Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, January 6, 2008
TORONTO (SHfn) - Speculators took a shine to molybdenite bearing mineralization Tuesday, while a stevia play made some 'sweet' gains.
Geoinformatics Exploration (TSX: V.GXL, Stock Forum) shares surged 33% to 20 cents on Tuesday after the micro cap miner reported the 2008 field season results from its Falcon Prospect in British Columbia. Highlights include the intersection of molybdenite bearing mineralization (MoS(2)) in all eight holes, which included 406 metres grading 0.060% MoS(2).
As well, shares of GLG Life Tech Corporation (TSX: T.GLG, Stock Forum) shot up 25% to $2.25 as the producer of stevia announced that it has begun operations at two new stevia processing facilities in China. The new plants increase the company's total raw leaf processing capacity from an existing 5,000 metric tons to 41,000 metric tons, an increase of 720%. Stevia is an all natural, zero-calorie sweetener.
X-Terra Resources (TSX: V.XT, Stock Forum), meanwhile, reported the cancellation of an aggregate of 50,000 of its common shares, which the company purchased during December 2008 pursuant to its normal course issuer bid. The shares were purchased at an average price of 20 cents a share. The company has 11,953,569 shares outstanding. X-Terra stock popped 38% to 29 cents.
Shares of Fjordland Exploration (TSX: V.FEX, Stock Forum) powered 70% higher to 8.5 cents after the junior miner said the Woodjam Joint Venture, comprised of Fjordland (60%) and Cariboo Rose Resources (TSX: V.CRB, Stock Forum) (40%), has received the results of eight drill holes completed in October and November at the Woodjam property in British Columbia, which included 0.69% copper and 0.27 g/t gold over 359.12 metres.
Also, Forest Gate Resources (TSX: V.FGT, Stock Forum) shares jumped as much as 33% before closing unchanged at 1.5 cents as the oil and gas explorer/producer reported that it has engaged Northern Securities Inc. to act as its financial advisor in connection with various acquisition opportunities that the company is considering.
And, Sterling Resources (TSX: V.SLG, Stock Forum) Tuesday announced the successful drilling of the 42/13-5 and 5-z wells on Block 42/13 in the United Kingdom North Sea, which encountered the top of the Breagh reservoir approximately 17 feet higher than anticipated. Sterling holds a 45% working interest and is the operator of the Block. Its shares added 20% at 67 cents.
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