Potential government approval of a Russian diamond acquisition boosted a small miner Friday, while another diamond play plunged.
Stockhouse Canadian Small and Micro-cap Stock Report for Friday, October 10, 2008
TORONTO (SHfn) - Potential government approval of a Russian diamond acquisition boosted a small miner Friday, while another diamond play plunged.
Archangel Diamond (TSX: V.AAD, Stock Forum) shares powered 67% higher to 50 cents on Friday after the micro cap miner reported that, in connection with its proposed acquisition of a 49.99% equity interest in OAO Arkhangelskoe Geologodobychnoe Predpriyatie (AGD) from LUKOIL, it has been reported by press agencies that the newly-appointed Russian Government Commission has given its consent to the transaction pursuant to the Russian law concerning foreign investment in strategic assets.
As well, shares of Diagem (TSX: V.DGE, Stock Forum) plunged 62% to 2.5 cents after the diamond explorer said it has decided to cease its Juina-based exploration and development activities until the embargo placed on its Chapadao Project by the Brazilian Federal Environmental Agency can be successfully resolved.
Vault Minerals (TSX: V.VMI, Stock Forum) shares climbed 45% to 29 cents after the junior miner reported that it has entered into option agreements to acquire two strategic claim units, contiguous to its Goldbanks property in the Kirkland Lake gold camp in Ontario.
MIGENIX Inc. (TSX: T.MGI, Stock Forum), meanwhile, announced that it remains committed to protecting important assets and rationalizing certain programs. In order to conserve cash resources through the Omigard Phase III results, MIGENIX intends to provide minimal development investment for its various other programs, while at the same time increasing its out-licensing efforts to further advance these programs and generate additional financial and collaborative resources, which includes cost reduction measures. MIGENIX stock popped 60% to 12 cents.
Shares of Intrinsyc Software International (TSX: T.ICS, Stock Forum) surged 4% to 14.5 cents after the wireless software solutions provider reported that Shanghai RagenTek Communication Technology Co. has launched a Smartphone named "Cronos" in China incorporating Intrinsyc's Soleus software platform.
And, Columbia Yukon Explorations (TSX: V.CYU, Stock Forum) Friday announced an expansion of the known mineralized zone at its "Storie" property molybdenum deposit in northern British Columbia, which included 153 metres grading 0.098% molybdenum. Its shares jumped as much as 15% before closing down 5% to 19 cents.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |
