Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, May 18, 2011
TORONTO (SHfn) – Fjordland Exploration (TSX: V.FEX, Stock Forum) shares surged 16% to 18.5 cents on Wednesday after the micro cap explorer and Cariboo Rose Resources (TSX: V.CRB, Stock Forum), 60%-40% partners in the Woodjam Joint Venture, announced that Gold Fields Horsefly Exploration has forwarded drill results from an additional two holes of the 2011 drilling program on the Deerhorn Zone of the Woodjam North gold-copper property in British Columbia, which included 207.5 metres grading 1.00 grams per tonne (g/t) gold and 0.18% copper.
As well, shares of Jaguar Mining (TSX: T.JAG, Stock Forum) gained 23% to $5.14 as the junior gold producer reported record first-quarter revenue of $55.1 million, an increase of 36% over Q1 2010, while adjusted net income totaled $10.3 million, or 12 cents per basic and fully diluted share. The company also announced record cash operating margin per ounce of gold of $659, an increase of 31% from Q1 2010.
Caledonia Mining (TSX: T.CAL, Stock Forum), meanwhile, announced that first-quarter gold production increased by 17% to 7,322 ounces, compared to 6,235 ounces in the fourth quarter 2010, while average cash cost per ounce of gold produced decreased by 18% to US$648 compared to the fourth quarter 2010. Caledonia stock popped 14% to 12 cents.
Shares of Silver Bull Resources (TSX: T.SVB, Stock Forum) jumped 18% to 78 cents after the junior miner said Coeur d'Alene Mines has executed a term sheet to make a US$5 million investment in Silver Bull. Coeur d'Alene intends to purchase 7,352,941 shares of Silver Bull common stock at 68 cents per share in a private placement transaction.
And, Belvedere Resources (TSX: V.BEL, Stock Forum) late Tuesday reported results from the next 13 holes in the 5,000-metre program of resource delineation drilling at its 100% owned Rantasalmi gold property in Finland, which included 14.18 metres of 9.14 g/t gold. Belvedere shares climbed 17% to 24 cents on Wednesday.
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