Stockhouse Canadian Small and Micro-cap Stock Report for Monday, November 16, 2009
TORONTO (SHfn) – A Quebec joint venture piqued the interest of more than a few speculators Monday, while a takeover shone the spotlight on Mexican gold.
Clifton Star Resources (TSX: V.CFO, Stock Forum) shares climbed 20% to $3.11 on Monday after the micro cap explorer and Osisko Mining (TSX: T.OSK, Stock Forum) reported that they have entered into a binding agreement regarding a joint venture on Clifton's Duparquet Project in Quebec. The properties host former producing underground gold mines (including Beattie, Donchester and Duquesne which collectively produced over 1.5 million ounces of gold from 1933 - 1991) and two deposits with known gold resources (Central Duparquet and Dumico).
As well, shares of Canplats Resources (TSX: V.CPQ, Stock Forum) shot up 38% to $3.51 as the junior explorer announced an agreement whereby Goldcorp (TSX: T.G, Stock Forum) will acquire all of the outstanding common shares of Canplats for total consideration of approximately C$238 million, based on the fully diluted in-the-money shares outstanding. Each Canplat share will be exchanged for 0.074 of a common share of Goldcorp, implying a price of about $3.42 per share based on the closing price of the Goldcorp shares on November 13, 2009. Shareholders will also receive a 90.1% interest in a new exploration company (Newco) with a notional value of 18 cents per share, representing a combined value of approximately $3.60 per share to Canplats' shareholders.
Avanti Mining (TSX: V.AVT, Stock Forum) shares powered 52% higher to 25 cents after the junior miner reported results of the NI 43-101 Preliminary Feasibility Study on its 100% owned Kitsault Molybdenum property in British Columbia. Highlights included a mine plan, which calls for a total of 215.3 million tonnes of proven and probable reserves grading 0.085% molybdenum to be mined over a 15-year mine life, producing 368 million pounds of molybdenum. Undiscounted net cash flow (after-tax) is projected at $1.56 billion. Avanti is a Ticker Trax planetary prospect that was initiated at 11 cents a share.
Anglo Canadian Uranium (TSX: V.URA, Stock Forum), meanwhile, reported the receipt of gold assay results from the Poularies Gold property in Quebec. New gold assay results on selected grab samples collected during the 2009 summer preliminary exploration program reveal that the pyrite-bearing quartz veins contain from 0.60 to 17.6 grams per tonne (g/t) gold. Anglo Canadian stock popped 11% to 10.5 cents.
And, Westport Innovations (TSX: T.WPT, Stock Forum) Monday said Volvo has entered into an agreement with Westport as a Tier 1 Development Supplier for its heavy duty natural gas engines and associated supply chain. Westport will supply its Westport HD technology and work together with the Gothenburg, Sweden engine manufacturer to qualify appropriate suppliers consistent with Volvo volume and quality expectations. Westport shares added 12% at $13.
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