Stockhouse Canadian Small and Micro-cap Stock Report for Monday, April 23, 2012
TORONTO (SHfn) – Baja Mining (TSX: T.BAJ, Stock Forum) shares fell 37% to 57 cents on volume of more than 6.7 million shares Monday after the miner reported a 21.5%, or $246 million, current capital cost increase for its 70% owned Boleo copper-cobalt-zinc project in Mexico. Financing for the Boleo project was based on a 2010 projected go-forward funding requirement of US$1.143 billion. The company also announced three resignations from its Board of Directors.
As well, shares of Lucara Diamond (TSX: T.LUC, Stock Forum) added 12% at $1.04 on more than 1.3 million shares traded as the diamond junior announced that the first production diamonds have been recovered from its Karowe Mine in Botswana. Over 5,300 carats of diamonds have been recovered from ore mined from the upper benches of the North Lobe of the deposit, which has an estimated grade of greater than 32 carats per hundred tones, double the average deposit grade.
WesternZagros Resources (TSX: V.WZR, Stock Forum), meanwhile, reported that the mean estimate of gross unrisked contingent resources has increased to 147 million barrels of recoverable oil and the mean estimate of gross unrisked prospective resources has increased to 1.2 billion barrels of recoverable oil for the Oligocene reservoir in the Kurdamir Block in the Kurdistan Region of Iraq. WesternZagros stock popped as much as 10% to 87 cents.
And, Pitchstone Exploration (TSX: V.PXP, Stock Forum) Monday said it has agreed to be acquired by Fission Energy (TSX: V.FIS, Stock Forum) by means of a Plan of Arrangement. Under the terms of the arrangement, Fission has agreed to issue 0.2145 common shares of Fission for each common share of Pitchstone. Pitchstone shares surged 32% to 12.5 cents, while shares of Fission slipped 3% to 58 cents.
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