Junior explorer surges on oil rights acquisition

Junior explorer surges on oil rights acquisition

Stockhouse Canadian Small and Micro-cap Stock Report for Monday, March 9, 2009

TORONTO (SHfn) – Some speculators gushed over a hydrocarbon rights deal, while a wireless play hopped higher on a possible ‘eagle’.

Gold Star Resources (TSX: V.GXX , Stock Forum) shares jumped 10% to 16 cents on Monday after the micro cap resource company reported the signing of a letter of intent with Bengal Bight Ghana Limited to acquire a 100% interest in the hydrocarbon rights of Bengal's Tiampoum Mining Concession in southeastern Cote d'Ivoire, near the border with Ghana.

As well, shares of Kangaroo Media (TSX: V.KTV, Stock Forum) added 13% at 4.5 cents as the manufacturer of hand-held wireless audiovisual multi-functional entertainment systems and the PGA TOUR announced the signing of a four-year agreement to provide golf spectators attending select TOUR events with a personalized multimedia experience service. Using the Kangaroo TV hand-held device, spectators at featured PGA TOUR events will be able to access an array of real-time video, audio, comprehensive tournament and player data, as well as course layouts.

Cypress Development (TSX: V.CYP, Stock Forum) and Skyharbour Resources (TSX: V.SYH , Stock Forum), meanwhile, reported that the initial mother hole BR08-02 has now been completed to a depth of 2742 metres on their Cypress (80%) Skyharbour (20%) Broulan Reef project located on strike to the south of the Bruce Channel and Finn gold zones discovered by Gold Eagle Mines. These gold zones were acquired by Goldcorp when it purchased Gold Eagle Mines for $1.3 billion in September 2008. Cypress stock popped 6% to 29 cents.

Shares of Star Navigation Systems Group (TSX: V.SNA, Stock Forum) powered 21% higher to 8.5 cents after the technology company focused on providing Aerospace Solutions to assist aviation operators worldwide announced a further sale of five of its TERRASTAR Lite Flight Tracking and Communication technology units to SkyLink Aviation.

And, WesternZagros Resources (TSX: V.WZR, Stock Forum) Monday reported a fourth-quarter net loss of $6.7 million, or three cents a share, compared to a net loss of $0.8 million, or a penny a share, during the same period last year. Its shares sank 39% to 43 cents.