Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, December 15, 2009
TORONTO (SHfn) – China’s appetite for Canadian resources continued Tuesday, while a gold estimate grabbed the attention of some.
Selwyn Resources (TSX: V.SWN, Stock Forum) shares jumped 22% to 25 cents on Tuesday after the micro cap miner said it has executed a binding framework agreement with China’s Yunnan Chihong Zinc & Germanium Co. Ltd. to form a joint venture operating company to finance the advancement of the Selwyn zinc-lead project in the Yukon to bankable feasibility, and if warranted, to production. Chihong will deposit $100 million in cash irrevocably to a bank account set up by the Operating Co., which will be used to fund programs of the JV. Chihong will earn a 50% interest in the JV by expending these funds on programs.
As well, shares of Wavefront Technology Solutions (TSX: V.WEE, Stock Forum) added 16% at $2.18 as the provider of solutions for increasing oil field production and enhancing the treatment of contaminated groundwater announced that the Samaria-Luna oil production asset of Petroleos Mexicanos, or Pemex, has approved four single well Powerwave stimulations pursuant to the non-binding letter of intent announced October 27, 2009.
Gold Summit (TSX: V.GSM, Stock Forum), meanwhile, reported that it has received preliminary results from the new SURPAC block model of the McLean Lode at Monte Cristo in Nevada, forming part of a National Instrument 43-101 compliant technical report. At a 1.0 grams per tonne (g/t) gold cut off, the inferred global resource amounts to 278,923 ounces of gold contained in 1,923,391 tonnes at a grade of 4.51 g/t gold. Gold Summit stock popped as much as 15% to 19 cents.
Alexco Resource (TSX: T.AXR, Stock Forum) shares gained 12% to $3.85 after the miner announced additional results from its 2009 exploration core drilling program at the Keno Hill Project in the Yukon, which included a 16.01 meter interval grading 174 g/t silver, 0.7% lead, and 1.2% zinc.
And, Triton Energy (TSX: V.TEZ, Stock Forum) Tuesday said it has entered into a definitive agreement that provides for a non-brokered private placement of an aggregate of $10 million, the acquisition of assets from privately-held Waldron Energy, and the appointment of a new management team, most recently at Compton Petroleum, and board of directors. The company, with its Waldron acquisition, will have a new core focus area in central Alberta with undeveloped lands and prospects with “significant room to expand.” Triton shares climbed 56% to 26.5 cents.
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