TORONTO (SHfn) - Belvedere Resources Ltd. (TSX: V.BEL, Stock Forum) shares jumped by 16% to 18.5 cents, after the company updated it progress on the resource delineation drilling at its 100% owned Kopsa gold project in Finland. The project is located 15 kilometres from the company’s Hitura Nickel mine and mill, and is being evaluated as a satellite mining operation to be processed at the Hitura production centre. Chief Executive Officer David Pym said drilling has raised confidence in the high grade core of the main zone. Highlights include a 92-metre section averaging 3.2 g/t gold. “Assayed results are consistent with our geologists visual estimations and we expect continued good results as the drilling progresses,’’ Pym said.
Meanwhile, Opawica Explorations Inc. (TSX: V.OPW, Stock Forum) was active after releasing assay results from its wholly-owned Atikwa Lake gold and copper property near Kenora, Ont. Highlights include a 30 metre intersection, which returned 0.40 g/t gold, 0.19% copper, and 0.74 g/t gold equivalent. The company said the gold and copper mineralization in drill hole AT-10-02 is located within the overall footwall corridor known as the “Maybrun FW” zone, which has a true width of approximately 200 metres. Hole AT-10-02 was drilled to a vertical depth of about 300 metres. However, the stock fell 9% to 21 cents.
Novus Gold Corp. (TSX: V.NOV, Stock Forum) rose 17% to 30.5 cents on news that drilling has started on its100%-owned REN gold property in the Northwest Territories. Previous exploration work has confirmed the existence of a number of wide gold-bearing zones hosted in amphibolite iron formation and associated sedimentary rocks. The objective of the 2010 drilling program is to substantially increase the size of the Main Zone and to begin testing the large number of known gold showings on the 25,000 acre property. Work is also continuing on the Company's two gold/base metals projects in the Dominican Republic.
DragonWave Inc. (TSX: T.DWI, Stock Forum) plunged 24% to $6.27 after posting record fourth quarter results. DragonWave is a leading global supplier of packet microwave radio systems for mobile and access networks. Fourth-quarter net income was $13.4 million or $0.35 per diluted share, compared with a net loss of $2.2 million or ($0.08) per diluted share in the fourth quarter of 2009. Revenue in the quarter soared to $63.8 million from $11.3 million in the same period last year.
Stratic Energy Corp. (TSX: V.SE, Stock Forum) fell 22% to 14 cents after the company said it is selling its Turkish business to a group of local companies for $3.45 million in cash. Of that amount $2.40 million has already been paid to the oil and gas firm’s Turkish subsidiary. The balance is due by December 2010. "The sale of our Turkish business is a further step in our restructuring program and provides us with a clean exit from the region,’’ said Kevin Watts, Stratic's President and Chief Executive Officer. “In addition, it frees up capital of nearly $20 million for investment in higher return activities elsewhere in Stratic's business that would otherwise have been spent on the next phase of development in Turkey."
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