Wednesday, 31 October 2012

Pressure Biosciences "banging at the door" of life sciences market, Seraphim says

Pressure BioSciences (OTCQB:PBIO) recently received a favourable mention by Seraphim Strategies on its Tomorrow's Bluechips site.
Pressure BioSciences is a life science, medical device company that developments and commercializes pressure cycling technology (PCT) which uses instrumentation that cycles pressure between ambient and ultra-high levels at controlled temperatures to control the interactions of bio-molecules. 
PBIO's technology is used for genomic, proteomic, and small molecule sample preparation as well used by scientists in a variety of areas, including human cancer and other diseases, soil and plant biology, vaccine development, mass spectrometry, and even counter-bioterror research.
On its site, Seraphim compared Pressure BioSciences to industry giants such as Agilent Technologies (NYSE:A), Life Technologies Corporation (NASDAQ:LIFE) and Thermo Fisher Scientific (NYSE:TMO) as they are all leading providers of important sample preparation or analytical mass spectrometry equipment, widely used in the analysis of small molecules including proteins, DNA and RNA.
"With a long-standing reputation in the life sciences community as a company committed to the advancement of sample preparation and molecular biology research, Pressure BioSciences has resurfaced in the last year with an abundance of activity, and investors in the biosciences industry should take note," Seraphim Strategies said, adding that at current levels, the stock "should be considered, at the very least, a tremendously undervalued investment."
According to Pressure BioSciences' CEO Richard T. Schumacher, the company's Barocycler machines can safely reach pressure levels several times greater than those found at the deepest levels of any ocean, making Pressure BioSciences the first company to ever harness this technology in a laboratory and market it as instruments and consumables.
"And with their strong portfolio of 24 issued patents, they just may be the only company to do so well into the future," Seraphim Strategies said.
Based on the success of this powerful technology, as well as grants totaling nearly a million dollars over the course of the past year, in August the company reported 70 per cent growth in revenue for the second straight quarter.
Seraphim notes that perhaps the most exciting area of discovery for consumers of PCT technology, however, is that of forensics. 
In mid-October, after extensive studies of PCT technology within the application of forensic DNA analysis, the Harris County Institute of Forensic Sciences in Houston, Texas, as well as the Institute of Applied Genetics at the University of North Texas Health Science Center (UNT) both concluded that PCT can significantly enhance the accuracy of DNA sample results.
"We consider our study as a proof of concept that PCT treatment might be a viable method to overcome certain inhibitory effects that can adversely affect DNA testing," said Dr. Bruce Budowle of the Institute of Applied Genetics at UNT.
"Importantly, it appears that PCT can reduce the effects of inhibitors known to be present in some bone samples, resulting in a marked improvement in DNA testing of these often difficult samples."
Seraphim concluded: "Shareholders looking for a tried and true investment into a significantly undervalued company run by a guy who has had three prior major successes for a relatively small amount of capital need look no further than PBIO."

Gold Resource Corp declares October monthly dividend

Gold Resource Corp (NYSE MKT:GORO) (AMEX:GORO) declared late Tuesday its monthly dividend of 6 cents per common share for October. 
The payout will be given on November 23, to shareholders of record as of November 12.
Earlier this month, the company said it appointed Jesus Rivera as general manager of its Mexican Oaxaca mining unit, which is responsible for its El Aguila project.  
Rivera, a mining and metallurgy engineer with a background in underground mining operations, replaced Juan Manuel Flores. 
He joined the company from Yamana Gold, where he was operations manager for the Mercedes project in Sonora, Mexico, and has previously held positions from Farallon Mining and Genco Resources
The news follows Gold Resource Corp's announcement that it produced 64 per cent more gold equivalent ounces in the latest three month period than it did in the "less than optimal" previous quarter. 
The Mexico-focused gold producer reported its preliminary production results for the third quarter that ended September 30, of around 22,300 ounces of precious metal gold equivalent. 
That is 64 per cent higher than the production of 14,488 gold equivalent ounces in the previous quarter, when the company saw some production challenges. 
The company, with operations in the southern state of Oaxaca, Mexico, has returned more than $63 million to shareholders in monthly dividends since declaring commercial production at its El Aguila mine in July 2010. It is also the first company, it noted, to offer shareholders the option to convert their cash dividends into physical gold or silver. 

Globex Mining updates on Chibougamau Independent Mines spin out

Globex Mining Enterprises (TSE:GMX)(OTCQX:GLBXF) provided Wednesday an update on its proposed spin out of its subisidary Chibougamau Independent Mines (CIM) to its shareholders. 
The company's shareholders approved the arrangement at a special meeting on October 19, with an affirmative vote of 99.95 per cent. 
Following this, Globex's motion for a final order in connection with the transaction was continued to a future date by the Quebec Superior Court. 
The company said the motion will be heard after it obtains an advance income tax ruling from the CRA confirming its arrangement will be treated as a tax-deferred "butterfly" reorganization, as well as conditional approval for the listing of its subsidiary's shares on the TSX Venture Exchange. 
The hearing of the motion is also contigent on other items. Globex noted that it expects to receive the income tax ruling and conditional listing approval shortly. 
The company said it will issue a release announcing the hearing date for the final order when it is decided - with the date expected to be in mid-November. A delay to the spin out is not anticipated. 
Globex will transfer its interest in 10 mineral resource properties - known as the Chibougamau Mining Camp - which are subject to a three-per-cent gross metal royalty - together with cash and certain securities to CIM. 
Globex's shareholders will receive one common share of CIM for each share of Globex held on the effective date of the arrangement. 
Last week, Globex Mining announced two private placement agreements, one for itself and one for its subsidiary, Chibougamau Independent Mines.
The total amount raised from Globex's offering will be $4.25 million, which will be used for exploration on its properties in Quebec and Ontario, as well as for potential land acquisitions and working capital. 

Clifton Star Resources to raise up to $3 mln in private placement

Quebec-based Clifton Star Resources (CVE:CFO) says it has signed an engagement letter for a "best effort private placement" of flow through shares, raising up to $3 million. 
The agreement, with Industrial Alliance Securities, consists of the issuance of up to 2.4 million flow through shares at a price of $1.25 each. 
The gold explorer also granted a 30-day over-allotment option to the agent to sell additional shares equal to up to 15 per cent of the total offering. 
If the option is exercised in full, the company will raise a total of $3.45 million in proceeds. 
Clifton said it plans to use the new funds to incur exploration expenses on its Duparquet project in Quebec, as well as to upgrade and expand its resources. 
The financing is expected to close around November 12, subject to regulatory approvals, among other things. 
Earlier this month, Clifton Star unveiled drill results from another 19 holes at its Duparquet project, showing potential for expansion of the mineralized zones. 
The drilling focused on the exploration potential to the east of the Donchester pit shell, toward Central Duparquet. Significant gold grades extended for more than 400 metres to the east of the current Donchester pit shell, Clifton added. 
Notable results from exploration outside the pit shell included 26 metres grading 1.29 grams per tonne (g/t) gold in hole CD12-07, and 4.0 metres of 5.86 g/t gold in hole D12-13. 
Clifton Star continues to expand the resources at the Duparquet project with two drill rigs. So far this year, it has drilled 68 holes, with 17 completed since the end of August. 
The first integrated resource report on the project, released in May, included the Beattie, Donchester, Dumico and Central Duparquet properties, as well as the Beattie tailings.
The report noted 1,284 ounces of gold in the measured category, 1.71 million ounces of gold in the indicated category and 1.67 million ounces of gold in the inferred category. 

Kootenay Silver wraps up final tranche of $8.25 mln financing

Kootenay Silver (CVE: KTN) says it has closed the final tranche of its $8.25 million brokered private placement financing. 
It issued 1.0 million units at a price of $1.05 each, for gross proceeds of $1.05 million, completing the balance of the offering.
Each unit was made up of one common share and one half of one share purchase warrant. Every warrant is good for one additional share at a price of $1.30 for a period of two years from today's date. 
In total, the company issued 7.86 million units in the offering, which was led by Dundee Securities. 
The company said the new funds will be used to advance its Promontorio silver project in Mexico, as well as for the maintenance of other projects and general corporate purposes. 
The news follows the unveiling of an updated resource estimate at Promontorio in August, which saw a near tripling of the resource size. 
In total, the updated measured and indicated mineral resource at Promontorio contains an estimated 61.679 million ounces of silver equivalent (AgEq), with another 14.469 million ounces of AgEq categorized as inferred.
The significant increase in resources was due to extensive additional drilling of over 37,900 metres to expand the previous resource, as well as define an entirely new area to the northeast of the previous resource. 
Kootenay said over 22,000 samples were used in the modeled wireframes compared to just over 3,000 for the previous model.
The resource areas remain open in multiple directions with the next steps being the aggressive expansion of these resources through drilling, Kootenay said, and the advancement of geotechnical, engineering, groundwater and environmental  studies for the project.
Last month, the company completed a sensitivity analysis of varying metal prices at 18, 24 and 36-month trailing averages.
"When you apply even the most conservative metal prices observed during the 18 to 36 month period, there is less than a 4 per cent variance in Promontorio’s measured and indicated resource," Kootenay Silver president and CEO James McDonald said in early September. 
"This is due to the impact of the high silver grades in the diatreme system, which is also exciting as it has a positive impact on the economic dynamics of the resource."

Great Western Minerals stands by PEA target of Q4 this year

Great Western Minerals (CVE:GWG) gave Wednesday a corporate update, saying it remains committed to releasing a preliminary economic assessment for its Steenkampskraal rare earth mine in South Africa during the fourth quarter. 
The company's former producing Steenkampskraal mine is under development through refurbishment, as Great Western builds a rare earth mixed chloride plant and a rare earth solvent extraction separation plant near the mine. 
The aim of the preliminary economic report is to further develop operational and financial projections based on an independent analysis of the mining of rare earth-bearing monazite, extraction to mixed chloride, separation of oxides and metal and alloy production. 
The company has instructed its PEA consultants, Snowden Mining, to extend the original scope of the PEA work to include a new resource estimate for the area of mineralization found at Steenkampskraal in recent months. 
Great Western said it anticipates this could result in additional NI 43-101 resource tonnage, which will then be added to the provisional mine plan to determine how this could extend the mine life. 
It added that even with the expanded scope, it expects the preliminary economic report will be released on target in the fourth quarter. 
In terms of exploration at the site, as of October 18, the company completed 106 drill holes over a total of more than 12,600 metres, with assay results to be released once analyzed. 
Shipments of samples are ongoing, and as a result, Great Western said it expects that the drill program will continue to generate results after the cut-off point for inclusion in the updated resource, which will be incorporated in the upcoming PEA report. 
Last month, the company reported some results from underground channel sampling, resource and exploration drill holes, varying from 0.02 to 45.81 weight per cent total rare earth oxides (TREO), with an average of 17.74% TREO. 
In terms of the 5,000 tonnes per year mixed chloride plant at the site, evaluation of long-lead items and project components is underway. Design work has also begun for the installation of tanks, pumps, and blending equipment that will be needed to accept deliveries. 
The preliminary layouts for the solvent extraction plant near the asset have also been completed in China, as Great Western continues to develop these plans according to South African standards. 
The company is working toward appointing a new CEO within its target of this year. The search committee, consisting of interim CEO Robert Quinn, have reported that "high quality candidates" have shown interest in the position. 
Great Western Minerals is a rare earth processor, whose specialty alloys are used in the magnet, battery, defence and aerospace industries.
Produced at the company’s subsidiaries Less Common Metals (LCM) in Birkenhead, U.K. and Great Western Technologies (GWT) in Troy, Michigan, these alloys contain aluminum, nickel, cobalt and rare earth elements (REE).  
As part of its vertical integration strategy, Great Western also holds 100 per cent of Rare Earth Extraction Co. Limited, which owns a 74 per cent equity stake in the Steenkampskraal mine in South Africa. 
The current NI 43-101 report for Steenkampskraal, filed on May 31, indicates the presence of 13,823.64 metric tonnes of TREO, including yttrium, under the indicated resource category, and 14,147.76 metric tonnes under the inferred resource category, each using a one per cent cut-off grade.
Its development program at Steenkampskraal is central to ensure a strong flow of feedstock for its downstream processing - the company intends to be one of the first to produce significant quantities of the more valuable heavy rare earth oxides, which are important materials for alloys.
It also holds a portfolio of rare earth exploration properties in North America.

WesternZagros confirms oil in Eocene reservoir at Kurdamir-2 well

WesternZagros Resources (CVE:WZR) has confirmed oil in the Eocene reservoir - the second of three target intervals in the Kurdamir-2 exploration well in Iraq, 
The testing program of the Eocene reservoir was "successfully completed", WesternZagros said Wednesday, as it proved an oil discovery in the naturally fractured limestones of the Eocene Formation. 
This follows news from earlier this year, when in March, WesternZagros said that its first drill stem test on the Kurdamir-2 well resulted in a major oil discovery in the Oligocene interval - the primary target of the well. 
WesternZagros halted its shares temporarily yesterday in preparation for the news release today, after Talisman Energy(TSE:TLM) included information about the test results in quarterly financial results released Tuesday.
Talisman is the operator of the Kurdamir-2 well. The Kurdamir-2 well is the second deep exploration well to be drilled on the Kurdamir structure, in which WesternZagros and Talisman each have a 40 per cent working interest. The Kurdistan regional government holds the remaining 20 per cent of the Kurdamir Block. 
In the Eocene testing, a single cased hole test was performed over a net perforated interval of 108 metres, and resulted in the flow of light, 45 degree API oil at "sub-commercial" flow rates. 
No water leg was found and no formation water was recovered during the test, the company said. Following an acid fracture stimulation, the well flowed back a mixture of oil, emulsion and spent acid. 
The test was the first of the Eocene interval, and the company said it will further study the target to optimize completion techniques so as to unlock the resource. 
The Iraqi-focused oil and gas explorer added that it does not expect its earlier Eocene mean estimate of gross unrisked prospective oil resources of 278 million barrels to change "appreciably" from these latest test results. 
But the base of the perforated Eocene reservoir is thought to be around 220 metres below the seismically mapped four-way structural dip closure of the Kurdamir structure, which the company believes suggests Eocene is involved in a larger trap in a similar fashion to the Cretaceous and Oligocene intervals. 
"Proving a light oil discovery in the Eocene at Kurdamir-2 was our main objective for this test. This test result provides another piece of evidence that Kurdamir and the neighbouring Tophkana structure share a common oil accumulation in the Eocene reservoir," said CEO Simon Hatfield. 
"We are now undertaking further work to better understand the reservoir characteristics and the drilling, completion and stimulation techniques that will be required to make the Eocene a viable commercial reservoir in the future." 
The comapny concluded that the Eocene reservoir has the potential to be an "attractive oil resource addition" to the main Kurdamir Oligocene hydrocarbon resource. 
The combined audited unrisked mean estimate for all three reservoirs on the Kurdamir prospect is 1,609 million barrels of prospective oil resources as at May 31, 17 percent of which is attributed to the Eocene interval. 
After the major oil discovery in the Oligocene reservoir in March, the Kurdamir-2 well was drilled to a total depth of 4,000 metres by June. 
Preparations are now underway to conduct a multi-cased-hole testing program on the primary zone of interest in this well, which is the 118 metres of gross oil pay already discovered in the Oligocene that accounts for 72 per cent of the prospective oil resources in the Kurdamir prospect. 
Talisman and WesternZagros are working on planning a 3D seismic program over the Kurdamir and Topkhana structures, as well as a further appraisal well to assess the ultimate size of the Kurdamir discovery. 

Belvedere Resources: Kopsa project should have attractive economics, reckons Ocean Equities

The economics for Belvedere Resources' (CVE:BEL) Kopsa gold proect should be attractive, says broker Ocean Equities.
It comes after a maiden resource estimate on Monday this week showed the Finnish property contained 223,000 ounces of indicated gold.
There is established infrastructure and because the mineralisation starts at bedrock, a low strip ratio for open pit mining, notes analyst Christopher Welch.
"One route the company is considering is to truck the ore 18km up a paved road to the Hitura plant for processing. 
"The company has a fully permitted tailings storage facility which may allow Belvedere to bring the project into production quicker than if it was applying for new tailings storage at Kopsa."
Welch added that if before trucking the ore to the mill, optical screening to isolate the vein quartz and arsenopyrite was adopted, operating costs could be reduced.
This maiden estimate is a "significant" step, he added.
"This deposit can absorb more drilling which will increase the total size of the resource whilst the feasibility study due next year will convert the indicated straight to reserves."

Xcite Energy a ‘compelling opportunity’ says Liberum Capital

Xcite Energy (LON:XEL, CVE:XEL) offers a compelling opportunity for investors to access rare heavy oil expertise, says City broker Liberum.
It is currently on the cusp of developing the Bentley heavy oil field in the North Sea, with first production possibly coming next year.
Two weeks ago Xcite completed the first part of its development programme for the oil field, which comprised a number of production tests designed to gain an insight into the field’s longer term production profile.
It was a significant milestone the field’s development that moved Xcite closer to securing remaining project finance, which should in turn lead to approval from the UK Department of Energy and Climate Change (DECC).
And it will mark the end of a period of perceived uncertainty for investors, according to Liberum analyst Andrew Whittock.
Highlighting the significant volatility in the shares over the last two years, Whittock says there were legitimate concerns over the value of the Bentley driven by the perceived difficulty, cost and technical issues associated with heavy oil.
But he now believes there should now be greater confidence in the commerciality of the field following the recently completed testing programme, as well as the initial financing arrangements that have been put in place – which includes a $155 mln reserves based loan (RBL) from a banking consortium.
“The due diligence undertaken by the banks will have included a thorough assessment of technical risks and the offer of a debt facility demonstrated confidence in the project’s long term viability,” Whittock said in a note.
“We believe the recent extended well test should have addressed any residual concerns and anticipate this will be confirmed by the unconditional availability of RBL funds, expected to be announced early next year.”
As such Whittock believes the investment case has been de-risked and there is significant upside in the share price.
In today’s initiating note the Liberum analyst rated the North Sea firm as a ‘buy’ and set a 242p a share price target – which is some 135% more than the current price of 102p.
Looking forward the Liberum analyst reckons there will be significant potential further upside too as Xcite upgrades its reserves further as the field development advances.
And while he says that some funding concerns may remain through part of next year Xcite will be able to secure the necessary capital.
“We believe that between debt markets, industry partners and equity markets there is little doubt the financing can be raised. The only question is, given markets at that time, which source(s) can provide best value for shareholders.”
Whittock is expecting a series of positive updates from Xcite in the first half of next year – including an updated CPR, the DECC approval of the development plan and news of possible industry partnerships.
“These should provide the catalysts to move the share price closer to our value of 2P reserves (estimated at 246p) and, when the development of Bentley is clear, the experience of the team can move to focus on the next opportunity.”
The addition of new projects through the UK's 27th licensing round privided a hint of the new opportunities that Xcite is now also pursuing as it attempts to grow Xcite into a significant North Sea player.

Tuesday, 30 October 2012

Snipp to boost revenues with Face-in-the-Hole Halloween campaign

Mobile marketing services provider Snipp Interactive(CVE:SPN) Tuesday released its Halloween-themed “Face-in-the- Hole” campaign in an effort to bolster revenues for itself and its clients.
Face-in-the-Hole is a new photo sharing solution technology that allows marketers to use photo sharing by mobile phone users to build their brands. 
Using facial recognition and cloud-based image processing, the technology can create a variety of different photo experiences – like taking someone's face and putting it on a different background. 
Snipp said its Face-in-the-Hole technology gives brands the opportunity to take advantage of the “growing interest” in mobile photo sharing, as evidenced by the popularity of consumer applications such as Instagram - owned byFacebook (NASDAQ:FB) - as well as Lightbox, Picplz, Scan and Dailybooth.
The key differentiating characteristics of Face-in-the-Hole is that the technology is “completely app-free” and works on every phone in the U.S. It also “works seamlessly” within the company’s existing Snipp technology to enable clients to create “even stronger and socially engaging” customer interactions.
Snipp has created a custom set of Halloween-themed images celebrating the holiday. The campaign is currently live, and mobile phone users can try it by taking a photo of a face using their mobile phone and send it with the word "FACE" by MMS to 76477 (in the U.S. only).
Users outside of the U.S. can email the photo to They will receive back their surprise Halloween photo and can share with friends on Facebook and Twitter.
“This campaign is another example of how versatile our image recognition solution is,” said CEO Atul Sabharwal.
“We look forward to continuing to create innovative campaigns with our clients."
Snipp launched its Face-in-the-Hole beta trial in July, in an effort to add to its existing marketing tools that are in use by various clients. With Face-in-the-Hole, all the facial recognition, image processing and positioning is done completely automatically.
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 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).
Snipp's “Mobilize Me” platform supports many input mechanisms for mobilizing marketing campaigns for companies, including text message, QR codes, Microsoft (NASDAQ:MSFT) tags and Snapp tags.
The platform delivers a number of content experiences to customers as part of sales tactics, including text messages, mobile web pages to collect data, emails, mobile videos, audio, sweepstakes, coupons, and ringtones, among others.
Last week, the firm said that its partner in Mexico has been chosen by telecom operator Telmex to create a marketing campaign for cell phone and tablet users.  Telmex is owned by Fortune 500 company America Movil (NYSE:AMX), the largest telecommunications company in Mexico. 
The marketing campaign will use Snipp technology to create a contest for users to enter with their cell phones.  
Back in May, Snipp inked a deal to license its Mobilize Me platform to digital marketing agency VirKet S.A., providing mobile marketing services in the Mexican market together on an exclusive basis. 
The contest for Telmex will be an "augmented reality video game experience", Snipp said, complemented with Telmex branded and messaging. Users will be able to enter the contest through their cell phone by simply following instructions provided at all Telmex retail outlets and phone kiosks across Mexico City. 
The campaign is expected to launch in early December to tie into Christmas promotions offered by Telmex.
Indeed, the partnership with VirKet has proved lucrative for Snipp, as earlier this month, they announced a deal with Mexican yellow pages publisher, Sección Amarilla, to develop mobile solutions exclusively for Sección Amarilla clients.
The two companies are also aiming to provide their mobile solutions to Sanborns, the retail arm that oversees 180 Sanborns Stores, 90 Sears (NASDAQ:SHLD) stores, 60 Mixup stores, 30 iShop Stores and 3 Saks (NYSE:SKS) Fifth Avenue Stores in Mexico. 
In addition, the parties are working on deploying a range of mobile-enabled business models for the Mexican market in 2013-14 for various clients.

Kincora Copper’s more aggressive exploration is ‘very positive step’ – broker

Mongolia-focused Kincora Copper (CVE:KCC) is taking a “very positive step” by using more aggressive geophysical tools, according to broker Ocean Equities.
The broker says this will help the Vancouver-based company target deep copper porphyries.
“There is only so much information that can be gleaned from surface exploration, and ad hoc drilling in areas of suspected deep mineralisation can be an ineffective way of finding economic ore bodies,” said analyst Christopher Welch.
“These deeper sensing geophysical tools are now well advanced and cheaper to employ and should allow Kincora to better tune its exploration efforts in the area.”
The analyst added that Kincora’s Bronze Fox project “clearly warrants” more drilling following the “encouraging results” earlier this year.
While it has yet to produce a company-making drill intercept, Welch says broad mineralisation zones of up to 1,000m intervals seen in the earlier drill core suggest there is a large copper system at Bronze Fox.
He said that Kincora will also start assessing the potential to develop an oxide copper project at Bronze Fox, which is a slight change of tack for the company.
Associated near-surface copper mineralisation could potentially support small-scale standalone copper mines.
Welch says this could provide essential cash flow during continued exploration of the copper porphyry targets that would reduce Kincora’s dependence on the capital markets to develop its flagship asset.
“Moreover, successful construction of a copper mine in Mongolia would prove Kincora’s abilities to build a mine and positive cash flow from an open pit project would differentiate the Company from a peer group of other juniors exploring for copper in Mongolia,” the analyst added.
This comes after the company revealed it plans to raise C$6 mln through a private placing to continue drilling and exploration at Bronze Fox, as well as for working capital.

WesternZagros halts shares as it works to issue well test results of Eocene formation for Kuradmir-2

WesternZagros Resources (CVE:WZR) said it halted its shares Tuesday temporarily as it prepares a news release with results from the recent cased hole testing of the Eocene Reservoir in its Kurdamir-2 well in Iraq. 
The release will provide the "full context" around information about the testing results that was included in quarterly financial results issued today by Talisman Energy (TSE:TLM), the Iraqi-focused oil and gas explorer said. 
Talisman is the operator of the Kurdamir-2 well. The Kurdamir-2 well is the second deep exploration well to be drilled on the Kurdamir structure, in which WesternZagros and Talisman each have a 40 per cent working interest. 
The Kurdistan regional government holds the remaining 20 per cent of the Kurdamir Block. 
The news today by WesternZagros follows its announcement earlier this month, when it said it confirmed initial oil flow from the Eocene testing program. The company reported  that during the post-perforation clean up period of the testing program, an initial low rate flow of 42 to 45 degrees API oil to surface was achieved at the well. 
WesternZagros cautioned, however, that flow rates and the potential for commerciality cannot be confirmed until the test is completed. It added last week that a further update of results will be issued when post-stimulation testing is complete. 
The Eocene reservoir is the secondary target of the multi-stacked reservoirs drilled by the Kurdamir-2 well. 
In early October, WesternZagros said that testing at its Shiranish reservoir confirmed a light oil discovery, adding to the “growing evidence” of a giant shared structure at its Kurdamir prospect in Iraq.
This follows news from earlier this year, when in March, WesternZagros said that its first drill stem test on the Kurdamir-2 well resulted in a major oil discovery in the Oligocene interval. 
WesternZagros is focused on exploring for, developing and producing crude oil and natural gas in Iraq. Through its subsidiaries, it holds a 40 percent working interest in two production sharing contracts with the Kurdistan regional government in the Kurdistan region of Iraq. 

SilverCrest Mines closes $34.5 mln offering with over-allotment option

SilverCrest Mines (CVE:SVL)(NYSE MKT:SVLC)(AMEX:SVLC) says it has closed the prospectus C$30 million offering it announced earlier this month. The offering was completed together with the full exercise of the over-allotment option, for an additional $4.5 million in proceeds - resulting in $34.5 million in total new funds. 
The company said it plans to use these funds to pay out and eliminate the remainder of its gold hedge commitments and for general corporate purposes. 
It issued a total of 13.5 million common shares at a price of $2.55 each. The offering was co-led by Dundee Securities and Canaccord Genuity, who received a cash commission at closing.
Vancouver-based SilverCrest Mines is a Canadian precious metals producer whose flagship property is the 100 per cent-owned Santa Elena Mine, which is located 150 km northeast of Hermosillo, near Banamichi in the State of Sonora, Mexico. 
The mine is a high-grade, epithermal gold and silver producer, with an estimated life of mine cash cost of US$8 per ounce of silver equivalent. SilverCrest anticipates that the 2,500 tonnes per day facility should recover around 4.8 million ounces of silver and 179,000 ounces of gold over the 6.5 year life of the open pit phase of the mine. 
A three year expansion plan is underway to double metals production at the Santa Elena Mine and exploration programs are advancing the definition of a large polymetallic deposit at the La Joya property in Durango State.
Earlier this month, the company said it produced a record amount of silver during the third quarter, prompting it to hike its silver output forecast for the year. 
The junior producer saw silver output of 151,368 ounces for the latest three month period from its Santa Elena mine in Sonora, Mexico, up by 42 per cent from the same period last year. The company cited  improvements in recoveries for the higher-than-projected production.
"Based on our production to date we are increasing our annual silver production guidance from 435,000 ounces to 535,000 ounces. We are maintaining our annual gold production guidance of 33,500 ounces," said president J. Scott Drever in a statement in mid-October. 

Digital Shelf Space starts distribution of PGA Tour's TOURAcademy Home Edition DVD series

Digital Shelf Space Corp. (CVE:DSS)(OTCQX:DTSRF) says its highly anticipated golf instructional series, the TOURAcademy Home Edition, has now been put into distribution. 
All pre-orders from have started to ship effective this week, the home entertainment media company said. 
In addition to being available online, the company also anticipates retail presence in select sporting goods merchandisers in the US as well as at prior to Christmas this year. 
The online marketing campaign with the TOURAcademy and its partners will start over the remainder of the fourth quarter.               
"We are thrilled with the quality of the finished product and are excited to have our second global brand product, TOURAcademy Home Edition, into the marketplace during the peak gift giving season," said senior VP of production and business development forDigital Shelf Space, David Bogart. 
"The initial feedback from the retailers in Canada, US and internationally has been very positive."
The TOURAcademy DVD series was filmed entirely on location at TPC Sawgrass in Florida - the home of THE PLAYERS Championship.             
The DVD series is hosted by Ian Baker-Finch, the 1991 British Open Champion and current CBS Sports golf analyst, and is taught by Travis Fulton, director of instruction for the TOURAcademy. 
It is also taught by John Stahlschmidt, TPC Scottsdale head instructor and regional director for the TOURAcademy, as well as by golf professional and two-time Big Break competitor Christina Lecuyer.              
The "player tested and player proven" golf program is packaged in a 10 DVD boxed-set, and includes a contact bag, alignment sticks and a full set of printed golf materials. This includes an 8-week practice guide, practice calendar, and companian instruction manual. 
Digital Shelf Space has made a name for itself in the home instruction arena as it is also responsible for the home workout mixed martial arts-inspired DVD series, 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.
During the second quarter, the company's GSP RUSHFIT was the #1 consumer rated product in the exercise and fitness category on
"Not only are we excited about our hard launch of the TOURAcademy Home Edition in October, but also the return of Georges St-Pierre to the cage and the spotlight, after an 18 month lay off due to injury, as we head into the peak season for the sales of GSP RUSHFIT," Digital Shelf's CEO, Jeffrey Sharpe, said in September.
The company anticipates his return to the mixed martial arts work to have a positive impact on its overall sell through this year. 
The GSP RUSHFIT DVD series was launched in just December of 2010, and can be purchased directly through the GSP RUSHFIT website ( as well as and through other affiliate sites, and in a number of retail stores across the world.
Digital Shelf Space is a creator, producer and distributor of home entertainment content targeted at the fitness and sports instruction market.
Earlier this month, the Vancouver-based company closed the first tranche of its non-brokered private placement financing, raising $500,000 for marketing and advertising expenses, as well as working capital, general corporate purposes and transaction-related expenses. 

Southern Arc forges ahead with $21 mln of working capital on Indonesian projects

Southern Arc Minerals (CVE: SA) OTCQX: SOACF) ended its fiscal year for the 12 months ending in June with more than $21 million in working capital as it worked to advance its portfolio of projects in Indonesia. 
The company recently assumed a 100 per cent interest in its Sabalong property in Indonesia following Vale's decision to withdraw from their partnership at the site. With phase 1 exploration complete, Vale decided not to proceed to phase 2 and withdrew from the Sabalong project. 
Southern Arc proceeded to complete a shallow drill program at the property targeting gold mineralization for a total of 1,036 metres in six holes. It reported yesterday that the drilling failed to show any increase in grade or width with depth, and did not extend the mineralization laterally. 
No follow up drilling has been planned at this time, with the company now considering future options for the property. The drill work by Southern Arc was done based on what it called "encouraging" historical surface and subsurface work at the property by Newmont, Rio Tinto Zinc, and the company itself. 
Meanwhile, the miner continues to map and sample for epithermal gold targets at its West Lombok project - with 3,645 surface rock samples collected for the year so far. 
The key West Lombok project covers a 13 by 7 kilometre structural corridor of mineralization and alteration hosting porphyry copper-gold, high-sulfidation gold-copper and epithermal gold deposits.
In late 2011, the company made the decision to focus its near-term drilling activities on targets within areas without forestry designation. Full scale exploration at the site will continue pending issuance of a forestry permit known as a Pinjam Pakai (borrow to use) permit.
It said Tuesday that this forestry permit application has advanced to the final stage of approval. The permitting process is complex and involves more than 200 regulatory steps at both regional and federal levels, Southern Arc noted. 
The company is working closely with SRK Consulting to plan its drill programs and has prepared a detailed campaign for epithermal gold targets to be executed once the Pinjam Pakai permit is issued. The next phase of exploration will focus on infill drilling at the Pelangan and Mencanggah prospects in areas where the company has identified high-grade shoots and wide mineralized intercepts.
Southern Arc is also working to complete an NI 43-101 technical report for West Lombok, which requires further exploration and drilling data. The company said the timing of the report is dependent on its ability to resume full scale exploration activities. 
In May, Southern Arc increased its interest in the project from 85 to 90 per cent through the acquisition of additional shares in PT Indotan Lombok Barat Bangkit, the subsidiary that holds the mining business license to explore the property.
At the company's East Elang project, Vale remains a partner and can earn a 75 per cent interest by advancing the property to bankable feasibility study, with a minium phase 1 expense of US$1.2 million within one year from the date on which Southern Arc gets a permit from the Minister of Forestry. 
Southern Arc was granted a mining business license for East Elang in December 2009, but exploration has been deferred at the site pending reclassification of the property's forestry status. The East Elang property is located next to Newmont's Elang copper-gold deposit.
And at the Taliwang property, also located next to Newmont's Batu Hijau copper-gold mine, exploration so far has found a gold-silver bearing epithermal vein system in which 56 holes have confirmed mineralized structures and porphyry copper-gold targets, among other targets. 
Earlier this year, Newmont terminated a deal to earn at 63.75 per cent interest in the project, as the heads of agreement lapsed between the two parties due to the fact that certain conditions could not be met within the required timeframe. 
But in May, the company gained support from the West Sumbawa Regency for the development of the property, while Southern Arc also increased its interest in Taliwang to 90 per cent. 
Meanwhile, the company continues to bulk up its management, recently appointing Hamish J Campbell to the company's board of directors. Campbell has fronted Southern Arc's exploration programs in Indonesia since the company’s inception, in the roles of vice president of exploration and executive vice president.
The Indonesia-focused explorer also announced the promotion of Andrew J Rowe to executive vice president. Rowe was the company's chief geologist. 
In terms of financials, the company narrowed its losses, posting a comprehensive loss of $4.3 million for the 12 months ending June 30, compared to $6.6 million the prior year. On a per share basis, losses were down to 4 cents from 8 cents in the previous year. 
During the year, Southern Arc said it invested $13.9 million on exploration properties and $205,090 on property, plant and equipment. This compares to $3.6 million and $241,455, a year ago, respectively.