Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, October 27, 2010
TORONTO (SHfn) – Luna Gold (TSX: V.LGC, Stock Forum) shares surged as much as 14% to 66 cents on Wednesday after the gold junior provided an update on exploration activities at its Cachoeira gold project in Brazil and results of extensive auger drilling and surface and underground channel sampling programs at the Tucano deposit, which included 15.00 meters of 5.91 grams per tonne (g/t) gold.
As well, shares of DiaMedica (TSX: V.DMA, Stock Forum) gained 23% to 60 cents as the biopharmaceutical firm announced that DM-199 has been validated by demonstrating significantly increased insulin sensitivity in animals using the hyperinsulemic euglycemic clamp model. Animals treated with a single dose of DM-199 had a 122% increase in maximal glucose infusion rate. This enabled animals to process 77% more total glucose compared to untreated animals. In a second study, DM-199 also had a pronounced anti-hypertensive effect on systolic blood pressure.
Orex Minerals (TSX: V.REX, Stock Forum) shares shot up 52% to 75 cents after the junior miner said it has signed an agreement with Northland Resources S.A. to buy Northland's Barsele Gold project in Sweden. The total consideration is valued at a minimum of US$15.5 million, and includes cash and shares on signing, as well as deferred cash and share payments, investments in the project and a 2% Net Smelter Royalty.
Khan Resources (TSX: T.KRI, Stock Forum), meanwhile, reported that it has now received a favourable written decision of the Mongolian appellate court in respect of the appeal requested by the Mongolian Nuclear Energy Agency (NEA) of the July 19, 2010, decision of the Capital City Administrative Court. The July ruling of the administrative court declared that the notices issued by the NEA purporting to invalidate the mining license held by Khan's 58% owned joint venture subsidiary, Central Asian Uranium Company, LLC, were themselves illegal and invalid. The appellate court ruling, while containing some variations, substantially upheld the earlier administrative court ruling. The NEA has a right to appeal the appellate court ruling within 30 days. Khan stock popped 18% to 45.5 cents.
Shares of Cavan Ventures (TSX: V.CVN, Stock Forum) powered 38% higher to 20 cents after the junior explorer said it has signed a letter of intent with Antis S.R.L. of La Paz, Bolivia to purchase a 100% interest in the Carma Gold Project in Bolivia. The initial drilling program at Carma defined the presence of auriferous mineralization at depth, which may represent a non NI 43-101 compliant resource of 250,000 ounces of gold.
And, Sure Energy (TSX: T.SHR, Stock Forum) Wednesday announced the production test results of its latest Redwater North horizontal well in Alberta. The Viking formation was tested for three days and flowed a total of 818 barrels of light oil. Over the last 24 hours of flow production averaged 202 barrels of clean oil and 82 mcf of solution gas. Rates were restricted through a 3/8 inch choke with drawdown estimated at 13%. Sure Energy shares climbed 10% to $1.80.
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