Millrock abandons drill hole, Vale kyboshes option agreement

Millrock Resources (CVE:MRO) said Friday a hole being drilled on the Galiuro property was abandoned prior to reaching target depth, after Vale Exploration kyboshed its option agreement. 

Vale Exploration, which was funding the work, decided to terminate its option agreement it signed on March 2, 2009. 

Vertical hole FM_1001, which was drilled on the Fourmile prospect, was testing a circular magnetic feature ringed by a strong conductive zone found by a airborne geophysical survey.

The hole was pre-collared to a depth of 453 metres using a reverse circulation drill, the company said. Core drilling proceeded through tertiary volcanic rock cover.  

Millrock said drill conditions were very poor and the hole was lost at a depth of 1,231 metres. The hole was terminated before reaching target depth.

The target at the Galiuro property is a large porphyry copper plus minus gold deposit hidden beneath alluvium and tertiary volcanic cover, similar to the Resolution deposit, which is being developed by Rio Tinto and BHP Billiton.

The property is situated at the intersection of the Resolution and San Manuel/Kalamazoo porphyry copper trends. Because of the Tertiary volcanic cover, other companies have previously done little exploration work.

Through careful geological mapping in combination with airborne magnetic and geophysical surveys, Millrock identified numerous targets that may represent porphyry deposits.

With the withdrawal of Vale from the project, Millrock is seeking new partners to test the remaining targets.

The Galiuro project is made up of 366 federal mining claims and 18 Arizona State prospective permits covering about 6,800-hectares, and is located near the San Manuel and copper district in southeastern Arizona.

Millrock currently has 12 active exploration projects, eight gold-copper properties in Alaska, and four porphyry copper prospects in Arizona.

Cayden intercepts gold, silver and copper at Las Calles target

Junior miner Cayden Resources (CVE:CYD) Friday reported additional drill results from the Las Calles target at its Morelos Sur Gold property, in Mexico.

The Morelos Sur Gold project rests in the Nukay mining district of central Guerrero State. It currently hosts 15 million gold ounces between two separate projects. The Morelos project has NI 43-101 gold resource of 80,000 ounces.  

The latest drill hole was drilled deeper than any prior core holes in the area and intercepted a lower zone of mineralization that the company has been targeting.

Drill hole LCDD0094 intercepted 1.02 grams per tonne of gold (g/t) and 209 g/t silver over 41.7 metres. This also includes 0.38 percent copper.

"We are pleased to see the hypothesized deeper zone at our Las Calles target return such significant mineral values between two producing pits," chief executive Ivan Bebek said.

"The success of the holes in the Las Calles target gives room for significant value to be added in the near term. We are also very pleased to see the increasing strength of the La Magnetita target ahead of an initial 6,000 meter drill program."

Cayden said results occur in and at the contact of a fractured and iron oxide-rich diorite sill. It added other drill holes were
completed in the area, but assays are pending.

This hole supports the hypotheses of the existence of a deeper, higher grade lateral extension of the ore body currently being mined on the adjacent property, the company said.

In addition, the company also announced on Friday it received first soil results from the La Magnetita target, which indicate an area of gold mineralization that exceeds 1.4 kilometres in strike length.

Cayden is waiting for about four square km of further results on the La Magnetita soil grid. Also the miner has extended the inital La Magnetita trench further into an area of anomalous soils and has cut additional surrounding trenches and expects results shortly.

The company’s share price went up nine cents, or 5.29 percent, climbing to $1.79 apiece in trade on Toronto’s junior venture exchange.

Curis Resources names Brian Causey as new CFO

Mineral development company Curis Resources (TSX:CUV) announced on Friday the appointment of Brian Causey as chief financial officer.

Curis is associated with Hunter Dickinson, a diversified global mining company with a 25-year history of mineral development success.

Causey replaces Bernard Tan who has resigned as Curis' CFO but retains that position for Hunter Dickinson and continues in an advisory capacity with the company.

Causey has extensive company knowledge through his role as vice president of Project Finance for Hunter Dickinson. He has more than 20 years of experience in financial and operations management, with particular emphasis on equipment and project finance, taxation, specialized finance structures and operational management of private and public companies.

"We are very pleased that Brian has agreed to join the Curis senior management team", said Curis president and CEO Michael McPhie.

"Brian has been active in an advisory capacity with the company for the last year and his extensive knowledge and experience in project financing and managing the financial affairs of public companies will be fully applied as the company advances the flagship Florence Copper project in Central Arizona towards near term production."

Great Basin Gold announces closing of $50 million bought deal, public offering of units

Great Basin Gold (TSE:GBG) announced on Friday that it has closed its previously announced $50 million bought deal offering of units at a price of 75 cents per, with a syndicate of underwriters led by RBC Capital Markets.

Each unit consists of one common share of Great Basin Gold and one half of one purchase warrant. Each warrant will be exercisable for a period of two years following the closing of the offering at an exercise price of 90 cents per warrant.

Net proceeds from the offering will be used for working capital for the development and ramp up of the Burnstone Mine in South
Africa’s Witwatersrand Basin, about 80 kilometres southeast of Johannesburg.

Great Basin Gold’s shares were up 1.52 percent on Friday morning, at 67 cents.

Black Iron makes major advances at its Shymanivske project

Black Iron (TSE:BKI) said since its public offering one year ago, the company has made major technical and corporate advancements toward the development of its Shymanivske property, in Ukraine.

The iron ore explorer started a 20,000 metre diamond drill program, of which 13,224 metres have been completed. 

The drill program is designed to target the northern part of the Shymanivske property, with the aim of boosting the resource size, the company said. 

Exploration, however, has been put on hold as the company obtains additional permissions required to drill and address a notice from Ukraine's Dnepropetrovsk Region Ecological Inspectorate that suspends work on the Shymanivske and Zelenivske land plots, temporarily.

"Management is currently working to obtain the required permissions and to resolve this issue with the Ecological Inspectorate;
however, it is unclear as to how long this process may take," the company said in a statement. 

The company believes the timing for the re-start of the drill program should not affect the project's current development path, but it does limit the company's ability to upgrade its mineral resources estimate in support of a future potential increase in annual production.

In December, the mineral explorer hired WorleyParsons to finish a feasibility study for its Shymanivske iron ore project, which is
slated to be released in fourth quarter 2012.

WorleyParsons has found a number of ways to improve the project economics with the view to simplify process flow sheet to allow higher annual tonnage and minimize capital and operating costs. 

Additionally, Black Iron said it is focused on finishing the required work to apply for a mining allotment which is the next major
step in Ukraine’s mine permitting process.

The feasibility study will build on the preliminary economic assessment of the project, which showed a low cost pellet plant feed operation with a projected high value and net cash flows.

In October, the company released a preliminary economic assessment on the property. The report had indicated a low cost pellet plant feed operation, with a project high value and net cash flows.

The preliminary report, completed by BBA of Montreal, considered two production scenarios over a 28 year mine life.

The first scenario is a 7.3 million tonne per year iron ore pellet plant feed, while the second scenario is a production alternative
for producing 7.6 million tonnes per year of iron ore pellets.

The first option projected 42.1 percent internal rate of return, with a whopping US$3 billion net present value, at an eight percent discount rate.

Total capital costs came in just shy of $900 million, with a payback period of 2.2 years, and an estimated operating cost for an
initial 20 years of $52.40 per tonne.

The second scenario for Shymanivske outlined the option to produce a higher margin pellet product of 65 percent iron grade, for a higher net present value of US$4.1 billion at the same discounted rate, but with a reduced 35.2 percent internal rate of return, due to raised construction costs.

Black Iron, which is advancing its Shymanivske project in Krivoy Rog, Ukraine, has both a measured and indicated resource of 345 million tonnes with a grade of about 32 percent iron, and 469 million tonnes of inferred resources grading 31 percent iron.

Shymanivske is surrounded by five other operating mines including ArcelorMittal's (NYSE:MT) iron ore complex.

Mountain Lake completes winter drilling campaign at Glover Island

Mountain Lake Resources (CVE:MOA) has completed its winter drill program at its Glover Island Gold project in Western Newfoundland, the company said Friday.

Drilling was carried out on the Lunch Pond South Extension deposit area.

The property hosts many gold prospects along a northeast-southwest trending mineralized corridor, with the deposit resting at the south-western end of an 11 kilometre strike length.

Mountain Lake’s winter program comprised of 12 holes totalling 2,789 metres of core drilling to find continuity of thick mineralized quartz breccias on the west grid of the deposit area.

The company added that there are 742 core samples at the lab and results will be reported once they become available.

The miner said it planned to release an NI 43-101 mineral resource estimate for the deposit, but issues at the lab and engineering firm performing the estimation have pushed the scheduled release to next month.

On Thursday, the junior explorer reported an updated resource estimate for its Leprechaun gold deposit located in Central
Newfoundland.

The Valentine Lake property, including the Leprechaun gold deposit, is a 50/50 joint venture between Mountain Lake and Marathon Gold Corp. (TSE:MOZ), who is operator of the project.

Mountain Lake said the global resource estimate stands at 424,000 ounces of gold with a grade of 2.05 grams per tonne (g/t) in both the measured and indicated categories.

In the inferred category, the updated resource estimate pegs it at 305,000 ounces of gold with a grade of 1.65 g/t.

Estimates had been based on samples composited to two metres, while grade capping thresholds were determined after a detailed statistical analysis of data within seven geological domains.

Mountain Lake Resources, whose current projects asides from Valentine Lake, include a 100 percent stake in the Glover Island gold exploration property, and an option to earn a 100 percent stake in the Little River gold-antimony asset.

Rubicon Minerals intercepts gold at Phoenix project

Gold explorer Rubicon Minerals Corp. (TSE:RMX) released Thursday drill intercepts from its flagship property the Phoenix gold project, in Ontario.

The company is focused on the exploration and development of gold deposits and its key asset is the Phoenix gold project in Ontario's Red Lake gold camp.

Rubicon is carrying out a 12-month $55 million program with the impetus to optimize some aspects of its preliminary economic assessment.

This program, according to Rubicon, contemplates a total of 68,000 metres of drilling of which 41,000 metres remain to be drilled before third quarter this year.

At the Crown Zone, drilling was performed to test the near-surface on nominal 40 and 50 metre spacing on six sections over a strike length of 225 metres.

Drilling revealed good continuity of mineralization along strike and down dip between sections, Rubicon said Thursday.

Notable highlights intersections include 113.8 grams per tonne of gold (g/t) over 2.9 metres in drill hole CZD-2012-19. This includes 323.5 g/t gold over 1.0 metres.  

Drill hole CZD-2012-06 found 10.6 g/t gold over 5.5 metres. This includes 41.2 g/t over 1.0 metres, the company added.

Rubicon’s winter drilling campaign also focused on in-fill drilling of near surface West Limb Basalt 2 area and expansion of this zone to the northeast, where it discovered a shallow zone of strong mineralization in the northeastern portion.

Other notable intersections include 446.4 g/t gold over 2.0 metres in drill hole CZD-2012-26. These also include 1,770 g/t gold over 0.5 metres.

Drill hole CZD-2012-25 also found 28.8 g/t gold over 5.0 metres, which included 134.97 g/t gold over 0.9 metres.

Meanwhile in-fill drilling is ongoing at the 122-10 area which has returned positive results, the company noted.

It said mineralization is hosted by strongly altered and locally brecciated F2 basalts with multiple visible gold occurrences.

These highlights include intersections of 13.5 g/t gold over 13.8 metres in drill hole 305-03-162. This also includes 21.2 g/t gold over 2.2 metres and 25.5 g/t gold over 4.5 metres.

"Our stated objectives in this program of drilling were to carry out infill drilling and to explore for extensions to the F2 gold
system," chief executive David Adamson said in a statement. 

"The remaining drilling in the current budget will focus on our target of expanding the known limits of the F2 gold system. Initial
results from expansion drilling are encouraging in several new target areas."

Rubicon controls over 100 square miles of prime exploration ground in the prolific Red Lake gold district which hosts Goldcorp's
high-grade, world class Red Lake Mine.

Mountain Lake unveils updated resource estimate at Leprechaun gold deposit

Junior explorer Mountain Lake Resources (CVE:MOA) reported Thursday an updated resource estimate for its Leprechaun gold deposit, in Central Newfoundland.

The Valentine Lake property, including the Leprechaun gold deposit, is a 50/50 joint venture between Mountain Lake and Marathon Gold Corp. (TSE:MOZ), who is operator of the project.

Mountain Lake said the global resource estimate stands at 424,000 ounces of gold with a grade of 2.05 grams per tonne (g/t) in both the measured and indicated categories.

In the inferred category, the updated resource estimate pegs it at 305,000 ounces of gold with a grade of 1.65 g/t.

Estimates had been based on samples composited to two metres, while grade capping thresholds were determined after a detailed statistical analysis of data within seven geological domains.

Indicated mineral resources include all mineralized blocks within the variogram range and estimated using a minimum of three
composites and a maximum of 15 composites.

Marathon worked through several challenges with the 2012 updated resource estimation. This included the removal of 22 historic drill holes from the database, the company said.

Also, as a result of previous drill campaigns using magnetic based down hole survey equipment, some of the hole locations were suspect and the hole errors became obvious when new holes were drilled near them.

In an effort to rectify the errors made by historic operators, Marathon began replacing the old drill holes in late 2011 and continues to do so as part of an aggressive 40,000 meter 2012 drilling program.

It is also focusing on the discovery and definition of the high grade zones to increase the grade and gold content in the Leprechaun deposit.

Mountain Lake Resources, whose current projects aside from Valentine Lake, include a 100 percent stake in the Glover Island gold exploration property, and an option to earn a 100 percent stake in the Little River gold-antimony asset.

Bayfield hits high grade silver at Burns Block

Bayfield Ventures Corp. (CVE:BYV) unveiled late Wednesday further assays from early stage exploration for gold and silver at its Burns Block project, in Northwestern Ontario.

The 80-acre property rests to the east and on strike of Rainy River Resources' (TSE:RR) multi-million ounce gold-silver deposit.

The new gold-silver zone is hosted in a strongly sheared and altered dacite volcanic unit 600 to 700 metres to the east of Bayfield's high grade gold-silver zones.

Notable highlights include RR12-7 which found 5.28 grams per tonne of gold (g/t) over 10.5 metres as well as 77.82 g/t of silver. This also includes 7.31 g/t gold and 107.95 g/t of silver over 7.5 metres at 545 metres down-hole.

Results show strong gold mineralization is present over an expanding area, both down-dip and along strike at the east Burns Block, the company said.

Other notable intersections include drill hole RR12-8, which encountered 3.8 g/t of gold and 26.98 g/t of silver over 11 metres including 7.9 metres of 4.77 g/t gold and 43.47 g/t of silver at 506 metres down hole.

Drill hole RR12-6, which was drilled up dip of the strong mineralization previously reported in drill hole RR12-5, intercepted 0.60
g/t gold and 7.44 g/t of silver over 7.0 metres.

The Vancouver-based miner said a program re-testing higher grade silver zones is showing clear trends of higher to much higher silver assay values, adding it plans to expand the re-assay program.

In a statement, the company said: "Higher silver numbers are now being intercepted within the main zone."

"These high grade silver numbers are very encouraging as they are similar to those found in and around very high grade zones of gold mineralization within the western portion of the Burns Block."

Bayfield Ventures is exploring for gold and silver in the Rainy River District. It has completed about 270 holes in its on-going
100,000 metre drill program which is focused on its flagship Burns Block project.

NeoStem to raise $6 mln in public offering to fund strategic transactions

Cancer cell therapy company NeoStem (AMEX:NBS) said Thursday it expects to raise $6 million through an underwritten public offering, as it seeks to fund strategic transactions.

The company provides adult stem cell collection and storage services to allow healthy people to donate and store their stem cells for personal therapeutic use.

NeoStem plans to sell 15 million units priced at 40 cents each. The company added it plans to use the funds for general corporate purposes, research and development of cell therapeutic candidates as well as strategic transactions.

Each unit consists of one common share and a warrant to purchase one share of common stock with an exercise price of 51 cents. Maxim Group LLC acted as sole bookrunner.

NeoStem has granted the underwriters a 45-day option to buy up to an additional 2.25 million units to cover over-allotments.

The offering is slated to close on April 3, and subject to customary closing conditions.

For full-year 2011, the biopharmaceutical company reported sales of $73.7 million up from $69.8 million in the same period last year.

Its revenues are derived from a combination of areas, including the contract manufacturing services performed by the Progenitor Cell Therapy, whose manufacturing base is one of the few accredited facilities available for contracting in the cell therapy industry.

The company also focuses on making a pipeline of regenerative drug therapies, which are focused on orthopaedic conditions, as well as developing cosmetic and anti-aging applications.

Rodinia Lithium says Salar de Diablillos project nears feasibility study

Rodinia Lithium Inc. (CVE:RM) said late Wednesday it expects to release an updated mineral resource estimate in the second or third quarter, as its lithium project advances near a feasibility study.

The company, which owns the Salar de Diablillos lithium-potash brine project in Argentina, said it expects to release the update after the last pump tests are finished.

Through exploration and testing, Rodinia continues to advance the project toward feasibility adding certainty to the resource estimate, brine extraction processes, metallurgical processing as well as recovery.

Rodinia said it received confirmation from Argentina's government that sufficient natural gas supply is available to the company for further development of its lithium carbonite project.

Natural gas supply is anticipated to be a key factor in low cost production of lithium carbonate, the company added.

"Our team has been working extremely hard and progressing the project nicely," Rodinia Lithium president and chief executive Will Randall said.

"The addition of a further drill will ensure timely delivery of an updated resource, pump tests and further hydrogeological characterization of fresh water inflow which are essential components of a feasibility study."

In addition, another drill was mobilized to Diablillos to focus on drilling extra pump test sites further away from its proposed well field.

Rodinia also said wells are planned to test fresh water inflow of the Diablillos river that allow further analysis of the effects of fresh water on brine dilution during production, and to also determine a source of fresh water during production.

Meanwhile, the explorer said pilot process has seen positive results. Evaporation rates during the summer months exceeded expectations, despite a wet season.

A first stage of magnesium and sulphate removal was tested and is awaiting final results. The process engineering department has monitored natural evaporation in both the pools and pans built on site at about 4,050 metres above sea level.

The Salar de Diablillos lithium-bring project in Salta, Argentina holds a recoverable inferred resource of 952.5 million tonnes with a grading of 556 milligrams per litre of lithium and 6,206 milligrams per litre potassium.

Rodinia also owns mineral rights to around 70,000 acres in Nevada’s lithium-rich Clayton Valley in Esmeralda County, which it is presently assessing the size, quality and processing alternatives of the deposit.

The Clayton Valley project rests in the only known lithium-brine bearing salt lake in North America, and looks to represent the only new source for domestic lithium carbonate supply.

Timmins Gold profits rise, on higher gold production and sales

Mexico-focused Timmins Gold Corp. (TSE:TMM) said Thursday that metal revenue jumped 49 percent in the nine months ended December 31, as the company produced and sold more gold.

The company, whose period ended December 31, said earnings rung in at $20.8 million, or 15 cents a share.

Metal revenues grew 49 percent to $90.8 million from $61.1 million in the same prior year nine month period as average gold prices in the period were $1,599.

Gold production went up 18 percent to 55,487 ounces of gold. It sold 56,777 ounces of gold during the latest period up from 47,031 ounces last year.

Production costs rose to $608 per ounce compared with a year-earlier figure of $526 per ounce. The average realized gold price was $1.599 per ounce.

In a statement, Timmins Gold chief executive Bruce Bragagnolo, said: "2011 was an extremely successful year for the company on several fronts. The company aggressively reinvested cash flow from operations in a highly successful drill program over the previous 18 months, resulting in a 71 percent increase in the proven and probable reserves, along with an expansion of the crushing unit from 12,000 to 18,000 tonnes per day."

The company said it will carry on to self fund further expansions over the ensuing year to 32,000 tonnes per day, which will bolster production to about 130,000 gold ounces a year.

In addition, the company wrapped up a drill program of 205,000 metres which increased measured and indicated resources to 1.57 million gold ounces and inferred resources to 1.35 million ounces of gold, it added.

The Mexican-focused miner also said on Wednesday it purchased an extra 700-hectares at La Chicharra for leach pad expansion and received permits for the expansion.

Last November, the company filed an updated technical report for its San Francisco gold mine located in Sonora, Mexico.

Total proven and probable NI 43-101 mineral reserves at San Francisco were 72.4 million tonnes at a grade of 0.572 grams per tonne gold with 1.3 million contained ounces. The mineral reserves are based on a gold price of $1,100 per ounce.

Amongst the highlights of the report, total gold production was projected at 810,065 ounces from 2011 to 2017, with base case life of mine cash costs of $633 per ounce and a life of mine operating profit of $455 million.

Timmins Gold, which owns the past producing San Francisco gold mine in Sonora, Mexico, has forecast production at a rate in excess of 100,000 ounces of gold per year.

Shares of Timmins Gold closed Wednesday at $2.33 apiece in trade on the Toronto Stock Exchange.

OncoSec Medical closes $7.75 million public offering

OncoSec Medical (OTC:ONCS) reported Wednesday that it closed its previously announced public offering and raised $7.75 million.
The biomedical company develops advance-stage ElectroOncology anti-cancer therapies to treat people with solid tumours.
The company sold 31 million shares priced at 25 cents each to institutional investors. The company added that investors also got warrants to buy up to 31 million shares at an exercise price of 35 cents a share for a term of five years.
After deducting the placements agent’s fee and estimated offering costs, OncoSec received net gross proceeds of $7.2 million.
The company intends to use the funds for general corporate purposes, including clinical trial costs and research and development expenses.
OncoSec uses its electroporation delivery system which applies cell membrane stimulation to deliver immunotherapy or chemotherapy to treat a range of cancerous tumour types.
The OMS electroporation system has proven to enhance cellular uptake, effectively treating cancerous cells while sparing surrounding healthy tissue cutting through the toxic side effects of current available treatment options like chemotherapy and radiation.
The company outlined a clinical development plan for this year for its locally administered and potentially systemic ElectroImmunotherapy program, which uses the OMS system to deliver a DNA-based immunotherapy, known as DNA IL-12.
The goal was to launch three phase 2 based ElectroImmunotherapy trials for rare skin cancer indications, two of which have already been started.
DNA IL-12 is designed to induce a local immune response against the treated cancerous tumour, while exploiting this response to initiate a global systemic response against untreated tumours in other areas of the body.
In the phase two metastatic melanoma study, a total of up to 25 patients with stage three or four metastatic melanoma will be enrolled, designed to assess local and distant objective response following treatment, with a primary endpoint of 24 weeks.
One treatment cycle will consist of three treatments applied to up to four cancerous lesions on days 1, 5 and 8 with a maximum dose of 1.5 mg DNA IL-12 per treatment cycle.
At 12 months, patients will be moved to the follow-up phase of the study and will be followed for up to five years for safety, the company said.
Phase 1 data using OMS ElectroImmunotherapy to treat malignant melanoma demonstrated that the treatment was safe and well tolerated. In addition, 53 percent of patients with distant metastatic lesions demonstrated an objective response, with 15 percent of these patients having a complete response to the treatment.
Melanoma is a serious form of skin cancer. If it is recognized and treated early, it is almost always curable, but if it is not, the cancer can advance and spread to other parts of the body, where it becomes hard to treat and can be fatal.

Pan American and Minefinders announce final court approval for merger

Pan American Silver Corp. (TSE:PAA) and Minefinders Corp. (TSE:MFL) jointly said Wednesday that the Ontario Superior Court of Justice has approved the merger of the two miners.
The Ontario Superior Court of Justice issued a final order approving the previously announced plan of arrangement between Minefinders and Pan American under the Business Corporations Act.
On March 26, both Minefinders and Pan American obtained required levels of approval of their respective security holders at their special meetings held in connection with the arrangement.
Under the $1.5 billion deal, Minefinders investors can opt for 55 cents of a Pan American share as well as $1.84 in cash, or 62.35 cents a share, or just $15.60 in cash.
Upon completion of the offer, existing Minefinders shareholders will own approximately 33 percent of Pan American, on a fully-diluted basis.
The combined company, which will retain the Pan American Silver name, will have a major mineral reserve base consisting of 350 million ounces of proven and probable silver mineral reserves and 3.0 million ounces of proven and probable gold mineral reserves.
Additional measured and indicated mineral resources amount to 742 million ounces of silver and 2.0 million ounces of gold, with inferred mineral resources of 265 million ounces of silver and 1.4 million ounces of gold, as of the end of December 2010.
The new entity will consist of eight operating mines and an extensive portfolio of development and exploration projects in jurisdictions across the Americas, where Pan American presently operates.
Based on expected silver production in 2011, approximately 52 percent of combined production will be from mines in Mexico, 21 percent from Peru, 15 percent from Argentina and 12 percent from Bolivia.
Minefinders produced about 3.6 million ounces of silver in 2011 and about 74,000 ounces of gold, with annual sales of $241 million, beating its own production forecasts. In 2010, the company had sales of $92.9 million.
The company's flagship Dolores mine is located in the Sierra Madre Occidental Range of northern Mexico. The Dolores mine has a well-defined deposit and an open-pit mine life of 16 years. Measured and indicated reserves at Dolores amount to 2.6 million ounces of gold and 139.5 million ounces of silver.
The company's other mining assets are the La Bolsa and La Virginia projects as well as exploration properties at Planchas de Plata in Sonora, northern Mexico, and the adjacent Real Viejo silver project.
Pan American has seven silver mines in Peru, Mexico, Argentina and Bolivia, as well as the Navidad project in Argentina, one of the largest undeveloped silver deposits in the world. It also has a joint venture with Orko Silver (CVE:OK) in the La Preciosa silver project in Mexico.

Southern Silver gives operational update for Mexico, Arizona properties

Southern Silver Exploration (CVE:SSV) gave Wednesday an update on its operations in Mexico and Arizona.
At its Cerro Las Minitas project in Mexico, diamond drilling with two core rigs continues, with one rig dedicated to the continued delineation of mineralization in the Blind and El Sol zones.
The second drill rig is testing specific occurrences located within the area of historic mining as well as several targets derived from the surface sampling and IP geophysical program.
The company said that several geological and geophysical targets are yet to be tested within this portion of the property.
Southern Silver has scheduled 20,000 metres of core drilling in 2012 at the property, with the aim of completing an NI 43-101 compliant resource on these first set of targets by the fourth quarter.
This will be the initial milestone toward the company's goal of delineating a larger, multi-million tonne, high-grade, silver-enriched polymetallic resource on the project.
Twenty-nine drill holes totaling approximately 8,030 metres were completed on the project in 2011. An additional 4,630 metres in 20 drill holes have been completed to date in 2012, with one additional hole is in progress.
Earlier this month, Southern Silver said it identified silver-enriched high-grade polymetallic mineralization in several separate target areas on its Cerro Las Minitas project.
The property comprises 18 concessions that total 15,125 hectares and an approximate 25 kilometre strike length.
Assay results from hole 12CLM-030 returned a 1.1 metre interval averaging 250 grams per tonne (g/t) silver, 10.7% lead and 16.95 zinc (1,007 g/t silver equivalent) at a vertical depth of approximately 270 metres.
For its Dragoon property in Arizona, the company reported Wednesday that optionee Freeport-McMoRan Exploration Corp. has completed a single drill hole at the project, which is located 90 kilometres southeast of Tucson.
The hole, DS-12-03, which is located around 175 metres to the north of hole DS-11-02, was drilled to a total depth of 1170 metres and is currently being logged and sampled. Assays are pending.
Separately, the company also said that at its annual general meeting held last week, directors Lawrence Page, Q.C., Scott Hean, Terrence Eyton, D. Roger Scammell, Dale Janowsky, Nazlin Rahemtulla, and Jean-Pierre Colin were all re-elected.
In addition, shareholders approved the company's rolling incentive stock option plan under which a maximum of 10 percent of the issued shares will be reserved for issuance under the plan.
The company also announced it has amended the previously announced unit offering and now plans to issue up to 41.7 million units at a price of $0.12 each, for gross proceeds of $5.0 million.
Each unit will consist of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share for a period of three years at an exercise price of $0.17 per share.
The new funds from the offering will be used for exploration and property maintenance expenses incurred on the Cerro Las Minitas project, and the Oro gold-silver-copper project in New Mexico, USA.

Rubicon Minerals advances Phoenix project, narrows Q4 loss

Ontario-focused explorer Rubicon Minerals (TSE:RMX) Wednesday released highlights of work at its Phoenix Gold project along with financial data for its fourth quarter and full-year.

Rubicon is focused on the exploration and development of gold deposits and its key asset is the Phoenix Gold Project in Ontario's Red Lake gold camp, which hosts Goldcorp's (TSE:G) high-grade Red Lake Mine.

The company has taken Phoenix from the discovery to development stage in under four years.

In addition, the company has significant land packages in the Red Lake area outside the project as well as in Alaska, Nevada and Utah.

Rubicon Minerals said that amongst the highlights for 2011, it drilled a total of 81,802 metres on the F2 Gold System at Phoenix
during 2011. Construction was also completed on a 10.4 kilometre power line from the project site to the Hydro One power
distribution line.
Last June, Rubicon received results from a preliminary economic assessment on its F2 Gold System, part of the Phoenix project, that indicated cash costs as low as US$214 per tonne of processed material.

The report, prepared by AMC Mining Consultants, estimated the F2 System will produce 180,000 ounces of gold per year in the base case scenario over a life of 12 years, with production rates of 1,250 tonnes per day.

This, according to the study, would yield a net present value of $433 million, at a five percent discount rate, and a pre-tax 28
percent internal rate of return, with a payback period of 3.3 years from the start of production.

These base case results were calculated using a gold price of $1,100 per ounce, the company said, and increase when using a higher, spot gold price.

In February, the company closed a $200.9 million bought deal equity financing, the bulk of which will go toward advancing its
Phoenix Gold project. The gold explorer sold 49 million common shares for $4.10 each.

Last week the company received the final three permits for its Phoenix Gold project in the heart of the Red Lake Gold District in
Ontario, with the company now fully permitted for future production from the property.

As at December 31, the company had $65.9 million in cash on its balance sheet.

For the year to December 31, net loss narrowed to 21.4 million, or loss of 10 cents from a loss of 25.5 million or loss of 12 cents per share a year earlier.

For the fourth quarter, the company's net loss narrowed to $14.9 million, or loss of 6 cents per share, compared to a net loss of $16.6 million or loss of 8 cents per share a year earlier.

The cause of the quarterly loss was the impairment charge on the New Horizon minerals claims in Alaska.

Selwyn says metallurgical drilling defines thick, high grade mineralization at XY Central

Selwyn Resources (CVE:SWN) unveiled Wednesday drilling results from nine metallurgical holes at the XY Central deposit at its Selwyn zinc-lead project in the Yukon Territory.
All nine drill holes were focused on the XY Central deposit in order to provide sample media for ongoing test work in support of the feasibility study, the company said.
The Selwyn project is being advanced by Selwyn Chihong Mining, the joint venture company equally owned by Selwyn and Chihong Canada. Chihong is a subsidiary of Yunnan Chihong Zinc & Germanium Co. of China.
Highlights from the latest results included a thick, high grade section of 45.08 metres true thickness grading 7.57% zinc and 2.65% lead, including 6.19 metres of 26.41% zinc and 10.34% lead in hole XYC-297.
The company said the results from this hole correlate well with adjacent high-grade intercepts, reinforcing the confidence in the detailed 3D modeling.
Hole XYC-298 also intersected 27.23 metres true thickness grading 8.35% zinc and 2.76% lead, including 4.29 metres of 25.02% zinc and 10.17% lead.
In addition, hole XYC-299 returned 28.78 metres true thickness grading 10.22% zinc and 5.45% lead, including 4.72 metres of 22.5% zinc and 16.26% lead.
"The assay results from the metallurgical drilling program at XY Central deposit continue to demonstrate the strong continuity of high-grade mineralization in the XY Central deposit," said president and CEO, Dr. Harlan Meade.
Earlier this week, Selwyn said it has retained a specialist corporate finance mining firm to act as its financial advisor as the company prepares to move into the next phase of development at its Selwyn project in the Yukon.
Cutfield Freeman & Co. will help Selwyn in evaluating its financing and strategic options relating to the Selwyn zinc-lead project.
As part of the mandate, Cutfield will consider all financing alternatives including debt, equity and other financial instruments, as well as concentrate offtake-related finance, partnership arrangements and the company's corporate options.
The review is designed to help the company as it assesses its options and responsibilities in the execution of the joint venture agreement with Chihong, it said.
Selwyn's Scotia Mine in Nova Scotia is expected to provide the company with cash flow for advancing the Selwyn property.
The Selwyn project is believed to host the largest undeveloped zinc-lead deposit in the world, with initial mine development to focus on 16.06 million tonnes of indicated mineral resources grading 10.06% zinc and 4.23% lead, and 26.7 million tonnes grading 8.81% zinc and 2.81% lead.
Initial mine production is forecast at 255,000 tonnes per year of zinc and 65,000 tonnes per year of lead in concentrate, starting early 2015, coinciding with forecast shortfalls in mine supply.
Last November, Selwyn said that the initial proposed work for the feasibility study is nearing completion, but the joint venture decided to expand the scope of the study, with a range of additional programs now being considered, including the confirmation of potentially significant new mineral resources at the Don deposit.
Refinements to the feasibility study will focus on the reduction of operating costs in the mill, impacts on the mine plan and optimization of the mining sequence, with the finalization of the feasibility study now expected in late 2012.

ImmunoCellular to present on cancer stem cells at AACR annual meeting

Biotech firm ImmunoCellular Therapeutics (OTC:IMUC) said Tuesday it plans to make a presentation on immunogenic epitopes at a cancer research meeting in Chicago.
The presentation is scheduled to take place at the Annual Meeting of the American Association for Cancer Research from March 31 to April 4, 2012, at the McCormick Place in Chicago.
ImmunoCellular will deliver its lecture on Sunday April 1, 2012 from 1 p.m. to 5 p.m. central standard time.
The development stage company develops therapies to treat cancer using the immune system. Its product portfolio includes cellular immunotherapies targeting cancer stem cell antigens and monoclonal anti-bodies to diagnose and treat various cancers.
ImmunoCellular said its presentation will be on the identification and characterization of immunogenic epitopes from CD133 and their potential to immunologically target cancer stem cells.
CD133 is a marker that identifies cancer stem cells on many solid tumors and its expression has been correlated with shortened survival.
Potential Cytotoxic T Lymphocytes epitopes were identified by computer algorithms to predict binding to HLA-A2 tissue type on white blood cells.
Studies with human cells in vitro demonstrated immunogenicity of two lead peptides and in vivo studies in mice confirmed the safety and immunogenicity of these peptides as a potential vaccine to target CD133 cancer stem cells, the company said.
The company said it plans to incorporate these peptides into its second product, ICT-121, for recurrent glioblastoma as the initial indication, followed by additional solid tumours.
To evaluate the potential for autoimmunity, mouse homolog peptides of the lead epitopes that were shown to have high affinity binding to human HLA-A2 were used to immunize HLA-A2 transgenic mice.
Mice were immunized three times at three week intervals and spleens were harvested and stimulated in vitro for one week, with peptide pulsed antigen presentation cells.
Interferon gamma tests showed immune responses to the two lead peptides in 35 and 40 percent of mice.
Organs of mice with immune responses, including heart, lung, kidneys and eyes, were found to be negative for lymphocytic infiltrations, supporting a lack of autoimmunity related to the immune response to these peptides, the company said.
Together, these studies support the safety and immunogenicity of these peptides as a potential vaccine to target CD133 cancer stem cells, it added.
ImmunoCellular Therapeutics, headquartered is a Los Angeles, is a clinical-stage company that is developing immune-based therapies for the treatment of brain and other cancers.
Recently, it began a phase II trial for its lead product candidate, ICT-107, a dendritic cell-based vaccine targeting multiple tumour associated antigens for glioblastoma, an aggressive type of brain tumour.

Northern Vertex hits 1.08 g/t gold equivalent over 29.57 metres at Moss project

Northern Vertex Mining Corp. (CVE:NEE) (OTCQX: NHVCF) unveiled Tuesday results from the first four diamond drill holes as part of its 6,500 metre phase 2 program at its Moss project in Mohave County, northwestern Arizona, showing potential for further tonnage.
The infill and resource expansion program is designed to test the western extension of the Moss stockwork gold-silver vein system.
So far, the company has completed a total of 22 holes as part of the campaign on the Moss project, including 18 reverse circulation holes and four diamond drill holes.
Notable results from the first four diamond holes reported include 45.02 metres of 0.45 grams per tonne (g/t) of gold equivalent in hole AR-139C, and 89 metres of 0.83 g/t gold equivalent in hole AR-142C, including 5.64 metres of 4.04 g/t gold equivalent, 9.14 metres of 1.01 g/t gold equivalent and 1.52 metres of 4.96 g/t gold equivalent.
In addition, hole AR-145C hit 29.57 netres of 1.08 g/t gold equivalent.
The diamond holes, which represent the second part of the phase 2 program, are drilled using a specialized core rig to address the steeper terrain of Moss's western extension, the company said.
"We are very pleased with results from the first 4 core holes from our Phase II program at Moss," said chief geologist, Dr. Bob Thompson.
"Significantly, the positive gold-silver grades and intervals encountered in all 4 holes average substantially above internal cut-off grades, in an elevated ridge where little or no stripping is required.
"These factors indicate potential to add significant tonnage to Moss's already established NI 43-101 gold-silver resource. Moreover, we are equally encouraged to report results demonstrate the gold and silver-bearing system is widening to the west."
Northern Vertex has the right to earn a 70 percent interest in the historic Moss property from Patriot Gold Corp. After the earn-in period is complete, financing of project will be on a proportional basis.
Northern Vertex is a gold exploration and development company operating principally in the United States and Canada.

Copper Fox acquires two groups of land assets at Schaft Creek for $32,000

Canada-focused explorer Copper Fox Metals (CVE:CUU) said Tuesday that it acquired two groups of mineral tenures with one group located adjacent to its flagship Schaft Creek project in British Columbia and the second located in the Mess Creek area.
Total consideration for the two groups of land assets was $32,000.
"The purpose for the acquisition of these mineral claims is to provide additional coverage of the interpreted extension of the Schaft Creek mineral trend and its associated positive magnetic feature," Copper Fox president and CEO Elmer Stewart said.
"The second group of claims expands the company's acreage in this important mining district and road access."
The first Marko/Mott group of claims comprises 24 mineral tenures covering approximately 4,741 hectares contiguous to the north and south of the Schaft Creek project.
These mineral tenures cover the extension of the positive magnetic lineament outlined in 2011 that show a strong correlation to the Schaft Creek deposit and two other zones of copper-gold-molybdenum-silver mineralization exposed on surface.
These mineral tenures are subject to the option agreement with Teck Resources (TSE:TCK.A)(TSE:TCK.B).
The second acquired group of Ruzo claims comprise two mineral tenures covering approximately 700 hectares in the Mess Creek area. These mineral tenures are not subject to an option agreement with Teck.
Copper Fox is working on completing a feasibility study on its Schaft Creek project, one of the largest undeveloped copper, gold, molybdenum and silver deposits in North America. The study is expected by mid-summer 2012.

Rare Element Resources unveils more 2011 drill results from Bear Lodge

Rare Element Resources (AMEX:REE) (TSE:RES) unveiled Tuesday rare earth element and gold assay results from 29 additional drill holes at its Bear Lodge property in northeastern Wyoming.
The results formed part of the 2011 core drilling program at the property. Of the 29 holes, 15 were from the Bull Hill resource area, six were from the Whitetail Ridge area, four were from the East Taylor target, and four were from the Carbon target area.
Three drill holes from the 2011 program are yet to be assayed, the company said.
"Our 2011 drilling results confirm the continuity of the mineralized bodies, and we have continued to significantly expand the resource," said vice president of exploration, Dr. Jim Clark.
"We are excited about the prospect of delineating another resource that exhibits the potential for higher grades of HREE [heavy rare earth elements] at Whitetail Ridge, East Taylor and Carbon. We feel that the district has tremendous upside potential."
Highlights from the Bull Hill area included hole RES-11-48, which intersected 30 metres of 4.58% total rarth earth oxide (TREO), 17 metres of 12.35% TREO, and 8 metres of 9.44% TREO. Hole RES-11-58 also encountered 117 metres of 6.45% TREO.
In the Whitetail Ridge area, hole RES-11-15 hit 12 metres of 2.43% TREO, and 11 metres of 3.06% TREO.
At East Taylor, hole RES-11-31 returned 11 metres of 3.86% TREO, and 57 metres of 0.81 grams per tonne (g/t) gold.
The East Taylor target is located around 760 metres west of the main Bull Hill rare earth deposit and 760 metres southwest of the Whitetail Ridge deposit. The rare earth element mineralization in this area is associated with peripheral zones of gold mineralization, the company said.
The Carbon target area also returned significant rare earth element bearing mineralization, Rare Element said. If this mineralization is a continuation of the Whitetail Ridge dike system and the Bull Hill southwest system, it may strike up to 1,500 metres in length, the company added. The area is enriched in both light and the more valuable heavy rare earth elements.
In 2011, Rare Element identified significant HREE enrichment in FMR and oxide-carbonate carbonatite dikes at the Whitetail Ridge and the East Taylor and Carbon areas, with results today confirming this, the company said.
The company also said the grades for europium, terbuim, dysprosium and yttrium are among the highest of any North American rare earth element deposit, according to preliminary metallurgical results.
REE assay values are reported as the combined oxide equivalents (REO) of the 15 elements in the lanthanide series plus yttrium.
The Bull Hill deposits at the Bear Lodge project contain predominately the light rare earth elements (lanthanum, cerium, praseodymium, neodymium and samarium), with significant quantities of several of the heavy rare earths (europium, dysprosium and terbium).

While some rare earths are relatively common, they are dispersed in a way that makes it difficult to find deposits with high enough ore grades to economically exploit.

Due to their unique attributes, new applications are constantly being developed for rare earths. Demand for the metals is expected to continue to grow steadily as China, which produces 97 percent of the world’s rare earths, has cut exports by more than half of 2004 levels to 30,000 tons in 2010.

Inter-Citic reports "significant" trench results from Dachang

Inter-Citic Minerals (TSE:ICI) (OTCQX-ICMTF) unveiled Tuesday trenching results from the 2011 exploration season at its Dachang gold project in China.

The company said that trenching is the primary method used to make new discoveries at the project due to the thin soil cover and near surface mineralization at the property.

The results reported Tuesday represent the final results from the 21,00 metre trenching program in 2011, which uncovered four new areas of surface discovery - two in the southeast part of the Dachang property, one north of the original Dachang Main Zone, and one southwest of the Placer Valley Zone.

In addition, the trenching program also expanded the 861 and Acadia Zones.

The discoveries made were all fault controlled sulfide gold mineralization similar to the Dachang Main Zone. The company plans on expanding these new zones through additional drilling and trenching this year.

Highlights of the latest trench results include 17.0 metres of 6.65 grams per tonne (g/t) gold, or 113.05 gram-metres gold in the southeast area.
 
The company said in a statement that "a consistent spatial relationship has been observed between the gold in soil anomalies, trench values and underlying strongly altered and mineralized fault zones".
 
The most advanced new discovery at Dachang expanded by the 2011 trenching program is the 861/XP fault system, which has now been drill tested on its known western and eastern extents.

This fault system north of the Dachang Main Zone has now been delineated along a 2.8 kilometre extent, the company said.

The 861 Zone located on the fault's west end is still open to the west and has now been "consistently intersected in trenches and 40 metre spaced drill fences" along a 1.4 kilometre strike length to depths of 125 to 150 metres, Inter-Citic said.

The central section of this fault that lies between the 861 Zone and the nearby XP Zone requires further drill testing. The XP Zone remains open along strike to the east.

Notable trench highlights on the 861 Zone include 19.00 metres of 1.53 g/t gold or 29.07 gram-metres gold.

Last month, the Toronto-based company said it renewed three key exploration licenses at its Dachang gold project. It also combined two other licenses covering the Dachang Main Zone in order to facilitate permitting.

The renewal is effective immediately, and is valid until November 25, 2013, when it will be eligible for further renewal, the company said.

In addition, the company received from the Chinese government a re-drawing of the boundaries of the remaining two exploration licenses within the property area to facilitate the permitting of the Dachang Main Zone, which hosts most of the company's current NI 43-101 compliant inferred mineral resource estimate.

The 279 square kilometre Dachang project is now comprised of four licenses, all of which have been renewed successfully by Inter-Citic as they have come due in the past.

In February, Inter-Citic unveiled the fifth and final set of drill results from 26 holes that formed part of the 2011 exploration program at Dachang.

The results were all from the 861 Zone at Dachang, which now appears to be related to the same structure hosting the previously-reported XP Zone, Inter-Citic said.

Highlights of the latest results from the 861 Zone included hole CJV-1268, which intersected 6.0 metres with an average grade of 3.20 grams per tonne (g/t) gold, and hole CJV-1270, which returned 3.0 metres at an average of 3.21 g/t gold.

Moreover, hole CJV-1278 encountered an interval of 13.0 metres at an average grade of 3.61 g/t gold, while hole CJV-1280 reported 4.5 metres of 4.16 g/t gold.

The currently defined NI 43-101 compliant resource at Dachang, calculated in June 2011, consists of an estimated measured and indicated inventory of 1.88 million ounces of contained gold - 17.2 million tonnes gold grading 3.41 g/t - plus a further inferred mineral resource of 1.93 million ounces contained gold  - 21.3 million tonnes grading 2.83 g/t.

A new NI 43-101 compliant preliminary economic assessment for Dachang is due in 2012.

Gold Resource Corp announces March dividend, marks first time to participate in new gold/silver dividend program

Gold Resource Corp (AMEX:GORO) announced Tuesday its monthly dividend of 5 cents per common share for March.

The dividend is payable on April 23, to shareholders of record as of April 10.

The March dividend marks the first opportunity for shareholders to participate in the company’s gold and silver dividend program announced earlier this month.

Shareholders who opt-in to the program can take their dividend, after a cash to physical conversion, in gold and/or silver on the April 23 pay date, the company said.

The US-based gold producer, which started production from its El Aguila project in Oaxaca, Mexico in July 2010, has paid 20 straight monthly dividends since declaring commercial production, totaling more than $41 million returned to shareholders.

Under the new gold and silver dividend program, shareholders can establish an “individual bullion account”, whereby cash dividends are converted into Gold Resource Corp “Double Eagle” one ounce .999 fine gold and/or one ounce .999 fine silver rounds.

Gold Bullion International (GBI), a provider of institutional precious metals to individual investors and the wealth management industry, is facilitating the conversion of the company's cash dividend to physical bullion.

Shareholders must direct their individual bullion account for desired gold and silver allocation by midnight EST the day before the record date.  Once the cash to physical conversion takes place, distribution of the gold and silver occurs on the dividend pay date.

Earlier this month, Gold Resource Corp reported record annual results, with 2011 marking its first full year of production from its El Aguila operations in Mexico.

The gold company posted net income of $58.37 million, or $1.10 per share in the year to December 31, 2011, versus a loss of $23.07 million, or 46 cents per share in 2010.

El Aguila is located 120 kilometres southeast of the state capital city of Oaxaca, Mexico and has yielded several strong metal samples, including 36.0 grams per tonne (g/t) gold, and 3,100 g/t silver.

Last March, the company announced that it had begun the transition from processing lower grade, open pit ore, to processing underground ore from the high grade La Arista deposit at El Aguila.

Combined open pit and underground operations in 2011 yielded 66,159 ounces of gold equivalent production. This compares to the 10,493 gold equivalent ounces produced from the six months of open pit El Aguila operations in 2010.

As underground development continues, Gold Resource management said on a conference call early this month that it expects to mine more efficiently with greater tonnages and less dilution.

Cash costs in 2011 were $136 per ounce of gold equivalent, excluding royalty expense, 37 percent lower than $217 per ounce in the six month period in 2010.

This led to record annual revenue of more than $105 million in 2011 as the company realized much higher gold and silver prices for its combined operations of $1,596 per gold ounce, and $35 per silver ounce. Revenues in 2010 stood at $14.75 million.

The company's gross profit from the mine came in at $87.2 million, way up from $9.8 million the prior year.

For additional details on Gold Resource Corp’s gold and silver dividend program and specifics on how to open a self-directed “bullion” account, please visit the company’s website at www.goldresourcecorp.comor the program specific page at:www.grc.bullioninternational.com/.

Soligenix 2011 revenues soar, net loss narrows

Soligenix (OTCBB:SNGX) said Tuesday that full year revenues rose by more than four times, as net loss narrowed.

The development stage biopharmaceutical company posted revenues for the year that ended December 31 of $7.7 million, way up from $1.9 million a year earlier.

The sharp increased reflected a $5.0 million non-refundable license fee from Sigma-Tau Pharmaceuticals, in connection with the expansion of Soligenix's existing North American commercialization rights to orBec and oral BDP into European territory. Oral BDP is being tested to treat and prevent acute radiation sickness and other gastrointestinal diseases.

BDP has been marketed in the US and worldwide since the early 1970s as the active pharmaceutical ingredient in inhalation products to treat patients with allergic rhinitis and asthma.

Soligenix's net loss for the year was $2.4 million, or a 22-cent-loss per share, as compared to a $7.4 million net loss, or 73-cent-loss per share in 2010.

The smaller loss is also attributable to the Sigma-Tau licensing agreement fee received in the third quarter, Soligenix said.

Research and development expenses for the full year were $6.3 million, up slightly from $6.0 million in the previous year.

The increase was due to a $1.0 million cash and stock payment to the company's orBec licensor in connection with the Sigma-Tau agreement, offset by reduced spending resulting from the termination of a phase 3 clinical trial for orBec in the treatment of acute gastrointestinal Graft-versus Host disease (GI GVHD).

"In 2011 we saw the unfortunate stoppage of our Phase 3 trial of orBec in acute GI GVHD at the recommendation of an independent Data Safety Monitoring Board," said president and CEO, Christopher J. Schaber.

"As a result of this event, we have restructured the organization by decreasing headcount with a continued focus on cash management and research and development program expenditures.

"We remain committed to evaluating all strategic options while we continue the development of our oral BDP programs for pediatric Crohn's disease, acute radiation syndrome and acute radiation enteritis as well as the development of our vaccine programs including our novel thermostabilization technology, ThermoVax."

The company has announced a number of notable operational achievements of late, including promising results from its preclinical study of SGX202 (oral BDP), testing for the treatment of gastrointestinal acute radiation syndrome in dogs.

The new study results indicated that dogs treated with SGX202 starting 24 hours after exposure to lethal doses of total body irradiation (TBI) demonstrated "statistically significant" improvement in survival when compared to control dogs.

The company said these results show that SGX202 has the potential to reduce the inflammatory storm induced by the radiation-damaged GI tract.

Also earlier this year, the company unveiled preliminary results from a phase 1/2 clinical trial of SGX201, a time-release formulation of oral BDP for the prevention of  acute radiation enteritis. The study showed that oral administration of SGX201 was safe and well tolerated across all four dose groups.

Acute radiation enteritis is caused by the radiation-induced death of cells in the lining of the bowel. As bowel cells die and are not replaced, there is a resulting inflammatory response to dead cells and bacteria, with diarrhea, nausea, vomiting and pain being prominent symptoms.

The addition of chemotherapy may exacerbate the intestinal symptoms, and can result in the delay or interruption of the cancer treatment. There are over 100,000 patients each year in the United States who receive abdominal or pelvic external beam radiation treatment for cancer, and these patients are at risk of developing radiation enteritis.

Sixteen subjects with rectal cancer scheduled to undergo concurrent radiation and chemotherapy prior to surgery were enrolled in one of four dose groups in the study, with dosing administered throughout the duration of radiation therapy plus one week.

The main goal of the study was to evaluate the safety and tolerability of escalating doses of SGX201, as well as to assess the preliminary efficacy of SGX201 for the prevention of signs and symptoms of acute radiation enteritis.

In addition, the incidence of diarrhea was lower than that seen in recent published historical control data in this patient population, the company said.

The company also announced positive results from preclinical studies of its proprietary vaccine thermo-stabilization technology, establishing proof-of-concept.

The company's technology allows vaccines that usually need to be refrigerated to maintain their efficacy at higher temperatures.

Soligenix used its aluminum-adjuvant ricin toxin vaccine, RiVax, in the study. RiVax was developed under lyophilization conditions, and uses an active carrier to help maintain the protein structure of the ricin A chain, which provides the immunogenic component of the drug.

The lyophilization process is often employed to extend the shelf life of drugs, by removing the water from the pharmaceutical preparation. Vaccines that undergo this process often lose their potency, especially if the vaccine is made with aluminum salt adjuvants, as most are.

For this reason, many vaccines need to be refrigerated or frozen, and as a result, the World Health Organization (WHO) estimates that about half of all global vaccine doses are wasted.

Like other aluminum-adjuvanted vaccines, RiVax usually requires temperatures at or below eight degrees Celsius for storage and efficacy. However, using Soligenix's tehcnology and the lyophilization process, the company found that the vaccine provided strong, neutralizing antibodies, even in temperatures as high as 40 degrees Celsius.

Therefore, Soligenix's technology is especially valuable in biodefense or pandemic situations, where drugs need to be stockpiled for a long period of time.

Under its biodefense unit, the company is also developing SGX204, a vaccine against anthrax exposure.

As at year-end 2011, the company's cash position was $6.0 million with working capital of $5.7 million. 

Great Western Minerals' LCM orders second rare earth strip cast furnace

Integrated rare earths processor Great Western Minerals Group (CVE:GWG)(OTCQX:GWMGF) said Monday that its unit Less Common Metals Limited has signed the contract for the purchase of a second rare earth strip cast furnace.

The new strip cast furnace features similar design and output capacity as the first strip cast furnace unit purchased by LCM in
2011 and commissioned in January 2012.

"The purchase agreement stipulates that the furnace will be shipped from China prior to the end of November 2012 at which time it will be installed at LCM by a team of engineers comprised of our own technical staff and personnel from the furnace manufacturer," LCM managing director Ian Higgins said.

"The manufacturer was extremely complimentary about the level of technical competence and engineering support from LCM during the installation of the first furnace. The second strip cast furnace will increase the total production capacity of LCM to approximately 2,000 tonnes per annum of rare earth alloys."

Great Western Minerals' president and chief executive officer Jim Engdahl said: "GWMG remains committed to the capacity expansion of LCM in response to demonstrated industry demand. Twenty years of experience in the rare earth alloy industry on the part of LCM has meant a smooth transition in adding to our broad range of melting and reduction furnaces.

"That experience, combined with the planned output of rare earth materials from our Company's Steenkampskraal operation, will enable GWMG to ramp up quickly in response to demand growth on the part of our global customer base."

Bravo Gold approves share consolidation, gives 2012 exploration update

Bravo Gold Corp (CVE:BVG) said Monday that a share consolidation was approved at the annual shareholder meeting last week, and gave an exploration update for 2012.
Approval was given for the consolidation of the issued common shares of the company on a basis of one post-consolidation common share for every 10 pre-consolidation common shares.
The company said it believes it will benefit from greater investor interest as a result of the share consolidation, as well as improved trading liquidity, and an ability to raise additional capital at a higher price per share.
The change in the number of issued and outstanding shares that will result from the move will "cause no change in the capital attributable to the common shares and will not materially affect any shareholder's percentage ownership in the company", Bravo Gold said.
Ownership, however, will be represented by a smaller number of shares.
As of today, the company has a total of around 215.4 million shares issued and outstanding, and after the consolidation of shares is completed, it is expected to have around 21.5 million issued and outstanding.
The completion of the share consolidation is subject to the approval of the TSX Venture Exchange.
Separately, Ken Thorsen has retired from the company's board at the annual general meeting, and Fred Sveinson has been elected as a new director.
The company also gave a 2012 exploration update for its Homestake Ridge and Kinskuch properties located in northwestern British Columbia. The program will focus on the drill delineation of the newly discovered South Reef deposit at Homestake Ridge and follow-up drilling of a potential mineral deposit at Kinskuch.
The campaign is expected to include additional exploration drilling, ground geophysics and further evaluation of several other "encouraging" exploration targets, Bravo Gold added.
A defined resource at South Reef and possibly at Kinskuch, plus any new discoveries will be accretive to the NI 43-101 compliant resources at the two deposits already delineated by Bravo at the Homestake Ridge property.
The planned holes at Homestake Ridge this year will offset three holes from the 2011 program that tested a 75 metre strike-length of the mineralized trend to depths of 260 metres and intersected  more than 30 g/t gold in each hole, including a 3.1 metre interval averaging 30.8g/t gold and 3.3g/t silver.
Mineralization at South Reef is open at depth and along the full strike-length of the target horizon, which is equal to the cumulative strike-length of the previously delineated Main Homestake and Homestake Silver deposits, the company said.
Combined, the Main Homestake and Homestake Silver deposits contain a current NI 43-101 compliant indicated resource, at a 3.0 g/t gold equivalent cut-off, of 191,000 ounces of gold and 1,350,000 ounces silver plus an inferred resource of 530,000 ounces gold and 13,470,000 ounces silver.
Meanwhile, exploration on the Kinskuch project this year will focus on offset drilling of the silver-rich, polymetallic VMS-style mineralization intersected by Bravo in 2011 at the Illiance River trend located in the eastern part of the property.
The Illiance River trend is a five kilometre strike length of strongly altered volcanic stratigraphy.  Initial drilling will target a 700 metre strike length of this trend where 2011 drilling returned a 2.8 metre interval averaging 318g/t silver, 0.4g/t gold, 2.2% lead and 6.5% zinc from drill hole KN11-02.

Selwyn Resources hires financial advisor as it advances Yukon project

Selwyn Resources (CVE:SWN) said Monday it has retained a specialist corporate finance mining firm to act as its financial advisor as the company prepares to move into the next phase of development at its Selwyn project in the Yukon.
Cutfield Freeman & Co. will help Selwyn in evaluating its financing and strategic options relating to the Selwyn zinc-lead project, which is held in a joint venture between Selwyn and Chihong Canada Mining.
Chihong is a subsidiary of Yunnan Chihong Zinc & Germanium Co. of China.
As part of the mandate, Cutfield will consider all financing alternatives including debt, equity and other financial instruments, as well as concentrate offtake-related finance, partnership arrangements and the company's corporate options.
The review is designed to help the company as it assesses its options and responsibilities in the execution of the joint venture agreement with Chihong, it said.
"We are pleased to be moving into this new stage of the Selwyn Project," said CEO Dr. Harlan Meade.
"The appointment of CF&Co adds to our already experienced team and allows us to review and assess a wide range of options as we move forward together with Chihong in the development of the Selwyn Project."
Selwyn's Scotia Mine in Nova Scotia is expected to provide the company with cash flow for advancing the Selwyn property in the Yukon.
The Selwyn project is believed to host the largest undeveloped zinc-lead deposit in the world, with initial mine development to focus on 16.06 million tonnes of indicated mineral resources grading 10.06% zinc and 4.23% lead, and 26.7 million tonnes grading 8.81% zinc and 2.81% lead.
Initial mine production is forecast at 255,000 tonnes per year of zinc and 65,000 tonnes per year of lead in concentrate, starting early 2015, coinciding with forecast shortfalls in mine supply.
Last November, Selwyn said that the initial proposed work for the feasibility study is nearing completion, but the joint venture decided to expand the scope of the study, with a range of additional programs now being considered, including the confirmation of potentially significant new mineral resources at the Don deposit.
Refinements to the feasibility study will focus on the reduction of operating costs in the mill, impacts on the mine plan and optimization of the mining sequence, with the finalization of the feasibility study now expected in late 2012.

Great Western Minerals' processing unit orders 2nd rare earth strip cast furnace

Great Western Minerals Group (CVE:GWG) (OTCQX:GWMGF) said Monday that its UK rare earth alloys processing subsidiary, Less Common Metals, has signed a contract for the purchase of a second rare earth strip cast furnace.
The new strip cast furnace features similar design and output capacity as the first strip cast furnace unit purchased by the unit in 2011, and commissioned in January 2012, the company said.
Under the purchase agreement, the furnace will be shipped from China prior to the end of November, at which time it will be installed at Less Common Metals by a team of engineers, comprised of the company's own technical staff and personnel from the furnace manufacturer.
"The manufacturer was extremely complimentary about the level of technical competence and engineering support from LCM during the installation of the first furnace," said managing director of the Less Common Metals unit, Ian Higgins.
"The second strip cast furnace will increase the total production capacity of LCM to approximately 2,000 tonnes per annum of rare earth alloys."
Great Western Mineralscombines upstream resource exploration and extraction at its Steenkampskraal  mine in South Africa with downstream metals processing facilities in the US and UK.  Its specialty alloys are used in the battery, magnet and aerospace industries.
The company is working on completing an NI 43-101 compliant report for the Steenkampskraal mine to confirm historical data and  expand the size of the resource, expected in the first half of this year.
Main Zone historic estimates from the property contained TREO grades of 11.6%. In January, the company inked a joint venture deal with China's Ganzhou Qiandong Rare Earth Group for the construction of a rare earth separation plant nearby the South African property.
The company also holds interests in four active rare earth exploration and development properties in North America.
"GWMG remains committed to the capacity expansion of LCM in response to demonstrated industry demand," said president and CEO, Jim Engdahl.
"Twenty years of experience in the rare earth alloy industry on the part of LCM has meant a smooth transition in adding to our broad range of melting and reduction furnaces.
"That experience, combined with the planned output of rare earth materials from our company's Steenkampskraal operation, will enable GWMG to ramp up quickly in response to demand growth on the part of our global customer base."
While some rare earths are relatively common, they are dispersed in a way that makes it difficult to find deposits with high enough ore grades to economically exploit.
Due to their unique attributes, new applications are constantly being developed for rare earths. Demand for the metals is expected to continue to grow steadily as China, which produces 97 percent of the world’s rare earths, has cut exports by more than half of 2004 levels to 30,000 tons in 2010.

WesternZagros finds major oil column in Kuradmir-2 well in Iraq

WesternZagros Resources (CVE:WZR) said Monday it has made a major oil discovery in the Oligocene reservoir at its Kurdamir-2 exploration well in the Kurdistan region of Iraq.
The Iraq-focused oil and gas explorer said the Kurdamir-2 well reached the intermediate casing depth of 2,812 metres, and has drilled through the Oligocene interval.
Wireline logs indicated "a porous zone of 140 metres thickness within the Oligocene interval, between 2,422 and 2,562 metres, all of which is hydrocarbon-bearing", WesternZagros said.
Within this hydrocarbon zone, well log data indicated 22 metres of gross natural gas pay above 118 metres of gross oil pay.
The company said it believes the results are another confirmation of a "significant oil column" underlying the gas cap in the Oligocene reservoir. This follows WesternZagros' first confirmation in the Kurdamir-1 well in December 2010.
No evidence of water has been found within the Oligocene interval, the company added, meaning the maximum thickness of the oil column is not yet known.
"We are excited to learn that the Kurdamir and adjacent Topkhana structures have a common oil leg in the Oligocene reservoir with the potential of containing a giant oil and gas field," said CEO Simon Hatfield.
"We're even more excited by the fact that we don't yet know the full extent of the resources that the Oligocene, alone, contains.
"The Kurdamir-2 discovery is the third high-impact discovery on our Blocks in ten months and is an important confirmation of our queue of high-quality, light oil exploration opportunities.
"In particular, our view is that this discovery significantly improves the oil potential of the deeper, as yet undrilled reservoirs in Kurdamir-2 and also those prospects adjacent to Kurdamir on our Garmian Block."
The company said that when the well reached a depth of 2,477 metres, a drill stem test was conducted of the open hole from 2,315 metres to 2,477 metres, which included 55 metres of the Oligocene porous zone.
This test was done across the interpreted gas-oil contact at 2,444 metres and tested 22 metres of gas pay, in contact with 33 metres of oil pay.
The test achieved a flow rate of 7.3 million cubic feet per day of gas, WesternZagros said, and a stabilized flow rate of 950 barrels per day of 47 degree API mixture of light oil and condensate over the final seven hours of the main flow period.
This rate was achieved through a 56/64 inch choke at an average flowing well head pressure of 650 pounds per square inch and without any stimulation.
The company said the deeper Oligocene oil pay will not be tested at this time due to time constraints, as the well is required to drill and evaluate the deeper Cretaceous by the end of June.
The 33 metres of oil pay tested to date is capable of flowing at rates of 4,000 barrels per day if isolated from the gas pay and stimulated, according to a third party engineering expert, WesternZagros said in a statement.
The company is working with operator Talisman to examine options for additional cased hole testing focused on the full 118 metres of gross oil pay in the Oligocene.
WesternZagros and Talisman each have a 40 percent working interest in the Kurdamir Block, with the Kurdistan regional government holding the remaining 20 percent.
The partners are also planning a 3D seismic program and a further appraisal well to help find the ultimate size of the Oligocene reservoir.
The company said that the bottom of the known oil column found extends down to at least 2,562 metres - significantly deeper than the limit of the Kurdamir structure as mapped from seismic data. This supports the notion that the Oligocene reservoir is involved in a "considerably larger trap", with Kurdamir and the neighbouring Topkhana structure thought to share a common oil leg.

The company will update contingent and prospective resource estimates for the Oligocene, which are expected to materially increase, WesternZagros said.

Prior to these latest results, the independently audited unrisked mean estimates for the contingent resources in the Oligocene reservoir of the Kurdamir structure were 920 billion cubic feet of gas, 35 million barrels (MMbbl) of condensate and 30 MMbbl oil, plus an unrisked mean estimate of 280 MMbbl prospective oil resources as of December 14, 2010.

The Kurdamir-2 exploration well was spudded in October 2011, and is operated by Talisman. The well is located around two kilometres northeast of the Kurdamir-1 discovery well and is targeting the Oligocene, Eocene and Cretaceous reservoirs on the flank of the structure.

The combined audited unrisked mean estimate for all three reservoirs on the Kurdamir structure is 585 MMbbl of prospective oil resources as at January 14, 2011.

WesternZagros holds two production sharing contracts with the Kurdistan regional government, which each govern separate contract areas. The Garmian contract area of 1,780 square kilometres is operated by WesternZagros, while the Kurdamir contract area of 340 square kilometres is operated by Talisman.
WesternZagros holds a 40 percent working interest in both contracts.
Separately, the company also announced its full year and fourth quarter results Monday, increasing revenues.
Aside from the Kurdamir-2 well discovery, the company highlighted operational results in 2011, starting with the Sarqala-1 well re-entry. Last March, the company decided to re-enter the well on the Garmian Block as the interval showed good potential after earlier drilling was suspended due to equipment problems.
In May, the company announced an oil discovery in the Jeribe Formation, achieving maximum flow rates in excess of 9,000 barrels per day of light, 40 degree API oil.
WesternZagros received approval from the Ministry of Natural Resources in Kurdistan to start an extended well test at the Sarqala-1 well in September, and in October, first oil production was achieved, with the oil sold into the domestic market later that month. Production started at around 2,000 barrels per day.
As at year-end, the company had generated $12.9 million of proceeds from the sales of test oil and entered into further contracts to sell test oil for another $25.9 million in the first quarter of 2012. Production continues at an average rate of 5,000 bbl/d, the company said.
At its Mil Qasim-1 well on the Garmian Block, the company said it is "actively investigating" a shallow, relatively lower cost, multi-well drilling program to evaluate the reservoir as it is "encouraged by the existence of numerous highly productive water wells drilled in the Upper Bakhtiari Formation in the southern Garmian area that have typical flow rates of up to 6,000 bbl/d".
During 2011, Sproule International Limited completed a total of four independent audits of WesternZagros' contingent and prospective resources. With these additional assessments on its two contract areas in Kurdistan, the combined mean estimate of gross unrisked contingent resources is 54.0 million barrels of oil, or 258 million barrels of oil equivalent. Gross unrisked prospective resources stand at 2.3 billion barrels of oil, or 3.7 billion barrels of oil equivalent.
For the year that ended December 31, 2011, the oil and gas company recorded a net loss of $6.9 million, or 2.3 cents per share, compared to a loss of $5.8 million, or 2.8 cents per share, in 2010.
Total interest revenue rose to $92,000 versus $87,000 a year earlier.

Cayden hits 18.3 metres of 119 g/t silver plus high grade zinc, lead at Quartz Mountain

Cayden Resources (CVE:CYD) unveiled positive drill results Friday from its Quartz Mountain property near Fallon, Nevada, US, sending shares up more than 2.6 percent.
The results are from eight step out holes that followed up on significant grades and widths of silver and base metal mineralization found in holes reported last month.
Highlights of the latest results included 18.3 metres of 119 grams per tonne (g/t) silver, 0.3 g/t gold, 0.32% copper, 2.73% zinc, and 1.89% lead in hole QM-0023.
In addition, hole QM-0017 returned 4.6 metres of 198 g/t silver, 0.97 g/t gold, 0.33% copper, 3.56% lead, and 1.45% zinc, while hole QM-0022 hit 10.6 metres of 96 g/t silver, 3.08% lead and 0.34% zinc.
"We are very pleased to see the continuation of higher grade mineralization at the Quartz Mountain San Rafael target and look forward to drilling some of the other large targets on the property later this year," said president and CEO, Ivan Bebek.
"With our ongoing aggressive programs at Morelos Sur and continued results out of Nevada, we expect 2012 to be a year that we could potentially deliver significant new discoveries on both our properties.
"We look forward to releasing further results from both exploration programs in the coming months."
The mineralized intercepts reported to date for the Nevada property hail from a total of 24 holes that have tested the Quartz Mountain mineralized system over an area of 350 by 150 metres.
The majority of holes encountered intercepts greater than 30 g/t silver, Cayden said, and in excess of 1% combined lead and zinc.
Cayden is now in the midst of finishing its phase one drill program and expects assays from four more holes in the coming weeks, after which time it will determine a geologic model for mineralization and design the next phase of drilling.
The company is also starting a soil-sampling program with a crew of two project geologists and four field assistants to test other areas of the property.
Many of these prospective areas include historic workings, which have returned high-grade precious and base metal values from dump grab samples that are interpreted to be coincident with geophysical anomalies and trends, the company said.
The Quartz Mountain project consists of an option with Vancouver based Railhead Resources, under which Cayden can earn either a 50 or 60 percent interest in three groups of Nevada silver-gold exploration properties.
The property is comprised of three claim groups for a total of 60 square kilometres.
Earlier this month, Cayden unveiled initial results from its drill program at the Las Calles target and its trench program at the La Magnetita and La Joya targets, each located on the Morelos Sur gold project, located in the Nukay mining district of central Guerrero State in southern Mexico.
Significant results at the Las Calles target included LCDD0093, which intersected 14.0 metres grading 4.2 grams per tonne (g/t) gold, including 2.0 metres at 16.0 g/t gold. The hole also intersected 6.5 metres grading 0.62 g/t gold.
Other notable results included LCDD0091, which returned 6.0 metres grading 0.69 g/t gold, and 5.0 metres grading 0.828 g/t gold.