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Ingots of 99.99 percent pure silver. (ILYA NAYMUSHIN/REUTERS)
Ingots of 99.99 percent pure silver. (ILYA NAYMUSHIN/REUTERS)

Small Caps

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Silvercorp Metals Inc. posted an open letter to its shareholders that addresses recent allegations made about the company "following yet another false and misleading internet posting" yesterday by the "fictitious and anonymous" Alfred Little. It said: "All of the allegations made against Silvercorp have been anonymous. All of the allegations are baseless and designed to be manipulative. While new attacks will keep coming, as is the past practice within the short and distorted industry, with this open letter we are turning the corner and putting these allegations behind us."

BNK Petroleum Inc. announced today that its wholly owned subsidiary Trofagas Hidrocarburos, S.L., has been awarded an oil and gas concession totalling approximately 234,000 acres located mainly in the autonomous community of Castile and Leon, Spain. This concession brings the company's total acreage in Europe to about 3.8 million net acres in 5 separate basins. The concession terms include certain minimum requirements, which must be fulfilled by BNK to retain its interest. The more significant minimum requirements include the requirement to conduct geological work in the first year, drilling two wells each in years two, three and four and three wells in year five. Meanwhile, in Poland, the company announced today that it has commenced completion operations on the Lebork S-1 well which entails rigging up equipment, cleaning out the wellbore and performing formation evaluation tests prior to fracture stimulations.

Carpathian Gold Inc. was up nearly 6 per cent at 73 cents a share and closing in on a year high 77 cents early Tuesday after saying assays of drill samples from its Rovina Valley project in west-central Romania further identified three gold-copper porphyries discovered by the junior mining company. Assay results from 10 drill-holes representing 8,651 metres of drilling included 438 metres of 0.83 grams gold per ton of ore as well as 0.19 per cent copper. Other perimeter holes produced grades of between 0.67 grams to 0.71 grams gold over intercepts as long as 360 metres. Copper grades as high as 0.20 per cent also were reported.

Stellar Biotechnologies, Inc. jumped 25 per cent off a year low 40 cents after announcing that it has received the first purchase order from Sigma-Aldrich under terms of the marketing agreement between Stellar and Sigma's SAFC division. The manufacturer of pharmaceutical grade evolutionary protein KLH said the initial order is for a low six figure US$ amount and will support the first phase of SAFC's 2012 marketing campaign.

Romarco Minerals Inc. has moved up and away from near a year low $1.03 as it announced that following the selection of the third party contractor by the US Army Corps of Engineers, the dates for the first three milestones of the Environmental Impact Statement have been selected by the USACE for the company's Haile Gold Mine project in South Carolina. The first three milestones and dates are as follows: Prior to September 27, 2011 - USACE intends to file the Notice of Intent to Prepare an EIS in the Federal Register. October 27, 2011 - USACE has scheduled the Scoping and Public Hearing meeting in Kershaw, South Carolina. November 27, 2011 - The close of the public comment period following the Scoping and Public Hearing.

Centric Health Corporation , a diversified healthcare company, today announced that it has entered into an agreement to acquire Medical Imaging Centres Inc. and certain business assets of Rads 24/7 Teleradiology Consultants, collectively Medical Imaging Centres, a provider of diagnostic imaging and interpretation services in Ontario. In addition, Centric Health will acquire seven additional diagnostic imaging licenses in Ontario which are anticipated to become operational within the next 12 months. The total consideration to be paid on closing for the Medical Imaging Centres is comprised of $15 million in cash and the issuance of up to $24.2 million in Centric Health common shares at a price equal to the greater of $2.50 or 90 per cent of the 5-day volume weighted average share price immediately prior to the closing date.

IC Potash Corp. announced today the signing of a Memorandum of Understanding with the United States Bureau of Land Management for the purpose of commencing the formal portion of environmental approvals for the company's New Mexico Sulphate of Potash operations. Sidney Himmel, CEO of the company, said: "The signing of both the Memorandum of Understanding with the BLM and the related Cost Reimbursement Agreement represent significant progress in the permitting process. We are on track for planned production in 2015 and full production in 2016 and are committed to sound environmental practices. Substantial environmental work has already been completed and we look forward to continuing the work through the formal EIS process."

Contact Exploration Inc. , which closed Monday near a year low 12.5 cents, reported that it spud its 'Hopewell Prospect' well (94 per cent working interest) in New Brunswick on September 18th. As previously announced, the Hopewell Prospect is located in the Edgett's Landing area of New Brunswick, approximately 10 km south of the producing Stoney Creek oil and gas field. It said: "The Hopewell Prospect is defined by seismic and well control and is being drilled to help confirm the extent of this structure and reservoir quality. With success, it is anticipated that this exciting petroleum prospect would be developed with multiple horizontal wells using a similar completion strategy to the company's existing Stoney Creek field."

D-BOX Technologies Inc. , a leader in innovative motion technology, announced today an agreement with Cinema Carrefour du Nord in Montreal, to equip two auditoriums with 16 and 36 D-BOX MFX seats in time for this year's holiday movie season.

Focus Ventures Ltd. announced that preliminary reconnaissance exploration on its 100 per cent owned Machay Project has confirmed the presence of phosphate-bearing sandstone units on its claims. Focus's 17,000 hectares are located in the La Oroya-Tarma region roughly 200km east of Lima, central Peru. Focus said it has identified poorly exposed areas of weathered sandstone, with many samples containing visible pellets of francolite (Ca5PO4CO3, a variety of the phosphorous mineral, Apatite). A total of 49 out of 131 reconnaissance samples have returned assays exceeding 1 per cent P2O5, with the majority ranging between 1 and 4 per cent P2O5. Significantly higher assays of up to 11.4 per cent P2O5 were sampled on the eastern claims from a sub-cropping phosphatic sandy limestone unit exposed in a road cut. It said: "Focus geologists have made site visits to approximately 60 per cent of the claims to date and several additional claim applications have since been made. Several claims were subject to a visual inspection by the Regional Department of Agriculture and are pending registration at the time of writing. Considering the strong surface weathering that has occurred, these early results are encouraging. Further evaluation work is planned and will include trenching to test phosphate grades below the zone of surface weathering."

PetroKamchatka Plc , an international junior oil exploration company, was flat at 2 cents, but being heavily bid lower to 1.5 cents early Tuesday as it announced the award of a new licence and provided an update on the proposed transaction with Advastor. The stock has an existing year low of 1 cent. PKP announced that: "On September 10, 2011, the corporation, through a 100 per cent-owned subsidiary CJSC Palana-Exploration, was awarded a new exploration licence in Kamchatka, named Tigilskaya. It is an expanded version of the previously held Tigil Licence, encompassing the previous licence area plus additional acreage to the east, totalling 4,164 km2. The licence was awarded by the Russian Federal Agency for Subsoil Use (FASU) based upon a work commitment bid to acquire 500 km of 2-D seismic data prior to September 10, 2014, out of which 200 km 2-D seismic data must be acquired prior to September 10, 2013, and to drill two exploration wells within the licence area, one to be completed prior to September 10, 2015 and another to be completed before September 10, 2016. It is the corporation's intention to farm-out its Kamchatka acreage, including this new block." As of this date, the corporation also said it has been unable to reach a definitive agreement with the owners of Advastor in respect of the proposed share exchange transaction first announced on May 18, 2011. Negotiations between the parties continue, it said.

Grayd Resource Corp. has hit new record highs with more than 4 million shares traded early Tuesday, adding to the 40 per cent gained yesterday when gold miner Agnico-Eagle Mines said it will buy the Mexico-focused junior for about $275 million in cash and stock. The offer price of $2.80 per share represented a premium of 44% to Grayd's Friday closing of $1.95 on the Toronto Venture Exchange. AEM itself was up 2.5% early Tuesday.

BSM Technologies Inc. hit a new year high of 8 cents per share with more than 3 million shares traded early on Tuesday. There was some internet chat that the move reflected insider selling.

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