On Monday, Genco Resources (TSX: T.GGC, Stock Forum) shares climbed 22% to 36 cents after the micro cap miner said Mexican authorities have confirmed all the necessary environmental and operating permits for the La Guitarra mine. As a result, the company said it can recommence mining and has done so on a limited basis. La Guitarra consists of two underground operation centres and a flotation mill with a proven capacity of 320 tonnes per day. Genco recently completed a feasibility study, which evaluated a ten-fold expansion of existing mining operations at La Guitarra to 3,000 tonnes per day.
As well, shares of Galway Resources (TSX: V.GWY, Stock Forum) shot up 13% to 98 cents as the junior explorer tabled assay results from the first phase of drilling at its Pie de Gallo property in Colombia. Highlights included an 89-metre section averaging 3.2 grams per tonne of gold. That intersection included nine metres of 23.1 grams per tonne under the Pie de Gallo open pit. These results are an indication that the company is sitting on a “significant gold deposit,” said President and Chief Executive Officer Robert Hinchcliffe.
In Tuesday trading, B2Gold (TSX: T.BTO , Stock Forum) shares jumped 15% to $1.74 after the junior miner released a news update on its La Libertad gold mine in Nicaragua, where production resumed in January. B2Gold said the mine is expected to produce up to 90,000 ounces of gold this year at a cash cost of US$500 an ounce. Based on recent drilling results, the company said it is confident that it can extend the life of it’s a second Nicaraguan mine, known as Limon. The current projected lifespan is 3.5 years.
Also,shares of PharmaGap (TSX: V.GAP, Stock Forum) moved up 65% to 24 cents after the company said it has received results of testing of its lead cancer treatment drug GAP-107B8. The Ottawa biotechnology firm is the final stages of analyzing the data it received from the National Cancer Centre in Bethesda, MD., and expects the results to be announced in the next few days.
Wednesday’s market action saw shares of Brazauro Resources Corp. (TSX: V.BZO, Stock Forum) surge 87% to $1.29 after the junior said it has agreed to be acquired by Eldorado Gold Corp. The plan of arrangement deal, which values Brazauro at $1.33 a share, will give Eldorado exploration properties in the Tapajos region of Brazil. They include the Tocantinzinho project as well as the company's Agua Branca and Piranhas properties. "The board believes that accepting this premium offer at this time is in the best interests of all Brazauro shareholders," said Brazauro Chairman and Chief executive officer Mark Jones III.
In addition, US Silver Corp. (TSX: V.USA, Stock Forum) gained 22% to 24.5 cents after the company released first-quarter production numbers from its Galena silver-lead-copper mine in Idaho. The mine produced 635,161 ounces of silver in the quarter, up slightly from 634,791 ounces in the same period last year. US Silver said the average realized price for its silver output was US$17.74 an ounce, compared to a cash cost of $12.59. The company said lead production rose 39% from a year ago to 1.5 million pounds. But in the same period, copper output fell 17% to 249,214 pounds.
On Thursday, Teras Resources (TSX: V.TRA, Stock Forum) powered 43% higher to 35 cents after the junior miner reported that its joint venture partner Consolidated Goldfields has engaged McClelland Labs, Inc. of Reno, Nevada to conduct metallurgical test work on material from its Cahuilla gold-silver project in California. The Cahuilla Project is an epithermal, paleo-hot springs system hosting multiple veins that occur within a body of disseminated gold-silver mineralization, which hosts a historical 856,000 ounce gold resource.
As well, shares of Matrikon (TSX: T.MTK, Stock Forum) added 14% at $4.49 as the provider of industrial performance monitoring solutions announced that it has entered into an acquisition agreement in which Honeywell International (NYSE: HON, Stock Forum) will acquire all outstanding Matrikon shares for $4.50 per share in cash, or a total consideration of approximately $145 million.
And, in Friday trading, Harte Gold (TSX: V.HRT, Stock Forum) shares climbed 17% to 14 cents after the micro cap miner reported further drill intersections from the recently completed 2,000-metre diamond drill program at the Sugar Zone Property in White River, Ontario, which included 28.63 grams per tonne (g/t) gold over six metres and 48.39 g/t gold over 3.41 metres.
Finally, Nord Resources (TSX: T.NRD, Stock Forum) said Nedbank Limited has declined to extend the forbearance agreement with respect to the scheduled principal and interest payment in the approximate amount of $2.2 million that was due on March 31, 2010, under the company's $25 million secured term-loan credit facility with Nedbank. Nord is now in default of its obligations under the Secured Credit Facility Agreement and the full amount of the outstanding principal and accrued and unpaid interest must now be included in the company's current liabilities, together with any additional amounts payable under that agreement. Nord stock dropped 28% to 18 cents.