Stockhouse Canadian Small and Micro-cap Stock Report for Monday, January 17, 2011
TORONTO (SHfn) – Nautilus Minerals (TSX: T.NUS, Stock Forum) shares climbed 21% to $2.66 on Monday after the underwater miner reported that the Government of Papua New Guinea has granted Nautilus the world's first deep sea mining lease to for the development of its Solwara 1 project in the Bismarck Sea. The lease covers an area of approximately 59 km(2) surrounding Solwara 1, 50 km north of Rabaul, where Nautilus intends to mine copper and gold deposits on the seafloor, at depths of approximately 1600 metres.
As well, shares of Sun Gro Horticulture (TSX: T.GRO, Stock Forum) shot up 28% to $6.54 as the producer and distributor of peat and bark-based growing mixes said it has entered into a support agreement with IKO Enterprises Ltd., a privately-held Canadian manufacturing and distribution company, in which IKO has agreed to make an offer to acquire all of the issued and outstanding common shares of Sun Gro, other than shares held by IKO and its affiliates and joint actors, for a price per share of $6.60 in cash.
Lysander Minerals (TSX: V.LYM, Stock Forum), meanwhile, reported that construction of the first phase of its 100%-owned Verticalnaya anthracite mine in Ukraine is making what the company called “good progress.” The project is on schedule and on budget. The company also announced that its Board of Directors has approved a change in name to EastCoal Inc. Lysander has identified the Donbass coal basin of Ukraine as having major potential, including export potential for world markets through rail connections to the nearby Sea of Azov and Black Sea ports. Lysander stock popped 30% to 82 cents.
And, Fancamp Exploration (TSX: V.FNC, Stock Forum) Monday announced the acquisition of a 17.5% working interest in Champion Minerals Inc.'s newly-acquired Black Dan and East Inlet iron properties, located in the Fermont Iron Ore District, Labrador Trough, Quebec. Fancamp shares added 10% at 56 cents.
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