Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, November 16, 2011
TORONTO (SHfn) – Lake Shore Gold (TSX: T.LSG, Stock Forum) shares surged as much as 13% to $1.83 on Wednesday after the gold junior reported the completion of an initial National Instrument 43-101 resource estimate for its wholly-owned Thunder Creek property near Timmins, Ontario. The reported resource contains 521,600 contained ounces of gold in the Indicated category and 510,000 ounces gold in the Inferred category.
As well, shares of BioSyent (TSX: V.RX, Stock Forum) gained 39% to 36 cents as the specialty pharmaceutical company announced a 60% increase in third-quarter total sales to $983,857, while total comprehensive income for the quarter was $235,998, 85% higher than the total comprehensive income of $127,389 for Q3 2010.
Meanwhile, Jaguar Mining (TSX: T.JAG, Stock Forum) stock popped 46% to $7.98 following media reports that China's Shandong Gold Group has made a $1 billion offer to acquire the gold producer, which operates in Brazil. The company confirmed that its Board of Directors has determined to initiate a strategic process to explore alternatives to maximize shareholder value, although none of these proposals has progressed beyond the exploratory stage.
Shares of Revett Minerals (TSX: T.RVM, Stock Forum) shot up 27% to $5.50 after the miner said it has just received an affirmative decision from the United States Court of Appeals for the Ninth Circuit relating to the Endangered Species Act appeal filed by the Rock Creek Alliance and other environmental groups. The Court affirmed that "the Fish and Wildlife Service's determination that the mine would entail "no adverse modification" to bull trout critical habitat and would result in "no jeopardy" to grizzly bears was not arbitrary, capricious, or in violation of the Endangered Species Act."
And, Rio Verde Minerals Development (TSX: T.RVD, Stock Forum) Wednesday reported the completion of the first drill hole at its Sergipe Potash Project Basin in Brazil. Logging and a preliminary determination of potash content based on hand-held X-ray fluorescence analyses on the core of SED-001-11 indicates that potash mineralization has been intercepted in two sylvinite-bearing zones with thicknesses of 12.97 metres (m) and 5.05 m, and one carnallitite-bearing zone with a total thickness of 61.0 m, for a total of about 79 m of potash mineralization. Rio Verde shares jumped 33% to 46.5 cents.
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