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Junior mining stock pops on gold/copper grades

Sean Mason Sean Mason, Freelance
0 Comments| January 25, 2011

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Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, January 25, 2011

TORONTO (SHfn) – Nautilus Minerals (TSX: T.NUS, Stock Forum) shares jumped 14% to $3.25 on Tuesday after the underwater miner said gold grades of up to 20.8 grams per tonne (g/t) and copper grades of up to 37.7% have been confirmed in assay results from seafloor drilling at the Solwara 1 project in the Bismarck Sea in Papua New Guinea.

As well, shares of Open Range Energy (TSX: T.ONR, Stock Forum) shot up 18% to $2.35 as the energy firm provided an update on its wholly-owned business unit, Poseidon Concepts, which generated EBITDA and cash flow from operations estimated at $4.9 million in the seven months ended December 31, 2010. Open Range is expecting the Poseidon Concepts business unit to generate cash flow from operations and EBITDA of approximately $3.3 million for the fourth quarter of 2010, compared to $1.3 million in the third quarter of 2010, representing a more than 150% quarter-over-quarter increase.

Resverlogix (TSX: T.RVX, Stock Forum), meanwhile, announced that its lead drug RVX-208, a ApoA-I production drug, illustrated positive effects on an important cognitive function and Alzheimer's Disease (AD) marker, plasma Amyloid beta 40 (Aß40). This analysis was performed based on increasing evidence in the literature that the transport of potentially harmful Aß40 from the brain to the general circulatory system may be beneficial. Resverlogix stock popped 11% to $2.27.

And, Leader Energy Services (TSX: V.LEA, Stock Forum) Tuesday reported it has reached an agreement with holders of its 10% convertible subordinated debentures to repurchase 95.4% of the total amount outstanding. Leader issued $15 million of debentures on February 28, 2007, of which $13.16 million is outstanding. The debentures are convertible at 40 cents per share and mature on March 31, 2012. In addition, the company has entered into a term sheet with a new lender for a three-year secured debt facility agreement in the principal amount of $15 million. Leader Energy shares climbed 20% to 67 cents.

Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern)
Top Canadian Small/Micro-cap Decliners

To read more articles by Sean Mason please click here



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