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Junior miner jumps on silver mine acquisition

Sean Mason Sean Mason, Freelance
0 Comments| November 2, 2009

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Stockhouse Canadian Small and Micro-cap Stock Report for Monday, November 2, 2009

TORONTO (SHfn) – A small miner shone brightly Monday following a silver bankruptcy buy, while another company is going private at a ‘substantial’ premium.

Alberta Star Development (TSX: V.ASX, Stock Forum) shares climbed 21% to 17.5 cents on Monday after the micro cap miner said it has entered into a binding term sheet with Sterling Mining Company whereby Alberta Star has entered into a binding agreement to acquire a controlling interest in Sterling and its assets and provide for financing of Sterling's ongoing operations. Sterling is currently a debtor-in-possession in Chapter 11 Bankruptcy and operates the Sunshine Silver Mine in Idaho, which has recorded production of more than 360 million ounces of silver since 1904.

As well, shares of SQI Diagnostics (TSX: V.SQD, Stock Forum) shot up 32% to $2.97 as the medical systems automation company focused on evolving laboratory-based biomarker testing announced that the U.S. Food and Drug Administration (FDA) has cleared the company's automated SQiDworks Diagnostics Platform and its multiplexed IgXPLEX rheumatoid arthritis (RA) assay for marketing in the United States. The SQiDworks Diagnostics Platform and its IgXPLEX RA assay provide clinical laboratories with the ability to simultaneously measure multiple biomarkers in a single test that “delivers accurate patient results in less time, using less labour,” according to the company.

Taseko Mines (TSX: T.TKO, Stock Forum) shares surged 11% to $3.25 after the miner reported a 70% increase in mineral reserves at its 100% owned Prosperity Project in British Columbia, from 487 million tonnes to 830 million tonnes. The reserve increase will add 3.0 million ounces of recoverable gold and 1.6 billion lbs of recoverable copper to the Prosperity reserve base, bringing total recoverable metal to 7.7 million ounces of gold and 3.6 billion lbs of copper.

As well, Electrovaya (TSX: T.EFL, Stock Forum) said it plans to enter the stationary power and smart grid energy storage market in Japan. Nippon Kouatsu Electric Co. Ltd. and Electrovaya have signed a memorandum of understanding for the development and sales of Electrovaya's integrated advanced battery storage systems for both stationary power and smart grid systems applications, initially targeted for the Japanese market. Its shares moved up 11% to 89 cents.

Guest-tek Interactive Entertainment (TSX: T.GTK, Stock Forum), meanwhile, reported that it has entered into an arrangement agreement with 1456537 Alberta Inc. pursuant to which the purchaser will acquire all of the issued and outstanding common shares of the corporation not owned by the shareholders of the purchaser at 50 cents per common share. Guest-tek Interactive stock popped 96% to 49 cents.

And, PC Gold (TSX: T.PKL, Stock Forum) Monday announced that results have been received for the completion of deep wedge hole PC-08-014AW03 at the Pickle Crow mine in northwestern Ontario, which included 112.15 grams per tonne (g/t) gold over 1.15 metres. Its shares added as much as 13% at 87 cents.

Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern)
Top Canadian Small/Micro-cap Decliners




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