Daily Roundup - March 13, 2009

Spot gold on Friday managed to eke out a gain, for the third day in a row, even if this day's gain was tepid compared to the last two's. Thursday night's price action was basically flat, with a slight downward bias settling in as night turned into early morning. The downdrift stopped when gold hit US$920, where it stayed at for close to an hour. Then, it began to rally. After a pause, it continued to shoot up at the about the same time it was dropping Thursday. By about 8:20 AM ET, gold hit its daily peak of about 938. The upspurt then turned into a roller-coasterish downturn, with lullifying drift turning into sickening plummet. This one, though, stopped a a higher level than the early morning's lows: 925. By 10 AM, when the drop stopped, gold was preparing for a remount, which fizzled. The rest of the day saw a range, between about 927 and 930. Gold closed the week at the higher end of the range: US$929.40, for a gain of $2.30. The Amex Gold Bugs Index was also up, also more modestly than in the last two days: +1.18%.

The top point gainer amongst the gold stocks blogged here on Friday was Detour Gold Corp, which gained 65 cents to close at $9.24 on moderately heavy volume. The news item affecting Detour was released at about 2 PM ET; by that time, some of the rise in the stock had already taken place. However, the recommendation that the merger with PDX Resources, Inc. be voted for by shareholders preceded a further 50 cent-or-so leap in the stock price. PDX itself didn't fare as well, but it gained 10 cents to close at $2.30 on moderate volume.

The top gainer on a percentage basis was a small stock with a seemingly innocuous item. Golconda Resources, Inc. hadn't traded at all when it announced it was applying for permission to trench sample its Mitchell Creek placer property. Right after the news hit, though, the stock took off after an initial drop was shaken off. Four trades in quick succession pushed the price from 8 to 10.5 cents. About ten minutes later, 11- and 10.5-cent trades were quickly followed by a 12-cent'er; within an hour, the stock had hit 15 cents for a gain of 6 cents on heavy volume. At that point, trading stopped; the bid and ask hardened into their present 11 and 14 cents. Although the ending bid-ask pair makes the gain look overstated, it nevertheless was the best performer on an official percentage basis.

Not far behind it was Darnley Bay Resources, even if the news item itself showed up after the trading in the stock was largely done for the day. By the time it was revealed that Darnley had cut a deal with a Russian exploration firm, the stock had gained four cents to reach 10. The final trade, taking place after the news was disseminated, bought the price down a penny to 9 cents. The stock was left with a three-cent, or 50%, gain on light-moderate volume. Unlike Golconda, though, the bid - ask for Darney was almost at the closing price: 8.5 cents - 9 cents.

The worst dropper on a percentage basis was Ivanhoe Mines, down 89 cents to close at $5.30 on heavy volume. The item in question was an optimistic one, which said that the Mongolian parliament was making an Oyu Togio project approval a pressing priority. Its dissemination at about 10:45 ET seemed to induce a halt in an earlier drop in Ivanhoe, but a last-minute plummet broke throught the $5.50 floor set at that time.

That's it for the Canadian Gold Stock News Watch daily wrapup. This post will stay at the header until early Monday 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 whatever reason, my filter there leaves me a day behind.) Until that time, thanks for stopping by; try to have a safe weekend if you're trenching.

Stocks Mentioned: Detour Gold Corp., PDX Resources Inc., Golconda Resources Inc., Darnley Bay Resources, Ltd., Ivanhoe Mines, Ltd.

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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.

Vista Gold Loss Narrows To US$10.0 Million In FY '08

Vista Gold Corp. lost US$10 million, or 29 cents U.S. per share, in fiscal year 2008. This result narowed the loss from FY '07's US$13.2 million, or 41 cents U.S. per share. The news release has the detailed results.

Earnings were released after trading had ended. Beforehand, Vista closed down 11 cents at $2.32.

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.

Randsburg Gold Appoints Mathew Chodorowicz, Robert Isles To Board

Randsburg International Gold Corp. has accepted the resignations of former director Hugh Maddin and former CFO Miles Nagamatsu, and has appointed replacements. The new CFO, Mathew Chodorowicz, will also be a new board member, as will new director Robert Isles. The news release announcing it has career biographies of both new directors, and notes that a new grant of 450,000 stock options has been approved. The options have strike price of 15 cents and life of two years.

This announcement was released after trading ended for the week. Randsburg didn't trade at all yesterday; its current bid - ask is 8 cents - 10 cents.

The company'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.

Linear Gold Trading Resumes On Monday's Open

The Investment Industry Regulatory Organization of Canada has advised that trading in Linear Gold is recommencing as of 4 PM on Friday - effectively, as of next Monday's open.

Prior to the end-of-day halt, Linear closed at $1.00, down a penny on the day. The bid - ask has not been restored as of the time of this posting.

The company'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.

Conquest Receives Shareholder Approval For New Control Person, Appoints Robert Kinloch To Board

Conquest Resources Ltd. has announced that, after its Annual and Special shareholders' meeting on March 6, the shareholders have approved a new Control Person resulting from a previous private placement. That person is the Chairman, John F. Kierney. Also, Robert Kinloch was appointed to the Board of Directors and its Audit Committee. The news release contains further details, including a career biography of Kinloch.

This item was disseminated aftter trading ended. Conquest didn't trade yesterday; it last closed on Wednesday, at 8 cents. Its current bid - ask is 7.5 cents - 10 cents.

The company'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.

Helio Resources: Two Private Placements, Totalling $5.25 Million

Helio Resources Corp. has announced two private placements, one brokered. The brokered PP, done on a syndicated basis, will sell up to 8 million units, at 35 cents each, for gross proceeds of $2.8 million. Each unit will contain one share and half a warrant. Each warrant will have a two-year life, and a different exercise price for year one and year two: 50 cents and sixty cents respectively. The non-brokered PP has 7 million units, also at 35 cents each, for gross proceeds of $2.45 million. These units are the same as the ones for the brokered PP. The news release has further details, including the fees paid for each deal, and notes that the proceeds are for the SMP gold project in Tanzania and general corporate purposes.

This item was released in mid-afternoon. Subsequently, Helio closed at 35 cents for a gain of 2.5 cents on the day. The trades took place late in the afternoon. Currently, the bid - ask is 34 cents - 37.5 cents.

The company'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.

Capital Gold Increases Earnings By 50% For 2Q FY '09

Capital Gold Corp. announced that its net income for the second quarter of fiscal year 2009 increased 50% from the same quarter in FY '08: $2.126 million to $3.196 million. On a per-share basis, due to rounding, net income went from 1 cent to 2 cents. The news release has further details.

The news was webbed just before trading opened. The stock took to it well, opening at thirteen cents above its Thursday close. The opening rally faded as the day went on, though, leaving Capital to close at 87 cents for a gain of 6 cents. Current bid - ask is 85 cents - 87 cents.

The company'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.

Sylvan Ratelle Departs Sprott Asset Management, Charles Oliver and Jamie Horvat Appointed Team Leaders

Sprott Asset Management Inc. has announced that Sylvan Ratelle has transferred from the company to Sprott Global Equity Fund. In addition, Charles Oliver and Jamie Horvat, formerly members of the Sprott Asset Management team, will now be team leaders. The news release has further details.

Sprott Asset Management doesn't trade on an exchange, so there is neither trade data nor a Google Finance web page for the company.


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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.

Northern Dynasty launches new Website, provides update on Pebble Project

Northern Dynasty Minerals Ltd. has launched a new Website, at http://www.northerndynasty.com/, and has disseminated an update on its half-owned Pebble Beach project as part of the release announcing the new Website. It ends by noting that Northern is not expected to need any new financing to bring Pebble Beach, located in Alaska, to completion.

This release was webbed yesterday. As of the close, Northern was at $5.89, down 23 cents. Current bid-ask is $5.87 - $5.92.

The company'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.

Claude Resources Earns $400,000 in FY '08, 3 Cents/Share In 4Q '08

Claude Resources Inc. has reported full-year net income of $400,000, or 0 cents/share. This result compares with a loss of $7 million, or 8 cents/share, in fiscal year '07. Earnings for the fourth quarter were $2.4 million, or 3 cents/share, as compared with a loss of 2 cents/share in 4Q '07. Details are in the earnings release.

This news was disseminated yesterday in the early afternoon, right after Claude briefly dipped down to 72 cents. The stock closed at 76 cents, down a penny on the day, to reach one cent above the same level it was at in the morning. Current bid-ask is 75 cents - 77 cents.

The company'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.

Great Basin Gold Finishes $130 Million Equity Financing

Great Basin Gold Ltd. has completed a $130 million equity financing. The financing itself was for 100 million units, each costing $1.30. The units contained one common share and half a purchase warrant, with exercise price of $1.60 and October 15, 2010 expiry date. The warrants are now trading, with GBG.WT.A being the symbol. As the news release recounts, the proceeds will be used for development of the company's Burnstone project in South Africa.

This item hit the web yesterday, right after trading opened. Upon closing, Great Basin was at $1.27 for a drop of 4 cents on moderately heavy volume. GBG.WT.A closed at 25.5 cents, up half a penny.

The company'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.