Stockhouse Canadian Small and Micro-cap Stock Report for Friday, March 4, 2011
TORONTO (SHfn) – Erdene Resource Development (TSX: T.ERD, Stock Forum) shares climbed 18% to $1.39 on Friday after the miner reported final analytical results for its new porphyry copper discovery on its wholly-owned Zuun Mod project in Mongolia, which included 34 metres of 9.24 grams per tonne (g/t) silver with 1.3% copper.
As well, shares of Dejour Enterprises (TSX: T.DEJ, Stock Forum) rose 31% to 47 cents as the oil and gas producer/explorer said it has completed waterflood construction, and begun water injection into the Woodrush Halfway oil pool in Alberta as planned and will now work to optimize the flood performance.
"We are pleased with the successful implementation of this milestone project that completes the development of the Halfway oil pool both on time and on budget. This waterflood is expected to increase the recovery of the oil in the pool from 17% to 42% of original oil in place and provide sustained, economic oil production for the next several years, allowing Dejour to focus on other highly accretive oil projects in northeast B.C. and in the U.S.," said Dejour COO Hal Blacker.
Silver Sun Resource (TSX: V.SSU, Stock Forum), meanwhile, announced that it has signed a binding letter of intent with Cherry Hill Mining Company, Inc. to acquire a 51% undivided interest in the Cherry Hill Mine in California, which is fully permitted and consists of an underground quartz lode mine that is located on a claim block consisting of six unpatented mining claims. Gold was recovered by gravity with the sulphide concentrates sent to Nevada for processing. In consideration of the acquisition of a 51% interest in the property, the company agreed to pay US$555,000 to Cherry Hill. Silver Sun stock popped 11% to 44.5 cents.
And, East Asia Minerals (TSX: V.EAS, Stock Forum) Friday reported that its Board of Directors has approved the implementation of a series of value enhancing transactions that, subject to applicable regulatory and other approvals, will result in eligible East Asia shareholders owning shares in four separate companies. East Asia shares jumped 15% to $6.34.
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