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Gold junior surges 53% on technical report findings

10/23/2012 5:02:15 PM | Sean Mason

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This as some speculators reacted positively to a rare earth project partnership Tuesday

Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, October 23, 2012

TORONTO (SHfn) – Slater Mining (TSX: V.SLM, Stock Forum) shares jumped 53% to 27.5 cents on Tuesday after the gold project developer announced that it has prepared a National Instrument 43-101 compliant technical report for the West Khazret Gold Project in the Republic of Kazakhstan, in which the company has a three-year option to acquire 100% of this property. The report states that preliminary metallurgical testwork results are encouraging and the zone clearly now warrants an infill drilling programme (RC) to define a resource. As well, there are numerous opportunities to develop a series of relatively shallow, satellite gold occurrences that may be amenable to heap leaching.

As well, shares of Frontier Rare Earths (TSX: T.FRO, Stock Forum) moved up as much as 25% before closing 7% higher at 64 cents as the micro cap explorer said it has entered into a new agreement with Korea Resources Corporation (Kores) to significantly expand the scope of their strategic partnership, which is focused on the financing and development of Frontier's Zandkopsdrift rare earth project in South Africa. Kores now has the option to increase its participation up to a 50% or equal interest with Frontier in Zandkopsdrift, together with an off-take right and obligation for up to 50% of production from Zandkopsdrift. In return, Kores will arrange project financing for the entire Zandkopsdrift development on the best available market terms.

And, Yorbeau Resources (TSX: T.YRB.A, Stock Forum) Tuesday reported drill results on the Lake Gamble Block of its Rouyn property in Quebec, which assayed 4.3 g/t gold over 13.0 metres and 35.0 g/t gold over 3.0 metres at a vertical depth of less than 200 metres. Yorbeau shares added 8% at 13.5 cents.

Top Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern)
Versatile Systems Inc. (V.VV, Stock Forum)	133.33%
Slater Mining Corporation (V.SLM, Stock Forum)	52.78%
Quia Resources Inc. (V.QIA, Stock Forum)	37.50%
Stoneshield Capital Corp. (V.STS, Stock Forum)	33.33%
Liberty Silver Corp. (T.LSL, Stock Forum)	32.53%
Top Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern)
Arcus Development Group Inc. (V.ADG, Stock Forum)	-43.75%
Viper Gold Ltd. (V.VPR, Stock Forum)	-41.67%
Ditem Explorations Inc. (V.DIT, Stock Forum)	-40.00%
Reliant Gold Corp. (V.REC, Stock Forum)	-37.50%
Miocene Metals Limited (V.MII, Stock Forum)	-33.33%

ABOUT THE AUTHOR

Sean Mason

Sean Mason is a Stockhouse market reporter and editor.

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