Junior explorer jumps 39% on gold sampling results

Sean Mason Sean Mason, Stockhouse
0 Comments| August 1, 2012


TORONTO (SHfn) – Comstock Metals (TSX: V.CSL, Stock Forum) shares continued to move higher Wednesday, surging 33% to 24 cents on volume of more than 1.6 million shares. Its share price has soared 46% since the micro cap explorer reported results on Monday from additional sampling at the QV property in the Yukon, which included 3.74 grams per tonne (g/t) gold over 75 metres from Discovery Trench QVTR12-06.

As well, shares of Dynetek Industries (TSX: T.DNK, Stock Forum) gained 57% to 23.5 cents as the manufacturer of proprietary fuel storage systems said Luxfer Holdings PLC has agreed to acquire all of the issued and outstanding common shares of Dynetek for 24 cents per share in cash. This transaction values Dynetek at approximately $5.03 million plus the assumption of net debt.

BioExx Specialty Proteins (TSX: T.BXI, Stock Forum), meanwhile, announced that it continues to make progress on its strategic partnering initiative, and is presently in confidential discussions at various stages with four large multi-national corporations oriented towards a direct investment in BioExx’s Saskatoon plant scale-up and/or additional "greenfield" facilities, to create joint venture structures at the project level. BioExx stock popped 48% to 17 cents.

Intrepid Mines (TSX: T.IAU, Stock Forum) shares powered 31% higher to 31.5 cents after the junior explorer announced an agreement for the placement of 27,680,017 ordinary shares, representing approximately 5% of the company's expanded issued capital, to Indonesian businessman Surya Paloh. Paloh is the founder and owner of the first Indonesian news television network, Metro TV, and the Media Group, which publishes the Media Indonesia and Lampung Post newspapers. 

And, WesternZagros Resources (TSX: V.WZR, Stock Forum) Wednesday reported that it has been informed by the Kurdistan Regional Government that Gazprom Neft Middle East B.V. has been assigned as the Third Party Participant for the Garmian Production Sharing Contract. WesternZagros is the operator of the Garmian Block, which contains the producing Sarqala-1 oil well, and will maintain its 40% interest. WesternZagros shares climbed 6% to $1.19 on more than 5.4 million shares traded.   

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