Stockhouse Canadian Small and Micro-cap Stock Report for Thursday, May 31, 2012
TORONTO (SHfn) – Copper Fox Metals (TSX: V.CUU, Stock Forum) shares powered 17% higher to $1.18 on volume of more than 1.2 million shares Thursday after the resource developer reported results of the recently completed National Instrument 43-101 resource estimate for the Schaft Creek copper-gold-molybdenum-silver deposit in British Columbia. Highlights included a Measured and Indicated resource of 7.1 billion pounds copper, 455.3 million pounds molybdenum, 7.3 million ounces gold, and 66.7 million ounces of silver; as well as an Inferred Resource of 2.9 billion pounds of copper, 206.2 million pounds of molybdenum, 3.3 million ounces of gold, and 31.6 million ounces of silver.
As well, shares of Mawson Resources (TSX: T.MAW, Stock Forum) shot up 33% to $1.44 as the junior miner announced the first drill results from the Rompas gold project in Finland, which included six metres of 617 grams per tonne (g/t) gold from seven metres depth.
CE Franklin (TSX: T.CFT, Stock Forum), meanwhile, said it has entered into an arrangement agreement in which a wholly-owned National Oilwell Varco subsidiary will acquire all of the issued and outstanding common shares of CE Franklin for $12.75 per share in cash, or a total consideration of approximately $240 million. CE Franklin stock popped 35% to $12.65.
And, Cabo Drilling (TSX: V.CBE, Stock Forum) Thursday reported a 47% increase in third-quarter revenue to $14.05 million, while net after tax earnings for the quarter was $429,692, or a penny a share, compared with a net after tax loss of $624,422, or a penny a share, during the same period last year. Cabo Drilling shares jumped as much as 19% to 12.5 cents.
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