a professional investment advisor if you have not already done so.