Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, October 27, 2009
TORONTO (SHfn) – A surge in its precious metals resource boosted a small miner Tuesday, while an oil services stock popped on a Latin American deal.
Marathon PGM (TSX: T.MAR, Stock Forum) shares climbed 20% to $1.08 on Tuesday after the micro cap miner reported the optimized reserve estimate for its 100% owned Marathon PGM-Cu Project, located 10 km north of Marathon, Ontario. This new mineral reserve is part of the on-going optimization of the definitive feasibility study of the Marathon Project. Highlights included a contained PGM+gold increase of 24% to 3.4 million ounces.
As well, shares of Wavefront Technology Solutions (TSX: V.WEE, Stock Forum) moved up 19% to $2.72 as the provider of solutions for increasing oil field production and enhancing the treatment of contaminated groundwater said it has entered into a non-binding letter of intent with the Subdireccion Tecnica de Explotation, a department of Pemex PEP, for the use of Wavefront’s Powerwave in both single well stimulation and enhanced waterflood applications.
PharmaGap(TSX: V.GAP, Stock Forum), meanwhile, announced what it called “highly positive” results from the United States National Cancer Institute 5-dose in vitro anti-cancer screen of PharmaGap drug GAP-107B8. These results confirm and extend results announced in August from the single-dose study and provide definitive independent validation of GAP-107B8 as an active pharmaceutical ingredient against a wide range of cancers. PharmaGap stock popped as much as 28% higher before closing down 2% to 22.5 cents.
And, shares of Microbix (TSX: T.MBX, Stock Forum) jumped as much as 20% to 67 cents after the developer of a patented technology that doubles the output of influenza vaccine production reported that it has signed a joint venture agreement with the Hunan Biopharmaceutical Co. Ltd. (a Hunan Province state-owned enterprise) for initial financing to construct Asia's largest influenza vaccine production facility and the third largest vaccine plant in the world.
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