Stockhouse Canadian Small and Micro-cap Stock Report for Friday, February 25, 2011
TORONTO (SHfn) – Midway Gold (TSX: V.MDW, Stock Forum) shares surged 22% to $1.66 on Friday after the gold junior reported that exploration drilling conducted in the fourth quarter of 2010 has resulted in an extension of the mineralized strike length by about 1.8 km to the south-southwest of the previously known gold resource at Spring Valley in Nevada.
As well, shares of Western Wind Energy (TSX: V.WND, Stock Forum) gained 15% to $1.49 as the renewable energy production company announced that the first phase of the valuation process pursuant to the Substantial Issuer Bid process is completed. DAI Management Consultants estimates that the value of Western Wind's net equity position in the Windstar Project as of the expected Commercial Operation Date is US$206.8 million. There are 56,248,958 shares issued and outstanding in the company.
Hard Creek Nickel (TSX: T.HNC, Stock Forum), meanwhile, reported that B.C. Hydro, the provincial power utility, had received an environmental assessment certificate for the proposed Northwest Transmission Line project. The proposed $404 million project includes a new 287 kilovolt transmission line, 344 kilometres from the existing Skeena substation south of Terrace to a new substation near Bob Quinn Lake. The project is expected to be complete in the winter of 2013. Hard Creek stock popped 17% to 54 cents.
Shares of NiMin Energy (TSX: T.NNN, Stock Forum) jumped 15% to $2.25 after the oil and gas producer/explorer said its proved reserves surged 45% in 2010 to 17.3 million barrels of oil equivalent, up from 11.9 million a year ago.
And, Tuscany Energy (TSX: V.TUS, Stock Forum) Friday provided a summary of the independent evaluation and estimates of the company's proved and probable reserves as at December 31, 2010, and a contingent resource estimate for the Evesham, Saskatchewan, horizontal oil wells. The company recorded a 55% increase in proved plus probable reserves to 1,151 MBOE at December 31, 2010. The net present value of the company's reserves, before tax and using a 10% discount rate, increased by 33% to $22.9 million, compared with $17.2 million at December 31, 2009. Tuscany shares added 15% at 23 cents.
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