On Monday, Cline Mining (TSX: T.CMK, Stock Forum) shares climbed 15% to $1.66 on Monday after the miner announced that it has filed its report titled "Preliminary Assessment of the New Elk Mine Project," which provide a technical and economic assessment of Cline's wholly-owned New Elk coal mine in Colorado. The report indicates that operation of the New Elk Mine for at least 20 years should be technically feasible; no fatal flaws were identified; and the New Elk Mine's existing and usable infrastructure, apparent favorable geology, sizable resource estimate of metallurgical grade coal, proximity to public highway and coal transportation facilities and availability of historical exploration and mine operating data all contribute to the New Elk Mine's potential for an abbreviated construction period, low initial capital cost and attractive economics compared to competitive projects.
As well, shares of Dragon Pharmaceutical (TSX: T.DDD, Stock Forum) shot up 27% to 79 cents as the manufacturer and distributor of antibiotic products said it has entered into a definitive merger agreement to be acquired by Chief Respect Limited, a Hong Kong corporation, which is a newly-created entity controlled by Dragon Pharma's Chairman and Chief Executive Officer, Yanlin Han, for 82 cents per share in cash.
In Tuesday trading, Foundation Resources (TSX: V.FDN, Stock Forum) shares powered 126% higher to 52 cents on Tuesday after the micro cap explorer reported results from the first two holes of the recently completed 2010 winter drilling program on the East Coldstream Deposit located on its Coldstream Property in Ontario, which included 13.55 grams per tonne (g/t) gold over 3.0 metres intersected within a 27.28 metre wide zone averaging 4.88 g/t gold. Foundation has an option to earn up to a 70% interest in the Coldstream property from Alto Ventures (TSX: V.ATV, Stock Forum).
Also, shares of Critical Outcome Technologies (TSX: V.COT, Stock Forum) moved up 18% to 45.5 cents as the clinical developer of small molecules for the treatment of diseases announced “positive” test results from a series of animal experiments carried out at a prominent Canadian cancer research facility with COTI-2 as a single agent against an aggressive strain of triple negative human breast cancer (TNBC); MDA-MB-231-luc.
Wednesday’s market action saw shares of TAG Oil (TSX: V.TAO, Stock Forum) jump 20% to $2.68 on Wednesday after the oil and gas producer/explorer reported that the first stratigraphic well in its initial three-well Waitangi Hill program has been drilled to a total depth of 171 metres. The results, including "free oil" in core samples, further indicate Waitangi Hill as an area of active oil and gas generation and expulsion. The Waitangi Hill-2 well is located within TAG's 530,000-acre permit area in the northern East Coast Basin of New Zealand. The Waitangi Hill-2 well experienced a strong "oil-wet" gas kick combined with significant pressure at 149 metres, which was addressed before continuance of drilling. Drilling then continued to 171 metres, where a conventional sandstone reservoir was encountered and core was retrieved that exhibited streaming "free oil."
In addition, shares of Louvem Mines (TSX: V.LOV, Stock Forum) gained 37% to 70 cents as the company announced that Richmont Mines (TSX: T.RIC, Stock Forum) intends to acquire all of the issued and outstanding shares of Louvem that are not currently owned by Richmont. Under the proposed transaction, holders of shares of Louvem would receive one share of Richmont for each 5.4 shares of Louvem held by them, representing a value of about 76 cents per Louvem share.
On Thursday, Blackhawk Resource (TSX: V.BLR, Stock Forum) shares surged 27% to 19 cents on Thursday after the oil and gas producer/explorer reported that it has successfully drilled and cased both wells on its Bodo property in Alberta. The BLR Bodo #2 horizontal well encountered reservoir rock with abundant hydrocarbon shows throughout the majority of the horizontal section. BLR Bodo #1 was drilled to a total depth of 724 metres and encountered hydrocarbon pay in the Colony Formation. After perforating, the Colony zone flowed gas at a maximum rate of 1.6 mmcf/d with an average choked rate of 750 mcf/d over the testing period. Analysis of the logs indicate oil pay in addition to gas pay in the zone.
As well, shares of Sea Breeze Power (TSX: V.SBX, Stock Forum) added 29% at 38 cents as the renewable energy firm announced that the offer of a 20-year "Electricity Purchase Agreement" has been received from British Columbia Hydro and Power Authority with regard to future renewable energy produced at Sea Breeze's Knob Hill Wind Farm Project. The Knob Hill Wind Farm Project is located 35 km northwest of Port Hardy on northern Vancouver Island, within the traditional territories of the Kwakiutl, Quatsino, and Tlatlasikwala First Nations. Phase 1 of the Project would generate enough renewable electricity to power an estimated 35,000 British Columbia homes.
And, in Friday trading, North American stock markets were closed for the Good Friday holiday.