Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, April 29, 2010
TORONTO (SHfn) – MDN Inc. (TSX: T.MDN, Stock Forum) shares powered 15% higher to 54 cents on Thursday after the micro cap miner reported that African Barrick Gold plc (ABG) and project operator at the Tulawaka gold mine in Tanzania, in which MDN has a 30% participating interest, announced exploration drilling results on near mine targets at Tulawaka, which included 12 metres of 11.5 grams per tonne (g/t) gold.
As well, shares of Monterey Exploration (TSX: T.MXL, Stock Forum) added as much as 16% at $3.99 as the oil and gas producer/explorer announced an increase in reserves from year-end 2009, a $19.2 million crown land acquisition at Groundbirch in northeast British Columbia, an agreement with AltaGas Income Trust to fund the construction of its Groundbirch natural gas plant, 2011 production guidance and an agreement to dispose of a minor non-core property in central Alberta for $10.0 million. Reserves at Groundbirch have increased to 101.4 billion cubic feet of gas equivalent (bcfge) on a proved plus probable basis, up 141% from 42.1 bcfge as at December 31, 2009.
DALSA Corporation (TSX: T.DSA, Stock Forum), meanwhile, reported first-quarter revenue from continuing operations that increase 32% to $49.9 million, while net income from continuing operations surged 175% to $3.7 million, or 20 cents a share diluted. The company also declared a 20% increase to the quarterly dividend from five cents to six cents per share. DALSA stock popped 28% to $10.40.
Shares of Paramax Resources (TSX: V.PXM, Stock Forum) jumped 14% to 53 cents after the junior energy firm and Bridge Resources (TSX: V.BUK, Stock Forum) said the first joint well in their Idaho drilling program, the M.L. Investments 1-10 (the ML well) has tested “significant” quantities of gas and is now being fully completed for future production. After perforating, gas flowed from a Pliocene sand at a stable rate of 4.2 million cubic feet per day on a 24/64" choke with a flowing surface pressure of 1,550 psi.
Etruscan Resources (TSX: T.EET, Stock Forum) shares surged 14% to 44.5 cents after the junior gold miner reported that its ongoing reverse-circulation (RC) drill program has identified mineralized zones over a strike-length of approximately 250 meters in the eastern part of the investigated area on the Ouar gold deposit in Burkina Faso, which included 44 meters of 7.3 g/t gold.
And, Colombian Mines (TSX: V.CMJ, Stock Forum) Thursday announced results for drill holes YAR-006 through 008 in the La Escuela zone at the company's Yarumalito project in the Marmato gold mining district of Colombia. The initial core hole YAR006, encountered consistent gold - copper mineralization that included 125.2 meters averaging 0.66 g/t gold and 0.13% copper. The next two drill holes, completed from the same site, included YAR007 returning 49 meters grading 0.63 g/t gold and 0.13% copper, and YAR008 returned 57.6 meters grading 0.82 g/t gold and 0.17% copper. Its share climbed as much as 21% to $1.43. For more insight into the Colombian Mines story please read the columns by Ticker Trax’s Thom Calandra.
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