Penny mining stock skyrocketson Iron Ore Sale
A multi-million dollar iron ore deal sent shares of an exploration stock soaring Friday, while a diagnostic testing play popped on a capital injection.
Stockhouse Canadian Small and Micro-cap Stock Report for Friday, May 23, 2008
TORONTO (SHfn) - A multi-million dollar iron ore deal sent shares of an exploration stock soaring Friday, while a diagnostic testing play popped on a capital injection.
Mano River Resources (TSX: V.MNO, Stock Forum) shares skyrocketed 112% to 36 cents on Friday after the micro-cap explorer announced that it has signed certain agreements with Severstal's indirect wholly-owned Dutch subsidiary, Lybica Holding B.V. Severstal will pay $37.5 million for a 61.5% stake in the Putu Range Iron Ore Project in Liberia held under African Iron Ore Group, Mano's existing 80%-owned subsidiary. Severstal will also take a 6.3% stake in Mano.