Stockhouse Canadian Small and Micro-cap Stock Report for Friday, March 30, 2012
TORONTO (SHfn) – Aurcana (TSX: V.AUN, Stock Forum) shares climbed as much as 8% to 93 cents on volume of more than 2.6 million shares Friday after the silver miner said its Shafter silver mine in Texas has entered the final phase of construction two months ahead of schedule and under budget with the commissioning of the processing plant expected April 1, 2012. Aurcana anticipates ramp up will take up to 90 days to reach its 1,500 tonnes per day capacity. The company also added that the La Negra Mine in Mexico has successfully completed its second consecutive mine expansion from 1,500 tonnes per day (tpd) to 2,000 tpd capacity on time and on budget for a cost of $4.5 million. Aurcana said that production is anticipated to increase from 130,500 tons at 1500 tpd from Q1 2012 to 176,000 tons at 2,000 tpd for Q2 2012.
As well, shares of MENA Hydrocarbons (TSX: V.MNH, Stock Forum) added 13% at 13 cents on more than 1.2 million shares traded as the oil and gas company reported that the Lagia 6 well in Egypt, drilled in 2000, has been re-entered, re-perforated in the Nukhul formation and has now been on production for one week. The well has flowed at rates of up to 150 barrels of fluid per day under clean up (including load fluid) and is currently producing clean oil into a tank at approximately 60 barrels of oil per day.
Canada Fluorspar (TSX: V.CFI, Stock Forum), meanwhile, announced that it has undertaken surface trenching of the Director Vein at its 100% owned development properties in Newfoundland over the past 80 days and to date has uncovered fluorspar mineralization at six locations. The trenches are currently located over an area that extends more than 850 meters to the south of the old mine workings of the Director Vein, and indicate surface mineralization in width varying from 3.4 meters to 23 meters. Canada Fluorspar stock popped as much as 8% to 55 cents on volume of more than 8.2 million shares.
And, Fancamp Exploration (TSX: V.FNC, Stock Forum) late Thursday reported that operator Champion Minerals has provided results of a mineral resource estimate completed on the Moire Lake iron ore project in Quebec, which is owned 82.5% by Champion and 17.5% by Fancamp. The estimate shows an Indicated resource of 164 million tonnes of 30.53% total iron, using a 15% cut off. Fancamp shares rose 15% to 30 cents on Friday.
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