Stockhouse Canadian Small and Micro-cap Stock Report for Monday, Aug. 9, 2010
TORONTO (SHfn) – Tamerlane Ventures Inc. (TSX: V.TAM , Stock Forum) jumped 33% to 24 cents after the junior said it has named hard-nosed mine developer Margaret Kent to the position of executive Chairman. Kent, who was formerly known as Peggy Witte, will lead a management team that will focus on putting the Pine Point lead zinc mine back into production. The project is located about 130 kilometres south of Yellowknife in the Northwest Territories.
AXMIN Inc. (TSX: V.AXM , Stock Forum) was up 31% to 10.5 cents. The company said it can proceed with development of the Passendro gold project after securing a mining license from the government of the Central African Republic. In lieu of any project free-carried interest, AXMIN said the State will receive 26 million common shares of AXMIN and 20 million share purchase warrants with an exercise price of US30 cents for five years. A recent study sees Passendro producing 100,000 ounces of gold annually.
Meanwhile, SLAM Exploration Ltd. (TSX: V.SXL , Stock Forum) gained 14% to 12 cents. The company said early-stage drilling has encountered what appears to be a high grade zone of gold mineralization on its wholly-owned Reserve Creek project near Fort Hope, Ont. Highlights included a 16.85-metre interval grading 16.45 grams per tonne gold. The company said it is planning to drill step out holes to get a better handle on the geology.
Also, KWG Resources Inc. (TSX: V.KWG , Stock Forum), up 4.35% to 12 cents, said it has secured the necessary approvals to proceed with deep drilling and bulk sampling at the Big Daddy chromite discovery in the Ring of Fire area of northern Ontario. KWG said the proposed $4 million program aims to upgrade an existing inferred resource into the indicated category. Results could also be used to inform a future mining feasibility study, the company said.
Finally, Brazilian Gold Corp. (TSX: V.BGC , Stock Forum) fell 9% to 35 cents. The microcap said it has signed a definitive agreement to acquire a 100% interest in Regent Brazil Holdings Ltd., a company that holds title via option agreements to a number of gold projects in Brazil and Chile. Under the agreement, Brazilian Gold will issue ten million shares to shareholders of Regent Brazil in order to acquire the company. A significant shareholder of Regent Brazil also owns or controls 10% of the shares of Brazilian Gold.
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