Caribou King Resources (V.CKR) up 62.5%, Balmoral Resources (T.BAR) up 5.5%

Stockhouse Editorial
0 Comments| January 29, 2014

Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, January 28, 2014 VANCOUVER (SHfn) –  
Caribou King Resources Ltd. (TSX: V.CKR, Stock Forum) soared 62.5% to 6.5 cents after the junior explorer announced that a 2,000-metre drill program has now commenced at the Mulloy graphite project, located approximately 10 kilometers west of the Zenyatta Ventures Ltd. (TSX: V.ZEN, Stock Forum) Albany graphite project in Ontario.

Balmoral Resources Ltd. (TSX: T.BAR, Stock Forum) rose 5.5% to 58 cents after the precious metal exploration and development company said that crews have arrived into the Martiniere and Fenelon exploration camps on the company's Detour gold trend project in Quebec in preparation for the commencement of the winter 2014 drill program.

Initial targets for the winter program include infill and expansion drilling of the high-grade Bug Lake and related gold zones on the Martiniere property, follow-up testing of the recently announced VMS discovery also on Martiniere, follow-up testing of the Grasset gold discovery and initial testing of a high-priority nickel-copper-platinum-palladium target outlined by the fall 2013 geophysical program on the Grasset property.

Scorpio Gold Corp. (TSX: V.SGN, Stock Forum) was down 1.8% to 27 cents. The stock is reacting to news the miner signed a binding letter of intent (LOI) and received a $250,000 non-refundable deposit for the sale of certain mining interests, known as the the Pinon properties, to an affiliate of Gold Standard Ventures Corp. (TSX: V.GSV, Stock Forum). The Pinon properties are located in Elko County, Nevada at the southern end of the prolific Carlin Trend.

As part of the agreement, Gold Standard will pay Scorpio Gold a total of $8.5 million in cash and issue Scorpio Gold 5.5 million common shares in its capital stock.

Lomiko Metals Inc. (TSX: V.LMR, Stock Forum) lost 20.7% to 11.5 cents as investors assessed the news that Lomiko has filed a preliminary short form prospectus in each of the provinces of Alberta, British Columbia and Ontario which qualifies the distribution of (i) a minimum of 6.8 million units and a maximum of 27.3 million units of the company at a price of $0.11 per unit, and (ii) a maximum of 7.7 million flow-through units of the company at a price of $0.13 per flow-through unit, for minimum total gross proceeds of $750,000 and maximum total gross proceeds of $4.0 million.

In conjunction with the public offering, the company announced a concurrent non-brokered offering of up to 7.7 million flow-through units for additional gross proceeds of $1.0 million.

The net proceeds will be used by Lomiko primarily in connection with the exploration program on the Quatre-Milles East and West mineral properties (Quebec), for business development and for working capital and general corporate purposes.

Select Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern)
Caribou King Resources Ltd. (V.CKR, Stock Forum) 62.50%
MedMira Inc. (V.MIR, Stock Forum) 44.44%
01 Communique Laboratory Inc. (T.ONE, Stock Forum) 41.03%
Horizons BetaPro NYMEX Natural Gas Bull Plus ETF (T.HNU, Stock Forum) 19.58%
PRD Energy Inc. (V.PRD, Stock Forum) 14.71%
Select Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern)
Veris Gold Corp. (T.VG, Stock Forum) -51.72%
Dynacor Gold Mines Inc. (T.DNG, Stock Forum) -23.67%
TearLab Corporation (T.TLB, Stock Forum) -15.67%
Primary Petroleum Corporation (V.PIE, Stock Forum) -15.38%
Baja Mining Corp. (T.BAJ, Stock Forum) -14.29%

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