TSX-V News wrap: PJX Resources, Copper Fox Metals, Mountain Lake Resources, Sage Gold make news

In Canadian small cap. news, PJX Resources (CVE:PJX) provided an exploration update from its Dewdney Trail project in British Columbia, where it has identified over 20 target areas.

Copper Fox Metals (CVE:CUU) closed its previously announced $4 million private placement financing, proceeds from which it plans to use to finish a feasibility study at Schaft Creek, in British Columbia.

Mountain Lake Resources (CVE:MOA) reported assay results from its latest batch of step-out drill holes at its wholly-owned Glover Island gold property in western Newfoundland, which it expects will add to gold ounces in an upcoming resource estimate.

Latest results include 99.3 metres grading 1.34 grams per tonne (g/t) gold in hole LPSE-11-48, including 15 metres at 4.1 g/t gold.

This hole was drilled to a vertical depth of 131 metres, and is located 40 metres west of previously reported hole, LPSE-11-44, which had intersected 0.7 g/t gold over 130.9 metres.

Sage Gold (CVE:SGX) announced additional 2011 drill results from the Clavos deposit in Timmins, Ontario, sending shares up by more than nine percent.

Among the geotechnical drilling results, highlights included 8.3 metres at 2.16 grams per tonne (g/t) of gold in hole CL-11-22, including 0.7 metres of 8.3 g/t gold, and 7.5 metres of 2.51 g/t gold, including 0.7 metres at 15.55 g/t gold in hole CL-11-24.

Fission Energy (CVE:FIS)(OTCQX:FSSIF) announced trenching results from its Patterson Lake South joint venture in Saskatchewan, where the highest grade samples included 31.4 percent and 31.2 percent U308 (Uranium).

Xcite Energy (LON:XEL)(CVE:XEL) has secured a storage and offtake/shuttle tanker for the forthcoming Phase 1A of the Bentley heavy oil field development programme.

Vancouver-based oil explorer Simba Energy (CVE:SMB) said the one year work programme for its wholly owned Block 2A onshore Kenya has been submitted and approved by the government.

The Africa focused firm has now started environmental baseline and survey work on its Kenyan acreage, which is expected to complete in mid-January 2012, while interpreting existing gravity and magnetic data from the license block.