Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, October 9, 2008
TORONTO (SHfn) - An iron play strengthened more than a few portfolios Thursday, while a small explorer soared on a claims acquisition.
Cardero Resource (TSX: T.CDU, Stock Forum) shares surged 51% to $1.59 on Thursday after the micro cap miner announced that SRK Consulting has completed a Preliminary Economic Assessment on the 750Mt Central Zone of the Pampa de Pongo Iron Deposit in Peru. At full planned production, Pampa de Pongo would produce 15 million tonnes of iron ore pellets per year, a total of 330 million tonnes through the currently proposed life of mine. The life of mine project revenue, net of all off-site costs and project royalties and including copper and gold credits, is estimated at US$42 billion, equating to an average annual net revenue of US$1.75 billion.
As well, shares of MacDonald Mines Exploration (TSX: V.BMK, Stock Forum) shot up 25% to 10 cents as the junior explorer said it has signed a letter of agreement with Shoreham Resources (TSX: V.SMH, Stock Forum) to option 100% of Shoreham's interest in the northwest region of Sachigo Greenstone Belt, which consists of about 36 claim blocks totaling 9000 hectares. It is located in the Sachigo Greenstone Belt in northwestern Ontario quadrant of the James Bay Lowlands.
Noront Resources (TSX: V.NOT, Stock Forum), meanwhile, announced that hedge fund manager Rosseau Asset Management, together with its officers and employees, which owns or exercises control and direction over about 9.2% of Noront's common shares, has filed a dissident's proxy circular in which they ask Noront shareholders to vote against the re-election of the company's current Board of Directors and instead vote to elect a new slate of directors at the upcoming annual and special meeting of Noront shareholders scheduled to be held on October 28, 2008. Noront stock popped 22% to $1.16.
Shares of PreMD (TSX: T.PMD, Stock Forum) powered as much as 42% higher before closing down 8% to 5.5 cents after the predictive medicine company said it has completed its previously announced debenture financing with several existing institutional investors and insiders, including Midsummer Investment, Ltd. The gross proceeds of the financing, which totaled $500,000, will be used for general corporate purposes.
And, Solana Resources (TSX: V.SOR, Stock Forum) Thursday reported that the Los Aceites-1 exploration well in Colombia flowed 41 (degrees) API oil at an average rate of 5,645 barrels of oil per day (bopd), gross, over a continuous 48 hour period. Its shares added as much as 8% before slipping 2% to end at $2.17.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |