Junior Gold Miner Glisters on Reserves Boost

Sean Mason | February 24, 2016 | SmallCapPower

Some investors took a shine to a grade, reserves increase Wednesday, while financial results lifted a popular energy name. Here’s some small stocks making big moves on Wednesday, February 24, 2016 (as of 4 pm EST):

GSC logoGolden Star Resources Ltd. (TSX: GSC) shares jumped 21% to $0.52 on Wednesday after the gold miner announced that its Mineral Reserves rose 10% to 2.1 million ounces, while the grade increased by 34% to 2.8 grams per tonne. The Company also swung to a fourth-quarter profit of $13.8 million.

As well, shares of Bombardier (TSX: BBD.B) slipped 9% to $1.18 following a Wall Street Journal report that United Airlines is finalizing a deal to purchase a batch of narrowbody airliners from Boeing instead of Bombardier.

Encana Corporation (TSX: ECA), meanwhile, reported better-than-expected fourth-quarter 2015 earnings on improved crude volumes and said it would lay off 20% of its workforce this year. Encana stock popped 23% to $5.09 following the announcement.

Finally, Galway Gold Inc. (TSXV: GLW) shares sank 23% to $0.05 after a Colombian court ruled that the Company will not be able to transfer title of the Reina de Oro project and the mining permit will no longer be valid.

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