Quantum Rare Earth Developments Corp. (CVE:QRE)(OTCQX:QREDF) said today it has managed to accomplish "a number" of goals set out at the beginning of the year despite difficult financial markets, including an updated resource estimate for its Elk Creek niobium deposit in Nebraska.
The company added higher grade indicated status tonnage of 19.3 million tonnes, grading 0.67% niobium.
It also increased inferred status tonnage and grade from the previous resource estimate in April 2011, from 80.1 million tonnes grading 0.62% niobium, to 83.3 million tonnes grading 0.63% niobium.
The Elk Creek Carbonatite is the only primary niobium deposit known to be under development in the U.S., and the highest grade undeveloped niobium deposit in North America, said Quantum. It is an oval shaped magnetic and gravity anomaly about seven kilometres in diameter.
Niobium is mainly used in the form of ferro-niobium to produce HSLA (High Strength, Low Alloy) steel for use in automotive, structural and pipeline industries. The market for ferro-niobium has grown an average of 10% per year for the past decade, and is forecast to continue that growth pattern in the coming years.
In July, Quantum also finalized a joint venture agreement relating its Australian properties, which will see the company retain a 20 per cent carried to production interest in the project.
Quantum will be reimbursed for its previously incurred exploration funds, estimated at A$100,000, and will receive 3.75 million common shares of Victory Mines Limited upon successful completion of that company's IPO on the Australian Stock Exchange.
Quantum said that Victory Mines has since informed it that all necessary documentation for the IPO has been filed with the exchange. Victory is planning to raise A$4.0 million at an IPO price of 20 cents per share, with an anticipated closing date in September.
The rare earths miner also said it has signed confidentiality agreements with several parties regarding potential joint venture and financing arrangements for Elk Creek.
"While discussions continue to advance, readers are cautioned that there is no assurance that these discussions will result in any transaction," Quantum cautioned in a statement.
Moreover, the company noted that it has also reached an agreement through its subsidiary, Silver Mountain Mines Corp, with Perry English for Rubicon Minerals concerning Silver Mountain's interest in 8 claim units in the Kenora Mining Division of Ontario, Canada.
Quantum will issue 400,000 shares to English, in lieu of a cash payment that was due under an option agreement between Silver Mountain and English dated in 2009.
In November 2011, Quantum signed a subsequent option agreement with Titan Goldwork Resources, whereby Titan can earn up to a 70 per cent stake in the Tait property. This deal remains in effect, the company said.
Implant Sciences Corp. (OTCQB:IMSC) has sold more of its handheld explosives trace detector units this time to a public sporting event in London, England.
The QS-H150 device has also used for security at many sports venues in the past, including the 2008 Beijing Olympics and the 2011 Summer Universiade Games.
Shares rose 0.84 per cent to reach $1.20 each Friday morning.
"The QS-H150 is an ideal choice for event security," Darryl Jones, vice president of global sales and marketing said in a statement.
"Its portability and radiation-free design means it can go anywhere, while its ease of use allows rapid training of security staff."
The Quantum Sniffer QS-H150 is an explosives trace detector that uses ion mobility to find trace amounts of homemade bombs.
The QS-H150 uses no radioactive materials and has a low-maintenance design.
Implant Sciences also makes the Quantum Sniffer QS-B220, which is a trace detector that utilizes ion mobility spectrometry to find a number of military, commercial or homemade explosives and narcotics.
Digital Shelf Space Corp. (CVE:DSS)(OTCQX:DTSRF) announced today its second quarter results, and said that it looks forward to the peak sale season of fitness media products in the last half of the year.
The company is responsible for the home workout mixed martial arts-inspired DVD series, called GSP RUSHFIT, which has exploded in popularity recently and beat out two top sports instruction brands in its path.
CEO Jeff Sharpe recently told Proactive Investors that plans are going "extremely well" with GSP RUSHFIT, which features Mixed Martial Arts welterweight world champion Georges St-Pierre.
In a statement Friday, Sharpe said: "We are excited about the last half of 2012 as we head into the peak season for the sale of fitness media products like GSP RUSHFIT and also formally start fulfillment and marketing of our new program the PGA TOUR's TOURAcademy Home Edition, one of the top brands in all of sports.
"Additionally, after being out of the cage and out of the media spot light for nearly 18 months, the star of GSP RUSHFIT, Georges St-Pierre, is scheduled to return from his ACL injury to fight for the title in Montreal in November 2012.
"We anticipate GSP's return to have a very positive impact on our overall sell through this year."
During the quarter, the company's GSP RUSHFIT was the #1 consumer rated product in the exercise and fitness category on Amazon.com.
Sales of the home workout DVD series continued to be strong on the Amazon websites in Canada, US and UK, the company said, achieving a 57 per cent growth rate in sales month-over-month for this latest quarter.
These numbers have allowed GSP RUSHFIT to rate as high as #7 in the top 100 exercise videos sold on Amazon.com and "consistently in the top 10."
In terms of customer ratings, the company's GSP RUSHFIT product pulled ahead of Beachbody’s P90x and INSANITY and Zumba, who took in second through fourth place in the exercise and fitness category.
The GSP RUSHFIT DVD series was launched in just December of 2010, and can be purchased directly through the GSP RUSHFIT website (www.gsprushfit.com) as well as Amazon.com and through other affiliate sites, and in a number of retail stores across the world.
Digital Shelf Space has also looked to diversify its product portfolio, recently signing an exclusive video production agreement with Golf Experiences, LLC, operator of the PGA TOUR's TOURAcademy.
The agreement includes the production, marketing, and global distribution of a direct-to-home DVD golf instructional series, to be marketed under the TOURAcademy brand name.
Digital Shelf Space announced the launch of the pre-order website for the 8-week golf instruction program earlier this month, with order fulfillment to be completed in late September.
As part of the deal with Golf Experiences, it will invest $250,000 in Digital Shelf Space at a price of 20 Canadian cents per unit.
For the latest period that ended June 30, revenues amounted to $280,602, down from $563,411 in the year-earlier period. Net loss was $481,059, versus $223,535 in the same quarter last year.
Operating expenses were lower at $761,661.
Digital Shelf Space is a creator, producer and distributor of home entertainment content targeted at the fitness and sports instruction market.
Newcastle Minerals Ltd. (CVE:NCM) said Thursday it hired exploration consulting firm Billiken Management Services to carry out an exploration program at Pickle Lake, Ontario.
The exploration program will consist of mapping, detailed sampling of historic trenches in the Fault Creek area and drill testing along strike.
Late last year Newcastle Minerals carried out a brief program to map and sample the Fault Creek area, where it collected nine grab samples for an iron formation.
However, time constraints and bad weather crimped field work resulting in the failure to find the actual showing, but did identify anomalous gold values.
"We have structured this modest exploration plan to give Newcastle the best value for money and we look forward to the drill results in the next 8 to 10 weeks," Newcastle Minerals' president Michael Romanik said in a statement.
In addition, Newcastle also optioned another 21 mineral claims covering about 4,400 hectares near Pickle Lake, which boosts its property holdings to 15,500 hectares.
Before acquiring the mineral concessions, Newcastle must pay the unknown seller $102,000 as well as 600,000 shares over four years, and grant the optionor a 1.2 per cent smelter royalty.
Newcastle could purchase, from the optionor, one-half of the royalty for $1 million.
Rock Tech Lithium (CVE:RCK) said yesterday evening that it has completed its field exploration program at its Georgia Lake lithium project in Ontario.
The aim of the campaign was to update the NI 43-101 compliant resource estimate announced in July, which included 720,000 tonnes at 1.05% lithium oxide in the indicated category, and 8.8 million tonnes at 1.03% lithium oxide in the inferred category.
The focus of the field program was the Nama Creek Main Zone North pegmatites, and included mapping, re-logging the drill cores collected during the first two phases of the Georgia Lake exploration program, and re-confirming the mineralogy.
The company said Caracle Creek International Consultants supervised the field program and is currently interpreting the exploration data and updating the resource estimate.
The consulting company has created an exploration database including assays and drill core lithology and rock outcrops, which have been linked directly to the geological modeling and resource estimation software.
An updated NI 43-101-compliant resource estimate will be released in the coming weeks, Rock Tech said.
Also late Wednesday, the company cancelled the option agreement signed earlier this year with Lithea Inc to purchase a 100 per cent stake in two lithium brine projects located in northwest Argentina.
"Management made the decision to continue to focus on developing its Georgia Lake lithium project and its recently acquired graphite project (Lochaber Graphite Project) in the Buckingham area of western Quebec," it said in the statement.
Rock Tech's focus is developing mineral projects for the high tech battery sector.
Snipp Interactive (CVE:SPN) said Thursday morning that second quarter revenue rose 19 per cent, citing a growing sales channel.
The provider of mobile marketing services said that at the end of the second quarter that ended June 30, backlog, or the dollar value of signed contracts including deferred and unbilled revenue, totaled $262,274.
Sales rose 19 per cent to $106,321, compared with $89,660 a year earlier.
The company reported a wider net loss of $330,380 due to hiring and implementing broader sales and administration abilities, it said.
“Since the beginning of 2012 Snipp was mainly focused on closing financing and then implementing a sales strategy," said CEO Atul Sabharwal.
“We are beginning to see return from our new sales efforts and are enthusiastic about our sales pipeline and sales prospects globally.”
Indeed, the company said it added two full time sales resources, and two outside salespeople, as well as a new COO, and "major ad agency executive" to the board.
In late May, Snipp signed an agreement with VirKet S.A. to offer its "Mobilize Me" technology platform in Mexico in the Spanish language. Under the strategic partnership agreement, Snipp will license its platform and provide mobile marketing services with VirKet in the Mexican market on an exclusive basis.
Snipp's “Mobilize Me” platform supports several input mechanisms for mobilizing marketing campaigns for companies, including text message, QR codes, Microsoft tags and Snapp tags.
The platform then delivers a variety of content experiences to customers as part of sales tactics, including SMS, mobile web pages to collect data, emails, mobile videos, audio, sweepstakes, coupons, and ringtones, among others.
Already, the business, which was established in 2007, has provided its services to several Fortune 500 companies and other major brands, advertising agencies and publishers, including Wal-Mart (NYSE:WMT), ESPN, Time Inc, Ford (NYSE:F), Nike (NYSE:NKE), Wendy's (NASDAQ:WEN) and Campbell Soup (NYSE:CPB).
The company continued its progress in the second quarter, lauching "QR in the Cloud", a way to allow cell phones to get responses from QR Codes without having a smartphone or without downloading a QR Code reader.
QR codes are two-dimensional codes consisting of black square dots arranged in a square pattern on a white background. The information encoded in it can store universal resource locator links, geo co-ordinates and text. The codes were primarily used for the auto sector, but migrated to the advertising realm.
The company says its “QR in the Cloud” allows users to take a photo of any QR code with their mobile phones and send it in through an instant messaging service (MMS) to receive encoded content back by text message.
If used in tandem with "Snapp", the company’s proprietary image recognition technology, “QR in the Cloud” also allows any logo or distinctive image to be used as a mobile response code in campaigns.
Further to its momentum, last month, the mobile marketing business unveiled a beta trial of its new photo sharing technology called Face-in-the-Hole.
Using Face-in-the-Hole, marketers will be able to invite users to take photos of themselves, friends or family and receive back “uniquely designed images” combining the user’s photo with company logos.
Images can also be combined with social media, and Snipp says the service will be compatible with its mobile coupon offers or loyalty program engagement services the company provides commercially.
Snipp Interactive provides print publishers, advertising agencies and corporate/consumer brands with a full suite of mobile marketing services in North America, and generates revenue by designing, constructing, implementing and managing these mobile marketing services for its customers.
Headquartered in Washington, D.C. and established in 2007, the company had current assets of $1.6 million at the end of the second quarter, and liabilities of $0.19 million.
The initial placement consisted of 7.5 million units at a price of 10 cents each, for proceeds of $750,000.
Due to increased demand, however, the miner has oversubscribed by 1.75 million units, for total proceeds of $925,000.
Closing of the offering, for which Eagle Star paid finder's fees, is still subject to TSX Venture Exchange approval.
Also Wednesday, the company said it has signed a contract with Geomina Sondagens, a private Brazilian drilling company located in Tocantins State.
Eagle Star plans to initiate a 500 metre scout drilling program consisting of 16 holes at an average depth of 30 metres on its Bomfim Agro-mineral project, starting next month.
The company acquired the Bomfim project at the end of June, which is located 20 kilometres away from MbAC Fertilizers' (TSE:MBC) Itafos Arraias property.
Eagle Star believes that Bomfim is located along the same phosphate mineralized trend in which the Itafos mine is situated. The company’s COO, director and expert on phosphate, Jose Eloi Guimares Campos, is much of the reason for this strong belief.
Campos' direct involvement with the Itafos technical study and geological modeling gives him the confidence to say that Eagle Star is indeed sitting on a very similar geological model to that of Itafos.
Eagle Star said the region is considered to be the new phosphate belt of Brazil and has seen many majors claiming in this area such as MBAC, Vale (NYSE:VALE), Votorantim and Bungee.
All exploration permits and licenses are already in place for Bomfim’s 30,922 hectares.
An aggressive exploration program has been outlined, with the aim to define an NI 43-101 measured and indicated resource as soon as possible.
The main mineralization at Bomfim hosts outcropping phosphorite lenses, from where Eagle Star has sample results of up to 28% P2O5.
Eagle Star has been working to bulk up its position as a provider of agro-minerals ever since announcing a strategic shift in focus to Brazil phosphate exploration in February.
Brazil is one of the leading agrarian countries in the world. In addition to being the fourth largest consumer of agro-minerals, it is the second largest world importer of phosphate, a business that generates around $1.1 billion in sales annually for the country.
Century Iron Mines Corp. (TSE:FER) saw its shares pop more than 19 per cent on Wednesday, just two days after releasing an updated resource estimate for its Duncan Lake iron project.
Shares rose 20 cents to $1.25 apiece as at about 1:25 p.m. ET.
The company on August 27 unveiled an updated NI 43-101 resource estimate for the Duncan Lake iron project in Quebec, noting an increase in total resources of 89 per cent.
Century also reported that the updated estimate increased the average grade for measured, indicated and inferred resources.
Century is a joint venture partner with Augyva Mining Resources Inc. (CVE:AUV) on the Duncan Lake project, and since the last resource estimate in 2010, the company has drilled an additional 44,007 metres of core in 125 drill holes.
In the newest estimate, using a 16-per-cent iron cutoff, Century said Duncan Lake contains a defined 1.05 billion tonnes of measured and indicated at a grade of 24.4 per cent iron, compared to a previously reported 31.3 million tonnes at a grade of 23.7 per cent iron in 2010.
Additionally, inferred resources are now estimated at 563 million tonnes grading 24.7 per cent iron, compared to a previously reported 821 million tonnes at a grade of 24.6 per cent iron.
On late Monday, Century president and CEO Sandy Chim said that there was also substantial resource tonnage of over half a billion in the inferred category.
The company noted that the updated estimate adds “solid fundamentals” that underline the potential and value of the Duncan Lake project, and said the new mineral resources will form a “sound basis” for the preliminary economic assessment (PEA) being prepared by Met-Chem.
The PEA is targeting an annual production of 12 million pellet tonnes at better than 67 per cent iron grade and with all other elements within commercial specification, Chim stated, adding that the PEA is targeted for about year-end.
The company said that chemical analysis has established that, on average, the iron formation at Duncan Lake contains very low levels of deleterious elements, in particular 0.02m per cent phosphorus, 0.03 per cent manganese and 0.23 per cent magnesium.
The Duncan Lake property is located around 570 kilometres north of Matagami, Québec. Century said the property has recently been expanded to 534 exploration claims covering 25,605 hectares.
The company holds a 51-per-cent interest in the property, while Augyva holds a 49-per-cent interest. Century has the option to increase its interest in the property to 65 per cent, by spending $14 million by 2014.
Century Iron Mines is Canada's largest holder of iron ore land claims, with interests in Quebec and Newfoundland and Labrador.
Along with the Duncan Lake project, the company currently has the option to acquire up to a 60-per-cent interest in the Attikamagen project under an option and joint venture agreement with Champion Minerals Inc. (TSE:CHM).
Century also wholly owns the Sunny Lake project and the Astray, Grenville, Menihek and Schefferville projects recently acquired fromAltius Minerals Corp. (TSE:ALS).
Implant Sciences Corp. (OTCQB:IMSC) Wednesday reported another sale of its explosives trace detection system, this time to a major European airport.
The Quantum Sniffer QS-B220, launched in May 2011, is an explosives and drug trace detector that uses ion mobility to find trace amounts of narcotics and homemade bombs.
"Radiation concerns weigh heavily in the decision processes of European customers," Implant's Global VP of sales & marketing Darryl Jones said.
"Because our Quantum Sniffers do not use radioactive sources, they become a natural choice for European security equipment purchasers."
The European Union, late last year, banned the use of X-ray technology for security screening because of concerns about radiation risks.
Implant's chief executive, Glenn D. Bolduc, added: "Aviation security was a primary target when we developed the QS-B220."
"We are excited by the attention we are receiving in this important market, and look forward to the continued growth of the list of countries where the system is deployed."
The high-tech supplier of systems and sensors for homeland security markets said last week its QS-B220 explosives and drugs detector is being tested for air cargo screening by the U.S. Transportation Security Administration.
Implant Sciences also makes the Quantum Sniffer QS-H150, which is a trace detector that utilizes ion mobility spectrometry to find a number of military, commercial or homemade explosives.
The QS-H150 uses no radioactive materials and has a low-maintenance design.
Earlier this month, Implant reported new sales of its explosives trace detection system in Nigeria for aviation security.
The latest shipment went to ASL Airlines Services in Lagos, while implant's distributor A.C. Belgrave made the sale.
Focus Graphite (CVE:FMS)(OTCQX:FCSMF) said yesterday evening it has started its 2012 exploration program at the Kwyjibo polymetallic property in the Grenville region of northeastern Quebec.
Some 4,000 metres of exploration drilling is planned, the junior explorer said, with the aim of confirming grades, thickness and continuity of the rare earth-iron-copper mineralization seen in the area of the Josette horizon.
The best drilling drilling intersections obtained from this area in 2011 included 2.40% total rare earth oxides (TREO) over 48.8 metres, and 3.61% TREO over 33.1 metres.
The company plans to include the results of this latest drilling program in an NI 43-101 compliant resource estimate at the end of the campaign.
Focus signed in August 2010 a deal with Soquem to acquire a 50 per cent interest in the Kwyjibo property.
"Focus Graphite and SOQUEM believe we have made remarkable progress during the last two years at Kwyjibo," said Focus Graphite president and CEO Gary Economo.
"The indication of higher value heavy rare earths leads us to believe this year's exploration program will clear the way for subsequent, expanded drilling at key targets at Kwyjibo."
Other work on the property will include line cutting, electromagnetic (TDEM) geophysical surveying, a borehole Pulse-EM survey, and a metallurgical sampling and testing program on different showings.
The Kwyjibo property consists of 118 mining titles and covers 6,278 hectares, located several kilometers north of Manitou Lake and 125 kilometres northeast of Sept-Iles, in the Cote-Nord administrative district of Quebec.
The property is also located 25 kilometres east of the Quebec North Shore and Labrador railway line and is accessible by air from Sept-Iles.
Under the terms of the agreement dated in 2010, Focus can acquire a 50 per cent stake in the property by spending up to $3 million in exploration work over a period of 5 years, of which $1 million must be spent within the first 2 years.
As of the end of July, Focus had spent around $2.98 million on the Kwyjibo project, it said.
Focus Graphite is the owner of one of the highest-grade, at 16 per cent, technology graphite resource in the world at its Lac Knife project in Quebec. It is also invested in the development of graphene applications and patents through its Grafoid Inc business.
SouthGobi Resources (TSE:SGQ)(HKSE:1878) said today that its proposed sale of the Tsagaan Tolgoi thermal coal deposit to Australian Modun Resources (ASX:MOU) has been cancelled, with mutual agreement from both parties.
Tsagaan Tolgoi remains non-core to SouthGobi, and the company said it is evaluating other options. No other details of the termination were disclosed.
Under the terms of the proposed agreement, SouthGobi would have transfered the mining license and exploration license that covers the deposit in exchange for $30 million in cash and stock.
Tsagaan Tolgoi is in the Omnigovi Aimag, approximately 570 kilometres south of Mongolia's capital of Ulaanbaatar and 113 kilometres southeast of the provincial capital of Dalanzagad.
The project, which has measured plus indicated resources of 36.4 million tonnes of coal, is also located 415 metres to the northeast of the company's flagship Ovoot Tolgoi project.
Earlier this month, the Mongolia-focused coal miner posted a sharply lower second quarter profit as sales volume and revenue declined due to the curtailment of mining operations amid a controversial takeover bid for the mining company.
Operations at its Ovoot Tolgoi Mine in Mongolia were "entirely curtailed" at the end of the most recent quarter citing weak market conditions and regulatory issues.
Aluminum Corp of China Ltd., also known as Chalco, plans to buy a 57.6 per cent stake in SouthGobi from Ivanhoe Mines (TSE:IVN), which has triggered anxiety in Mongolia about Chinese ownership of a major resource producer, prompting the passing of a foreign investment law in Mongolia in May.
Mongolia has profited from selling coal, copper and other minerals to China's booming economy, but some in the sparsely populated North Asian nation are uneasy about possible economic domination by their giant neighbour.
Earlier this month, Chalco, the Chinese aluminum giant, said it will extend again its proportional takeover offer for up to 60 per cent of SouthGobi stock by another 30 days. The proposed deal valued at $926 million, or $8.48 per share, has the backing of Ivanhoe, which is SouthGobi’s largest shareholder.
The deal remains subject to all statutory and regulatory approvals, including Canadian and Chinese regulatory approvals, and Chalco shareholder approval.
Sales volume in the latest period declined, the company said in mid August, due to the "significant uncertainty" surrounding SouthGobi's business resulting from the proposed proportional takeover bid by Chalco, which resulted in the Mineral Resources Authority of Mongolia announcing a request to suspend exploration and mining activity on certain licenses. The decline was also due to various infrastructure constraints in Mongolia, and the softening of inland China coking coal markets toward the end of the second quarter.
For the three months that ended June 30, the Mongolian coal producer recorded a profit of $0.2 million, compared to a net profit of $67.3 million a year ago, and $3.1 million in the first quarter.
"Although no official notification has been received to date, SouthGobi continues to be impacted by the uncertainty over its licenses. Many government bodies and regulatory authorities in Mongolia are reluctant to provide approvals and permits," the company said in its statement in mid August.
Due to the uncertainty, the company anticipates its operations will remain fully curtailed in the third quarter and that production volumes, sales volumes and pricing for the full year cannot be estimated.
The Ovoot Tolgoi Mine is approximately 40km from China, which is approximately 190 kilometres closer than Tavan Tolgoi coal producers in Mongolia and 7,000 to 10,000 kilometres closer than Australian and North American coking coal producers.
SouthGobi shares closed down more than 2.4 per cent in Hong Kong.
The maker of bone graft material and anti-microbial coatings for medical applications said the financing will allow the company to execute its growth strategy through anticipated profitability.
Under the terms of the deal, Bacterin has initially received $20 million, and can draw down another $5 million based on "mutually agreed" revenue objectives prior to December 31, 2013.
The company said it got net proceeds of around $10 million after repayment of existing debt, as well as other transaction-related fees and expenses.
The new funds will be used for general working capital. No equity securities or warrants were issued as part of the deal, Bacterin added.
"Today's funding marks an important milestone for the company as we entered into a financing agreement with OrbiMed," said Bacterin chairman and CEO Guy Cook.
"With this financing, we don't anticipate the need for additional working capital in our pursuit of achieving profitability.
"OrbiMed's recognition of Bacterin's unique technology and strong growth profile enabled us to secure this non-dilutive financing option. The future and long-term opportunity for Bacterin products, in multi-billion dollar addressable markets, is today stronger than ever."
Bacterin's proprietary methods optimize the growth factors in human allografts to create a stem cell scaffold to promote bone, subchondral repair and dermal growth.
These products are used in a number of applications including enhancing fusion in spine surgery, relief of back pain, bone growth in foot and ankle surgery, cranial healing following neurosurgery, and subchondral repair in knee and other joint surgeries.
The company's medical device unit also develops and licenses bioactive coatings for medical device applications, designed to inhibit biofilm formation and microbial contamination.
"We are very pleased to partner with Bacterin and offer a non-dilutive capital solution to help the company execute its growth strategy," said a managing director on the royalty opportunities team at OrbiMed, Tadd Wessel.
For the second quarter, Bacterin's revenue increased nine per cent to $8.2 million, compared to $7.5 million in the same period a year ago.
The company said hospital accounts increased to 768 facilities, compared to 756 facilities in the first quarter of 2011.
Bacterin reported earlier this month it swung to a profit of $730,517, or two cents per share for the quarter, compared to a net loss of $405,297, or one cent per share, a year earlier.
In early July, it signed its fourth national government pharmaceutical organization (GPO) contract, a three-year agreement with Premier Healthcare Alliance, one of the nation's largest GPOs, serving over 2,600 hospitals and more than 84,000 other healthcare sites that represent over $43 billion in annual purchasing power.
It also exited its backorder status on a large production push, and expects increased production to continue throughout the second half of 2012. The company reiterated its 2012 revenue guidance of $35 to $40 million.
Black Iron (TSE:BKI) reported late Monday the results from the final two holes of its diamond drill program at the company's Shymanivske iron ore project in the Ukraine.
The company said it continues to be "encouraged" from the results of the definition and exploration program, intersecting thick iron bands grading more than 30% iron.
Hole BISH-57 returned 31.8% total iron over 119 metres, including 65.5 metres at 34.8% total iron, while BISH-58 intersected 38 metres of 32% total iron, and 18 metres at 32.6% total iron.
The two drill holes released were part of a 12,000 metre definition and exploration drill program conducted by the company between July and December last year.
"With these final drill hole results, we have now successfully completed the definition drill work at Shymanivske and are very encouraged by the assay results," said chief operating officer, George Mover.
"We have concluded that the definition results align well with our historical models and expect that the majority of the iron ore defined as inferred material in our last resource estimate will be upgraded to the measured and indicated categories."
Mover further said he expects the new mineral resource estimate to be available within the next four weeks - ahead of the bankable feasibility study due to be completed in the fourth quarter.
Black Iron is an iron ore exploration and development company advancing its 100 percent-owned Shymanivske project located in Kryviy Rih, Ukraine.
Earlier this month, company released further results including hole BISH-59, which intersected 32.0 metres grading 33.6% iron and 38 metres grading 31% iron.
The project currently contains a NI 43-101 compliant resource with 373 million tonnes measured and indicated mineral resources grading 31.3% iron and 480 million tonnes of inferred mineral resources grading 30.2% iron.
The company believes that existing infrastructure, including access to power, rail and port facilities, will allow for a quick development timeline to production.
Black Iron also holds an exploration permit for the adjacent Zelenivske project which it intends to further explore to determine its potential.