Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, May 30, 2012
TORONTO (SHfn) – Spanish Mountain Gold (TSX: V.SPA, Stock Forum) shares surged 13% to 48 cents on Wednesday after the micro cap miner announced further results from the in-fill drilling program recently completed within the Main Zone of its Spanish Mountain Gold Project in British Columbia, which included 64 metres grading 3.25 grams per tonne (g/t) gold.
As well, shares of Eastern Platinum (TSX: T.ELR, Stock Forum) slipped 14% to 24 cents on volume of more than 4.3 million shares as the resource junior reported that due to the continuing negative changes in the global economic environment and the operating environment in South Africa, it has decided to suspend funding for the ongoing development of the Mareesburg open pit platinum mine and construction of the Kennedy's Vale Concentrator plant.
GoldQuest Mining (TSX: V.GQC, Stock Forum), meanwhile, said it has increased the size of its previously-announced bought deal private placement to 12,700,000 common shares at a price per share of 45 cents for total gross proceeds of $5,715,000. GoldQuest stock popped 18% to 56 cents on more than 11.1 million shares traded.
And, Baja Mining (TSX: T.BAJ, Stock Forum) Wednesday announced that it will cut 40% of the jobs at its headquarters in Vancouver as the company does not expect additional funding for its copper-cobalt-zinc project in Mexico by mid-June. Baja Mining shares fell 10% to 22.5 cents.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |
To read more articles by Sean Mason please click here