On Monday, Selwyn Resources Ltd. (TSX: V.SWN, Stock Forum) jumped 7% to 7.5 cents after the base metals exploration and development company announced that it has accepted the resignation of A. Jay Collins as a director of the company. "With the announcement from Resource Capital Fund IV L.P. regarding its views on the meeting of shareholders of Selwyn, and given my personal outside business interests that involve Resource Capital Fund IV L.P., in order to avoid the appearance of conflict I have concluded that it would be prudent for me to step down from the Selwyn board of directors,” said Collins. “I am grateful for my time on the Selwyn board, and I am pleased with our ability to reach agreement with Chihong Canada Mining Ltd. to sell Selwyn's remaining interest in the Selwyn project."
Fission Energy Corp. (TSX: V.FIS, Stock Forum) climbed 4.8% to 88 cents after the exploration and development junior announced assay results from the winter drill program on its Patterson Lake South property in Saskatchewan. Best results to date include 53.0metres grading 6.57% U3O8, including 10.5 metres of 29.26% U3O8.
In Tuesday trading, Condor Petroleum Inc. (TSX: T.CPI, Stock Forum) jumped 27% to 52 cents after the oil and gas company said that its wholly owned subsidiary, Condor Netherlands Petroleum B.V. had entered into a binding sale and purchase agreement to sell its 66% participating interest in and certain indebtedness of Marsel Petroleum LLP, which owns the hydrocarbon exploration rights for the 18,500 square kilometre Marsel Territory located in the Republic of Kazakhstan. The buyer, a non-listed international oil and gas group, has agreed to a sale price of US88 million. The transaction is expected to be completed by the fourth quarter of 2013.
Encanto Potash Corp. (TSX: V.EPO, Stock Forum) was up 3.3% to 31.5 cents in mid morning trading, but slipped and at market close was unchanged at 30.5 cents a share. The resource company announced that it has added SNC-Lavalin (SNCAF), a mining design, engineering and construction company, to the development team for the feasibility study at the Muskowekwan project in Saskatchewan.
On Wednesday,Global Green Matrix Corp. (TSX: V.GGX, Stock Forum) climbed 15.8% to 11 cents as investors assessed the news that the oilfield services firm intends to complete a non-brokered private placement offering of up to 12 million units of the corporation at a price of $0.191667 per unit for gross proceeds of up to $2.3 million. Global Green Matrix will use the net proceeds of the offering to purchase, indirectly through its wholly-owned subsidiary, three new frac water heating units and for general working capital purposes.
Fission Energy Corp. (TSX: V.FIS, Stock Forum) jumped 6.7% to 96 cents after the exploration and development junior and its 50% joint venture partner Alpha Minerals Inc. (TSX: V.AMW, Stock Forum) reported assay results from drill hole PLS13-053, part of the winter drill program on its Patterson Lake South property in Saskatchewan. Today's assays include two broad mineralized zones separated by just 4.5 metres of unmineralized pelitic rocks. Highlights included 49.5 metres grading 6.26% U3O8, including 6 metres of 35% U3O8.
On Thursday, Colorado Resources Ltd. (TSX: V.CXO, Stock Forum) soared 237% to 54 cents after the mineral exploration company announced the results of the first of two drill holes recently completed on its North ROK property located 190 kilometres north of Stewart, B.C. The highlight was 333.0 metres grading 0.51% copper and 0.67% gold.
Besra Gold Inc. (TSX: T. BEZ, Stock Forum) gained 50% to 12 cents. The stock is reacting to news of the gold miners’ plan to reduce production costs.According to the press release, the company should achieve reductions of all in costs of $100 - $150 per ounce over the next 12 months. The savings will come from ongoing operational efficiencies that have been in progress all year.
And, in Friday trading, WesternZargos Resources Ltd. (TSX: V.WZR, Stock Forum) fell 1.9% to $1.05 as investors assessed the news that the crude oil and natural gas junior had approved the adoption of an advance notice by-law. Among other things, the by-law fixes a deadline by which shareholders must submit a notice of director nominations to the company prior to any annual or special meeting of shareholders where directors are to be elected and sets forth the information that a shareholder must include in the notice for it to be valid. In the case of an annual meeting of shareholders, notice to the company must be made not less than 30 nor more than 65 days prior to the date of the annual meeting. The by-law is effective immediately.
Fission Energy Corp. (TSX: T.FIS, Stock Forum) lost 2% to 93 cents after the uranium focused exploration and development company announce that its plan of arrangement with Denison Mines Corp. (TSX: T.DML, Stock Forum) has closed. Pursuant to the arrangement, Denison acquired all of the outstanding common shares of Fission with Fission spinning out certain assets into a newly-incorporated exploration company, Fission Uranium Corp. Under the arrangement, each Fission share was exchanged for 0.355 of a common share of Denison, a nominal cash amount of $0.0001 and a common share of Fission Uranium.