Shares Of Small Miner Rise On Deal To Increase China Coal Mine Interest PDF Print E-mail
Written by Sean Mason - Stockhouse Community News   
Friday, 05 November 2010 21:15
TORONTO (SHfn) --The share price of Lucky Strike Resources (TSX: V.LKY, Stock Forum) rose 34% to 41 cents on Friday after the company reported an adjustment to the terms of a preliminary agreement for the purchase of the Changyun Coal Mine property in China with Cheung Wan (Groups) Energy Development Ltd.
by SeanMason-StockhouseCommunityNews


TORONTO (SHfn) --The share price of Lucky Strike Resources (TSX: V.LKY, Stock Forum) rose 34% to 41 cents on Friday after the company reported an adjustment to the terms of a preliminary agreement for the purchase of the Changyun Coal Mine property in China with Cheung Wan (Groups) Energy Development Ltd.

Under an adjusted letter of intent, Lucky Strike has the right to earn another 20% interest in the project, bringing the total amount to 80% from the original 60%. The planned acquisition price rises from RMB 110 million to RMB 150 million, or roughly US$22.06 million.

Also, Franconia Minerals (TSX: T.FRA, Stock Forum) shares rose 14% to 57 cents as the exploration company announced that it has received a newly-updated resource estimate for the Birch Lake copper-nickel platinum group metal (PGM) deposit, one of the three NI 43-101 verified resources which have been found to date on its Duluth Complex project in Minnesota.

This represents a 35% increase in the amount of Indicated Resources from the previous 2009 estimate of 131.2 million tonnes. In addition, Scott Wilson RPA also estimated an Inferred Resource of 39.9 million tonnes.

And, Pyng Medical (TSX: V.PYT) Friday said it anticipates releasing fiscal year 2010 results in mid-December that reports record unit shipments in September, more than in any previous month in the company's history. Pyng Medical commercializes trauma and resuscitation products for front-line critical care personnel. Pyng shares surged 47% to 22 cents.

DISCLAIMER: This article is provided as information only and is not to be taken as financial advice.

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