Stockhouse Canadian Small and Micro-cap Stock Report for Friday, May 29, 2009
TORONTO (SHfn) – A moly resource report made more than a few shareholders jolly Friday, while a video game accessory maker got a big boost from a software giant.
Adanac Molybdenum (TSX: T.AUA, Stock Forum) shares climbed as much as 25% to 10 cents on Friday after the micro cap miner reported that it has received the final 2009 updated National Instrument 43-101 Mineral Resource Technical Report for its 100%-owned Ruby Creek molybdenum deposit in British Columbia. The current estimated total of both Measured and Indicated Resource categories, at a cut-off grade of 0.04% molybdenum (Mo), is 275.4 million tonnes grading 0.067% Mo and an Inferred Mineral Resource of 39.1 million tonnes grading 0.062% Mo.
As well, shares of Mad Catz Interactive (TSX: T.MCZ, Stock Forum) shot up 81% to 47 cents as the interactive entertainment accessory provider said it has signed a multi-year licensing agreement with Microsoft Corporation. Pursuant to the agreement, Mad Catz has global rights to manufacture, market, and sell Xbox 360-branded wireless specialty videogame controllers.
Northstar Aerospace (TSX: T.NAS, Stock Forum), meanwhile, announced that it has sold the assets and certain liabilities of its subsidiary, Turbine Engine Service Group of Stroud, Oklahoma, for gross proceeds of approximately US$9.35 million, including an estimated adjustment for working capital, to Mint Turbines LLC. The net proceeds from the sale will be used to reduce Northstar's outstanding debt obligations, including satisfying the US$7.5 million repayment required on July 31, 2009. Northstar stock popped 17% to 62 cents.
And, Great Western Minerals Group (TSX: V.GWG, Stock Forum) late Thursday provided an update with respect to the option agreement with Rare Earth Extraction Co. Ltd. of Stellenbosch, South Africa, announced January 13, 2009, to refurbish, re-commission, and operate the currently abandoned Steenkampskraal underground mine in the Western Cape, South Africa. The company has applied for a new mining license and an updated feasibility study, originally reported as expected at the end of Q1 2009, is in progress and will be delivered to Great Western Minerals when completed.
The Steenkampskraal property has historical in-situ grades of 16.74% total rare earth oxide. The deposit also contains copper, gold and phosphate, which could be recovered as by-products along with thorium. Great Western shares jumped 25% to 15 cents on Friday.
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