Here are Canadian small cap stocks moving on news today and worth watching:
Gabriel Resources Ltd. has closed in on an existing year high level of $8.60 after announcing that it has been granted an archaeological discharge certificate for the Carnic open pit at the company's Rosia Montana gold and silver project, located in Romania. The company said it continues to work with the Romanian Government to ensure the project is fully permitted within the laws of Romania and the European Union. Gabriel will report further on its progress with respect to the permitting approval process in its second quarter results announcement on or around August 3, 2011.
Opti Canada , which filed for creditor protection on Wednesday, today announced an update on its joint venture operations over the second quarter of 2011. It has a 35 per cent stake in Nexen Inc.'s Long Lake project. In November 2010, the company announced that it expected Long Lake bitumen production volumes to average between 38,000 and 45,000 bbl/d (between approximately 13,000 and 16,000 bbl/d net to OPTI) for 2011. Based on lower than expected production since making this forecast, it does not expect to achieve this range. It said a portion of its initial 90 well pairs will not meet production expectations. Opti Canada does not expect to reach gross production rates over 50,000 bbl/d until Pads 12 and 13 are on-stream for a period of time. Pads 12 and 13 are scheduled to come on-stream in 2012 and will begin to ramp up shortly thereafter, it said. Opti last traded at 11.5 cents before being halted on the Toronto Stock Exchange, which is considering whether to delist the shares.
Silvercorp Metals Inc. hit a day high of $11.14 early Thursday after reporting it has achieved record silver production and record sales for the first quarter of fiscal 2012. It said highlights included record revenues of US$69.7 million, representing a 90 per cent increase compared to the same quarter of fiscal 2011; record silver production of 1.6 million ounces, up 15 per cent from the same period a year ago; and gold production of 1,390 ounces, a 30 per cent increase compared to the same period last year.
Pilot Gold Inc. reported that ongoing core drilling at the Halilaga copper-gold porphyry project in northwest Turkey continues to intersect significant copper-gold mineralization, including 0.27 grams per tonne gold and 0.34 per cent copper over 306.7 metres, extending mineralization approximately 100 metres to the north. It said hole HD-82D, drilled 750 metres to the east of HD-80, intersected gold and copper grades in an area that has had minimal drilling to date. The latest drill results are from the Phase 1, four-rig, 10,000 metre exploration/delineation drill program focused on the Central Zone of the Kestane target, as well as prominent magnetic anomalies on the remainder of the property. Approximately 11,000 metres have been completed as part of this program and will form the basis of ongoing exploration and development work at Halilaga. There are another 10 completed holes for which results are pending.
Talison Lithium Limited reached the $4 mark today after announcing its preliminary sales volume and production results for Q4 2011 and FY 2011. The company also provided an update on its three growth projects encompassing progress in its Australian capacity expansion, lithium minerals conversion plant and South American salar exploration program. "During fiscal year 2012, Talison expects that demand will remain strong for its entire suite of products. A full year contribution from the Stage 1 Expansion of the Greenbushes Lithium Operations is anticipated and Talison expects both production and sales to be capacity constrained until completion of the Stage 2 Expansion in Q4 fiscal year 2012," it said.
Annidis Corp jumped away from a year low level of 30 cents after yesterday receiving 510(k) clearance from U.S. authorities allowing the medical device manufacturer to market its RHA2020-U digital ophthalmoscope in the United States. Access to the US market opens up significant opportunities for the company. The Annidis RHA2020-U non-invasively captures images on the interior surface of the eye, opposite the lens, helping ophthalmologists and optometrists make earlier diagnosis of eye diseases.
Balmoral Resources Ltd. announced today that as a result of the recent discovery of a new gold system on its wholly owned Grasset Property, it has further expanded its property position along the Detour Gold Trend in central Quebec. Balmoral has acquired, by staking, an additional 243 claim units covering a further 12 kilometres of the Detour/Sunday Lake Deformation Zone and surrounding prospective targets. The new claims will form part of the expanded Grasset Property and Balmoral's district scale Detour Gold Project.
Destiny Media Technologies has gained as much as 15 per cent today after announcing results for the quarter and period ending May 31, 2011. It said revenues of $1,176,473 are the highest in the company's history and reflect an increase of 40 per cent over the previous quarter and 24 per cent over the same quarter in the prior year. It added income before income taxes of $324,720 is 33 per cent higher than Q3 2010.
Titan Medical Inc. today announced that it has signed a development agreement with D&D Video Specialists, Inc., a leading developer of endoscopic vision systems. Under terms of the agreement, D&D Video Specialists will design and develop a proprietary vision system (camera head, camera control units, light source components, and rigid and flexible endoscopes) for the company's next generation robotic surgical system, Amadeus.
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