Treasure Picks Stock Library

Thursday, November 19, 2009

New Gold shuts mine after Mexico court ruling

UPDATE 1-New Gold shuts mine after Mexico court ruling

10:09 EST Thursday, November 19, 2009

* Cerro San Pedro mine suspended after ruling

* Gold recoveries from mined ore continuing

* Shares down 17 percent

TORONTO, Nov 19 (Reuters) - Shares of New Gold Inc dropped more than 17 percent on Thursday after the company said it had suspended mining at its Cerro San Pedro mine in Mexico following an order from authorities in the country.

In a statement, the Canadian company said it was pursuing all legal appeals and cooperating with Mexican authorities following the order, which was issued on Wednesday.

New Gold said mining has been stopped, but gold recovery continues from mined ore.

It said the Mexican environmental protection agency nullified the mine's 2006 environmental impact statement following a ruling by a Mexican federal court.

New Gold said the mine, which was expected to produce between 90,000 and 100,000 ounces of gold this year, has been operating in full compliance with required permits and government authorizations.

New Gold's shares were down 78 Canadian cents at C$3.76 on the Toronto Stock Exchange. ($1=$1.07 Canadian) (Reporting by Cameron French, editing by Gerald E. McCormick)

ITX-T Huge Bids Waiting To Grab Up This Stock - Why?

Place your bets on the future and Natural Gas

ITX-T

Caisse de depot et placement du Quebec

Has accumulated 1 Million Shares at $1.18 Nov 5 2009

You can buy at 1.12

Natural Gas Accumulation = Retirement Early

Time To Accumulate As Fast Money Is Buying Low To Sell Much Higher

Gas has been trending up since hitting a seven year low on Sept 3, 2009. Market drivers are forecasted cold weather, the recovering economy, declines in gas production, and higher oil.

Futures market prices predict the market is now back to its previous long term up trend as each successive future month is priced higher that the previous month. As cold weather and falling production begin to reduce the stockpile of natural gas available to the recovering economy the price for gas could jump significantly by year end.

Indeed many professional investors are moving money into the commodity markets such as natural gas. These speculative investments have already lead to recent price volatility and this well may gain momentum as we move through 2010. Medium term technical indicators such as the 50 day moving average vs current price, or the 20 - 100 Day MACD oscillator and the 50 day parabolic time/price all are showing buy signals. Overall the medium term technical indicators average 75% on the Buy side.