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Colorado Resources soars on drilling results: Canadian market movers

Elizabeth Walters Elizabeth Walters, Stockhouse
0 Comments| April 25, 2013

On Thursday, the top TSX mover was Condor Petroleum Inc. (TSX: T.CPI, Stock Forum). The stock lost 1.7% and was trading at $0.59 on volume of 5 million.

On April 23, the Canadian oil and gas company said that its wholly owned subsidiary, Condor Netherlands Petroleum B.V. had entered into a binding sale and purchase agreement to sell its 66% participating interest in and certain indebtedness of Marsel Petroleum LLP, which owns the hydrocarbon exploration rights for the 18,500 square kilometre Marsel Territory located in the Republic of Kazakhstan. The buyer, a non-listed international oil and gas group, has agreed to a sale price of US88 million.

Lundin Mining Corp. (TSX: T.LUN, Stock Forum) was the second most active stock on the TSX. It rose 4.3% and was trading at $4.13 on volume of 3.5 million shares.

After the bell on April 24, the diversified base metals mining company reported net earnings of $50.1 million or $0.09 per share for the quarter ended March 31, 2013.

Blue Note Mining Inc. (TSX: V.BNT, Stock Forum) was the volume leader on the TSX Venture Exchange. It darted up 100% and was trading at $0.01 on volume of  3.3 million.

On April 15, the mineral exploration and mining company initiated a review process to consider alternatives in relation to its operations. Due to the difficult market conditions, the company has been unsuccessful in raising sufficient capital to advance its projects and might be unable to continue its operations as a going concern.

The second most active stock on the TSX Venture was Colorado Resources Ltd. (TSX: V.CXO, Stock Forum). It soared 193.8% and was trading at $0.435 after 2.5 million shares changed hands.

Today the mineral exploration company announced the results of the first of two drill holes recently completed on its North ROK property located 190 kilometres north of Stewart B.C. The highlight was 333.0 metres grading 0.51% copper and 0.67% gold.


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