Daily Roundup - March 16, 2009

Spot gold had a rough ride over the last 24 hours, but ended up only a little below where it started. The week's trading got off on a plummet, which saw gold shoot down to a little below US925/oz. That same level was where the price hung around until about 3 AM ET, when it crept up to about 928 in two climbs. This rally proved abortive, as gold slid below 925 and, after an even more abortive attempt at a second rally, below 920. This final plummet marked the bottom of the day, at about 9:30 AM ET. The next rally proved to be more durable, but left gold at about 920 after a partial retrenchment. By 11-130, gold began to dawdle upwards, but without much conviction. At the end of the regular trading day, it came to rest at US$923.10, down $6.30 on the day. The AMEX Gold Bugs Index fell along in stride, ending the day down 1.11% at 284.34.

News was a relatively light, and the stocks followed on this blog today performed as might be expected given the Index and gold itself. The one with the greatest point gain was First Quantum, and its news was the appointment of Troy Hayden as interim CEO. Regardless of cause, the stock's performance today gave him a good welcome: it closed at $37.60, up $1.51 or 4.2% on the day. Current bid-ask is $37.60 - $37.69.

The largest gainer on a percentage basis was X-Cal Resources, which closed up a penny at six cents for a gain of 20%. Before trading opened, X-Cal announced a private placement of up to $500,000 with no warrants as part of the deal. Like the above item, it's hard to make a case for a link between news and performance...although the lack of the usual units-with-warrants might give grist. Current bid - ask for X-Cal is 5 - 6.5 cents, suggesting that "large spread" would fly better as an explanation.

The second-largest gainer on a point basis has a little closer tie to its item today. Nautilis Mining put out a release saying that it has more than US$1.50/share, or US$231 million, in cash as of the end of 2008. It gained 6 cents to close at $1.09, up 6 cents on the day with very light volume. The cash is earmarked for burning, of course, and the news release sketches out some of Nautilis' plans.

The largest dropper today was Hawthorne Gold, which issued a release saying that it had drilled a 2.20 m interval of 11.04 g/t gold in its best of fifteen holes on its Cassiar Gold Camp property. Evidently, the market didn't take to the numbers all that well: Hawthorne closed at 25 cents for a drop of 5 cents or 16.7% on very heavy volume. Current bid-ask is 24 -25 cents.

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 whatever reason, my filter there leaves me a day behind.) Until that time, thanks for stopping by; the days are long away until AIG pays out bonuses in gold.

Stocks Mentioned: First Quantum Minerals Ltd., X-Cal Resources Ltd., Nautilis Minerals Inc., Hawthorne Gold Corp.

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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.

Pan American Silver Celebrates Inauguration Of Manantial Espejo Silver-Gold mine

Pan American Silver Corp. has officially celebrated the inauguration of its Manantial Espejo silver and gold mine in Argentina. Although primarily silver, Manital Espejo produced more than 7,000 ounces of gold since the start of 2009. The first dore bar was poured last December. The news release has further details.

Pan American closed at $18.22, down 49 cents on the day. Current bid-ask is $18.22 - $18.25.

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.

GlobeStar appoints David Brace to Board of Directors

GlobeStar Mining Corp. has announced the appointment of David Brace to its Board of Directors. The news release contains a capsule career biography of Mr. Brace.

GlobeStar closed at 55 cents, up 1 cent on the day. Its current bid - ask is 52 - 55 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 Panther Earns $4.3 Million In FY '08

Great Panther Resources Ltd. has reported net income of $4.3 million, or 5 cents a share, for fiscal year 2008. This result compares with $1.4 million in FY '07. Although primarily a silver company, Great Panther does produce some gold. The news release has more highlights, and puts the gold in silver-equivalent terms.

Great Panther closed the day at 39 cents, unchanged since Friday's close. Its current bid- ask is 38 cents - 39.5 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.

Riverstone Lands $164,000 In Bridge Financing

Riverstone Resources Inc. has arranged for $164,000 in bridge financing from certain directors, officers, etc. The loan will last for one year and bear an interest rate of 12% per annum. As a bonus, Riverstone will give the lenders 262,400 shares. The news release contains more details of this arrangement.

As of the time of this post, Riverstone is up by 2.5 cents at 18.5 cents. The stock leapt up before this news was disseminated. The current bid - ask is 16.5 - 18.5 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.

Premium Exploration To Drill Further In Already-Established Resource

Premium Exploration, Inc. is setting out to drill on the the Friday-Petside project, located in Idaho, in an area where high-grade drill results have already been found by different companies. Based upon previous drill results, which are spelled out in the news release, the High Grade Zone has an inferred resource of 531,890 oz. of gold in a deposit of 15.17 million tonnes; with a cutoff of 0.514 g/t, average grade is 1.1 g/t. 51,510 oz of gold, with average grade of 4.1 g/t, are in the resource if a cutoff of 3.11 g/t is used. Premium's joint-venture partner for the property, SNS Silver Corp., has their own news announcment here with some background geology included. A preliminary scoping study has already been undertaken by an earlier company.

Premium last traded at 9 cents as of the time of this post. Its current bid-ask is 9 - 10 cents. SNS's last trade was at 23 cents, for a loss of 1.5 cents.

Premium's Google Finance web site is here; SNS' 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.

Osisko To Be Included In The S&P/TSX Composite, Gold, Global Mining Indices

Osisko Mining Corp. will now be included in three S&P/TSX indices: the Composite, Gold and Global Mining. The news release contains further details, and notes that Osisko's Canadian Malarctic project is expected to be a producer in 2011.

Osisko is currently trading at $5.00, up 5 cents on the day. Current bid - ask is $4.99 - $5.00

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.

Metallic Ventures Reports $2.8 Million Net Income For FY '08

Metallic Ventures, Inc. has made $2,817,103, or 5 cents a share, in fiscal year 2008. This result compares with $1,634,310 or 3 cents in FY '07. More details can be found in the news release.

As of the time of this post, Metallic Ventures last traded at 56 cents for a drop of 7 cents. Its current bid - ask is 59 cents - 70 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.

Strongbow Acquires Five New Claims On Inza Copper-Gold Target

Strongbow Exploration Inc. has gotten 100% interest in five new claims on the Inza copper-gold porphyry target from two vendors. Three of the claims were had for 125,000 shares and the other two were also gotten for 125,000. The news release has further details, including the names of the vendors.

Strongbow last closed at 4.5 cents, leaving it unchanged on the day. As of the time of this post, bid - ask was 4 cents - 4.5 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.

Teryl Resources Assays 1.90 g/t Over 12.19 m On Drill Hole In Sourdough Ridge Project

Teryl Resources Corp. has issued a summary of its 2008 exploration program on its partially-owned Gil Joint Venture project in Alaska, concentrating on the Sourdough Ridge area. The best hole had an interval of 1.90 g/t gold over 12.19 m, starting at 114.3 m. The itemized results from that hole, GVR 08-505, is contained in the news release.

As of the time of this post, Teryl has not traded; it last closed at 10 cents last Thursday. Current bid-ask is 11 cents - 13 cents, indicating a higher open if it trades today.

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.

Hawthorne Gets 2.20 m Averaging 11.04 g/t Au At Cassiar Gold Camp

Hawthorne Gold Corp. has announced a 2.20 m interval, averaging 11.04 g/t gold, from one of the fifteen holes drilled at it its Cassiar Gold Camp project in B.C. The above interval is estimated true width. The news release has a capsule summary of the geology and historical results of the project, which contains the old but still permitted Table Mountain mine.

As of the time of this post, Hawthorne reached 29 cents, for a drop of 1 cent since Friday's close.

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.

Clifton Star Gets 169.0 m of 2.12 g/t Gold On Hole In Donchester Property

Clifton Star Resources Inc. has released results from drilling programs on its Beattie and Dorchester properties in Quebec. The news release has the assay results from 14 holes drilled in the Beattie and 5 drilled in the Donchester. The best result from the Beattie was a 15.7 m interval of 2.10 g/t gold, and the best from the Donchester was 169.0 m of 2.12 g/t gold. True width is estimated to be 80% of interval width for all of the holes.

Clifton Star closed at $2.00 on Friday, up 12 cents on the day. Both bid and ask are currently $1.90, indicating a lower open.

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.

MAG Silver Loses 12 Cents/Share In FY '08 As Compared With 19 Cent Loss In '07

MAG Silver has released its results for fiscal year 2008, in which it lost $5.87 million (or 12 cents/share) as compared with $8.15 million (19 cents/share) in FY '07. In addition to other highlights, including a NI 43-101 compliant resource estimate for the gold-silver-lead-zinc Juanicipio property, the news release notes that MAG has $52.26 million in cash, no debt, and plans to spend $17 million on exploration in FY '09. $2.5 million of this money is earmarked to hold up MAG's 44% work committment for Juanicipio.

MAG closed last Friday at $5.47, up 24 cents on the day.

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.

Nautilus Has US$231 Million in Cash At End Of 2008

Nautilus Minerals, a company that explores for gold-copper in the ocean bed, has released its results for fiscal year 2008. In addition to the $231 million (or US$1.57 per share) in cash featured in the news release, there are other highlights.

Nautilus closed last Friday at $1.03, down 4 cents on the day. Both the bid and ask are $1.06, indicating a higher open.

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.

BacTech Will Pay Off $3 Million Debenture With $400,000 Worth Of Cash Or Stock, Releases Upcoming PP Terms

BacTech Mining Corporation, a company that uses bacteria to enhance recovery of gold, silver and base metals, has announced terms for an upcoming private placement. Gross proceeds will be up to $750,000 through selling units at 4 cents per unit. Each unit will contain a common share and a purchase warrant. The warrants last two years, with exercise price of 7 cents in their first year and 10 cents in their second. In addition, the company has also announced that it has agreed to pay off a $3 million debenture series for $400,000 in cash or stock. Completion of the PP, which is still subject to regulatory approval, may be necessary to follow through on the payoff of the debentures. In addition to further details, the news release adds that BacTech's new management plans to gets its currently stalled projects up and running.

Bac-Tech closed last Friday at that same 4 cents, up 0.5 cents on the day. Currently, the bid - ask is 3.5 cents - 4 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.

X-Cal Completes No-Warrant $500,000 Private Placement

X-Cal Resources Ltd. has completed a private placement of 10 million common shares at 5 cents per share, for gross proceeds of $500,000. No warrants were issued as part of this PP. Certain directors took up 800,000 shares of the offering. The news release notes that the proceeds are to be used for a scoping study on X-Cal's Sleeper Gold property in Nevada.

X-Cal last closed at that same 5 cents last Thursday, for a gain of 0.5 cents. The current bid-ask is 4 cents - 5.5 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.

Southwestern Resources Gets 9.33 g/t Gold In One Of Seventeen Chip Samples

Southwestern Resources Corp. has published the results of 17 chip samples from its Josnitoro copper-gold project in Peru. The best sample, in terms of copper, was 8.98% copper and 2.58 g/t gold. The best in terms of gold was 9.33 g/t gold and 7.90% copper. Three of 59 chip samples from a previous program contained anomalous values of gold. The news release contains further details, including a summary of the geology of the target zone.

Southwestern closed at 43 cents on Friday, down 0.5 cents on the day. Current bid and ask are both 43 cents, indicating an unchanged open.

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.

Radisson Mining Gets AusCan To Put Up $25 Million For Bulk Sample

Radisson Mining Resources Inc. has signed a non-binding Memorandum of Understanding with AusCan Gold Pty Ltd. In return of $25 million, to be used in a 3-year program of bulk sampling, AusCan will earn a 50% interest in the O'Brien Mine Property in Australia. The sampling is to be done on O'Brien's 36 East Zone, to the end of reclaiming this old mine. The news release has further details, including a note of an NI 43-101 compliant report that estimates 200,000 oz. of gold to be available.

Radisson closed Friday at 10 cents, unchanged on the day. 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.

First Quantum Appoints Troy Hayden As Interim CFO, Who Replaces David E. J. Moroney

First Quantum Minerals Ltd. has replaced David E. J. Moroney, who resigned, as CFO. Troy Hayden has been appointed to the position as Interim CFO. A career biography of Hayden is in the news release.

First Quantum cloaed on Friday at $36.09, up $1.24.

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.