Stockhouse Canadian Small and Micro-cap Stock Report for Friday, March 12, 2010
ORONTO (SHfn) – BE Resources (TSX: V.BER, Stock Forum) shares climbed 25% to 25 cents on Friday after the micro cap explorer provided a corporate update of project developments at its 100% owned Warm Springs Beryllium Property in New Mexico. BE is currently in the final stage of the process of obtaining drill permitting for its Warm Springs project. The initial phase of drilling will consist of a five hole program (1,500 metres) designed to confirm the outer dimensions of the beryllium bearing zone and determine the extent and size of beryllium mineralization. This initial Phase I program is expected to be followed by a 20-hole program to begin tonnage delineation of beryllium mineralization and establish an initial NI 43-101 resource calculation. Drilling at the Warm Springs is subject to the issuance of an exploration permit.
As well, shares of Finavera Renewables (TSX: V.FVR, Stock Forum) shot up 100% to 14 cents as the developer of renewable energy resources and technologies announced that all four of its wind projects, comprising a total nameplate capacity of 293 megawatts, submitted to the 2008 Clean Power Call have been accepted by BC Hydro for award of long-term Electricity Purchase Agreements. The projects have the potential to generate over $100 million annually in revenue once they are fully operational.
Swift Power (TSX: V.SPC, Stock Forum) shares powered 27% higher to 28.5 cents after the development-stage, independent, run-of-river hydroelectric power company said it has been awarded a long-term Electricity Purchase Agreement with BC Hydro for the Dasque Cluster hydroelectric project. The 20 MW project is located 25 km southwest of Terrace, British Columbia, and is planned to be in operation by late 2012, pending receipt of necessary regulatory approvals and financing.
Intellipharmaceutics International (TSX: T.I, Stock Forum), meanwhile, announced that Novartis Pharmaceuticals Corporation and Celgene Corporation have settled their patent suit in the U.S. District Court for the District of New Jersey, and Elan Pharma International Ltd. has settled its patent suit in the U.S. District Court for the District of Delaware, with Intellipharmaceutics Corp., a wholly-owned subsidiary of Intellipharmaceutics International, and its licensee Par Pharmaceutical, Inc. over a generic version of the Attention Deficit Hyperactivity Disorder drug Focalin XR. The terms of the settlements are confidential and remain subject to regulatory and court approval. Intellipharmaceutics stock popped 168% to $4.15.
And, Whitemud Resources (TSX: V.WMK, Stock Forum) late Thursday reported the completion of a Memorandum of Understanding (MoU) to enter into a North American Distribution Agreement with a key supplier to the concrete industry. The terms of the MoU outline the intended role of the major supplier as the key distributor of Whitemud Resources' metakaolin, Whitemud to the North American concrete market. The parties are targeting completion of a comprehensive distribution agreement for April of this year. The MoU also provides a mechanism to commence sales immediately to certain customers. Metakaolin is an off-white product that reacts with cement to increase strength, improve durability, resist chemical attack, reduce the effects of alkali-silica reactivity, and lower the environmental footprint of concrete. Whitemud shares jumped 17% to 35 cents.
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