The local market may be following the lead of international markets by drifting lower on Tuesday, but not all shares are in the red.
Three small caps that have made notable gains today are listed below. Here's why they are on the rise:
The Beadell Resources Ltd (ASX: BDR) share price has stormed 8.5% to 5.1 cents after the gold miner provided an update on its exploration strategy. According to the release, Beadell's refocused exploration strategy will be driven by systematic and disciplined capital allocation decisions aimed at reserve replacement, extending the life of mine, expanding near-term cash flow, and increasing the net present value of its Tucano operation. The market appears pleased with this strategy and investors have been scrambling to pick up shares today.
The De Grey Mining Limited (ASX: DEG) share price has surged 10% higher to 16.5 cents after Novo Resources Corp of Canada announced plans to acquire Farno McMahon. De Grey is a joint venture partner and shareholder of Farno, which is the owner of four key tenements, including tenement E47/2502, in the Egina region of Western Australia. Tenement E47/2502 is a highly prospective gold tenement that De Grey can earn 75% of through expenditure of $4 million over 4 years. Management expects to have a good ongoing working relationship with Novo on this tenement.
The St George Mining Ltd (ASX: SGQ) share price has jumped almost 8.5% to 13 cents after announcing more strong drilling results at its Mt Alexander operation. Assays for the MAD108 drill hole at its Investigators site confirm a wide intercept of high-grade nickel-copper-cobalt-PGEs. In addition to this, the MAD117 hole has intersected further massive nickel-copper sulphides at Investigators East. Joint venture partner Western Areas Ltd (ASX: WSA) has also seen its shares rise strongly today. The nickel producer's shares are up 4.5% to $2.50 at lunch.
