Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, May 15, 2012
TORONTO (SHfn) – Canaco Resources (TSX: V.CAN, Stock Forum) shares dropped 66% to 29.5 cents on volume of more than 28.8 million shares Tuesday after the micro cap explorer reported an initial mineral resource estimate for the Magambazi area of its Handeni project in Tanzania. Using a cut-off grade of 0.5 grams per tonne (g/t) gold, Magambazi is estimated to contain an indicated mineral resource of 15.2 million tonnes grading 1.48 g/t gold for a total of 721,300 ounces, as well as an inferred mineral resource estimate of 6.7 million tonnes grading 1.36 g/t gold for a total of 292,400 ounces.
As well, shares of Covalon Technologies (TSX: V.COV, Stock Forum) shot up 78% to 16 cents as the medical technologies company announced that the United States Food and Drug Administration (FDA) has approved the company’s IV Clear product, an antimicrobial silicone adhesive film dressing designed for securing vascular intravenous access devices.
RMS Systems (TSX: V.RMS, Stock Forum), meanwhile, reported that it has agreed to enter into a joint venture relationship with Phoenix Technology Services, wholly-owned subsidiary of PHX Energy Services (TSX: T.PHX, Stock Forum). As result of this agreement, RMS Systems’ RigManager System, which allows drillers of oil and gas wells to view the data that the drill bit sees from their home, office, or mobile device, will be marketed worldwide outside of Canada. RMS Systems stock popped 33% to 40 cents.
And, Hana Mining (TSX: V.HMG, Stock Forum) late Monday announced results of its initial independent National Instrument 43-101 compliant Preliminary Economic Assessment for the Banana Zone and Zone 5 at its 70% owned Ghanzi Copper-Silver Project in Botswana, which estimates a pre-tax NPV of US$363.3 million and an IRR of 22.1% for the base case, using prices of US$3.40/lb for copper and US$30/ounce for silver using a discount rate of 8%. Total capital expenditure for the project is estimated to be US$399 million. Hana Mining shares sank 68% to 41.5 cents on more than 16.5 million shares traded on Tuesday.
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