Junior explorer jumps on lithium project acquisition

Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, November 4, 2009 

TORONTO (SHfn) – Lithium was a feel good story for some shareholders Wednesday, while the first gold pour seemed reason to celebrate.

Mesa Uranium (TSX: V.MSA, Stock Forum) shares surged 70% to 17 cents on Wednesday after the micro cap explorer said it has acquired, by staking, the Green Energy lithium project in Utah. The project consists of mining claims covering an area of approximately 10 square miles (6,000 acres) and is 100% wholly-owned. Lithium occurs at the project over an extensive area with values as high as 1,700 ppm lithium (0.9% Li2CO3) in saturated brine.

As well, shares of Monument Mining (TSX: V.MMY, Stock Forum) gained 30% to 39 cents as the junior miner announced that it has poured the first gold from the newly-commissioned gravity circuit of the 1200 tpd gold treatment plant at its wholly-owned Selinsing Gold Project in Malaysia.

Northstar Healthcare (TSX: T.NHC, Stock Forum), meanwhile, reported that its Palladium-Houston facility has reached a complete resolution to its dispute with one of its largest payors, a major private health insurance provider. As a critical component of the resolution, the parties have signed a settlement agreement under which Palladium-Houston and the payor have agreed to release each other from any past or present claims related to the dispute. Northstar stock popped 22% to $1.04.

And, Metals Creek Resources (TSX: V.MEK, Stock Forum) Wednesday announced the start of a 2000 meter diamond drill program on its Ogden Gold Property in Timmins, Ontario. The project is an option agreement with Goldcorp Canada Ltd. and Goldcorp Inc. to explore Goldcorp's Ogden gold property in Ogden and Deloro Townships. These claims cover eight kilometers of strike length of the Porcupine-Destor Break, which is host to the Dome Mine complex and five large past producers located between three and eight kilometers to the east of the property along the gold trend. Its shares jumped 22% to 16.5 cents.