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Junior mining stock pops on takeover agreement

2/2/2012 6:31:49 PM | Sean Mason

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This as a health products play jumped following a China deal Thursday

Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, February 2, 2012

TORONTO (SHfn) – Gold-Ore Resources (TSX: T.GOZ, Stock Forum) shares powered 25% higher to 94 cents on volume of more than 9.2 million shares Thursday after the micro cap miner reported that Elgin Mining (TSX: V.ELG, Stock Forum) will acquire all of the issued shares of Gold-Ore by way of a plan of arrangement. Gold-Ore shareholders are entitled to receive one Elgin Mining common share and one half of one common share purchase warrant of Elgin Mining exercisable at a strike price of $1.30 per Elgin Mining share with a two-year term, which values Gold-Ore at $1.22 per common share.

As well, shares of SemBioSys Genetics (TSX: T.SBS, Stock Forum) rose 120% to 11 cents on more than 8.5 million shares traded as the health and wellness company announced that its product and platform development collaboration agreement with Tasly Pharmaceutical Co., Ltd. of China have received all necessary Chinese approvals and the business license for the newly-formed company based in China, Tasly-SemBioSys Bio-Pharmaceutical, Technology Co., Ltd., to commercialize near, medium and long-term healthy living, nutritional, and pharmaceutical products utilizing Tasly and SemBioSys' plant-based technology.

Latin American Minerals (TSX: V.LAT, Stock Forum), meanwhile, said it has begun operations at its Pilot Plant at the Paso Yobai Gold Project in Paraguay. Latin American Minerals stock popped 43% to 30 cents.

Shares of Sarama Resources (TSX: V.SWA, Stock Forum) surged 50% to 90 cents after the junior explorer announced drill results from its operations in Burkina Faso, West Africa, which included six metres of 6.99 g/t gold from 15 metres, as well as the extension of gold intersections over a 1.1 km strike length.

And, Lupaka Gold (TSX: T.LPK, Stock Forum) Thursday reported that it has received assay results on the final two drill holes from the recently completed 2011 drill program on its Crucero Gold Project in Peru, which included 1.36 grams per tonne (g/t) gold over 67 metres. Lupaka Gold shares added 11% at $1.25.

Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern)
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Sean Mason

Sean Mason is a Stockhouse market reporter and editor.

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