Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, January 26, 2011
TORONTO (SHfn) – Meadow Bay Capital (TSX: V.MAY, Stock Forum) shares surged 22% to $1.45 on Wednesday after the micro cap explorer reported that it has filed a Technical Report on the Atlanta Gold Mine in Nevada, which indicates the Atlanta Mine produced 1.5 million tons of ore containing 0.09 ounces gold/ton and 1.25 ounces silver/ton and recovered 121,000 ounces of gold and 800,000 ounces of silver during the period 1975 to 1985 based on historic production records. The remaining indicated resource of 338,520 ounces gold (6.21 million tons grading 0.054 oz/ton Au) and inferred resource of 125,960 ounces of gold (3.07 million tons grading 0.041 oz/ton Au) and indicated resource of 3.1 ounces of silver (6.21 million tons grading 0.506 oz/ton Ag) and an inferred resource of 0.7 million ounces of silver (3.07 million tons grading 0.236 oz/ton Ag) has been estimated by previous workers, which is not compliant with standards as set out in National Instrument 43-101.
As well, shares of Running Fox Resources (TSX: V.RUN, Stock Forum) moved up 30% to 15 cents as the junior miner said it has entered into an agreement, subject to regulatory acceptance, to acquire the remaining 50% of the Brett Gold Project in British Columbia from Mosquito Consolidated Gold Mines (MSQ). Key terms include $1 million cash and three million common shares, with a closing date of 30 days after regulatory acceptance, and MSQ has reserved a sliding scale net smelter royalty of between 2% to 8%, tied to the price of gold.
Kane Biotech (TSX: V.KNE, Stock Forum), meanwhile, announced that its DispersinB wound spray has passed the FDA-recommended sub-chronic toxicity test. Kane stock popped 11% to 15 cents.
And, URSA Major Minerals (TSX: T.UMJ, Stock Forum) Wednesday reported that it is offering up to 7.5 million flow-through common shares of the company at a price of 20 cents per FT common share for gross proceeds of $1.5 million, and up to six million at a price of 18 cents per unit for gross proceeds of up to $1.08 million or total aggregate gross proceeds of $2.58 million. URSA shares slipped 12% to 18 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