Many traders and investors consider copper to be a leading indicator for the stock market. The legendary trader, Jesse Livermore, used to say that a strong copper market was a sign of a strong stock market. When copper declined sharply it was a sign a weak stock market ahead. Today, many of the leading copper stocks are trading sharply lower.
Scorpio Mining Corporation (SPM.TO) went up by more than 4% to $1.19 with more than 1.1 million shares traded on Wednesday afternoon after reporting an updated mineral resource and reserve estimate below the 4750 level at its Nuestra Senora mine in Sinaloa State, Mexico.
Toronto, March 9, 2011: Gammon Gold Inc. (“Gammon Gold”) (TSX:GAM) and (NYSE:GRS) is pleased to announce that the Company?fs audited year?]end financial results for the period ended December 31, 2010 will be released before the market opens on Monday, March 28, 2011. The financial statements will be available on the Company?fs website at www.gammongold.com or www.sedar.com.
Endeavours shares have dropped after reporting a decrease of 19% in proven and probable reserves for a total of 13.4 M oz silver between the companys two Mexican mines, Guanacevi and Guanajuato. However, the indicated silver resources were up 16% at 27.4 million oz and indicated gold resources were up 53% at 182,000 oz. It will be critical to Endeavours success to extend the mine lives by replacing the mined ore with more proven reserves, hence Endeavour plans to spend $9.2 million on exploration and drilling in Mexico this year while simultaneously increasing production rates at the two mines.
Chesapeake Gold is looking for a partner for their world-class Metates Silver-Gold project in Durango, Mexico
Shares of Freeport McMoRan Copper and Gold Inc (FCX) saw unusually high trading volume on Thursday. Approximately 18,930,470 shares changed hands during mid-day trading, an increase of 1.82% from the previous session. The stock last traded at $47.86.
The Toronto stock market was negative Wednesday as worries about how rising energy costs will affect the global economy punished mining stocks while crude oil prices again headed higher.
Starcore International Mines Ltd. (TSE:SAM) went up 10.53%, to close at $0.105 and its overall traded volume was 432,500.00 shares in the last trading session
Argentum Silver Corp. (TSX VENTURE:ASL) (“Argentum” or the “Company”) announces the grant of incentive stock options to certain directors, officers and consultants of the Company to purchase up to 600,000 common shares in the capital stock of the Company pursuant to an approved share option plan. The options are exercisable at a price of $0.31 per share on or before March 7, 2016, subject to the approval of the TSX Venture Exchange.
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