Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, December 8, 2009
TORONTO (SHfn) – Diamonds were the best friends of some shareholders Tuesday, while an energy junior gushed on oil flow.
Stornoway Diamond (TSX: T.SWY, Stock Forum) shares jumped 18% to 36 cents on Tuesday after the micro cap miner announced the completion of a revised National Instrument 43-101 compliant mineral resource estimate for the Renard Diamond Project in Quebec, which showed a total Indicated Mineral Resource of 23.0 million carats, and a total Inferred Mineral Resource of 13.3 million carats, increases of 228% and 195% respectively over the previous estimates published in December 2008.
As well, shares of Allon Therapeutics (TSX: T.NPC, Stock Forum) added as much as 13% at 30 cents as the clinical-stage biotechnology firm reported that the results of a Phase IIa clinical trial presented at a major scientific meeting indicate that the company's lead neuroprotective drug candidate davunetide achieved measurable positive treatment effects in schizophrenia patients with cognitive impairment.
Canacol Energy (TSX: V.CNE, Stock Forum), meanwhile, provided an update of its development drilling program at its operated Rancho Hermoso Field located in the Llanos Basin of Colombia, where the company has a 100% operated working interest. On December 5, 2009, the Guadalupe reservoir was perforated from 9,042 to 9,050 feet, and flowed at a final rate of 3,944 barrels per day of 33 degree API gravity oil (986 net barrels of oil per day) and 318 thousand standard cubic feet of gas per day, with a water cut decreasing to 6% under naturally flowing conditions through a choke of 3/4 inches at a bottom hole flowing pressure of 145 psi. Canacol stock popped 16% to 44.5 cents.
And GardaWorld, the Global Risks Group of Garda World Security (TSX: T.GW, Stock Forum), a cash logistics, physical security and global risk consulting firm, said it has been awarded a three-year contract valued at more than US$100 million from the UK Foreign and Commonwealth Office to provide security services for the British Embassy in Baghdad and the British Embassy Office in Basra. Garda World shares surged 9% to $9.87.
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