Stockhouse Canadian Small and Micro-cap Stock Report for Monday, March 1, 2010
TORONTO (SHfn) – Gold assays grabbed the attention of speculators Monday, while financial results boosted a sought-after gold stock.
Romarco Minerals (TSX: V.R, Stock Forum) shares climbed 24% to $2.07 on Monday after the gold junior announced results from drill hole RC-1724 at its Haile Gold Mine in South Carolina, which intercepted 62.5 meters of 9.6 grams per tonne (g/t) gold and ended in mineralization. The company said results from this hole represent a significant extension of the Haile mineralization system to the northeast and demonstrate the continued upside potential on the property.
As well, shares of Crew Gold (TSX: T.CRU, Stock Forum) shot up 36% to 38 cents as the micro cap miner reported its fiscal 2009 financial results. On December 11, 2009, the company completed a debt-for-equity restructuring, whereby the bondholders exchanged $230.8 million principal amount of bonds in exchange for a 95% interest in the equity of the company. Crew reported a per-share loss of 43 cents for the 345 day period ending December 11, 2009, compared with per-share a loss of $3.21 during fiscal 2008. On Thursday, OAO Severstal, the steelmaker controlled by Russian billionaire Alexei Mordashov, said it will make a bid for Crew, valuing the company at 2.35 billion kroner, or CDN$394 million (19.6 cents per share), after raising its stake in the company to 27%.
Antares Minerals (TSX: V.ANM, Stock Forum), meanwhile, announced on Friday the completion of an updated independent National Instrument 43-101 compliant resource estimate for its Haquira Copper-Moly-Gold project in Peru, which showed a 140% increase in its measured and indicated primary copper resource tonnage with a 10% improvement in grade. As well, pounds of copper in measured and indicated primary resource more than double, expanding by 164%. Antares stock popped as much as 14% to $2.25 on Monday.
And, Eskay Mining (TSX: V.ESK, Stock Forum) Monday said Mr. Chet Idziszek and Mr. David Mallo have joined Eskay's team as members of the corporation's Advisory Board, effective immediately. Chet Idziszek received the "Prospector of the Year Award for 1994," in recognition of the major role he played in the discovery and development of Eskay Creek in British Columbia. Eskay Mining shares powered 16% higher to 21.5 cents.
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