TORONTO (SHfn) – Canadian Orebodies (TSX: V.CO, Stock Forum) shares powered 22% higher to 16.5 cents on Thursday after the micro cap explorer reported assay results from grab samples taken from five of its Lithium/Rare Metals properties all located in Ontario, which included one that assayed 3.66% Li20 (lithium oxide). The properties are owned 100% by Orebodies (subject to a 2% NSR, 50% of which can be purchased by Orebodies for $1 million).

As well, shares of Underworld Resources (TSX: V.UW, Stock Forum) added 33% at $2.57 as Kinross Gold (TSX: T.K, Stock Forum) announced an agreement to acquire 100% of the outstanding common shares of Underworld not already owned by Kinross. For each common share of Underworld, Kinross will offer 0.141 of a Kinross common share, plus $0.01 in cash. The offer represents an implied price of approximately $2.62 per common share, based on the March 10, 2010, closing price of $18.54 per Kinross common share on the Toronto Stock Exchange. The transaction values the fully-diluted share capital of Underworld at about $139.2 million.

IPICO Inc. (TSX: V. RFD, Stock Forum), meanwhile, said it has entered into an exclusive letter of intent with Maritime Telecommunications Network, Inc. (MTN), a global service provider of communications, connectivity and content services to remote locations around the world, respecting the distribution of an integrated solution co-developed by IPICO and MTN for people-tracking applications on maritime vessels using IPICO's IP-X based tag and reader technology and MTN's proprietary software. IPICO stock popped 41% to 19 cents.

And, Ascot Resources (TSX: V.AOT, Stock Forum) late Wednesday reported the signing of an option agreement to purchase all of the interests of the Mt. Margaret porphyry copper-molybdenum-gold-silver deposit held by General Moly Inc. in the St. Helens Mining district of Skamania county in Washington state. Its shares jumped 24% to 72 cents on Thursday.

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Sean Mason

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