Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, October 22, 2008
TORONTO (SHfn) - A molybdenum bankable feasibility study generated some investor interest Wednesday.
Adanac Molybdenum (TSX: T.AUA, Stock Forum) shares surged 11% to 15 cents on Wednesday after the micro cap explorer said it has updated capital and operating costs for its 100% owned Ruby Creek Molybdenum mine project in British Columbia to the end of the third quarter of 2008. The Ruby Creek Project, with a production rate of 23,000 tonnes per day, has an updated capital cost estimate of CDN$647 million and life of mine average annual site operating costs of US$9.75 per pound of molybdenum (Mo), generating a Net Present Value (NPV) at an 8% discount rate of US$110 million and an Internal Rate of Return (IRR) before tax of 12%.
The December 2007 Bankable Feasibility Study had a capital cost estimate of CDN$640 million and life of mine average annual site operating costs of US$7.41 per pound of Mo, generating an NPV (at an 8% discount rate) of US$295 million and an IRR of 18.9%.
As well, shares of Tonbridge Power (TSX: V.TBZ, Stock Forum) powered 41% higher to 24 cents as the developer of electrical transmission assets reported that the Montana Department of Environmental Quality issued a Record of Decision authorizing the construction of Montana Alberta Tie's 230kV merchant transmission line in Montana. Tonbridge Power is the 100% controlling shareholder of the Montana Alberta Tie transmission line project to interconnect the electricity markets of Alberta and the U.S. through a 300 MW transmission line.
Enterprise Oilfield Group (TSX: T.E, Stock Forum), meanwhile, announced that it intends to complete a non-brokered private placement of 1.2 million units at a price of 17 cents per unit for gross proceeds of $204,000. Each unit will consist of one common share in the capital of Enterprise and one common share purchase warrant exercisable at a price of 25 cents for a period of one year from closing. It is anticipated that insiders of the corporation will subscribe for the units under the offering. Enterprise stock popped 27% to 19 cents.
Shares of UC Resources (TSX: V.UC, Stock Forum) added as much as 11% before closing unchanged at 4.5 cents after the junior miner reported that production facility at La Yesca in Mexico is now ready to begin processing material from the La Yesca tailings gold/silver deposit.
And, BacTech Mining (TSX: V.BM, Stock Forum) Wednesday said it has applied for $10 million in government funding to build a pilot bioleach plant in the Cobalt area of northern Ontario to neutralize the arsenic-laden tailings dumped there in the early 1900s. BacTech's goal is to build a pilot-sized bioleach facility that would treat 200,000 tonnes of tailings per annum, while also recovering the quantities of cobalt, nickel and silver that remain in the tailings. Its shares climbed 43% to five cents.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |