Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, Sept. 23, 2010
TORONTO (SHfn) – Erdene Resource Development (TSX: T.ERD, Stock Forum) was up 17% to 49 cents Thursday after releasing an update on its coal and metals exploration programs in Mongolia. The company reported a new copper-gold discovery on its Nomin project. The company also said it has set a budget of US$1.9 for coal exploration programs in Mongolia, a program that will be fully funded by Xstrata Coal Canada Ltd. via the Erdene-Xstrata Coal Alliance.
Northern Gold Mining (TSX: V.NGM, Stock Forum) shares surged 8% to 41 cents after the micro cap miner reported the results of the first NI 43-101 compliant resource estimate for the Garrcon Deposit on the Garrison Gold property in northeastern Ontario. The resource estimate, using a block cutoff grade of 0.5 g/t gold and a specific gravity of 2.6 g/cm3, reports an indicated resource of 3.78 million tonnes at a grade of 1.2 g/t containing 144,000 ounces of gold. An inferred resource of 18.5 million tonnes at a grade of 0.9 g/t containing 530,000 ounces gold is also reported.
As well, shares of Apella Resources (TSX: V.APA, Stock Forum) added 4% at 13 cents as the junior explorer announced that it has defeated staker Rejean Picard and SOQUEM Inc., a wholly-owned subsidiary of la Societe generale de financement du Quebec, a Crown Corporation of the Province of Quebec, on a Declaration of Intervention filed in the Quebec Court. The nine claims that Apella is slated to receive under the Quebec Ministry's earlier decision provide Apella with a majority interest in the key mineralization, making up the original Lac Dore Vanadium Deposit.
Alange Energy Corp. (TSX: V.ALE, Stock Forum) was unchanged at 42 cents on news that the company has started the process of getting its shares listed on the Colombian Stock Exchange, a process that is expected to take up to five months to complete. Oil and gas in Colombia has become one of the most important drivers of the country's economy, and local investors are looking for a more diversified portfolio of foreign issuers, in which Alange Energy certainly plans to play a key role in 2011."
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