Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, June 30, 2011
TORONTO (SHfn) – Contact Exploration (TSX: V.CEX, Stock Forum) shares climbed 12% to 19 cents on Thursday after the onshore oil and gas explorer/developer reported that an independent reserves evaluation of its oil and gas assets has been completed by Martin & Brusset Associates in accordance with the COGE Handbook. Net Proved oil reserves increased in 2011 by 91% above reserve volumes reported in 2010 from 147,000 barrels to 281,000 barrels.
As well, shares of Crystallex International (TSX: T.KRY, Stock Forum) rose as much as 50% to 12 cents as the gold junior said it has closed the first tranche of its announced sale of redundant milling equipment for gross proceeds of US$16.9 million. This transaction provides the company with the opportunity to monetize equipment that it cannot use at the present time and increases its working capital and improves its cash position without causing dilution to the shareholders. The sale will also reduce the company's expenditures on equipment storage and maintenance.
Pacific Wildcat Resources (TSX: V.PAW, Stock Forum), meanwhile, announced the execution of an extension agreement for the acquisition of the 70% indirect ownership of private Kenyan company Cortec Mining Kenya, which includes the Mrima Hill deposit. The Mrima Hill Project is located in Kenya and has a target niobium mineralization based on historic data consisting of 40 to 50M tonnes grading 0.7% - 0.8% Nb2O5 (based on a cut-off grade of 0.2% Nb2O5). Pacific Wildcat stock popped 23% to 70 cents.
And, Mineral Mountain Resources (TSX: V.MMV, Stock Forum) Thursday reported that a 3,000-metre drill program, designed to drill test three kilometric-scale, gold and silver anomalies defined during our 2010 field program, has begun at its 100% owned Kootenay Arc Gold Project in British Columbia. Highlights included 12 bedrock grab samples collected from 120-metre long Black Warrior Anomaly that averaged 3455.9 grams per tonne (g/t) silver. Mineral Mountain shares moved up 15% to 54 cents.
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