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Balmoral Resources (V.BAR) up 11.4% on tax credit

Elizabeth Walters Elizabeth Walters, Stockhouse
0 Comments| July 22, 2013

Stockhouse Canadian Small and Micro-cap Stock Report for Monday, July 22, 2013 VANCOUVER (SHfn) –-
Balmoral Resources  (TSX: V.BAR, Stock Forum) was up 11.4% to 44 cents. The stock is reacting to news the exploration company had received, from the offices of Revenu Quebec, a cash payment of $2.12 million. The payment represents the Quebec mineral exploration tax credit relating to the company's 2011 exploration expenditures on its Detour gold trend and N2 properties located in Central Quebec. Eligible exploration expenditures on the company's Quebec Properties qualify for a refundable provincial tax credit of 35%. With receipt of the 2011 tax credit the company currently has cash reserves of approximately $9.5 million, working capital of approximately $10.0 million and no debt.

Scorpio Gold Corp. (TSX: V.SGN, Stock Forum) rose 11% to 25 cents after the gold mining company announced additional results from its 2013 drill program in the vicinity of the proposed Mary LC pit expansion at the 70% owned Mineral Ridge project in Nevada. The program is targeting undrilled areas within the Mary LC pit expansion design to determine if mineralization exists, tighten up drill hole spacing for resource estimation, and follow up on mineralized trends either below the proposed pit shell floor or outside of the existing cone boundary. Results continue to be encouraging, including intersections over 10.67 metres of 2.05 grams per tonne gold, over 4.57 metres of 2.51 grams per tonne gold and 3.1 metres grading 2.49 grams per tonne gold.
Amerigo Resources. (TSX: T.ARG, Stock Forum) rose 8% to 47.5 cents after the copper production company announced that it had received official notice that the board of directors of the Corporacion Nacional del Cobre de Chile (Codelco) had approved the major terms of an agreement between Codelco's El Teniente Division and the company's Chilean subsidiary, Minera Valle Central, S.A. (MVC) granting MVC the rights to process the historic tailings in the Cauquenes deposit located near MVC's plant and extending the fresh tailings contract to 2037. The company anticipates receiving final environmental and regulatory approval for the project within the next several months, during which time the company and El Teniente will work together to finalize the details of the formal agreement.
Fission Uranium Corp. (TSX: V.FCU, Stock Forum) rose 5.5% to 96 cents after the operator, and its joint venture partner Azincourt Uranium Inc. (TSX: V.AAZ, Stock Forum) announced an update for their summer exploration plan at Patterson Lake in the Athabasca Basin. The program, budgeted at $0.53 million and expected to commence early August, will consist of airborne VTEM max and ground Time Domain Electromagnetic (TDEM) and Magnetotellurics (MT) geophysics surveys. The surveys will assist in identifying and prioritizing drill targets for the anticipated 2014 winter program.

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