ME, TCM: Canadian Mineral Gainers - sourced PicksThatMove.com
Moneta Porcupine Mines Inc., Thompson Creek Metals Company Inc.
Calgary, AB 11/06/2009 04:57 PM GMT (TransWorldNews)
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ME, TCM: Canadian Mineral Gainers
The hot stock information of the day includes: ME, TCM
Gold is steady above $1088/oz after hitting a new record high this morning, as the US jobless rate hit its highest point since 1983, bolstering the demand for the precious metal as a hedge. Gold was up 10$ to $1098/oz in New York at 9:30 this morning before slipping back to yesterday’s fixing.
Moneta Porcupine Mines Inc. (TSE:ME) soared 28.95% up to $0.245 on no news. Last month the company acquired a100% interest in 29 claim units in Cody Township and a 100% interest in 3 claim units in Guibord Township in Ontario. Headquartered in Timmins, Ontario, Moneta Porcupine Mines is a gold mineral exploration and development company and former gold producer whose portfolio includes one of the largest regional properties in one of the most prolific high grade gold producing regions in North America, with over 72 million ounces of gold mined to date.
Thompson Creek Metals Company Inc. (TSE:TCM) gained 8.95% up to $12.78 with1,350,426 shares trading this morning on news yesterday the company announced a 30% increase in molybdenum mineral reserves, and a new 16 year mine plan for the Thompson Creek Mine with adjusted molybdenum price forecasts. The company also released Q3 financial results. The company posted a decline in revenue of 65% to $114.4 million compared to $331.1 million for the same period of the previous year: this is due chiefly to a 61% decline in the average market price for molybdenum of $12.75 per pound from $32.85 per pound last year; however the price of molybdenum has increased this week. The company’s third quarter net income was $19.7 million; compared with $100.6 million in the third quarter of 2008. Applications for molybdenum are required for the manufacturing of aircraft parts, electrical contacts, industrial motors and filaments; the powder is used as a fertilizer for some plants. Headquartered in Toronto, Ontario, Thompson Creek Metals Company Inc is a Canadian molybdenum mining company conducting mining, milling, processing and marketing operations in Canada and the US. Thompson Creek operations include the Thompson Creek Mine in Idaho; the Langeloth Metallurgical Roasting Facility in Pennsylvania; and a 75% joint venture stake in the Endako Molybdenum Mine in British Columbia. Currently the company has two high-grade molybdenum development projects in British Columbia and Colorado.
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