On Monday,Petrodorado Energy Ltd. (TSX: V.PDQ, Stock Forum) jumped 15% to 11.5 cents after the company said it intends to case and test the second exploration well, Loto-1X, in the CPO-5 Block in the Llanos Basin in Colombia. The CPO-5 Block is currently undergoing phase one of a two-phase exploration program, including a total of five committed exploration wells. “The conventional cores and logging indicate excellent quality sands in the target zones and are similar to the sands found in nearby discoveries,’’ said Petrodorado CEO Krishna Vathyam.
Canamex Resources Corp. (TSX: V.CSQ, Stock Forum) rose 5.6% to 9.5 cents. The company said it has signed a contract with AK Drilling of Butte, Montana for 22,000 feet of reverse circulation drilling at its Bruner gold project in central Nevada, about 200 kilometres southeast of Reno. Drilling on the property is expected to commence on or around March 15, 2013, and continue through June 2013. Canamex can earn a 70% interest in the Bruner project by spending $6 million before May 2017, and an additional 5% by completing a bankable feasibility study.
In Tuesday trading, Labrador Iron Mines Holdings Ltd. (TSX: T.LIM, Stock Forum) jumped 26% to 82 cents after the company said it has entered into a framework deal with Tata Steel Minerals Canada, a subsidiary of Tata Steel Ltd., to establish a strategic relationship between LIM and TSMC whereby the two companies have agreed to co-operate with each other in various aspects of their respective iron ore operations in the Labrador Trough and enter into definitive agreements to formalize this arrangement in due course.
Darwin Resources Corp. (TSX: V.DAR, Stock Forum) climbed 11.5% to 14.5 cents as investors assessed the news that Darwin has secured environmental permits for 12 drilling platforms at its La Puerta area, Suriloma gold project in Peru. “The approval of the DIA [Declaration of Environmental Impact] is a key step towards commencing the company’s maiden drill program at La Puerta,’’ said President and CEO Graham Carman.
Wednesday’s market action saw EastCoal Inc. (TSX: V.ECX, Stock Forum) climbed 27% to 7 cents after receiving TSX-V approval following an agreement with Aponet Enterprises Ltd. to amend the $0.65 conversion price of its US$4 million debenture issued as part of the acquisition of Inter Invest, the owner of the Menzhinsky mine, to CDN$0.23, and to convert the debenture into 17,391,305 common shares of EastCoal Inc. effective 12 March 2013.The new common shares, which rank equally with the existing common shares in the company, will be admitted to trading on AIM and the TSX-V on March 18, 2013.
Puma Exploration Inc. (TSX: V.PUM, Stock Forum) was also up 3% to 16 cents. The stock is reacting to drill results of hole FM12-01 drilled at the Millstream Iron Skarn Deposit and grading 0.41% copper equivalent over 60.5 meters. The hole was collared to drill test the depth extension of the deposit, located in New Brunswick, outcropping at surface.
On Thursday,Ashburton Ventures Inc. (TSX: V.ABR, Stock Forum) jumped 22% to 0.055 cents after the exploration company said it had acquired two prospective uranium properties located in Saskatchewan in the Alpha Minerals Inc. (TSX: V.AMW, Stock Forum) and Fission Energy Corp. (TSX: V.FIS, Stock Forum) Patterson Lake South discovery area. On March 11, exploration on the Patterson Lake South Uranium discovery intercepted 11.5 metres of continuous off-scale radioactivity (greater than 9,999 counts per second). To purchase 100% of these claims Ashburton will issue 1.5 million shares of the company and pay $10,000 upon signing.
Sulliden Gold Corp. (TSX: T.SUE, Stock Forum) was unchanged at 79 cents after seven hundred thousand shares changed hands. The stock is reacting to news that the company had successfully held and completed the final public audience as part of the Environmental and Social Impact Assessment (ESIA) process. The completion of this public meeting marks the last required step prior to the ESIA approval for its Shahuindo project in Peru.
An in Friday trading, Arian Silver Corp. (TSX: V.AGQ, Stock Forum) jumped 11.4% to $0.195 cents after the silver exploration company said it signed a provisional agreement with Sandy Hill Ltd., a company incorporated in the British Virgin Islands, to acquire a processing plant, known as the El Bote Mill, currently located close to Zacatecas City, with a capacity to treat up to 1,500 tonnes per day of silver-lead-zinc ore. The final purchase price for the El Bote Mill has been agreed at $3.12 million. Upon completion of the purchase, the plant would be disassembled and relocated to an already permitted 24 hectare site on the eastern side of the San José property, located southeast of Zacatecas City in the silver belt of Mexico.
Wesdome Gold Mines Ltd. (TSX: T.WDO, Stock Forum) climbed 11% to 70 cents as investors assessed the news that during the fourth quarter of 2012 the junior produced 13,745 ounces of gold from its combined mines and 12,500 ounces were sold at an average realized price of $1,697 per ounce. This represents an 8% increase in production and a 25% increase in ounces sold compared to the fourth quarter of 2011. Currently forecast production for 2013 is 55,000 ounces.