Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, December 2, 2008
TORONTO (SHfn) – Shares of a resource company jumped Tuesday after a court ruled in its favour, while a communications firm surged on asset sale news.
Shares of Sulliden Exploration (TSX: T.SUE, Stock Forum) jumped 39% to 53 cents early Tuesday afternoon, after the company reported that the Supreme Court of Peru has ruled in Sulliden's favour in the legal dispute relating to Sulliden's ownership of the Shahuindo gold/silver property in Peru. The ruling in favour of Sulliden relates to the appeal against the decision of the Superior Court of Cajamarca of January 18, confirming the decision of the Civil Judge of San Marcos of January 20, 2006, granting an injunction against certain officers of Sulliden from entering the Shahuindo property. Shares of the company closed up 13.2% to 43 cents.
Unique Broadband Systems (TSX: V.UBS, Stock Forum) shares surged 63.3% to 24.5 cents as the company resumed trading after being halted since Monday morning. The halt came after an announcement that its 51% controlled subsidiary Look Communications (TSX: V.LOK, Stock Forum) intended to apply to the Ontario Superior Court of Justice for an Interim Order authorizing it to hold a special meeting of shareholders to approve a plan to permit the sale of some or all of Look's assets. After market close Monday, Unique Broadband announced that Look Communications obtained the Interim Order allowing it to hold a special meeting of shareholders on January 14.
Excellon Resources (TSX: T.EXN, Stock Forum) shares were up 25% to 20 cents after the company announced that it has resumed normal production at its Platosa property in Mexico. Excellon says it has successfully sealed the area of the unexpected water inflow encountered during normal mine development on October 4. The company reports that so November 30, haulage of ore to surface from underground storage areas was started and routine mining activity was resumed on December 1.
Fortress Minerals (TSX: V.FST, Stock Forum) announced after Monday’s market close that it has closed the first tranche of the private placement announced on November 7, and amended on November 14. The company says that on a non-brokered, private placement basis, it sold an aggregate of 16.25 million units of Fortress at 20 cents per unit for gross proceeds of $3.25 million. Shares of Fortress Minerals climbed 25% to 20 cents Tuesday.
Shares of Mercator Minerals (TSX: T.ML, Stock Forum) jumped 18% to 52 cents after the company reported that its new 25,000 ton per day mill has started producing copper and molybdenum concentrates at its Mineral Park Mine in Arizona. Construction of the Phase 1 mill and major components of the Phase 2 expansion started in April 2007. Phase 1 of the mill is now complete and is producing copper and molybdenum concentrates and is designed to process at least 25,000 tons per day of ore. The company notes that about 70% of the Phase 2 mill expansion has been completed.
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