Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, November 5, 2009
TORONTO (SHfn) – Copper/molybdenum mineralization was a sight for some shareholders’ sore eyes Thursday, while a biotech stock popped on FDA approval.
Wallbridge Mining Company (TSX: T.WM, Stock Forum) shares powered 12% higher to 24 cents on Thursday after the micro cap miner said it will expand its drilling program on the Rogers Creek property in British Columbia to 2,500 metres on the basis of copper and molybdenum mineralization observed in diamond drill hole WRC-001.
As well, shares of Nuvo Research (TSX: T.NRI , Stock Forum) added 22% at 42 cents as the drug development company and Covidien (NYSE: COV, Stock Forum) announced that the U.S. Food and Drug Administration (FDA) has approved the New Drug Application for Pennsaid Topical Solution (diclofenac sodium topical solution) 1.5% w/w. Pennsaid Topical Solution is a non-steroidal anti-inflammatory drug (NSAID) used for the treatment of the signs and symptoms of osteoarthritis of the knee. As a result of the FDA approval of Pennsaid Topical Solution, Nuvo will receive a US$15 million milestone payment from Covidien. Going forward, Nuvo will receive royalties on net U.S. sales of Pennsaid at rates that are consistent with industry standards. Nuvo will also be eligible to receive additional escalating sales milestone payments for Pennsaid and Pennsaid Plus totaling up to US$100 million.
Geologix Explorations (TSX: T.GIX, Stock Forum), meanwhile, reported that it has entered into an agreement with Arian Silver, whereby Geologix has been granted the exclusive rights to purchase Arian's 100% interest in the Tepal Gold-Copper Project in Mexico. The Tepal project hosts a resource estimated at 1.15 million ounces gold and 413 million pounds copper. Under the terms of the agreement, Geologix can elect to complete the purchase of 100% of the property, subject to a 2.5% net smelter return royalty, by delivering to Arian US$3.0 million in staged payments before February 23, 2011 (at Geologix's election, up to 50% payable in Geologix shares), and assuming the balance of Arian's obligations under the terms of the underlying property option agreement. Geologix stock popped 11% to 21 cents.
Shares of Advanced Explorations (TSX: V.AXI, Stock Forum) jumped 18% to 23.5 cents after the junior explorer announced that it has staked 11 claims resulting in a new iron ore discovery named "Tuktu", the Inuit word for "caribou," in Nunavut. Initial spot sampling returned values as high as 50 % magnetite with low contaminant concentration (0.05 % sulphur).
And, DIAGNOS Inc. (TSX: V.ADK, Stock Forum) Thursday said it has successfully completed the certification process for internationally recognized quality management standards ISO9001:2008 and ISO13485:2003 for its CARA (Computer Assisted Retinal Analysis) technology. DIAGNOS' quality management system was audited, assessed and registered by Intertek Testing Services NA Ltd., a CMDCAS (Canadian Medical Devices Conformity Assessment System) recognized registrar as conforming to the above standards. The company also said it has signed an agreement with North American Palladium (NAP) to sell the Harricana North Property in Quebec. NAP will acquire a 100% interest in the property in exchange for a payment of $20,000 and a 2% Net Smelter Return royalty payable to DIAGNOS. DIAGNOS shares climbed 15% to 23 cents.
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