Stockhouse Canadian Small and Micro-cap Stock Report for Monday, September 13, 2010
TORONTO (SHfn) – Upper Canada Gold (TSX: V.UCC, Stock Forum) shares climbed 40% to 28 cents on Monday after the micro cap miner reported selected drill hole results from the drill program that began in early March 2010, on its 100% owned Dingman Property near Belleville, Ontario, which included 3.17 grams per tonne (g/t) gold over 31.8 metres.
As well, shares of Pele Mountain Resources (TSX: V.GEM, Stock Forum) shot up 35% to 17.5 cents as the junior explorer announced that it has retained Scott Wilson Roscoe Postle Associates to provide an updated NI 43-101 mineral resource estimate that will include both uranium and rare earth elements at Pele's Eco Ridge Mine project at Elliot Lake in northern Ontario. The new resource estimate is expected to be completed by year-end.
Georox Resources (TSX: V.GXR, Stock Forum), meanwhile, said its Trinidad and Tobago subsidiary, Gulf Central Limited, was the successful bidder in the recent comprehensive bid for the North Marine Block located in the Gulf of Paria offshore Trinidad and Tobago. Georox stock popped 42% to 22 cents.
Shares of Mercator Minerals (TSX: T.ML, Stock Forum) rose 12% to $2.40 after the miner reported that August production for its Mineral Park copper-molybdenum mine in Arizona continued in line with the improved results achieved in the second quarter of 2010, producing 3,235,927 pounds of copper, a record 451,823 pounds of molybdenum and 55,976 ounces of silver during the month. Tons processed and metal recoveries were above the prior quarter and the previous month. Molybdenum recoveries improved over the previous month of 58% to 66% in August.
And, Laramide Resources (TSX: T.LAM, Stock Forum) Monday reported the exercise of Laramide's option to acquire the La Sal property in Utah for purchase consideration of US$500,000 and related transfer costs to Homestake Mining Company of California and certain related entities. This payment will be followed by a further payment of $250,000 required upon successfully permitting the La Sal property, and a final payment of $500,000 upon the La Sal property beginning commercial production. Laramide shares jumped 19% to $1.43.
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