Stock movers for the week of October 22, 2012
On Monday, Laramide Resources (TSX: T.LAM, Stock Forum) shares climbed 33% to $1.09 on volume of more than 1.7 million shares after the micro cap uranium explorer/developer reported that Australia’s Queensland State Government said it will convene a three-member implementation committee to oversee the recommencement of uranium mining in Queensland, which would be a positive development for the company’s flagship Westmoreland Project in the northwestern part of the state.
As well, shares of Mega Uranium (TSX: T.MGA, Stock Forum) also shot up 52% to 19 cents on the Queensland decision, as the company has its Ben Lomond uranium-molybdenum property and Georgetown Project located in the Australian state.
In Tuesday trading, Slater Mining (TSX: V.SLM, Stock Forum) shares jumped 53% to 27.5 cents 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.
Also, shares of Frontier Rare Earths (TSX: T.FRO, Stock Forum) moved up as much as 25% before closing up 7% to 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.
Wednesday’s market action saw shares of Entrée Gold (TSX: T.ETG, Stock Forum) surge 22% to 50 cents after the micro cap explorer announced that it has received the results of a Preliminary Economic Assessment (PEA) for its 100%-owned Ann Mason copper-molybdenum porphyry deposit in Nevada. Highlights included a base case, pre-tax NPV7.5 of $1.11 billion, IRR of 14.8%, and payback of 5.6 years, based on long-term metal prices of $3.00/lb copper, $13.50/lb molybdenum, $1,200/oz gold, and $22/oz silver, over a 24-year initial mine life.
In addition, shares of Contact Exploration (TSX: V.CEX, Stock Forum) gained 25% to 22.5 cents on volume of more than 2.8 million shares as the oil and gas company said it is currently negotiating with Pieridae Energy Canada a participation and earning agreement in regards to Contact's New Brunswick natural gas assets.
On Thursday, Hana Mining (TSX: V.HMG, Stock Forum) shares powered 74% higher to 79 cents on volume of more than 9.4 million shares after the micro cap explorer said it has agreed to be acquired by Cupric Canyon Capital LP for 82 cents in cash for each common share of Hana held, or a total consideration of approximately $82 million.
As well, shares of Moneta Porcupine Mines (TSX: T.ME, Stock Forum) rose 12% to 23.5 cents as the gold project developer announced an updated National Instrument 43-101 mineral resource estimate on its 100% owned Golden Highway Project east of Timmins, Ontario, which showed an increase to 1.1 million Indicated gold ounces plus a 55% surge in the Inferred resource to 3.2 million ounces of gold.
And, in Friday trading, Benton Resources Inc. (TSX: V.BEX, Stock Forum) jumped 22% to 11 cents. The Thunder Bay, Ont., company said it recently discovered several high grade zones of gold mineralization on its Turtlepond project near Dryden, Ont. The company said two historical shaft zones have now been stripped and the company has identified gold grades ranging from 161 grams per tonne in grab samples and 3.7 grams over three metres in limited channel sampling. Further work is planned as Benton attempts to outline targets for diamond drilling.
Integra Gold (TSX: V.ICG, Stock Forum)rose 13% to 26 cents after the junior said it has begun a 10,000-metre drill program on the Lamaque gold project near Val d’Or, Que. The company said it is focusing on a high priority target known as the No. 5 Plug, located near the project’s northern boundary, about 550 metres south of the Sigma Mine, which produced 4.8 million ounces of gold. Integra said near-surface drilling by Teck Resources Ltd. (TSX: T.TCK.A, Stock Forum) (TCK: T.TCK.B, Stock Forum), returned gold mineralization with intercepts as high as 198 grams per tonne gold.