(Street Life is a regular feature that profiles what's playing in the stock market.)
Act I: Shiny Metals
* The Player: ECU Silver Mining Inc. (TSX:ECU)
* Action: Down 45 per cent in a month (from $1.81 Oct. 3)
* Recent Price: $1
* 52-Week High/Low: $2.71/$0.79 Who ever said gold and silver don't go together?
ECU Silver Mining Inc., with a head office in Quebec and executive office in Toronto, has announced that its joint venture with Golden Tag Resources Ltd. (TSXV:GOG) of Montreal has intersected a new zone of massive sulphide mineralization (with silver, lead and zinc grades).
The most recent drill hole is the first in the southeastern portion of the joint venture's San Diego property in Durango state, Mexico. Its results, along with reports from October and June of this year, demonstrate a pattern of massive to semi-massive mineralization in the area.
ECU, which has extensive exploration experience in this portion of Mexico, recently commenced mining production at its Velardena mine, four kilometres on the other side of a mountain.
The news helped buoy ECU stock to trade at $1.06 after its fall to 52-week lows from over $1.80 a month ago. In comparison, Golden Tag stock, which fell in the month from $0.255 on Oct. 3, was trading at $0.225, up three cents on the day.
Act II: Waste not, Want Not
* The Player: First Uranium Corp. (TSX:FIU)
* Action: Down 48 per cent in a month (from $2.85 Oct. 3)
* Recent Price: $1.48
* 52-Week High/Low: $12/$1.02 First Uranium Corp., based in Toronto with uranium and gold mines in South Africa, has entered into a letter of intent to sell 25 per cent of its Mine Waste Solutions tailings recovery operation in South Africa.
Gold Wheaton (Barbados) Corp., a subsidiary of Gold Wheaton Gold Corp. (TSXV:GLW) based in Vancouver, will pay $125 million in the deal, which is subject to government and regulatory approvals, third-party consents, board approvals and acceptance by the TSX. First Uranium is selling the stake in its tailings recovery operation as part of the company's transition from mine developer to uranium and gold producer.
Act III: Hammered Copper
* The Player: Quadra Mining (TSX:QUA)
* Action: Down 47 per cent in a month (from $10.51 Oct. 3)
* Recent Price: $5.56
* 52-Week High/Low: $27/$3.75 Some metal prices may be up, but copper isn't one of them.
Quadra Mining, which is based in Vancouver and operates the Robinson gold and copper mine in Nevada and a copper mine in Arizona, may have increased output in the quarter, but revenue fell hard. So much so, that Quadra is stopping work at its two development projects (a copper project in Chile and a molybdenum project in Greenland) and is suspending production forecasts beyond 2008.
Quadra's quarterly copper production rose 26 per cent to 38.6 million pounds, and gold production jumped 27 per cent to 30,629 ounces, but revenue fell from $134.6 million to $116 million, thanks to a copper price that has fallen nearly 50 per cent since the beginning of July.
Quadra is expected to complete its review of production forecasts for 2009 and beyond by the end of November.
Act IV: Toronto Loss, Russian Gain
* The Player: Sprott Resource Corp. (TSX:SCP)
* Action: Down 12 per cent in a month (from $2.40 Oct. 3)
* Recent Price: $2.11
* 52-Week High/Low: $4.98/$1.27 A Toronto-based resource company, along with other principal shareholders, has given the boot to its interest in a B.C.-based coal business.
Sprott Resource Corp., which owns approximately 37 percent of private PBS Coals Ltd., has announced a numbered company (7027940 Canada Ltd.) has agreed to buy all outstanding shares of PBS.
The numbered company, a subsidiary of Russian-based Severstal Resources, originally offered to pay $8.30 per PBS share, then was granted a price reduction on the total deal of $382 million. The final agreement gives Sprott net proceeds of around $141 million for its portion of PBS shares.
Sprott shares bounced between $2.11 and $2.20 the day of the announcement.
NOTE: The above is not intended as investment advice to buy or sell any mentioned securities. Investors should do due diligence before investing. Quotes are based on results through Nov. 3, 2008.
(Nicole Strandlund can be reached at nicole@businessedge.ca)






