Stockhouse Canadian Small and Micro-cap Stock Report for Monday, October 26, 2009
TORONTO (SHfn) – Gas flow was ‘sweet’ news for some shareholders Monday, while a circuit board stock popped on a takeover bid.
Petro-Reef Resources (TSX: V.PER, Stock Forum) shares climbed as much as 41% to 45 cents on Monday after the oil and gas explorer/producer reported exploration drilling success with its latest exploration well in Alexander in Alberta. The company began testing operations and during a two-day test, the well produced at a stabilized rate of approximately 1.5 mmcf/d (250 boe/d) of sweet natural gas with no water. Based on the success of the test, Petro-Reef has commenced with pipeline and facility applications and anticipates brining this well on-stream early next year at about 1.2 mmcf/d (200 boe/d).
As well, shares of Coretec (TSX: T.CYY, Stock Forum) shot up 48% to 17 cents as the designer and manufacturer of printed circuit boards for the prototype and quick-turn production segments of North America said DDi Corp. (NASDAQ: DDIC, Stock Forum) has made a proposal to acquire all the outstanding shares of Coretec common stock for a price of 20 cents a share, or approximately $3.6 million.
Erin Ventures (TSX: V.EV, Stock Forum), meanwhile, reported that it has entered into an agreement to purchase majority control of the assets of the Santa Rosa Gold Mine in Panama. The Santa Rosa Mine was opened for commercial production by Greenstone Resources Ltd. in 1996 and operated through 1998. Gold production at Santa Rosa during this period totaled 109,002 ounces at an average cash operating cost of approximately US$285 per ounce. Erin stock popped as much as 82% to 10 cents.
Shares of Sego Resources (TSX: V.SGZ, Stock Forum) surged 11% to 10 cents after the junior explorer announced the latest results from the ongoing excavator trenching program on its Miner Mountain Project in British Columbia, which included one metre of 31.47 grams per tonne (g/t) gold and 27.2 g/t silver.
And, Duluth Metals (TSX: T.DM, Stock Forum) Monday reported a 101 million tonne expansion in Indicated Resources of the Nokomis Deposit in Minnesota. This represents a 22% increase from the June 2008, NI 43-101 Resource Estimate. The new Nokomis Resource Estimate now contains 550 million tonnes of Indicated Resources grading 0.639% copper, 0.200% nickel, 0.660 grams per tonne TPM (TPM = Pt + Pd + Au) for a copper equivalent grade of 1.51%. Its shares added as much as 18% at $1.65.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |