AGORACOM Small Cap TV - November 11th - Highlights
posted on
Nov 11, 2011 10:47AM
Good morning to you all. Please find enclosed a summary of the breaking small-cap and micro-cap financial news we highlighted on AGORACOM Small Cap TV this morning. It’s November 11th, 2011, and we’ve found 2 great press release to report on at the open. Another great day for small-cap and micro-cap financial news. To watch the show live every morning at 9:30 AM, visit our front page.
UC Announces Purchase Agreement for the Sale of Its Joint Venture Interest in McFaulds Lake
UC Resources Ltd. (TSX VENTURE:UC)
is pleased to announce that it has entered into a definitive agreement (the "Purchase Agreement") with Freewest Resources Inc. ("Freewest"), a wholly owned subsidiary of Cliffs Natural Resources Inc. (NYSE:CLF)(PARIS:CLF) ("Cliffs"), for Freewest to acquire 100% of the UC owned 55% Joint Venture Interest in the McFaulds Lake area property (the "Joint Venture Interest"), subject to and in accordance with the Joint Venture Agreement dated as of July 26, 2011 (the "Joint Venture Agreement") between KWG Resources Inc. ("KWG"), Spider Resources Inc. (now named Cliffs Chromite Far North Inc.), a wholly owned subsidiary of Cliffs ("Spider"), and UC.
The purchase price payable to UC by Freewest is $6,000,000 CDN ($6 Million), payable by deposit of $850,000 on the signing date followed by the balance on the closing date.
UC Resources Ltd.'s CEO, Gary Monaghan states, "We are pleased with the outcome of this transaction, and believe that McFaulds Lake represents what could be an exceptional play for companies of certain size and ability to fund, drill and exploit this long term resource. The Company values our shareholders and believes, as far as UC is concerned, our focus is best directed in Mexico. Full time concentration on the leveraging of the Company's major assets in Mexico will be the best possible course of action for the Company to take in these markets."
About the company
UC Resources is a producer of precious metals in Mexico.
Last: 0.065Range: 0.12-0.045Market Cap: 12.4 million
Marathon Gold Completes 2011 Drill Program at the Leprechaun Gold Deposit
Marathon Gold Corporation (MOZ: TSX)
today announced the completion of the highly successful 25,250 meter 2011 diamond drilling program at the Leprechaun Gold Deposit. The last nine drill holes at the Leprechaun Gold Deposit were focused on the southwest end of the current resource boundary (Figure 1).
Significant new main zone intercepts include:
VL-11-365 6.89 g/t Au over 4.8 meters including 14.12 g/t Au over 1.9 meters
VL-11-357 2.86 g/t Au over 8.0 meters including 9.53 g/t Au over 2.0 meters
"Our 2011 drilling campaign was very successful, and has identified multiple lenses of high-grade main zone mineralization up to tens of meters in thickness that have been traced along strike for more than 200 meters. We have also outlined significant new hanging wall and foot wall mineralization. These numerous new high-grade gold zones will have a significant positive impact on the upcoming Leprechaun Gold Deposit Resource update, which is expected to be reported late Q4 2011 or early Q1 2012", said Phillip Walford, President and CEO of Marathon Gold Corporation.
About Marathon Gold Corporation
Marathon Gold Corporation is a North American gold resource development company, with projects located in the mining friendly province of Newfoundland and Labrador, and a project in the prolific Coeur d'Alene Mining District of Idaho. Marathon has a project pipeline consisting of early stage exploration to advanced resource development projects. Marathon is continually evaluating new gold resource development projects of merit that are located within the Americas. Marathon's focused and low-cost approach to exploration and resource development has an established record of delivering rapid growth. For more information visit: www.marathon-gold.com
Last: 1.54Range: 2.07-1.00Market Cap: 35.2 million