Purepoint Uranium Group (V.PTU) up 22% on drilling plans

Elizabeth Walters Elizabeth Walters, Stockhouse
0 Comments| November 28, 2013

Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, November 28, 2013 VANCOUVER (SHfn) –
Purepoint Uranium Group Inc. (TSX: V.PTU, Stock Forum) gained 22% to six cents on Thursday after the exploration company released its plans for winter drilling at two of its most advanced Athabasca Basin uranium projects: Hook Lake, in the Patterson Lake region, and Red Willow, in the Eastern Basin's primary high-grade mine trend.  With a budgeted 5,000 metres of drilling (approximately 14 holes) at Hook Lake, the company, in joint venture with Cameco Corp. (TSX: T.CCO, Stock Forum) and AREVA Resources Canada Inc., a private power generation company, is mounting this region's largest follow-up diamond drill program to Fission Uranium Corp.’s (TSX: V.FCU, Stock Forum) neighbouring Patterson Lake South uranium discovery. An additional 2,500 metres (approximately eight holes) is also planned for Purepoint's Red Willow property, where five key target zones have been prioritized for winter drilling by the project operator, Rio Tinto Plc (NYSE: RIO, Stock Forum). "More than 90% of this season's exploration is being funded by our partners, which maximizes the use of our own carefully managed financial resources," said Chris Frostad, Purepoint's President and CEO. "This significant financial commitment by three of the largest uranium producers in the world certainly demonstrates the technical merit and prospective value of these particular uranium assets."

Minera IRL Ltd. (TSX: T.IRL, Stock Forum) climbed 14.3% to 16 cents after the precious metals mining company reported that Courtney Chamberlain, Executive Chairman of Minera IRL, today purchased 200,000 ordinary shares in the company at a price of 9.00 pence per ordinary share. As a result of the above transaction, Chamberlain's beneficial interest in the company is 3.7 million ordinary shares representing 2.02% of the issued share capital of the company.

Falcon Oil & Gas Ltd. (TSX: V.FO, Stock Forum) was up 2.6% to 19.5 cents. The stock is reacting to news of the international oil and gas company’s results for the nine months ended Sept. 30, 2013. The company reported a net loss of 3.7 million, compared to a net loss of 16.6 million for the same period on 2012. "As expected, we have had an extremely busy start to the second half of 2013,” said Philip O'Quigley, CEO. “Our attention is focused on securing a new farm-out of our acreage in Australia, preparing for the testing of the Kútvölgy-1 well in Hungary and working with Chevron (NYSE: CVX, Stock Forum) under our Cooperation Agreement in South Africa. We are delighted to report that progress to date on all of these fronts is in line with our expectations."

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