Stockhouse Canadian Small and Micro-cap Stock Report for Monday, January 18, 2010
TORONTO (SHfn) – A gold/copper resource expansion pushed up the share price of a small miner Monday, while some speculators had an appetite for a safflower oil play.
Serengeti Resources (TSX: V.SIR, Stock Forum) shares climbed 24% to 36.5 cents on Monday after the micro cap explorer reported the initial resource estimate for the South Zone at its 100% owned Kwanika property in British Columbia. Aggregate mineral resources at Kwanika combining the current South Zone and previously released Central Zone (see NR 2009-4 dated Feb 25, 2009), now total 1.1 billion pounds of copper and 1.6 million ounces of gold in the Indicated category (in the Central Zone), plus 1.0 billion pounds of copper and 0.5 million ounces of gold in the Inferred category (in the South & Central Zones) all estimated at a 0.25% copper-equivalent (CuEq) cut-off grade.
As well, shares of SemBioSys Genetics (TSX: T.SBS, Stock Forum) shares gained 17% to 27 cents as the manufacturer of proteins and oils announced that its partner Arcadia Biosciences Inc., has successfully completed the U.S. Food and Drug Administration (FDA) regulatory process for SONOVA 400, a GLA-rich safflower oil. Gamma linolenic acid, or GLA, is an essential fatty acid with potential use in topical, medical food and nutrition products. Scientific studies suggest that GLA may offer benefits for sufferers of blood platelet dysfunction, atherosclerosis and rheumatoid arthritis.
Vast Exploration (TSX: V.VST, Stock Forum) shares moved up 13% to 77 cents after the oil and gas explorer/developer reported that AJM Petroleum Consultants (AJM) has completed an independent, initial resource assessment of the company's Qara Dagh Block, in the Kurdistan Region of Iraq. AJM has estimated an unrisked "Best Estimate" of 2.7 billion barrels of petroleum initially in place as of December 31, 2009.
Ballard Power Systems (TSX: T.BLD, Stock Forum), meanwhile, said it has acquired a controlling interest in Denmark-based Dantherm Power, partnering with co-investors Danfoss A/S and Dantherm A/S. Dantherm Power develops clean energy backup power systems, utilizing Ballard's hydrogen fuel cell technology, for telecom equipment suppliers including Motorola and Ericsson. Ballard stock popped 14% to $2.78.
And, OceanaGold (TSX: T.OGC, Stock Forum) Sunday announced an increase of 259,000 ounces of gold to the mineral reserve inventory at the Macraes mine in Otago, New Zealand, which extends the mine life out to at least 2016. Its shares surged 11% to $2.09 on Monday.
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