Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, July 2, 2013
VANCOUVER (SHfn) –
Antrim Energy Inc.
) soared 23.5% to 10.5 cents on Tuesday after the international exploration and production company said that the UK Department of Energy and Climate Change (DECC) has agreed to amend the terms of UK Central North Sea License P077 to allow for a revised field development plan for the Fyne Field to be submitted no later than Jan. 31, 2014. DECC's consent to this amendment includes conditions, amongst other things, that the field development plan submission is in its final form, the environmental statement is cleared, Antrim is approved as a production operator, there is satisfactory evidence of project financing, and first production is achieved prior to Nov. 25, 2016.
) climbed 15% to 23 cents in mid-morning trading, but was unchanged at $0.20 a share after the bell, as investors assessed the news that the exploration company had discovered a third mineralized porphyry system at its Ajiaco Sur target, the third target drilled of six identified targets, within the company's 100% owned Caramanta Porphyry Cluster at its Caramanta project in northwest Colombia. Highlights from the drilling results included 76.9 metres grading 0.69 grams per tonne gold, 3.4% copper and 0.46 parts per million molybdenum.
) also fell 8% to 16.5 cents after the mining company announced the resignation of Joseph Keane from the board of directors effective July 1, 2013. "Joe was instrumental in the acquisition of the El Pilar leachable copper deposit by Mercator and has been a valuable contributor to the company," said Robert Quinn, Mercator's Chairman.
Champion Iron Mines
) lost 11% to 20 cents after the iron ore exploration and development company terminated a contract with Sept-Iles Port Authority on June 28, 2013 relating to a multi-user port facility proposed at Pointe Noire, Sept-Iles, Quebec. The agreement required Champion to make payments totalling of $25.6 million by July 1, 2013. The company had been working diligently over the past few months and felt it could reach an alternative rail transportation solution prior to the July 1, 2013 payment date stipulated in the Port Authority agreement. Unfortunately, the multi-user railway collaborative framework process had not reached a critical point in terms of both public and private support and Champion determined that it was in the company's best interest to terminate its agreement with the Port Authority at the present time.