Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, August 11, 2011
TORONTO (SHfn) – Cartier Resources (TSX: V.ECR, Stock Forum) shares surged as much as 21% to 40 cents on Thursday after the micro cap explorer reported new results from channel samples that returned 3.03% copper, 1.63% zinc and 83.57 grams per tonne (g/t) silver over 10.0 meters on the Cadillac Extension project in the Quebec.
As well, shares of Augen Gold (TSX: V.GLD, Stock Forum) moved up 22% to 39.5 cents as the gold junior said it can confirm that Trelawney approached Augen Gold, at a meeting arranged by a shareholder on August 5, 2011, with a proposed offer to materially increase the consideration payable to Augen Gold shareholders. Trelawney confirmed that it provided Augen Gold’s CEO with written confirmation on a confidential basis that it was prepared to increase the implied value of the offer provided certain conditions were met, including the execution and delivery of a definitive support agreement and the completion of satisfactory due diligence. Following subsequent conversations Trelawney said its attempts to resolve this impasse were unsuccessful.
Open Range Energy (TSX: T.ONR, Stock Forum), meanwhile, announced that production guidance for 2011 remains at an average 4,500 boe per day and an exit rate of 6,200 boe per day. Guidance for 2011 consolidated funds from operations is increased from $70 million to $80 million, with a corresponding reduction in year-end net debt to $50 million, reflecting a stable outlook for exploration and production results and further growth in the Poseidon Concepts fracturing fluid tank rental business. Open Range stock popped 15% to $6.42.
Shares of Atna Resources (TSX: T.ATN, Stock Forum) powered 31% higher to 76 cents after the gold miner reported it has signed an asset purchase and sale agreement with Pinson Mining Company (PMC), a subsidiary of Barrick Gold Corporation, to acquire PMC's 70% interest in the Pinson Mine in Nevada. Atna’s goal is to develop a project capable of producing between 50,000 and 100,000 ounces of gold per year at competitive production costs.
And, Pinestar Gold (TSX: V.PNS, Stock Forum) Thursday said it completed its initial 1,700 metre reconnaissance drilling program on the Guindos section of the Becker property in Chile. Pinestar shares rose 20% to 18 cents.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |
To read more articles by Sean Mason please click here