Oroco Resource (V.OCO) up 214%: Canadian market movers

Elizabeth Walters Elizabeth Walters, Stockhouse
0 Comments| February 7, 2014


Here are the most active stocks on Friday mid-morning on the TSX and TSX Venture Exchange.

On Friday, the top TSX mover was Aurora Oil & Gas Ltd. (TSX: T.AEF, Stock Forum). It soared 55.1% and was trading at $4.08 on volume of 19.4 million shares.
 
Today, Baytex Energy Corp. (TSX: T.BTE, Stock Forum) proposed to acquire 100% of Aurora via a scheme of arrangement, with a scheme price of A$4.10 cash per Aurora share implying a market capitalisation of A$1.84 million.
 
Detour Gold Corp. (TSX: T.DGC, Stock Forum) was the second most active stock on the TSX. The stock was up 9.1% and trading at $7.65 on volume of 3.5 million.

On February 4, the exploration and development company announced an updated life of mine plan for its 100% owned Detour Lake open pit mine in northeastern Ontario. The new mine production plan supports a 21.7 year operating life with the current mineral reserves standing at 15.5 million ounces of gold (476 million tonnes grading 1.02 grams per tonne gold).

Oroco Resource Corp. (TSX: V.OCO, Stock Forum) was the volume leader on the TSX Venture Exchange. It rocketed 214.3% and was trading at $0.11 on volume of 8.8 million.
 
Today the junior explorer announced that the Federal Tribunal of Mexico has granted the company's appeal of the decision of the lower Federal District Court and has ordered that all aspects of the 2011 Guerrero State Court auction of a 50% interest in the Celia Gene and a 100% interest in the Celia Generosa concessions (collectively, the "Camacho Interest") be set aside. 
 
The decision of the Federal Tribunal confirms that the company's subsidiary, Minera Xochipala, S.A. de C.V., is the sole registered owner of 100% of each of the Celia Gene and Celia Generosa concessions (the "Xochipala property") and terminates the competing claim of Mr. Avinadain Bautista arising from the Court Auction of the Camacho interest.
 
The second most active stock on the TSX Venture was Pine Cliff Energy Ltd. (TSX: V.PNE, Stock Forum) It gained 6.5% and was trading at $1.32 after 3.5 million shares changed hands.

The oil and gas company had no news to explain the high volume in trading.

Tags: INDUSTRIAL METALS & MINERALS GOLD OIL & GAS E&P ENERGY

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