News

January 10, 2009

That Was The Week That Was … In Canada

By Our Canadian Correspondent

Minews. Now over to our Canadian Correspondent for a look at how the Canadian markets performed over the past week.

CC. Despite a continuing stream of bad economic news, investors elected to dump gold-related stocks and buy beaten-down base metal miners during the first full week of trading in 2009. Leading the pack were the smaller capitalized stocks that were pummeled during tax loss selling season in December. Once all the trading was done the TSX Ventures Exchange, home to more junior exploration companies than anywhere else in the world, had risen 7.45 per cent, while the TSX Gold Index had tanked 9.8 per cent.

Consolidation in the beleaguered exploration sector resumed, with Crosshair Exploration & Mining and Target Exploration & Mining agreeing to merge. The deal envisions Target shareholders getting 1.2 Crosshair shares for each Target share.

Minews. Crosshair’s share price got hammered last year because of the uranium moratorium that was implemented in Labrador.

CC. Yes, even though their CMB uranium project in Labrador won’t be directly affected by the Nunatsiavut government's decision to...