Stockhouse Canadian Small and Micro-cap Stock Report for Friday, January 28, 2011
TORONTO (SHfn) – Great Pacific International (TSX: V.GPI, Stock Forum) shares climbed 32% to 16.5 cents on Friday after the oil and gas explorer/developer reported that it has signed a letter of intent with Amco Energy Ltd. to buy into up to two development wells in the Wildmere area of Alberta. Under the agreement, GPI will earn a 70% interest in the first well upon paying 100% of the costs to drill and complete the well, with an option to participate in a second planned development well. Upon participating in the second well, GPI will have earned a 70% interest in the petroleum and natural gas rights on the property. The wells have been permitted and drilling is expected to begin shortly. Amco will be designated as the operator of the property. The drilling and completion costs on the first well are estimated to be about $550,000.
As well, shares of WPC Resources (TSX: V.WPQ, Stock Forum) added 19% at 16 cents as the gold junior said it has entered into two separate option agreements with Genesis Gold Corp., to acquire a 100% interest in a total of 215 mineral claims located in Lander County, Nevada.
Zazu Metals (TSX: T.ZAZ, Stock Forum), meanwhile, reported the completion of a non-brokered private placement of five million shares at 45 cents a share for gross proceeds of $2.25 million. The proceeds will be used to complete a suite of studies on the Lik zinc-lead-silver deposit in Alaska with the intent of advancing the project to feasibility as rapidly as possible as well as general corporate overhead. Zazu stock popped 17% to $1.05.
And, Great Panther Silver (TSX: T.GPR, Stock Forum) Friday announced the discovery of deeper mineralized silver-gold zones at the Guanajuatito Mine at the northwest end of the Guanajuato Mine Complex. The deep drilling program is being conducted at 25-50 metre intervals from several drill stations on the Guanajuatito Mine cross-cut, located on the 100 metre level. The drilling program has been successful in extending silver-gold mineralization below the current level of mining on the 80 metre level, down to the 245 metre level. The new mineralization has been defined over a strike length of approximately 100 metres and for an additional 150 metres vertically. Great Panther shares rose as much as 8% to $2.11.
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