Crude oil was hammered on Tuesday after Ben Bernanke, the Chairman of the U.S. Federal Reserve, said in a speech that inflation and the health of the U.S. dollar were now in his sights."Back in 1978, the Fed also showed concern about the weaker dollar contributing to the inflation problem," Paul-Andre Pinsonnault, senior fixed income strategist at National Bank, said in a note. "At the time, its response was to raise interest rates. Will history repeat itself?"Though Mr. Pinsonnault thinks a rate increase is unlikely in the near term, commodity investors appeared to be ratttled by the prospect. Oil fell to $124.31 (U.S.) a barrel in New York, down $3.45, leading to big losses among energy producers.The commodity-heavy S&P/TSX composite index closed at 14,728.61, down 85.57 points or 0.6 per cent.
Talisman Energy Inc. fell 2.1 per cent and Suncor Energy Inc. fell 3.2 per cent.As well, the price of gold fell to $880.60 an ounce, down about $11. Barrick Gold Corp. fell 0.6 per cent and Goldcorp Inc. fell 2.3 per cent.However, the Canadian benchmark index was saved from more severe losses by a rally among agriculture stocks, which are getting renewed attention with the emergency meeting of the United Nations Food and Agriculture Organization in Rome this week. In particular, Potash Corp. of Saskatchewan Inc. rose 4.9 per cent, contributing nearly 30 points to the index.
The Dow Jones industrial average closed at 12,402.85, down 100.97 points or 0.8 per cent. Boeing Co. fell 3.7 per cent, Alcoa Inc. fell 2.5 per cent and Exxon Mobil Corp. fell 2.4 per cent. As well, Microsoft Corp. extended its losing streak to nine out of the past 12 trading sessions, falling 1.8 per cent.The broader S&P 500 closed at 1377.65, down 8.02 points or 0.6 per cent. Lehman Brothers Holdings Inc. fell 9.5 per cent on concerns about coming losses and speculation the securities firm will have to issue additional common shares.In a curious twist, homebuilder stocks were higher:
KB Home rose 5.6 per cent a day after the company's chief executive said U.S. home prices will likely fall another 10 per cent. Clearly, that's interpreted as good news these days.Copyright 2001 The Globe and Mail
Tuesday, June 3, 2008
Crude oil was hammered on Tuesday after Ben Bernanke
QEC:TSX: Wellington Puts $$ Where Mouth Is Again
Canadian Arrow Mines - 2008 Summer Field Programs Underway
Canadian Arrow Mines - 2008 Summer Field Programs Underway
10:30 EDT Tuesday, June 03, 2008
SUDBURY, ON, June 3 /CNW/ - Canadian Arrow Mines, Ltd. (CRO: TSX-V) (the "Company") has commenced field exploration activities on a group of properties collectively referred to as the Turtlepond Lake Project, located in northwestern Ontario. The programs will evaluate a number of prospective VTEM helicopter-borne geophysical anomalies in addition to several historical showings reported in previous press releases. The Glatz showing consists of a series of trenches along a 450m long trend from which grab samples have assayed up to 1.28% Ni. An 800m long VTEM anomaly is associated with the Glatz showing. The Prigg showing has returned up to 1.0% Ni from grab samples, and is coincident with an 800m long VTEM anomaly. The Emmons Lake showing consists of grabs samples which have returned up to 1.6% Ni, and 10 packsack drill holes which intersected up to 0.73% Ni, 0.58% Co over an 11.6 metre intersection. The shallow packsack drilling defined an area approximately 45m long by 15 m wide. A map of the Turtlepond Lake Project is available on the company's website www.canadianarrowmines.ca/turtlepond_lake_projects.
Todd Keast, Arrow's VP Exploration commented "In addition to the excellent targets on the Turtlepond Lake Project, we have a number of quality projects to explore this season, including the Eva Lake, Kawene, Chief Peter Lake and Denmark Lake Projects. Our experienced exploration group will use the knowledge gained from last seasons extensive program at Kenbridge to evaluate the Ni-Cu sulphide potential of the exploration targets. There is great potential for new discoveries in this region."
The exploration program is being carried out under the direction of The Company's Vice President of Exploration, Todd Keast, P. Geo., a qualified person as defined by National Instrument 43-101. The information in this release was prepared under the direction of Kim Tyler, P. Geo., President of the Company, a qualified person as defined by National Instrument 43-101.
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.
If you would like to receive press releases via email please contact:
mirna@chfir.com.
THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL
RESPONSIBILITY FOR ITS CONTENTS.
THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF THIS PRESS
RELEASE.
%SEDAR: 00008534E
For further information: visit the website at www.canadianarrowmines.ca, or call toll free, 1-877-262-6354, or contact: Canadian Arrow Mines, Ltd.: R. Kim Tyler, P. Geo, President, Tel: (705) 673-8259, E-mail: kim@canadianarrowmines.ca; CHF Investor Relations: Barry Leung, Tel: (416) 868-1079 ext. 222, E-mail: barry@chfir.com or Alison Tullis, Tel: (416) 868-1079 ext. 233, E-mail: alison@chfir.com
