Junior miner shines on production update

Sean Mason Sean Mason, Freelance
0 Comments| November 13, 2009


Stockhouse Canadian Small and Micro-cap Stock Report for Friday, November 13, 2009

TORONTO (SHfn) – Consistent production and government approval boosted a small silver/copper miner Friday, while a toy stock popped on financial results.

Revett Minerals (TSX: T.RVM, Stock Forum) shares climbed 43% to 25 cents on Friday after the micro cap miner announced that it has received final approval from the Montana Department of Environmental Quality on its amended plan of operations to develop the previously identified higher grade "C-Beds" at the Troy Mine. Total production at the Troy mine for the first nine months of 2009 remained consistent, totaling 879,449 ounces of silver and 6.7 million pounds of copper.

As well, share of MEGA Brands (TSX: T.MB, Stock Forum) shot up 64% to $1.39 as the provider of construction toys, games & puzzles, arts & crafts and stationery reported third-quarter net earnings of US$72.0 million, or $1.22 diluted earnings per share, compared with a net loss of $122.1 million, or $3.34 diluted loss per share, during the same period last year.

Magellan Aerospace (TSX: T.MAL, Stock Forum), meanwhile, said it has signed an agreement between the Ministry of Energy, Republic of Ghana, and Magellan Aerospace, through the Canadian Commercial Corporation, for the provision of a turnkey electric power generation plant in Ghana. The contract is estimated to generate revenues of US$185 million, and the project will be delivered over a 24-month period by Magellan's Orenda Aerospace operating division in Mississauga, Ontario. Magellan stock popped 72% to $2.08.

And, Spur Ventures (TSX: T.SVU, Stock Forum) Friday reported that the Yichang City and Hubei Province governments have formally approved an updated mining plan, which allows up to 2.0 million tonnes of phosphate rock to be mined each year at the Dianziping and Shukongping mines and a Resource Report set the net present value of these two mines at yen 353.2 M (US$52 million) using the Central Ministry of Land and Resources approved Discount Rate of 8.0%. Its shares jumped 15% to 31.5 cents.

 

Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern)
Top Canadian Small/Micro-cap Decliners


 

Tags: INDUSTRIAL METALS & MINERALS TELECOM SERVICES AEROSPACE & DEFENSE LEISURE

Rate this article
0 stars
v
Usefulness

Clarity

Credibility

Comments

No comments yet. Be first to comment!

Leave a Message

You must be logged in to access this feature.