Skip to main content
equities

TSX trader watches the actionCHRIS YOUNG

Here are Canadian small cap stocks moving on news today and worth watching:

Churchill Natural Resource Partners, LP announced today that it has terminated all further discussions with the management of St Eugene Mining Corporation , which edged up early Monday on the news. Churchill said it does not believe management of St Eugene is prepared to enter into serious discussions with Churchill at this time that are likely to result in a binding agreement. St Eugene announced Friday that Churchill, a private equity firm based in Dallas, Texas, had conditionally offered to purchase 100% of the Tartan Lake Mine gold property from it in exchange for a cash payment of $4 million and a net smelter return royalty of 1% of production from Tartan Lake.

_____

International mining company Southern Hemisphere Mining Ltd. , which closed Friday at a year low of 30 cents, today reported initial results from drilling at the Llahuin Copper Project, located 250 kilometres north of Santiago in Chile. Southern Hemisphere recently signed an option agreement to purchase the mining licences, which comprise the Llahuin project, and commenced an initial reverse circulation drilling program on June 1. Initial results have been received, which indicate the potential for a large-scale porphyry copper-gold system on the tenements.

_____

Noventa Ltd , a supplier of tantalum concentrate, last traded near a year low of 53 cents. The board of directors announced that it has negotiated improved terms to its offtake agreement with its customer H C Starck. And Daniel Cassiano-Silva, the company's chief financial officer, has tendered his resignation and will leave the company in November. Noventa is in the process of recruiting a replacement and will update the market at the appropriate time. Under the revised offtake agreement, Noventa said the customer has agreed to pay between 27% and 36% higher prices per pound of tantalum contained in concentrate than was previously the case over the period to the end of 2013. The customer has also agreed to purchase 29% more tantalum contained in concentrate at the increased price which can be delivered by Noventa at any time up to the end of 2014. The customer retains the option to extend the agreement for up to the end of either 2014 or 2015, but with the price per pound to be negotiated relative to market prices at that time. The customer also has the first right of refusal on any additional production not covered by Noventa's existing offtake agreements at a price 20% above the increased price under the agreement.

_____

Lithium Americas Corp. fell close to 7% early Monday after announcing financial and operating results for the three months ended May 31, 2011. It said an Independent Preliminary Economic Assessment report valued the World Class Cauchari-Olaroz Lithium Project at $983-million (U.S.) before tax; the PEA estimates cash operating costs of $1,434 per tonne of Lithium Carbonate, which it said is one of the lowest in the industry; it had $31-million incurred in exploration to date; and had a strong cash position with $22-million in cash and cash equivalents.

_____

Amorfix Life Sciences , a product development company focused on diagnostics and therapeutics for misfolded protein diseases, edged lower and closer to a year low of 21 cents amid news that it presented a paper on Sunday at the International Conference on Alzheimer's disease in Paris, France. It said the poster presentation, entitled 'Development of An Ultra Sensitive Assay for Detection of Aggregated Beta Amyloid in Human CSF', was the first presentation of preliminary data generated using the company's EP-AD Diagnostic CSF Test. It added: "This preliminary proof-of-concept validation was performed with a total of 35 human CSF samples from Alzheimer's disease (AD) patients and control subjects. The identity of the samples was blinded to Amorfix and was only revealed following the completion of data analysis.The results obtained from the EP-AD Diagnostic CSF Test were as follows: The assay correctly identified 12/17 AD and 14/18 Control CSF samples (74% sensitivity and 79% specificity, respectively). Experiments are now ongoing to improve both the sensitivity and specificity for better detection of aggregated Abeta present in AD CSF."

_____

Great Panther Silver Ltd. jumped more than 4% after announcing the acquisition of four mining concessions, totaling 1,514 hectares, approximately 10-15 kilometres northeast of Guanajuato, Mexico. The claims are located on the north-west extension of a system of multiple northwest-southeastern trending parallel structures that could be part of the 'La Sierra' vein system. The La Sierra system is the most easterly of the three structural systems in the prolific Guanajuato district along with the main Veta Madre and the La Luz trends. The company said it is presently mining on the Veta Madre system at its Guanajuato Mine and exploring on the westerly La Luz system at the San Ignacio project.

_____

Magma Metals Limited - which is moving further away from a year low of 21 cents - today provided an update on the Griffins Find gold project, located 320km southeast of Perth in Western Australia. Among the highlights, Magma said it has lodged exploration licence applications over the gneiss belt to the north and south of the Griffins Find gold project covering a strike length of 180km and an area of approximately 7,000km2. It added results from the final six holes in the recent drilling program included: 8m @ 2.52g/t gold & 3m @ 2.81g/t gold from the Griffins West prospect; 52m @ 0.58g/t gold including 6m @ 2.05g/t gold from the Griffins Pit prospect; and 2m @ 3.29g/t gold & 1m @ 24.9g/t gold from the Ridge prospect.

_____

Mirasol Resources Ltd. rose around 4% early Monday on announcing that it has received positive results from six holes drilled on previously undrilled vein targets, which expands the mineral potential of the Virginia Silver project, and additional assays from the Julia and Naty veins, at its 100%-owned Virginia Silver Project in Santa Cruz province, in Argentina. It said all six scout diamond drill holes returned silver mineralization, with three of the six intersecting high-grade silver intercepts. "These results include high-grade intercepts from the Naty South Extension with 11.3 metres grading 239 grams per tonne (g/t) silver, including 0.9 metres of 1,884 g/t silver; the Ely South Vein with 8.5 metres grading 174 g/t silver, including 2.0 metres of 538 g/t silver; and the Martina Vein with 10.2 metres grading 245 g/t silver including 3.6 metres of 530 g/t silver."

_____

Base Oil & Gas Ltd. lost a small early gain Monday after announcing a property acquisition in the Provost area of Alberta. Base has acquired 100% working interest in 19,200 net acres (30 net sections) of crown land from a private company. It said the acquisition provides a new prospective high impact growth area for the company which in the opinion of management contains access to repeatable shallow depth (1,000-1,200 m) Viking and Mannville oil resource plays.

_____

NSGold Corp. is digging out gains after reporting that it has acquired, through claim staking, a total of 3,000 hectares near its Dios Padre property in the Municipality of Yecora, State of Sonora, Mexico. It said these claims are contiguous and surround ground, held by other parties, which is adjacent to NSGold's Dios Padre property. The claims are located 270 km by road east of Hermosillo, the capital of the State of Sonora, and 30 km west of the town of Yecora.

MidnightTrader.com provides real-time U.S., Canadian and global stock, exchange-traded fund and economic news and trading ideas to both individual and professional investors worldwide.