Stock movers for the week of September 10, 2012
On Monday, Excellon Resources (TSX: T.EXN, Stock Forum) shares climbed 25% to 45.5 cents on volume of more than 3.4 million shares after the silver miner reported the ending of the illegal blockade at its La Platosa mine in Mexico, which had been ongoing since July 8, 2012, by the Ejido la Sierrita.
As well, shares of Rare Earth Metals (TSX: V.RA, Stock Forum) shot up as much as 50% to 10.5 cents as the micro cap explorer said CEC Rare Earth Corp., a private British Columbia company, has been hired to assist the company in developing a vertically integrated business within the global rare earth industry.
In Tuesday trading, MAX Resource (TSX: V.MXR, Stock Forum) shares jumped 50% to 19.5 cents after the micro cap explorer reported assays from the first hole of an eight hole (872 metres) Phase III core drilling program completed at its Majuba Hill silver/copper/gold project in Nevada, which included 332 metres of 12 grams per tonne (g/t) silver and 0.13% copper (23.9 g/t silver equivalent) in oxides.
Also, shares of Taipan Resources (TSX: V.TPN, Stock Forum) moved up 15% to 31 cents as the oil and gas explorer said it has begun a farm-out process for Block 2B onshore Kenya.
Wednesday’s market action saw shares of Great Basin Gold (TSX: T.GBG, Stock Forum) plummet 55% to 10.5 cents on volume of 17.1 million shares after the gold miner said it has suspended operations at its Burnstone mine in South Africa due to its inability to continue funding the working capital required to achieve cash flow breakeven. The company is seeking financing for the immediate costs associated with the shut-down, which are estimated in the range of $30 million-$40 million together with ongoing monthly costs in the $1.2 million range for a care and maintenance program.
In addition, shares of East Asia Minerals (TSX: V.EAS, Stock Forum) gained 29% to 24.5 cents on more than 1.8 million shares traded as the micro cap explorer announced the restart of the drilling program and continued development of the Sangihe gold-copper project in Indonesia.
On Thursday, ShaMaran Petroleum (TSX: V.SNM, Stock Forum) shares surged 27% to 37.5 cents on volume of more than 18.4 million shares after the energy junior reported results of the Atrush-2 appraisal well drilled 3.1 kilometres to the east of the Atrush-1 discovery well in the Kurdistan Region of Iraq. The well was spudded on May 23, 2012, and reached the planned total depth of 1750 meters in 49 days and flowed at a rate of 42,212 bopd barrels of oil per day.
As well, shares of Vero Energy (TSX: T.VRO, Stock Forum) rose 14% to $2.59 on more than 5.3 million shares traded as the oil and gas explorer/developer said it would merge with privately-held TORC Oil & Gas Ltd. to create a new Cardium-focused light oil resource company. As part of this transaction, TORC has entered into a $100 million "bought deal" private placement financing.
And, in Friday trading, Helio Resource (TSX: V.HRC, Stock Forum) shares powered 11% higher to 10 cents, following a 29% gain on Thursday, after the micro cap explorer reported that it has received an independent NI 43-101 compliant Preliminary Economic Assessment (PEA) for the SMP Gold Project in Tanzania, which showed a 500,000 ounce total production base case, a NPV of US$85.7 million, and an IRR of 24%.
Finally, shares of ODESIA Group (TSX: V.ODS, Stock Forum) added 59% at 35 cents as the technology solutions provider announced the successful acquisition of all issued and outstanding shares of privately-held Gestion Passerelle for $850,000 and the issuance of 300,000 shares.