Stockhouse Canadian Small and Micro-cap Stock Report for Friday, September 9, 2011
TORONTO (SHfn) – Xmet (TSX: V.XME, Stock Forum) shares powered 23% higher to 16 cents on Friday after the micro cap explorer said it has received a National Instrument (NI) 43-101 compliant Mineral Resource estimate for the Duquesne-Ottoman Property in Quebec. Highlights of the new estimate include an Inferred Resources of 4,171,000 tonnes at an average grade of 5.42 grams per tonne (g/t) gold (6.36 g/t gold uncut) hosting 727,000 cut ounces gold (853,000 uncut ounces gold).
As well, shares of Creso Exploration (TSX: V.CXT, Stock Forum) rose 19% to 15.5 cents as the junior miner announced the results of surface grab and channel sampling at its Moore-McDonald, Downey, Gibson, Bennett, and Kubiak properties in the West Shining Tree district of northeastern Ontario, which included 15 samples that exceeded 10 g/t gold, nine samples that exceeded 20 g/t gold and five samples that exceeded 30 g/t gold.
CGX Energy (TSX: V.OYL, Stock Forum), meanwhile, reported that trading in the company's shares was halted this morning following the reaction to an announcement by Tullow Oil plc of oil discoveries in their Zaedyus well offshore French Guiana. CGX does not have any interest in the Zaedyus well.
Kerry Sully, Chairman of CGX, stated, "CGX is a 25% partner with Tullow, Repsol and YPF in the Georgetown Petroleum Prospecting Licence offshore Guyana in which the partners are preparing to drill a Turonian test in the Jaguar well later this year. Investors are cautioned that Jaguar is located over 500 km from Zaedyus and the risk remains high." CGX shares popped 65% to 80 cents once trading resumed.
And, Erdene Resource Development (TSX: T.ERD, Stock Forum) Friday announced the appointment of Mr. Michael MacDonald to their management team as Director of Exploration-Mongolia. Mr. MacDonald will be responsible for the design and implementation of Mongolia programs, dealing with exploration, development, and management, including working with various government agencies in Mongolia as they relate to Erdene's land holdings and future interests. Erdene shares added as much as10% at 68 cents.
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