Shares of Canada Lithium Corp. (CLQ-T0.89-0.46-34.07%) fell 33 per cent Tuesday after the company revealed its resource estimates may not be as bountiful as first expected.
The warning comes less than two months after the company sold $127-million of common shares at a 17 per cent discount.
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Don
Some of the most active companies traded Tuesday on the Toronto Stock Exchange and the TSX Venture Exchange:
Toronto Stock Exchange (14,122.85 down 13.65 points):
Canada Lithium Corp. (TSX:CLQ). Miner. Down 46 cents, or 34.07 per cent, at 89 cents on 20,750,437 shares. The company disclosed Monday that the lithium deposit that it wants to develop near Val D’Or, Que., may not be as big as previously reported and has launched an outside review.
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Don
Canada Lithium Corp. (TSX:CLQ) has launched a review of a $202-million mining project it plans to develop in western Quebec, saying the lithium deposit may not be as big as previously reported.
The announcement comes less than four months after the Toronto-based company confirmed that the project was among the top two- or three-largest hard-rock lithium deposits in the world.
The company had also claimed that the lithium deposit could compete financially with South American lithium brine operations and produce a very pure form of lithium and do so more quickly than most brine or hard-rock projects.
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Don
Another battle for some of Canada’s top mining companies is shaping up with Australia’s Equinox Minerals Ltd. (EQN-T6.270.121.95%) slated to make a hostile bid for Lundin Mining Corp. (LUN-T6.45-0.01-0.15%) that could thwart Lundin’s proposed merger with Inmet Mining Corp. (IMN-T67.300.030.04%)
Vancouver-based Lundin said late Sunday that Equinox, a copper miner listed in Toronto and Australia, intends to make an unsolicited takeover offer before markets open on Monday. Equinox requested its shares be halted on the Australian Stock Exchange before that market opened on Monday, “pending the release of an announcement by the company.”
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Don
- Toronto’s main stock index marched to its highest level in 31 months on Wednesday on firm energy and financial issues, as well as on a rally by Research In Motion , after Citigroup raised its rating on the BlackBerry maker by two notches.
The TSX index rose above the 14,000 mark for the first time since July 7, 2008, aided by a 3 percent jump by RIM to C$66.69.
Citigroup raised its rating on the company to “buy” from “sell”, saying Nokia’s much criticized strategy to embrace Microsoft’s operating system was making carriers spend more money promoting the BlackBerry maker.
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Don
STRONGBOW EXPLORATION INC - SBW:TSX-V |
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Don
- Feb. 15, 2011) -
Trading was very heavy on a volume of 459.2 million shares worth 298.5 million dollars.
There were 568 advances, 539 declines and 535 issues unchanged.
The S&P/TSX Venture Composite Index closed up 14.12 at 2394.58
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Don
Adroit Resources Inc. Drilling Progress and Expropriation Claim Update. Management is pleased to announce that the Grassy Lake drilling programme is now 50% completed (see Company’s January 31, 2011 news release) and a first batch of 600 samples is being prepared to be sent for assaying. Assay results will be published once received and evaluated by the Company’s technical team.
Drilling Progress – Grassy Lake. The 3,000 meter diamond drilling program on the Grassy Lake portion of the Red Vein property is now 50% completed. The Laframboise Drilling Inc. drill has completed four drill holes into combined MMI/IP targets on Zone B of the Grassy Lake portion of the Red Vein Property. The Levert Drilling Ltd drill has completed their third diamond drill hole on a combined MMI/IP target on Zone A of the Grassy Lake portion of the Red Vein Property.
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Don
Toronto’s main stock index finished modestly higher on Tuesday, with financials and gold issues leading the gains and offsetting declines among base-metal miners.
The market extended Monday’s 1 percent rally when Chinese trade data, which showed surging imports, gave the resource-heavy TSX a boost.
“The surprise still is on the resilience of the market and how it does not seem to want to go down,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.
“People have said we’re in for a correction. How many thousand of points have we gone up since then? We’re still waiting for Godot — it may never happen,” Nakamoto said.
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Don
TORONTO – Some of the most active companies traded Tuesday on the Toronto Stock Exchange and the TSX Venture Exchange:
Toronto Stock Exchange (13,929.35 up 18.58 points):
Yellow Media Inc. (TSX:YLO). Media and marketing. Down 16 cents, or 2.75 per cent, at $5.65 on 9,868,437 shares. The directory company’s shares continued a steep decline, finishing the day at a record low since its transition to a corporation from an income trust late last year.
Ventana Gold Corp. (TSX:VEN). Miner. Up seven cents, or 0.54 per cent, at $12.99 on 9,045,546 shares. It reached an agreement Monday for a sweetened takeover by a company formed by Brazilian resource firm Grupo EBX valued at about $1.4 billion.
Regards,
Don
When investors look for exciting investment destinations, countries like Malaysia, Peru and China often top their lists. Funds like the iShares MSCI Malaysia Index (NYSE:EWM) have surged as investors have looked towards the exotic to find gains. Still, as these emerging nations continue to grow, their demand for natural resources remains insatiable. Our often ignored neighbor to the North with its vast supply of natural resources, may make it just as an exciting proposition as Estonia.
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Regards,
Don
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