Resource Junior Jumps on Gold Property Agreement

Arcus Development Group Inc. (CVE:ADG), a resource junior, climbed after announcing an agreement to acquire ATAC’s 50% interest in the Dawson Gold Joint Venture

Sean Mason | August 2, 2016 | SmallCapPower

A Yukon gold deal boosted a resource junior Tuesday, while failed talks hammered a potash play. Here’s some small stocks making big moves on Tuesday, August 2, 2016 (as of 4 pm EST):

Arcus Development Group Inc. (CVE:ADG) shares surged 131% to $0.15 Tuesday after the resource junior announced that it has reached an agreement with ATAC Resources Ltd. to acquire ATAC’s 50% interest in the Dawson Gold Joint Venture.

As well, shares of Karnalyte Resources Inc. (TSE:KRN) plunged 56% to $0.99 as the potash project developer said that negotiations have ceased with Gujarat State Fertilizers and Chemicals Limited in respect to the proposed US$700 million financing for Phase I of Karnalyte’s potash mine at Wynyard, Saskatchewan, as both parties have been unable to reach an agreement on certain fundamental terms of the transaction.

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Golden Tag Resources Ltd. (CVE:GOG), meanwhile, reported that it has signed an agreement to purchase the remaining 50% interest in the San Diego silver project in Mexico. Golden Tag stock popped 36% to $0.15 following the announcement.

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