Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, July 5, 2011
TORONTO (SHfn) – Pele Mountain Resources (TSX: V.GEM, Stock Forum) shares jumped 32% to 25 cents on Tuesday after the micro cap miner reported results of a NI 43-101 Preliminary Economic Assessment (PEA) on its Eco Ridge Mine Rare Earths and Uranium Project in Elliot Lake, Ontario. Highlights included a 9,400-tonne per day operation with life-of-mine production of 10.7-million pounds of Total REO and 24.9-million pounds of U(3)O(8) over a 14-year mine life. There is an estimated cumulative operating cash flow of US$1.72-billion, as well as a positive NPV of $662-million (at a 7.5% discount rate).
As well, shares of Rodinia Oil (TSX: V.ROZ, Stock Forum) moved up 18% to $1.48 as the oil and gas explorer announced that Mulyawara-1 exploration well in the Officer Basin of South Australia has set surface casing and is drilling ahead to target formations. Mulyawara-1 has reached a depth of 795 metres with surface casing set at 465 metres in the Dey Dey Mudstone.
Bolero Resources (TSX: V.BRU, Stock Forum), meanwhile, said it has begun ground work on the "Red Chris South" prospect located in British Columbia, contiguous to Imperial Metals Corporation's (TSX: T.III, Stock Forum) "Red Chris" copper-gold discovery. Bolero stock popped 30% to 28.5 cents.
And, MGM Energy (TSX: T.MGX, Stock Forum) late Monday reported that it has been notified by Aboriginal Affairs and Northern Development Canada that it, along with its partner, were the successful bidders for three land parcels in the Central Mackenzie Valley of the Northwest Territories. The three exploration licenses total 254,000 gross hectares for a gross work commitment of $5.0 million. MGM Energy is a 50% interest holder and operator of all land parcels, along with a private company. MGM Energy shares rose 14% to 16.5 cents on Tuesday.
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