Junior miner climbs on gold/silver sale

Stockhouse Canadian Small and Micro-cap Stock Report for Friday, November 7, 2008

TORONTO (SHfn) - A cash injection generated investor interest Friday, while a biotech stock popped on a prospective cancer treatment.

Sherwood Copper (TSX: V.SWC, Stock Forum) shares jumped as much as 18% before closing up 3% to $1.75 on Friday after the micro cap miner said it and its wholly-owned subsidiaries, Minto Explorations and Kutcho Copper, have entered into a letter of intent with Silverstone Resources (TSX: V.SST, Stock Forum), whereby Silverstone will purchase all of the payable gold and silver from the Minto Mine in the Yukon, over the life of the mine starting December 1, 2008. Silverstone will make an upfront payment of US$37.5 million in cash.

As well, shares of InNexus Biotechnology (TSX: V.IXS, Stock Forum) shot up 40% to 10.5 cents as the drug development firm announced the development of a new antibody product from its DXL(TM) platform technology, DXL1218 (EGFR), for the prospective treatment of colorectal cancer. The company also said it intends to issue 10% unsecured convertible debentures for maximum proceeds of $1.25 million.

Baffinland Iron Mines (TSX: T.BIM, Stock Forum), meanwhile, reported that it shipped two trial cargos of lump iron ore and one cargo of fine iron ore to two steel companies, ThyssenKrupp Steel and ArcelorMittal. The trial cargo weighed 54,464.6 tonnes by draft survey at the discharge port and exhibited excellent physical and chemical characteristics. The lump iron ore graded more than 68% iron with low moisture content of 1.28% and low levels of deleterious elements. Baffinland stock popped 10% to 40 cents.

And, Alamos Gold (TSX: T.AGI, Stock Forum) Friday reported third-quarter earnings of $8.3 million, or nine cents a share, compared with $0.1 million, or break even on a per-share basis, during the same period last year. Revenue surged 139% to a record $37.2 million. Its shares surged 14% to $5.75.