Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, July 15, 2010
TORONTO (SHfn) – Appleton Exploration (TSX: V.AEX, Stock Forum) shares powered as much as 26% higher to 12 cents on Thursday after the micro cap explorer announced results from a further 13 reverse circulation (RC) holes focused on the southern segment of the Dialafara Prospect on the Manalo Gold Project in Mali, West Africa, which included 61 metres of 1.45 grams per tonne (g/t) gold.
As well, shares of Terrane Metals (TSX: V.TRX, Stock Forum) rose 16% to $1.36 as the miner said it has entered into a definitive agreement pursuant to which Thompson Creek Metals (TSX: T.TCM, Stock Forum) will acquire all of the issued and outstanding equity of Terrane. Under the arrangement, holders of Terrane shares will receive 90 cents in cash and 0.052 Thompson Creek common shares per Terrane share. The consideration implies an offer value of $1.41 per Terrane share based on Thompson Creek's closing price on the Toronto Stock Exchange of $9.90 per share on July 14, 2010, or a total consideration of approximately $650 million.
SLAM Exploration (TSX: V.SXL, Stock Forum), meanwhile, reported results from its 100% owned Miminiska properties in northern Ontario, which included a 7.2 metre core interval that averages 9.47 g/t gold starting at a depth of 147 metres. SLAM stock popped 25% to 10 cents.
Shares of Oromin Explorations (TSX: T.OLE, Stock Forum) jumped 11% to $1.03 after the junior miner announced results from a feasibility study for a proposed open pit and underground mine at its OJVG Gold Project in Senegal, West Africa. Highlights included a total combined mineral resource estimate exceeding 3.27 million ounces of gold (2.86 million measured/indicated and 410,000 inferred), as well as a mineral reserve estimate (probable classification) of 1.42 million ounces of contained gold.
And, Cline Mining (TSX: T.CMK, Stock Forum) late Wednesday said it has received the necessary permits from the Colorado Department of Transportation to truck coal from its New Elk Coal Mine located in Las Animas County, Colorado, to the company's coal rail load-out at the nearby Jansen Rail Yard, Trinidad. In addition, the New Elk Coal Mine has received all of the required environmental permits from the State of Colorado for current mine operations. Cline shares gained 15% to $1.66 on Thursday.
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