Stockhouse Canadian Small and Micro-cap Stock Report for Friday, October 29, 2010
TORONTO (SHfn) – Lucky Strike Resources (TSX: V.LKY, Stock Forum) shares climbed 34% to 41 cents on Friday after the micro cap miner announced an amendment to the terms of the letter of intent for the acquisition of the Changyun Coal Mine project in China with Cheung Wan (Groups) Energy Development Limited. Lucky Strike can now earn an additional 20% interest of the project bringing the total amount to 80% from the original 60%. The proposed purchase price increases from RMB 110 Million to RMB 150 Million, or to approximately US$22.06 million.
As well, shares of Franconia Minerals (TSX: T.FRA, Stock Forum) added 14% at 57 cents as the junior explorer said it has received an updated resource estimate for the Birch Lake copper-nickel-platinum group metal (PGM) deposit, one of three NI 43-101 verified resources identified so far at its Duluth Complex project in Minnesota. Based on a Net Smelter/processing Return (NSR) cut-off of US$30/tonne, Scott Wilson Roscoe Postle Associates (Scott Wilson RPA) estimates an Indicated Resource of 176.8 million tonnes. This represents a 35% increase in the amount of Indicated Resources from the previous 2009 estimate of 131.2 million tonnes. In addition, Scott Wilson RPA also estimated an Inferred Resource of 39.9 million tonnes.
Creso Exploration (TSX: V.CXT, Stock Forum), meanwhile, reported recent preliminary diamond drill results from the Minto Project, as part of its expanded exploration program in the Shining Tree area of northeastern Ontario, which included 280 meters averaging 1.15 grams per tonne (g/t) gold. Creso stock slid 23% to 69 cents.
And, Pyng Medical (TSX: V.PYT, Stock Forum) Friday said it anticipates releasing fiscal year 2010 results in mid-December that reports record unit shipments in September, more than in any previous month in the company's history. Pyng Medical commercializes trauma and resuscitation products for front-line critical care personnel. Pyng shares surged 47% to 22 cents.
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