On Monday, Khan Resources (TSX: T.KRI, Stock Forum) rose 8.3% to 26 cents after the company said it has obtained an order from the Ontario Superior Court of Justice validating service on Atomredmetzoloto JSC (ARMZ) in respect of Khan’s $300 million lawsuit for damages against ARMZ. Back in February, the company announced that the Russian Ministry of Justice refused to serve ARMZ with details of a law suit related to a uranium mine in Mongolia. The company said the Ministry of Justice cited Article 13 of the Hague Convention that provides that “the State addressed may refuse to comply only if it deems that compliance would infringe its sovereignty or security.” Khan Resources is accusing ARMZ of alleged interference after ARMZ and the Mongolian government signed a joint venture deal to develop the Dornod mine. Khan has also taken legal action against the Mongolian government after its mining license was suspended in 2009. ARMZ is the mining arm of the Russian government.
As well, shares of Goldstrike Resources (TSX: V.GSR, Stock Forum) added 4.5% at 69 cents after the junior reported initial assay results from its Big One property in the Canadian Yukon. Highlights included the discovery of 18.56 grams per tonne gold in subcrop within a newly identified gold trend, which is 11 kilometres long, by 1.5 kilometres wide. Samples taken from the southeast part of the Goldstream trend show a Carlin-like geochemical structure, the company said. The Carlin trend is located in Nevada.
In Tuesday trading, Calvista Gold (TSX: T.CVZ, Stock Forum) shares climbed 13% to 76 cents after the micro cap explorer announced additional drill hole assay results from its Phase I drill program as its California Project in Colombia, which included 19.41 metres of 22.16 grams per tonne (g/t) gold.
Also, shares of China Keli Electric (TSX: V.ZKL, Stock Forum) shot up 45% to 14.5 cents as the manufacturer of electrical components and equipment reported a first-quarter net profit of $380,872, up 517.9% from $61,641 during Q1 2011. Revenue for the period rose 11.2% to $4,054,351.
Wednesday’s market action saw shares of Serica Energy plc (TSX: T.SQZ, Stock Forum) jump 19% to 31 cents after the oil and gas exploration, development and production company confirmed that it is in advanced discussions about the award of significant license areas in Namibia. The company said agreements are in the process of being finalized and a further announcement will be made in due course.
In addition, shares of AuRo Resources (TSX: V.ARU, Stock Forum) moved up 26% to 17 cents as the micro cap explorer said its 18,734 hectare Surata Gold Project is the largest contiguous land package in the California-Vetas-Surata Mining District of Colombia. The company also added that its project is located approximately 10 kilometers west of CB Gold's Vetas Gold Project and all of its concessions are all below 3,200 metres in elevation.
On Thursday, Prodigy Gold (TSX: V.PDG, Stock Forum) shares surged 16% to 74 cents after the gold junior reported the release of an updated NI 43-101 compliant mineral resource estimate for its flagship Magino mine gold project in northern Ontario, which expands the Indicated gold resource to 2.176 million ounces and the Inferred gold resource to 1.721 million ounces.
As well, shares of Zodiac Exploration (TSX: V.ZEX, Stock Forum) gained 30% to 30.5 cents as the oil and gas developer/producer announced that it has successfully drilled a 2,647 foot horizontal wellbore in the Upper Kreyenhagen formation in the 1-10 well in California.
And, in Friday trading, Exall Energy (TSX: T.EE, Stock Forum) shares powered 31% higher to $1.86 after the oil and gas explorer/producer reported a new light oil discovery in its Marten Mountan, Mitsue operating area in Alberta. A vertical well at 13-7-75-5W5 was completed in a nine meter porous interval in the Upper Devonian Wabamun Formation. The well tested 35°API oil, slightly sour gas (35 ppm H2S) and formation water from the zone.
Finally, shares of DragonWave (TSX: T.DWI, Stock Forum) rose 41% to $5.14 as the telecom network equipment maker said will buy microwave technology business of Nokia Siemens Networks. DragonWave will pay 10 million euros in cash and five million in its stock, while taking over employee liabilities of about 10 million and signing a capital asset lease for five million. It expects to finance the transaction through a combination of cash and increased debt facilities. The deal includes a sales-based 18-month earn-out period, which would trigger further cash payments of 80 million euros if DragonWave reaches its quarterly revenue target of $100 million, according to a report by Reuters.