Junior miner surges on gold assays

This as other speculators were attracted to an acquisition and a 43-101 Tuesday

Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, March 9, 2010

TORONTO (SHfn) – Minco Gold (TSX: T.MMM, Stock Forum) shares jumped 25% to $1.17 on Tuesday after the micro cap miner reported the discovery of a gold zone on its 100% owned Oujiaba property, within the Yangshan Gold Belt, Gansu Province, China, which included 13.2 grams per tonne (g/t) gold over 10.0 metres.

As well, shares of Minaurum Gold (TSX: V.MGG, Stock Forum) moved up 29% to 80 cents as the junior explorer said it has entered into an agreement with Minera Coplau, a subsidiary of Minera Cascabel S.A. de C.V., to acquire the Adelita Gold-Silver-Copper Skarn-Porphyry project in southern Sonora and adjacent Sinaloa states, Mexico. Minaurum can acquire a 100% interest in the project by making staged payments totaling 925,000 common shares and US$540,000 over three years.

Baja Mining (TSX: T.BAJ, Stock Forum), meanwhile, reported that it has filed an updated NI 43-101 compliant technical report on its 70% owned Boleo copper-cobalt-zinc-manganese project in Mexico. The technical report projects an average annual production for the first six years, of the currently scheduled initial 23 years of plant production, of 56,697 tonnes of copper cathode, 1,708 tonnes of cobalt cathode and 25,364 tonnes of zinc sulphate. The project has proven and probable reserves that support a mine life of more than 25 years. Average life-of-mine (currently anticipated at 25 years of mining and 23 years of process plant) cash costs (based on the three year trailing average metal prices, as of December 31, 2009, in accordance with SEC guidelines) are negative US$0.29 per pound of copper, net of by-product credits for cobalt and zinc, and with no credit for manganese. Baja stock popped 11% to 83 cents.

And, Freegold Venture (TSX: T.ITF, Stock Forum) Tuesday announced the staking of 141 State of Alaska mining claims covering 15,360 acres adjacent to its Rob gold project in the Goodpaster Mining District, Alaska. Its shares added 12% at 10 cents.