Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, July 6, 2011
TORONTO (SHfn) – Xmet (TSX: V.XME, Stock Forum) shares surged 14% to 12 cents on Wednesday after the micro cap explorer said it has retained Watts, Griffis and McOuat Limited Consulting Geologists and Engineers to prepare an update of the initial NI-43-101 mineral resource estimate reported at the Duquesne-Ottoman Property in Quebec on September 24, 2010, which showed an Inferred Resource of 2.7 million tonnes at an average cut grade of 5.29 grams per tonne (g/t) gold (6.00 g/t gold uncut) hosting 465,000 ounces gold cut (525,000 ounces gold uncut). Over the past nine months Xmet has completed nearly 13,000 metres of diamond drilling on the Duquesne-Ottoman Property.
As well, shares of biOasis Technologies (TSX: V.BTI, Stock Forum) gained 13% to 51 cents as the biopharmaceutical firm reported results from two studies designed to assess the therapeutic potential of its Transcend vector in treating metastatic breast cancer and to test the effectiveness of the Transcend-trastuzumab conjugate (known as BT2111) against HER2+ cancer cells, verses trastuzumab on its own. In several HER2+ breast cancer cell lines, BT2111 demonstrated a significant improvement in cancer killing activity compared to trastuzumab alone.
Meanwhile, Canamex Resources (TSX: V.CSQ, Stock Forum) and GMV Minerals (TSX: V.GMV, Stock Forum) through its wholly-owned subsidiary GMV Guyana Resources Inc., announced that they have entered into an option and joint venture agreement covering a land package containing nominally 98,000 acres in a gold region in Guyana. Canamex, through Canamex Guyana, has been granted an option to acquire up to a 100% interest in these properties by making cash payments to GMV totaling US$520,627.62 during the next 36 months, expending US$1 million in exploration work on the properties before December 31, 2013, and issuing a total of 3,750,000 shares to GMV in stages. Canamex stock popped 65% to 21.5 cents.
Shares of Uranium North Resource (TSX: V.UNR, Stock Forum) powered 25% higher to 17.5 cents after the junior miner reported that it has identified several new gold and silver zones on its 100% owned Nowyak property in Nunavut from data purchased in April 2011. Grab samples with up to 50.3 g/t gold and 44.8 g/t silver highlight these new zones.
And, H2O Innovation (TSX: V.HEO, Stock Forum) Wednesday said it was awarded new contracts totaling $8.0 million shortly before the end of its 2011 fiscal year, on June 30, 2011. The company also said it has secured an all-time high of $17.4 million in new bookings during the fourth quarter of fiscal 2011. H2O Innovation shares climbed 12% to 42.5 cents.
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