Stockhouse Canadian Small and Micro-cap Stock Report for Monday, December 14, 2009
TORONTO (SHfn) – Speculators refused to take oil flow ‘lightly’ Monday, while an order gave a big boost to a small infrastructure stock.
Canacol Energy (TSX: V.CNE, Stock Forum) shares climbed 21% to 52 cents on Monday after the oil and gas explorer/producer said it has completed flow testing of the second zone in the RH 5 well for total combined gross rate of 8,428 bopd light oil from its new pool discovery in Colombia.
As well, shares of Resin Systems (TSX: T.RS , Stock Forum) shot up as much as 17% to 46 cents as the manufacturer of advanced composite products for infrastructure markets reported that Hydro One has selected RStandard composite poles. This order carries with it the longest term of any order for RStandard poles received from a utility to date. Hydro One, the largest electricity transmission and distribution company in the province of Ontario, issued a request for tender for composite poles earlier this year and the selection of RS's poles marks the completion of that process. Financial details were not disclosed.
East Asia Minerals (TSX: V.EAS, Stock Forum) shares powered 30% higher to $3.83 after the junior miner said that diamond drilling has encountered gold mineralization adjacent to the previously outlined Main Miwah Gold Zone in Aceh Province, Northern Sumatra, Indonesia, which included 1.95 grams per tonne (g/t) gold over 58 metres.
Sacre-Coeur Minerals (TSX: V.SCM, Stock Forum), meanwhile, announced that setup and commissioning of its alluvial plant in Guyana has been completed, and successful gold production operations have now begun. Initial results appear to exceed original expectations for metallurgical recovery, particularly with respect to recovery of very fine gold, according to the company. Sacre-Coeur stock popped 21% to 92 cents.
And, Bolero Resources (TSX: V.BRU, Stock Forum) Monday said it has purchased a 100% interest in 12 strategic claims in the Red Chris area of north-western British Columbia. The claims are contiguous with the Red Chris copper-gold property where Imperial Metals Corp. recently announced assay results from its recent drilling program. Its shares surged 12% to 58 cents.
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