Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, December 21, 2010
TORONTO (SHfn) – Canarc Resource (TSX: T.CCM, Stock Forum) shares jumped 20% to 24 cents on Tuesday after the gold explorer reported that it is the successful bidder to acquire a largely built and permitted, open pit, heap leach gold mine through a bankruptcy court auction held in Reno, Nevada. Canarc has agreed to purchase the Relief Canyon gold mine assets from Firstgold Corporation for US$11 million, subject to a due diligence period expiring February 4, 2011.
As well, shares of Purepoint Uranium Group (TSX: V.PTU, Stock Forum) moved up32% to 25 cents as the micro cap miner announced that it has entered into a definitive option agreement with Rio Tinto Exploration Canada Inc., allowing Rio to earn a controlling interest in Purepoint's Red Willow Project in Athabasca Basin by spending up to $22.5 million in exploration and development expenses.
Ivanhoe Energy (TSX: T.IE, Stock Forum), meanwhile, reported a gas discovery at Sunwing's Yixin-2 well in China. Gas from the well flowed at rates of up to 13 million cubic feet per day, and averaged nine to 10 million cubic feet per day during the initial 24-hour test period. Ivanhoe Energy stock popped 11% to $2.88.
Shares of Xcite Energy (TSX: V.XEL, Stock Forum) climbed 23% to $6.18 after the oil explorer/developer announced that the flow test of the 9/3b-6z horizontal well on the Bentley field in the North Sea on the United Kingdom Continental Shelf has been successfully completed. Total flow test of 36 hours including clean-up of nine hours, with cumulative production to tote tanks of over 2,000 barrels. Multi-rate flow tests were conducted, culminating in a final stabilized flow rate of 2,900 stock tank barrels of oil per day.
And, Landdrill International (TSX: V.LDI, Stock Forum) Tuesday said it has signed contracts with Canadian base metal & precious metal mining companies for drilling to be performed in 2011. The contracts total over 216,000 meters of drilling in Quebec, Ontario and Labrador, and will utilize 15 of the company's Canadian-based drills. Assuming these contracts are completed to their terms, the company expects that they will generate more than $20 million in revenue for 2011. Landdrill shares added 13% at 27 cents.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |
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