Grande Portage Resources Ltd. jumped as much as 50 per cent and hit 40 cents - its highest level since the second half of 2007 - after announcing the first assay results of 2011 from its property at the Herbert Glacier gold project located near Juneau, Alaska. Quaterra Resources Inc was up nearly 10 per cent. In June 2010, Grande Portage entered into an agreement with Quaterra Resources to explore the Herbert Glacier gold property. GPG has now fully earned its 65 per cent interest in the property. Grande Portage and Quaterra will form a joint venture for the further exploration and development of the project, with each party bearing their proportionate share of costs. Initial 2011 assays have returned numerous multi-ounce gold samples.
Sierra Wireless fell 5 per cent and hit a day low $9.50 early Tuesday despite announcing that the company has achieved an important milestone in its 4G LTE product development programs. It said the Sierra Wireless AirPrime MC7700 embedded wireless module has achieved technical approval for the AT&T 4G LTE network, and the Sierra Wireless AirPrime MC7750 module has achieved technical approval for the Verizon Wireless 4G LTE network, clearing the way for shipments to original equipment manufacturers (OEMs) building products with integrated 4G connectivity on either of the major U.S.-based LTE networks.
Energy Fuels Inc. went up by as much as 6 per cent early Tuesday after announcing that it purchased a mining lease in southeast Utah's Sage Plain District from Uranium Energy Corp. for $500,000, together with the provision for a future overriding royalty. The Crain Lease is located on approximately 640 acres in San Juan County, Utah, and is near the historic Calliham and Sage Mines which are properties already controlled by the company.
Bioniche Life Sciences Inc. , a research-based, technology-driven Canadian biopharmaceutical company, dropped around 2 per cent and headed towards an existing year low of 81 cents in early trade after announcing Monday that it will not proceed with the proposed acquisition comprising the business and assets of Plasvacc Holdings Limited as previously announced on July 4, 2011. It said the parties have failed to reach agreement on definitive transaction documents and have terminated discussions under their letter of intent in connection with the transaction.
Bellhaven Copper Gold Inc. fell by about 6 per cent in early Tuesday trade despite announcing that diamond drill-hole LME-1031 at the Middle Zone yielded multiple gold-copper intercepts starting at surface. These new intercepts expand the Middle Zone approximately 90 metres to the southwest of the closest prior intercept. The mineralization footprint was also extended by DDH-28, the first hole ever drilled at the Filo de Oro prospect, located approximately 150 metres to the east of the Middle Zone.
Alterra Power Corp. announced that it has repaid all $22-million owing under its credit facility from Ross Beaty, its chairman and chief executive officer, entered into in July 2010 and increased in December 2010. It said a new credit facility on identical terms has been entered into allowing Alterra Power to borrow up to $20-million at any time during the next 12 months for working capital or other purposes. At present, no borrowing against this facility is planned as the Company has adequate capital for all its planned 2011 activities, it said.
Ur-Energy , a junior uranium company, went down by as much as 1 per cent after announcing that Wayne W. Heili assumed the role of president and chief executive officer of the company on August 1, 2011. Mr. Heili joined the company as vice president of mining and engineering in 2007. A statement said Mr. Heili has been instrumental in the growth and development of the company and its resource properties.
COM DEV International Ltd. , a manufacturer of space hardware subsystems, announced Tuesday that it has received an authorization to proceed to provide equipment for two new commercial satellites. It said the initial release which permits engineering activity to begin and production to start is valued in excess of $7-million. It is anticipated that the final contract will be valued in excess of $14-million, and be in place by the end of August, 2011, the company said. COM DEV will provide Ka, Ku and X band multiplexers, switches and filters for the satellites designed for mobile communications. Work on the contract will be carried out at the company's facility in Cambridge, Ontario with completion expected by mid-2012.
Dacha Strategic Metals , an investment company focused on the acquisition, storage and trading of strategic metals, edged lower after reporting that it had a profit of $23.6-million or $0.33 per share for the year ended March 31, 2011 from revenue of $30.2-million. For the twelve months ending March 31, 2010, the company reported a loss of $1.9-million or $0.10 per share from revenue of $1.0-million.
Cinram International Income Fund lost a quarter of its value Tuesday after announcing that it is in discussions with its lenders to amend certain terms of its senior secured credit agreements. The discussions principally aim to revise financial covenants with which Cinram must comply under the terms of its credit agreements, including those governing leverage and interest coverage. It said the Fund's revenues and EBITA for the second-quarter have been negatively impacted by generally adverse conditions experienced in the entertainment industry in the first half of 2011. "It is expected that these factors will result in the Fund not being in compliance with its financial covenants for its second-quarter and future periods. In the absence of an amendment to its credit agreements, failure to meet the covenants would constitute a default under the terms of those agreements. Although discussions are underway and are at an advanced stage there can be no assurance that the proposed amendments will be approved. The Fund expects that its second lien secured debt will be mandatorily exchanged in accordance with its terms on December 31, 2011," it said in a statement.
Northgate Minerals Corporation jumped up to 5 per cent early Tuesday after announcing positive results from the NI 43-101 Preliminary Assessment Report for its 100 per cent owned Kemess Underground Project located in north-central British Columbia, approximately five kilometres from the Kemess South mine. The results from the Preliminary Assessment outline the development of an underground block/panel cave operation with average annual production of 95,000 ounces of gold at a below-industry cash cost of $115 (U.S.) per ounce over a mine-life of approximately 12 years.
Tucows Inc. , a global provider of domain names, email and other Internet services, announced today that it has acquired all the shares of EPAG Domainservices GmbH from QSC AG for approximately $2.5-million through an all-cash transaction. EPAG, based in Bonn, Germany, is an ICANN-accredited registrar with more than 400,000 domains under management and is notable for offering over 200 top level domains. Tucows plans to continue serving EPAG customers and resellers via existing EPAG tools and will also integrate EPAG's domain services into its own OpenSRS wholesale domain registration service.