La Ronge Gold (V.LAR) soars 50% on plans to diversify commodities

Elizabeth Walters Elizabeth Walters, Stockhouse
0 Comments| October 29, 2013

Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, October 29, 2013 VANCOUVER (SHfn) –  

La Ronge Gold Corp. (TSX: V.LAR, Stock Forum) gained 50% to 19.5 cents after the exploration and development company announced an update of its ongoing activities. The Preview SW gold deposit's desktop engineering studies are under way. This effort is being directed by well-experienced mining engineers on the company's advisory board in order to evaluate the economics of the Preview SW gold deposit at gold prices ranging from $1,000 to $1,300 per ounce gold. The Preview SW gold deposit is located in northeastern Saskatchewan. La Ronge is also looking into diversifying its mining assets portfolio into sectors other than precious metals. The intent of this strategy is to identify and acquire strategic investments that have the capability to generate cash flow with low capital expenditure costs. This mining asset diversification strategy is limited geographically to Canada at the present time.

GoldQuest Mining Corp. (TSX: V.GQC, Stock Forum) rose 30.4% to 36.5 cents after the junior explorer reported a maiden resource estimate for its Romero deposit, located in the Province of San Juan, Dominican Republic. The estimate included total indicated resources of 19.42 million tonnes grading 2.63 grams per tonne gold, 0.63% copper, 0.29% zinc and 3.7 grams per tonne silver.

New Zealand Energy Corp. (TSX: V.NZ, Stock Forum) gained 3.8% to 41 cents after the oil and gas company closed the acquisition of strategic upstream and midstream assets from privately held Origin Energy Resources NZ (TAWN) Ltd. NZEC now owns a 50% interest in the Tariki, Waihapa and Ngaere Petroleum Mining Licenses in the main Taranaki Basin production fairway, as well as the Waihapa Production Station in New Zealand. NZEC and L&M Energy Ltd. have acquired the assets jointly and formed a 50/50 joint venture to explore, develop and operate the TWN Assets, with NZEC as the operator. NZEC will immediately commence its development and exploration program for the TWN assets. NZEC also announced that the company has closed a $16.1 million non-brokered private placement, raising $1.1 million more than the original $15 million objective. Of the funds raised, $8.2 million will be used for financing costs and general working capital while the remainder was used to finance the acquisition (plus a $6.0 million deposit paid previously).

Starcore International Mines Ltd. (TSX: T.SAM, Stock Forum) was down 8.9% to 20.5 cents. The stock is reacting to news of the gold and silver miner’s annual results ended July 31, 2013. According to Starcore earnings from mining operations was $8.3 million compared to $21.7 million in the prior year. The main reasons for the differences from the prior year were lower metal prices coupled with higher mining costs and approximately 12% lower metal production this year due to the very poor first quarter production. Income for the year was $4.7 million, or $0.03 per share compared to $14,3 million, or $0.11 per share for the prior year.

Prosper Gold Corp. (TSX: V.PGX, Stock Forum) lost 32% to 41.5 cents after reporting results from the final three drill holes of a six hole 2,339.74 metre drill program completed on the Sheslay porphyry copper gold project in northwestern British Columbia. Highlights of the drilling program included 334 metres grading 0.35% copper, 0.11 grams per tonne gold and 0.84 grams per tonne silver and 260 metres of 0.39% copper, 0.12 grams per tonne gold and 0.93 grams per tonne silver.

Select Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern)
01 Communique Laboratory Inc. (T.ONE, Stock Forum) 102.50%
LX Ventures Inc. (V.LXV, Stock Forum) 52.38%
La Ronge Gold Corp. (V.LAR, Stock Forum) 50.00%
GoldQuest Mining Corp. (V.GQC, Stock Forum) 30.36%
Global Cobalt Corporation (V.GCO, Stock Forum) 14.29%
Select Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern)
Perseus Mining Limited (T.PRU, Stock Forum) -20.31%
Belo Sun Mining Corp. (V.BSX, Stock Forum) -12.90%
Greenfields Petroleum Corporation (V.GNF, Stock Forum) -10.00%
Zenyatta Ventures Ltd. (V.ZEN, Stock Forum) -9.96%
Sandstorm Gold Ltd. (V.SSL, Stock Forum) -6.77%

Rate this article
0 stars




No comments yet. Be first to comment!

Leave a Message

You must be logged in to access this feature.