On Monday, VMS Ventures (TSX: V.VMS, Stock Forum) shares climbed 10% to 33.5 cents after the micro cap explorer reported that HudBay Minerals (TSX: T.HBM, Stock Forum) has informed the company that the HudBay Board of Directors has approved the necessary capital expenditures required to begin construction of the Reed Copper project. VMS owns 30% of the Reed Copper project joint venture, which is operated by HudBay and is located 120 km from Flin Flon, Manitoba. According to HudBay, first production is expected by late 2013.
As well, shares of Galvanic Applied Sciences (TSX: V.GAV, Stock Forum) added as much as 13% at 68 cents as the developer of instrumentation and manufacturer of equipment for the natural gas processing and distribution markets announced that second-quarter consolidated revenue increased 31% to $4,232,000, as compared to $3,219,000 during the same period last year, while net earnings increased to $963,000, or six cents per common share, from $307,000, or two cents per common share, a year earlier.
In Tuesday trading, San Gold (TSX: T.SGR, Stock Forum) shares jumped 41% to $1.94 after the gold junior reported results of drilling conducted since January in the 007 Zone of its Rice Lake Mining Complex in Manitoba, which included 23.2 grams per tonne (g/t) gold over 11.5 metres.
Also, shares of Lakeside Steel (TSX: V.LS, Stock Forum) shot up 279% to 26.5 cents as the company said it has executed a non-binding letter of intent with a strategic purchaser regarding an offer to acquire all of the company's common shares at 40 cents per share in cash.
Wednesday’s market action saw shares of Terraco Gold (TSX: V.TEN, Stock Forum) surge 13% to 25.5 cents after the micro cap explorer/developer said it has entered into a tripartite transaction whereby Terraco will have the option to acquire an interest in a net smelter returns royalty on part of the Spring Valley Gold Project in Nevada. The Spring Valley Project is a joint venture between Barrick Gold Corp. and Midway Gold Corp., where Barrick has the right to earn a 60% interest in the Spring Valley Project by completing work expenditures totaling US$30 million before December 31, 2013.
In addition, shares of Gran Colombia Gold (TSX: T.GCM, Stock Forum) moved up 18% to 45 cents as the gold junior reported that, further to its announcement on December 12, 2011, that GMP Securities L.P. had been retained to assist the company in the evaluation of several debt financing alternatives, it has signed an exclusive mandate letter with Standard Bank Plc, in conjunction with Pareto Commodities LLC, for the arrangement of a US$100 million senior secured term loan facility to fund the company's plan to increase production at its Segovia operations through the development of a new mechanized mining operation and the acquisition of a new 2,500 tonnes per day mill in addition to its expanded Maria Dama mill.
On Thursday, Prodigy Gold (TSX: V.PDG, Stock Forum) shares powered as much as 20% higher to $1.03 after the gold junior announced the results from an updated NI 43-101 compliant Preliminary Economic Assessment (PEA) of its 100% owned Magino gold project in northern Ontario. The pre-tax Net Present Value (NPV) at a 5% discount rate is $939 million. Life of Mine gold production is projected to be more than 2,614,000 ounces gold, averaging 249,300 ounces a year over an 11-year mine life, while average cash operating costs are estimated to be US$461 per ounce.
As well, shares of Northern Iron (TSX: V.NFE, Stock Forum) gained 36% to 15 cents as the micro cap explorer said it has signed an agreement with Mr. Larry Herbert, a private individual, whereby the company will acquire a 100% interest in five mineral claims totaling 848 hectares to the east and south of the past producing Griffith mine near Red Lake, Ontario. The Griffith Mine owned at the time by Stelco, produced 78.8 million tonnes of iron ore for conversion to pellets and DRI from 1968-1989. Total magnetic iron recovery was 86.26%.
And, in Friday trading, shares of Cabo Drilling (TSX: V.CBE, Stock Forum) climbed 50% to 15 cents as the drilling services company reported record first-quarter revenue of $16.93 million, a 65% improvement compared to $10.27 million during the same period last year, while net after tax earnings for the quarter were $1.52 million, or two cents a share, compared to $197,544, or break-even on a per-share basis, a year earlier.
Finally, Protox Therapeutics (TSX: T.PRX, Stock Forum) shares rose 32% to 37.5 cents after the company announced that Warburg Pincus has agreed to invest an additional $8.3 million in Protox, pursuant to its rights under the terms of the existing Investment Agreement, dated September 28, 2010.