Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, March 17, 2011
TORONTO (SHfn) – Pennant Energy (TSX: V.PEN, Stock Forum) shares powered 41% higher to 24 cents on Thursday after the oil and gas explorer/producer announced that it is has signed a farm-out agreement with Donnybrook Energy (TSX: V.DEI, Stock Forum) for the drilling of a horizontal test well at Donnybrook's Bigstone area, Montney formation natural gas resource play in Alberta. Drilling is expected to begin in the third quarter of this year. By completing the terms of the agreement, Pennant will earn 25% of Donnybrook's interest in Bigstone and in any future operations within an area of mutual interest.
As well, shares of Minera Andes (TSX: T.MAI, Stock Forum) rose 20% to $2.69 as the junior miner said it intends to complete a spin-out its Los Azules Copper Project in Argentina into a new, publicly-traded company. Under the proposed terms of the arrangement, the shareholders of Minera Andes will retain their common shares in Minera Andes and will be entitled to receive one common share of the new company for every share of Minera Andes held on the record date for the arrangement.
VMS Ventures (TSX: V.VMS, Stock Forum), meanwhile, reported the latest drill and assay results from the in-fill diamond drill program on the extension of Zone 10 at the Reed Lake copper-zinc-gold-silver deposit, near Snow Lake, Manitoba, which included 50.08 metres of 6.85% copper. VMS stock popped 15% to 77 cents.
Shares of Tranzeo Wireless Technologies (TSX: T.TZT, Stock Forum) surged 50% to 39 cents after the wireless network equipment manufacturer said it has been selected by Tata Communications to supply Broadband Wireless Access equipment for network services to enterprise customers. Tata will be deploying Tranzeo's WiMAX and WiFi solutions in over 200 cities in India. Tranzeo will begin to ship immediately.
And, Northern Abitibi Mining (TSX: V.NAI, Stock Forum) Thursday announced plans for a 2011 exploration program to advance its wholly-owned Viking gold property in Newfoundland. A permit application for the proposed 2011 exploration program has been submitted and permitting approval is anticipated shortly. Surface exploration and drilling will begin in late May as snow conditions allow, and subject to availability of drills and drill crews. The company is also in discussions with various groups who have expressed an interest in funding further work to advance the Viking project during the 2011 field season. Northern Abitibi shares moved up as much as 14% to 12 cents.
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