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small caps

Chris Young

Nordion Inc. , a provider of products and services to the global health sciences market, touched a day high $8.97 early Wednesday before retreating to negative territory after announcing third quarter income from continuing operations, net of income taxes, was $4.7 million ($0.07 earnings per share) compared with a loss from continuing operations of $8.7 million ($0.13 loss per share) in the third quarter 2010. Nordion also announced that it has declared a quarterly dividend of $0.10 per share on outstanding common shares. It is payable on October 1, 2011 to shareholders of record at the close of business on September 23, 2011.

Hathor Exploration Limited , which had been trading near a year high $4.21, said its board has rejected a $520 million hostile bid from uranium giant Cameco as "predatory" and too low as it undervalues the miner and its prized Roughrider uranium deposit in northern Saskatchewan. Cameco has an existing year low $20.14.

Mosaid Technologies , which is the target of a hostile takeover effort by larger rival Wi-Lan Inc (WIN-T), lost early gains that saw it touch $39.30 and was soon down more than 1 per cent after saying it sold five patent families for US$11 million to an unnamed buyer. It opened at $39.01 compared to a previous close of $39.21.

Yukon-Nevada Gold Corp. has edged higher after saying it plans to initiate mining at Starvation Canyon located in the southern end of its wholly-owned gold production Jerritt Canyon property in Nevada, USA. It is anticipated that the daily production at Starvation Canyon will be 300 tons per day initially ramping up to 600 tons per day during the first six months of production, the company said. Starvation Canyon will be an underground operation similar to the other operating underground mines at the company's Jerritt Canyon operations. Portal work is scheduled to begin in April 2012 and development is scheduled to begin in July 2012 with ore production scheduled to begin in January 2013.

Petrominerales Ltd. touched above the $30 mark early Wednesday after saying it has resumed operations at its Corcel and Guatiquia blocks in Columbia. It expects to be back at full capacity within 48 to 72 hours after protests yesterday had halted a restart.

AeroMechanical Services Ltd. edged away from near a year low 16 cents after announcing that it has signed a US$440,000 contract with a Nigerian airline for the Automated Flight Information Reporting System 220. The company said the contract requires it to install the AFIRS 220 on a total of five Boeing 747 and 767 aircraft for a well established airline with over 30 years of operations in Nigeria, North Africa and the Middle East.

Western Energy Services Corp. touched $7.70 early Wednesday after saying that it has sold all of the shares owned and debt owing from its wholly owned subsidiary StimSol Canada Inc., which carried the company's stimulation services, fluid pumping, and specialty solvents, for aggregate proceeds of $21.1 million, subject to a closing working capital adjustment. The company said proceeds from this sale will initially be used to reduce its bank indebtedness.

Anaconda Mining Inc. reported that the Pine Cove mine has had its fifth consecutive quarter of record gold sales since restarting production in the summer of 2010, following the expansion of its mill. During the fiscal first quarter 2012, the company sold 2,858 ounces and generated $4.5 million at an average sales price of $1,581. The sales volume and revenue were an increase of 21 per cent and 32 per cent, respectively, over the previous quarter.

Frontier Rare Earths Ltd. jumped by as much as 10 per cent, and moved away from near year lows after announcing that it has been granted a new prospecting right by the South African Department of Mineral Resources for rare earths and other related minerals of interest in close proximity to its flagship Zandkopsdrift project. The company said "we believe that the region has the potential for further rare earth discoveries to be made."

Timmins Gold Corp. touched $3.14 early Wednesday (which left it shy of a year high $3.21) after reporting on Wednesday that it ended the first quarter 2011 with net earnings of $5.7 million, erasing a year-ago loss of $1 million, after its metal revenues jumped by 95 per cent to $27 million. The company also reported cash flow from operations of $6 million, up from the previous year's $4.9 million, and production of 16,676 ounces of gold.