Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, March 17, 2009
TORONTO (SHfn) – Cost savings at a Mexican mine meant money in the pockets of some speculators Tuesday, while a contract boosted a water treatment stock.
Baja Mining (TSX: T.BAJ, Stock Forum) shares climbed 29% to 33 cents on Tuesday after the micro cap miner provided an update on management's preliminary revised capital cost estimates for the Boleo copper-cobalt-zinc-manganese project in Mexico. The slowing of the original construction schedule at Boleo has enabled the company to take advantage of a reduced cost environment. Given the recent rapid changes in world economic conditions, Baja has prepared an updated preliminary internal trending analysis of project capital costs, showing a 12% decrease, which suggests a revised cost estimate of US$767 million (excluding working capital and financing costs). This represents a reduction of over US$100 million from the company's April 2008 capital cost estimate of US$872 million.
As well, shares of Afri-Can Marine Minerals (TSX: V.AFA, Stock Forum) shot up 11% to 10.5 cents as the junior explorer reported that it has been informed by International Mining and Dredging Holding that the contracted sampling vessel MV DP The Explorer arrived in Cape Town, South Africa, on March 16. A complete surveying and sampling program is expected to delineate diamond resources on Afri-Can's Block J marine diamond concession in Namibia in compliance with National Instrument 43-101.
Western Canadian Coal (TSX: T.WTN, Stock Forum) shares soared 30% to 57 cents after the miner announced the filing of a revised technical report regarding the Belcourt coal property in British Columbia, which estimates 86 million tonnes of proven reserves of metallurgical coal in two deposits, Belcourt North and Belcourt South; 167 million tonnes of measured (including two million tonnes thermal) and four million tonnes of indicated resources among the two deposits; potential production of four million tonnes per year of saleable clean coal; and 15 years of production from defined reserves on the property.
OutdoorPartner Media (TSX: V.OPX, Stock Forum), meanwhile, said over the last three weeks it has secured commitments from advertisers to execute campaigns valued at more than $1.2 million. OutdoorPartner stock popped 33% to two cents.
Shares of H2O Innovation (TSX: V.HEO, Stock Forum) powered 29% higher to 45 cents after the provider of water treatment systems reported it has been awarded four new drinking water treatment and wastewater treatment contracts in the United States and Canada totaling $5.1 million.
And, Canadian Mining Company (TSX: V.CNG, Stock Forum) Tuesday announced that it has entered into an agreement with Downshire Capital to lead the company in a consulting capacity. Downshire will provide Canadian Mining with its strategic advisory capabilities and expertise in working with resource companies. Its shares jumped 20% to six cents.
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