Resource Penny Stock Shines on Gold Results

Erdene Resource Development Corp. (TSE:ERD) drills 5.3 g/t gold over 63 metres in Mongolia

Sean Mason | May 9, 2016 | SmallCapPower

Gold drill results glistered on a down day for the precious metal Monday with a resource penny stock climbing 21%, while others were attracted to financial results. Here’s some small stocks making big moves on Monday, May 9, 2016 (as of 4 pm EST):

ERD logoErdene Resource Development Corp. (TSE:ERD) shares climbed 36% to $0.45 on Monday after the resource explorer announced results from follow-up drilling on the recent discovery at its 100%-owned Bayan Khundii Gold Project in Mongolia, which included 5.3 g/t gold over 63 metres.

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Another Resource Penny Stock Making Big Moves

Eskay Mining Corp. (CVE:ESK), meanwhile, reported that, further to its press release of May 5, 2016, proceeds from the recently completed private placement were used to repay of a loan relating to the Company’s SIB Property at Eskay Creek, British Columbia and title to the SIB Property has been transferred into the name of the Company. This resource penny stock moved up 21% to $0.145 following the announcement.

As well, shares of Golden Star Resources Ltd. (TSE:GSC) slipped 9% to $0.79 as the gold miner said it has completed its previously-announced “bought deal” prospectus offering by issuing 22.75 million common shares at a price of US$0.66 per share for gross proceeds of approximately US$15 million.

In addition, shares of Canarc Resource Corp. (TSE:CCM) sank 30% to $0.07 as the mineral exploration company said it has agreed to sell its wholly-owned subsidiary, Oro Silver Resources Ltd., which indirectly holds a 100% interest in the El Compas Gold-Silver Mine Project in Mexico, to Endeavour Silver Corp. (TSE:EDR) in consideration for 2,147,239 free-trading Endeavour common shares.

Finally, Pacific Insight Electronics Corp. (TSE:PIH) shares jumped 18% to $11.75 after the provider of electronic products and full service solutions to the automotive and commercial vehicle markets announced that its Q3 revenue rose to $35.0 million from $22.9 million, while earnings per share for the quarter increased to $0.44 from $0.15 during the same period last year.

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