Stockhouse Canadian Small and Micro-cap Stock Report for Friday, March 2, 2012
TORONTO (SHfn) – North American Tungsten (TSX: V.NTC, Stock Forum) shares climbed 15% to 46 cents on volume of more than 2.3 million shares Friday after the junior miner reported record first-quarter net income of $6.6 million, or three cents per share, and EBITDA of $10.5 million. This compares to a loss of $4.4 million and negative EBITDA of $3.7 million during the same period last year.
As well, shares of Columbus Gold (TSX: V.CGT, Stock Forum) added as much as 11% at 69 cents on more than 1.4 million shares traded as the micro cap explorer announced results of the initial five core drill holes at its Paul Isnard gold project in French Guiana, which included 102 meters of 1.97 grams per tonne (g/t) gold, and confirms what the company called the “depth extension of gold mineralization.”
Colombian Mines (TSX: V.CMJ, Stock Forum), meanwhile, said it and Teck Resources have entered into an agreement in which Teck will make an investment in Colombian Mines of up to $15.5 million. Teck will make an initial $1,000,110 investment in Colombian Mines by means of a non brokered private placement. Teck will then have the right, until May 31, 2012, to make further private placements in the company, and Teck's local subsidiary (TLS) will simultaneously enter into an agreement to earn a Joint Venture Interest in the Yarumalito gold-copper project, whereby TLS could earn up to a 70% Joint Venture Interest by spending not less than $10 million on exploration and making cash payments and private placements totaling $5.5 million to the company to fully vest as to 70%. Colombian Mines stock popped 10% to 56 cents.
Shares of Ursa Major Minerals (TSX: T.UMJ, Stock Forum) powered 92% higher to 12.5 cents after the company reported that it has entered into an agreement for a business combination in which Prophecy Platinum (TSX: V.NKL, Stock Forum) will issue one common share in exchange for every 25 outstanding common shares of Ursa, implying a value of approximately 15 cents per common share of Ursa.
And, Yellowhead Mining (TSX: V.YMI, Stock Forum) Friday announced results of the independent Feasibility Study for its Harper Creek project in British Columbia. Highlights included an estimated pre-tax NPV8 of $749.7 million with an IRR of 20.2% for a 28-year project life at a milling rate of 70,000 tpd (25.55Mt/y), based on long-term metal price projections of US$2.50/lb copper, US$1,250/oz gold, and US$20/oz silver. Capital costs are estimated at $838.95 million. Yellowhead Mining shares moved up 20% to $1.31.
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