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Junior explorer plunges 43% on termination decision

11/13/2012 5:12:37 PM | Sean Mason

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This as drill results boosted a gold micro cap Tuesday

Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, November 13, 2012

TORONTO (SHfn) – Nautilus Minerals (TSX: T.NUS, Stock Forum) shares sank 43% to 41 cents on volume of more than 1.9 million shares Tuesday after the ocean floor mineral explorer said it has decided to preserve its cash position by terminating the construction of the equipment for its Seafloor Production System.

As well, shares of Romios Gold Resources (TSX: V.RG, Stock Forum) moved up 25% to 15 cents as the micro cap explorer reported results from its diamond drill program at the Ken Zone on the Newmont Lake Project in British Columbia, which included 3.28 metres of 1.39 grams per tonne (g/t) gold, 0.43% copper, 5.34 g/t silver.

Northern Iron (TSX: V.NFE, Stock Forum), meanwhile, announced the signing of an asset purchase agreement under which Ontario Iron Mining Inc. will acquire 100% of the El Sol and Whitemud Properties from Northern for $5 million. Northern Iron stock popped as much as 17% to 10.5 cents.

And, Nordex Explosives (TSX: V.NXX, Stock Forum) late Monday reported that its previously disclosed non-brokered private placement offering of common shares has been oversubscribed and, thus, the company will increase the size of the offering to issue up to 9,521,867 shares at a price of 45 cents per share to raise gross proceeds of up to $4,284,840.15. Nordex Explosives shares powered 22% higher to 66 cents on Tuesday.

Top Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern)
Semcan Inc. (V.STT, Stock Forum)	116.67%
Mena Hydrocarbons Inc. (V.MNH, Stock Forum)	100.00%
MicroPlanet Technology Corp. (V.MP, Stock Forum)	61.90%
Alphinat Inc. (V.NPA, Stock Forum)	50.00%
Canada Strategic Metals Inc. (V.CJC, Stock Forum)	38.46%
Top Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern)
Exploration Aurtois Inc. (V.EXA, Stock Forum)	-50.00%
Diaz Resources Ltd. (V.DZR, Stock Forum)	-50.00%
Nautilus Minerals Inc. (T.NUS, Stock Forum)	-43.06%
Northaven Resources Corp. (V.NTV, Stock Forum)	-42.86%
Satori Resources Inc. (V.BUD, Stock Forum)	-40.00%

ABOUT THE AUTHOR

Sean Mason

Sean Mason is a Stockhouse market reporter and editor.

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