Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, August 26, 2010
TORONTO (SHfn) – U3O8 Corp. (TSX: V.UWE, Stock Forum) shares powered as much as 15% higher to 31.5 cents on Thursday after the micro cap miner announced what it called “significant” values of uranium, phosphate, vanadium, yttrium and molybdenum from rock-chip samples taken in an additional 15 trenches of the 29-trench program completed in the Berlin Project in Colombia.
"U3O8 Corp's trenching confirms that the mineralized zone at Berlin extends over a 3km strike length at an average grade and thickness that is consistent with historic results," said Dr. Richard Spencer, U3O8 Corp's President and CEO. "Trenching continues to the north to confirm historic uranium data that shows the whole of the 10.5km long sandstone trend is prospective. An initial 1,500 metre drill program is scheduled to commence in September, aimed at verifying the results of historic drilling as we move towards our goal to position the Berlin Project for potential National Instrument 43-101 ("NI 43-101") resource estimation in 2011."
As well, shares of Mart Resources (TSX: V.MMT, Stock Forum) gained 13% to 31.5 cents as the oil and gas explorer/developer reported net operating income for the six months ended June 30, 2010, of $12.5 million, with net and comprehensive income after taxes of $2.5 million, compared with a loss of $2.2 million during the same period last year. Cash flow from operations was $11.8 million, up from $2.9 million a year ago.
CIC Energy (TSX: T.ELC, Stock Forum), meanwhile, announced the signing of a shareholders' agreement in relation to the Mookane Domestic Power Project (MDPP). Under this shareholders' agreement, CIC International will own 30% of a new holding company called GCL-CIC Mookane Power Holdings Corp., which will hold the equity in the two Botswana project companies that will develop the MDPP. GCL Botswana will own 70% of Holdings Corp. Affiliates of GCL will build and operate the 300 MW (gross) MDPP power station and the associated coal mine and project infrastructure that will be located in Botswana, at the Mmamabula coalfield. CIC Energy will be paid a development fee as well as being reimbursed for its historical costs related to the MDPP. CIC Energy stock popped 12% to $2.43.
And, Excellon Resources (TSX: T.EXN, Stock Forum) Thursday said it has successfully sealed the water inflow encountered during normal mine development on August 18. The dewatering of the mine to the level of the active working areas is expected to take approximately 14 days, following which mine production, development and exploration drilling will resume. Excellon shares added 10% at 80 cents.
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