TSX losses deepen as oil sinks

TSX losses deepen as oil sinks

STEVE LADURANTAYE

Tuesday, September 09, 2008
Oil, metals and agricultural products tumbled Tuesday, driving the S&P/TSX index down a further 3 per cent.

At 3 p.m. (ET), the index was off 384 points to 12,250.45. It has now fallen 1,600 points in the last week, and is at its lowest level since June.

The Dow Jones industrial average, which was up 1.5 per cent Monday on news of a federal bailout for Freddie Mac and Fannie Mae, was down 1.5 per cent.

Oil hit a five-month low of $102.50 (U.S.) after dropping $3.84 on the New York Mercantile Exchange on expectations that OPEC would leave its target productions in place after its meetings this week and oil rigs in the Gulf of Mexico appeared to be out of Hurricane Ike's path.
While cheaper oil is seen as a positive for the U.S. economy because it could spur consumer spending and help buoy the fragile economy, it's a bad thing for the commodity-heavy S&P/TSX.
“The problem in Canada today is oil falling off,” said Andrew Pyle, a Peterborough, Ont.-based investment adviser for Scotia McLeod. “But at the end of the day, I keep telling people that the TSX is just going through what other indexes have already. They all broke their lows, and this market wants to go back and test its own lows like everyone else.”

He said he “firmly believes” the market will hit 12,000 points if oil drops below $100 a barrel. For things to get better, he said, the oil market must stabilize and the U.S. housing market must show at least a quarter of recovery.

Until then, he said, investors are anxiously waiting for the next unexpected surprise that will take markets down further.

“There's always fear about the start of October,” he said. “Now everyone is worried that some financial event, like a bank failure, would trigger an even bigger selloff. That fear is really lingering in the market.”

Kenneth Norquay, a technical analyst at CastleMoore Inc., has discarded his charts and will rely on something a little more organic as he searches for a market bottom.

“Earlier this year, there were two periods of panic selling. They were in late January and on St. Patrick's Day,” he said. “Last week was a pretty sharp sell, but it didn't have that really visceral feeling. Until we can feel the losses in our guts, don't expect any strength in this market.”
© Copyright The Globe and Mail

Canadian Arrow Mines Receives Award from Treaty No. 3 First Nation

Canadian Arrow Mines Receives Award from Treaty No. 3 First Nation
06:30 EDT Tuesday, September 09, 2008

SUDBURY, ON, Sept. 9 /CNW/ - Canadian Arrow Mines Ltd. (CRO: TSX-V) (the "Company"), is pleased to announce it has received a prestigious award commemorating its business relationship with the Treaty No. 3 First Nation regarding the development of the Company's Kenbridge nickel copper project located near Kenora, northwestern Ontario. The honour was bestowed this past spring by the past Grand Chief, (Ogichidaa) Arnold Gardner at the Treaty No. 3 Aboriginal Mining and Exploration Workshop held in Kenora, Ontario.

Canadian Arrow is striving to bring its Kenbridge nickel copper project located within Treaty No. 3 First Nation traditional lands to an early production decision. The Company has engaged the local First Nations communities early in the project's development and is seeking authorization for the project through the Treaty No. 3 resource law known as Manito Aki Inakonigaawin, or the Great Earth Law.

The Company has previously announced that it has already moved into formal consultations with representatives from Treaty No. 3 Grand Council and the four First Nations communities near Kenbridge (Naotkamegwanning, Northwest Angle No. 33, Northwest Angle No. 37, and Onigaming).

Upon receiving the award, President Kim Tyler stated, "We are greatly honoured to receive such recognition, however the recognition and honour must be fully reciprocated. We would not have proceeded so well to this point if not for the leadership of Treaty No. 3.

The Great Earth Law enacted by the people of Treaty No. 3 is really quite unique and groundbreaking in its scope and utility. It sets the process of engagement for any resource industry proponent wishing to take up business in their traditional lands. The Great Earth Law and the professional integrity of the Treaty No. 3 leadership stand as an exceptional model of private business-First Nations enterprise."

About Canadian Arrow Mines, Ltd:

Canadian Arrow Mines, Ltd. is an established Canadian exploration and development Company committed to developing and advancing base metal deposits close to existing infrastructure through exploration, development and acquisition. Shares of Canadian Arrow Mines trade on the TSX Venture Exchange under the symbol "CRO".

Investors are invited to visit Canadian Arrow's IR hub at http://www.agoracom/IR/CanadianArrow where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternately, investors are able to e-mail all questions and correspondence to CRO@agoracom.com where they can also request addition to the investor e-mail list to receive future press releases and updates in real time.>>