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Hathor Exploration Limited , which is subject to a hostile $3.75 per share cash takeover offer from Cameco Corp. , moved closer to a year high $4.21 early Tuesday after announcing summary results of a preliminary economic assessment conducted for the Roughrider Uranium Deposit, located in the Athabasca Basin of Northern Saskatchewan. The PA includes the West and East Zones; it does not include the Far East Zone.

Hathor said economic analyses for a stand-alone mine and mill operation were run under three different uranium price scenarios. Based on the US$70/lb uranium scenario, the pre-tax Net Present Value for Roughrider, is approximately $1 billion, with an internal rate of return of 38 per cent and payback of 1.2 years, using a discount rate of 7 per cent and an exchange rate of $1.05:US$1.00. The undiscounted pre-tax NPV is $2 billion over an estimated 11 year mine life, based on 5 million pounds U3O8 per year mill output, generating a total mine and mill production cost of $14.44/lb U3O8. "The low cost of production is mainly a function of the low daily milling rate of about 200 tonnes per day, itself a function of the compact and high grade and minimal separation of the West and East zones, high metallurgical recovery (97.7 per cent), and shallow depth," it said. Hathor said these results may be further enhanced by the addition of mineralization discovered at the Far East Zone adjacent to the East Zone. The Far East Zone has grown rapidly since its discovery in February 2011 and remains open.



Arctic Glacier Income Fund was down another 1.5 cents or 20 per cent early today, taking it closer to an existing year low 5.5 cents. Today's losses add to the 42 per cent lost yesterday when the struggling company said second-lein lenders, the CCP Investment Board and West Face Capital, declined to extend their waviers on certain loan covenants, declaring Arctic Glacier in default.





Nordion Inc. , a provider of products and services to the global health science market, was up more than 1 per cent early Tuesday ahead of its third quarter 2011 financial results after market close.



Exeter Resource Corporation turned negative after touching a day high $5.22 in the early minutes of Tuesday trade on reporting that the Chilean government has granted the company a 10,726 hectare water exploration concession. It said the concession provides a second potential water source for the Caspiche gold-copper project. The concession is located approximately 100 kilometres (60 miles) north of Caspiche, at an elevation of 4,700 metres above sea level. The company expects to initiate a water exploration program comprising field mapping, geophysics, drilling and pump testing during Q4 2011, weather permitting. Applications for two additional water exploration concessions in the area are still being processed by the relevant government authorities. Following approval, exploration programs will be extended to cover these concessions.



Petro-Reef Resources Ltd. , which has been trading close to a year low 22 cents, said it has perforated and tested its recently drilled Alexander step-out well in the Detrital oil zone. In 48 hours on test the well flowed at an average oil rate of 296 bbls/day (47 m3/day) with an average gas rate of 495 mcf/day (14 e3m3/day), it said. The 9-12 well is the company's fourth oil well producing from the Detrital zone all of which have been brought on-stream in the past 18 months. Petro-Reef has a 94 per cent working interest in the 9-12 well. The well will be tied in during the next six weeks.

"This step out well in section 12 confirms that the Detrital oil trend extends west from section 7 and based on geological mapping and interpretation of 3D seismic that there are several additional locations to be drilled. The company is presently reprocessing all of its 3D seismic data on its Alexander lands to further evaluate its potential. Due to the reserve additions added through the 2011 drilling program the company is currently updating its independent reserve evaluation and expects to release the results once completed."



Bengal Energy Ltd. was up nearly 5 per cent in early trade after the exploration and production company reported a $1.06 million net loss, or 2 cents per share, during the three months ended June 30. On a nominal basis, that was wider than the $570,000 net loss reported in the year-ago quarter, although on a per-share basis, it was half the 4-cent loss Bengal recorded during the same three months in 2010. Oil revenues also boomed during the latest quarter, rising to $1.21 million from only $202,000 last year. Overall revenues saw a 378 percent increase at $1.32 million.



NexJ Systems was down by about 5 per cent and near a year low $6.74 after announcing the release of the NexJ Health Exchange solution. The provider of enterprise private cloud software said the NexJ Health Exchange provides the tools, technology, and functionality required to achieve interoperability and maximize information sharing, so healthcare practitioners can focus on increasing the quality, safety, and effectiveness of patient care.





Rockgate Capital Corp. added as much as 5 per cent to its share price after reporting that a new area of high grade uranium and silver has been discovered at the southwestern edge of the known North Zone with assay results of up to 1.21 per cent U3O8 and 86 g/t Silver over 4 m in hole DF-52. The company said the results have identified a strong west-southwest trend to high-grade uranium and silver mineralization.



Forbes Manhattan (Coal) Corp. was up by 2 per cent early Tuesday after announcing an operations update for the second quarter of 2012. The company said export sales rose 110 per cent compared to the first quarter of 2012 and total Aviemore Run of Mine production increased 26 per cent when compared to the first quarter of 2012. President and Chief Executive Officer Stephan Theron reportedly said "Our remarkable increase in export sales is a direct reflection of our ability to manage our throughput corridor and is supported by a strong demand for coal from the export markets."



Scorpio Gold Corporation announced the discovery of widespread silver-enriched mineralization over significant widths at the Coyote Target, on its 70 per cent owned Mineral Ridge project in Nevada. The company said 11 holes in this first phase drill program tested the Coyote target over a 250 by 600 meter area, while 2 holes tested an outlier zone located 914 metres to the northwest.



Discovery Air Inc. touched a day high 50 cents, compared to an existing year high 55 cents, after reporting Tuesday that it ended the second quarter 2011 with net earnings of $18 million or $0.12 per share, up sharply from $11.3 million or $0.08 per share from the previous year. The company said revenues were $70.7 million in the quarter, compared to $57.7 million in the same quarter last year.



Azure Dynamics Corporation , involved in the development and production of hybrid electric and electric components and powertrain systems, rose by as much as 10 per cent after announcing 34 new Ford Transit Connect Electric sales. The company said these North American sales to various municipalities, a regional governmental authority and Ford Commercial Truck dealerships follow Azure's recent announcement of 100 Transit Connect Electric van sales in Europe.

Medicago Inc. was ahead 8 per cent at 65 cents per share, and closer to a year high 74 cents as the biotechnology company today opened the doors at its new vaccine facility in Research Triangle Park, N.C. Medicago intends to use the new facility to demonstrate its ability to produce 10 million doses of influenza vaccines per month. The $1.2 million in funding for the building project came from the Defense Advanced Research Projects Agency (DARPA), the research arm of the U.S. military.

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