After posting nice returns earlier in the week, the Canadian markets took a well deserved rest during Friday trading. For the tale of the tape: the TSX Exchange tacked on 0.11%, while the TSX Gold Index fell 0.60%, and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 0.50% with the advancers beating out the decliners by a 415 to 373 margin on a modest 137 million shares traded.
Silvercorp Metals has terminated its unsolicited offer to acquire Klondex Mines but Paramount Gold  and Silver (AMEX:PZG) is offering up 1.45 of its shares for each Klondex share. This would value the transaction at around C$80 million. Silvercorp ended the day down C$0.08 at C$3.85, Klondex closed up C$0.04 at C$1.90 and Paramount closed up C$0.02 at C$1.47.

Nevgold Resource announced that the drill rig will be turning on its Cordero gold project in Nevada. The junior is targeting high-grade feeders at around 450 meters depth. Nevgold ended the day unchanged at C$0.15.

The Evolving Gold story continued to evolve. The junior mobilized a fourth core drill rig to its Rattlesnake Hills property in Wyoming. Evolving Gold closed at C$1.29, for a C$0.18 gain.

The markets appear to be at a pivotal turning point with signs that an economic recovery is at hand driving buyers back into equities. We shall see what Monday trading has in store.

Source: Resource Stock Roundup:Monday, July 27, 2009

Last 5 posts by Doug Casey

• Base Metals Higher - July 27th, 2009
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• Resource Stock Roundup:Friday, July 24th, 2009 - July 24th, 2009