Stockhouse Canadian Small and Micro-cap Stock Report for Monday, May 16, 2011
TORONTO (SHfn) – Encanto Potash (TSX: V.EPO, Stock Forum) shares climbed as much 18% to 26.5 cents on Monday after the micro cap explorer said it is on track to fulfill its objective of nearly doubling the Muskowekwan Project's resource in Saskatchewan with further drilling anticipated to begin upon a successful designation vote of the Treaty Land Entitlement (TLE) Reserve Land. The current resource excluding the TLE Reserve lands, based on using the in-situ leach mining method, establishes a resource of 79.1 Mt Indicated KCl and 60.5 Mt Inferred KCl. The company also confirmed that all funding requirements for the next 12 months, including the Preliminary Economic Assessment, the TLE Reserve land designation vote, a two well drilling program, and updated 43-101 resource calculation are in hand.
As well, shares of Intertainment Media (TSX: V.INT, Stock Forum) added 9% at $1.40 after the company announced that its social media, real time, language translation platform, Ortsbo.com, will be launching its instant email translation plug-in Ortsbo for Microsoft Outlook, at its online, live streamed chat event with Gene Simmons and Paul Stanley of KISS on May 20, 2011.
Relentless Resources (TSX: V.RRL, Stock Forum) shares shot up 52% to 47 cents as the oil and gas producer/explorer reported the successful completion of the 100% working interest Relentless Loverna HZ 3C12-5-2C10-6-31-28 W3M well, its first horizontal well on its recently acquired interests in Saskatchewan. The well flowed field estimated production volumes of 1,305 barrels of 35 degrees API Viking oil, 3.286 million standard cubic feet of natural gas and 1,500 barrels of load water over the 78.5 hour clean- up period. The average production rate over the last 24 hours of the clean-up period was 505 barrels of oil per day, 1.436 million standard cubic feet of natural gas per day and 15 barrels of load water per day with the load water cut continually decreasing.
IntelGenx (TSX: V.IGX, Stock Forum), meanwhile, said it has submitted its reply to a Complete Response Letter issued in February 2010, by the U.S. Food and Drug Administration (FDA) after review of the New Drug Application (NDA) submission for its antidepressant CPI-300. The company's new submission addresses the two main issues identified by the FDA in the Complete Response Letter, namely the qualification of a commercial manufacturing site and the food effect, which was observed both in CPI-300 and the reference product, in the food effect study submitted as part of the NDA. IntelGenx stock popped 25% to 79 cents.
And, Calibre Mining (TSX: V.CXB, Stock Forum) Monday reported assay results for two additional drill holes from the 2011 drill program at its 100% owned Riscos de Oro property in Nicaragua, which included 7.69 grams per tonne (g/t) gold and 211.87 g/t silver over 10.60 metres. Calibre shares rose as much as 9% to 18 cents.
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