Globex Mining to sell Quebec gold property to Tres-Or Resources

Globex Mining Enterprises (TSE:GMX) announced Tuesday Tres-Or Resources (CVE:TRS) will purchase more than 20 claims that make up Globex's Fontana Gold property in Duverny Township, Quebec.
The deal, for which the total transaction price was undisclosed, will see Tres-Or acquire Globex's 75% interest in 16 claims and 100% interest in six claims throughout the property, which lies 16 kilometres northeast of Amos in Quebec, Canada.
The Fontana project is nearby Tres-Or's advanced Duvay Gold project and is contiguous with its East Mac property.
Tres-Or offered a non-refundable, $25,000 deposit to Globex to secure the property while a definitive agreement is being drawn up. The Vancouver, British Columbia-based company said it hopes to enter a formal agreement with Globex by September 15.
Gold mineralization was discovered on the Fontana property in the 1930s, with considerable drilling and testing being carried out through to the 1990s. Gold is often free gold and is erratic in distribution, the companies said.
Globex shares jumped 5.41% on the news to trade at $1.95 each on the Toronto Stock Exchange on Tuesday afternoon.

Treasury Metals intersects 16.0 g/t gold from western target at Goliath

Treasury Metals (TSE:TML) announced Tuesday initial high grade drilling results from the western target at the Goliath gold project in northwestern Ontario.
The western prospect is located one kilometre along strike from the eastern high grade zone at the property.
The best result reported today is from hole TL11-173, which returned 3.4 metres at 16.0 grams per tonne (g/t) of gold.
"Initial results in the western target are highly encouraging and warrant additional drilling," said vice president of exploration, Andrew Cheatle.
"The western target has the potential to add additional ounces to the overall resource.
"We will continue to work in this area to define other high-grade shoots, which are accretive to the high-grade structures that are currently being defined in the eastern portion of the deposit."
Indeed, results have also been reported from the eastern zone today, which until recently, has been the primary focus of Treasury's 30,000 metre drill program.
Highlights from the eastern target include 4.0 metres at 18.9 g/t gold in hole TL11-164; and 2.4 metres of 13.2 g/t gold in hole TL11-169.
The company said these results are located near the eastern boundary of the resource. These drill holes, coupled with the results from previously announced drilling, are being used to define the extent of the high-grade gold zone at Goliath, which continues to be open at depth.
Two drill rigs are currently on site, with one rig remaining on the eastern target.
Last month, the company said that it received stellar gold recovery rates from its metallurgical test program on the project, of between 96% to 97%. The company now plans on expanding its metallurgical program to include purposed drilled holes in the eastern high grade zone.

Fission Energy locates further 20 radioactive boulders at Patterson South

Fission Energy Corp (TSE:FIS)(OTCQX:FSSIF) said Tuesday it has completed the boulder prospecting and survey program at its Patterson Lake South uranium property, together with 50/50 joint venture partner ESO Uranium Corp, with encouraging results.
The companies said an additional 20 radioactive boulders and hot spots were discovered on the claims in Saskatchewan, for a total of 74.
Of this, 42, or 57% produced "off-scale" radioactive readings as measured by hand held gamma ray scintillometers. Samples have been submitted to the lab, and assays will be reported when available.
In addition, Fission said that four claims, comprising an area of roughly 30,000 acres, have been acquired through staking, bringing the total land package to 12 claims, or 63,000 acres.
This means the uranium boulder field now exceeds four kilometres in its longest north-south dimension, and is up to 0.9 kilometres in its east-west dimension.
The Patterson Lake South property is accessible by all weather Highway 955, which runs north to the former Cluff Lake Mine, where more than 60 million pounds of uranium was produced.
"While there is no certainty that any in situ uranium deposits will be discovered on the property, the next challenge for the joint venture is to locate and define the source of its uranium boulders," Fission concluded in a statement.

Solitario Exploration reports final encouraging drill results at Mt. Hamilton, additional drilling planned

Solitario Exploration & Royalty Corp. (AMEX:XPL) (TSE:SLR) announced Thursday the remaining results from its first quarter core drilling program at its Mt. Hamilton gold project in Nevada, returning "outstanding" intersections, and prompting further drilling.
Denver, Colorado-based Solitario has the option to earn up to an 80% interest in the Mt. Hamilton joint venture, a partnership between Solitario and Ely Gold & Minerals (CVE:ELY) signed last year, by completing a feasibility study, making property and royalty payments, and arranging project financing.

Currently, Ely has a 90% initial interest in the joint venture, with Solitario holding the remaining 10%.

The Mt. Hamilton gold project is located at the southern end of the prolific Battle Mountain gold trend in Nevada, and has placed Solitario on the path to becoming a US gold producer.

In a recent interview with Proactiveinvestors, company president and CEO Chris Herald dubbed the property a "real stand-out", praising it for already being at feasibility stage and amenable to heap leach gold mining, with good gold recoveries. The project is also located in one of the best jurisidictions for mining, according to Herald, and has significant potential to be expanded, giving Solitario shareholders massive upside, especially as they stand to gain a controlling interest in the venture.

Highlights of the most recent drill results include holes MH10-09 and MH11-02 on the eastern perimeter of the resource, containing 81.2 metres of 1.93 grams per tonne (g/t) gold equivalent, and 60.9 metres of 1.66 g/t gold equivalent, respectively.

In addition, infill hole MH11-01, which was drilled in an area of sparse exploration, reported 102.5 metres of 1.13 g/t gold equivalent.

“The results of the last three holes confirm our belief that the higher grade portion of the deposit remains open to the east with increasingly strong mineralization," said Herald.

The results formed part of an 11-hole core drilling program, designed to provide feasibility-level information about the resource at Mt Hamilton's Centennial gold deposit.

A study assessing the feasibility of production at Centennial, which will include the latest results, is targeted by the end of the third quarter, Solitario said.

"This potential to expand resources at the Centennial Deposit is enhanced by significant geochemical data supporting other drill targets at Mt. Hamilton in the immediate area of the planned open pitable deposit,” added Herald.

Indeed, the company is planning on testing these other surrounding drill targets shortly, with plans well advanced to begin additional drilling at the project in the third quarter. Twelve holes are planned to test the eastern extension of mineralization and to infill a couple of areas within the Centennial deposit, the company said.

Another 20 holes are also planned in the Chester prospect area, where limited past drilling intersected strong near-surface gold mineralization, according to Solitario. Herald added that he is confident that the company has already increased resouces through recent drilling, and can add to them even further through the discovery of other deposits.

Currently, the Mt. Hamilton project has an NI 43-101 compliant measured and indicated resource of 12.6 million tons at 0.031 oz/ton gold, for 385,350 ounces, and 0.144 oz/ton silver for 1.8 million ounces.

In addition to the potential for more resources, the company recently bought-down a royalty obligation on the property on gold and silver production for $2.5 million. Herald said that this deal is expected to boost the already stellar economics of the project and reduce cash costs by at least $30 per ounce, or by $30 million if resources are doubled, as anticipated.

Solitario is definitely working hard to achieve this goal, having recently optioned the Shell gold-molybdenum properties in the first quarter, located immediately adjacent to Mt. Hamilton. At the Shell leases, historical drilling outlined a strong underground resource, which has the potential to add between 100,000 and 200,000 ounces of gold to the Mt. Hamilton project.

Aside from Mt. Hamilton, Solitario's core business plan is built around the creation of Net Profit Interests in mining projects, based in Latin America, that are operated and financed by leading global mining companies such as Votorantim Metais, Buenaventura (NYSE:BVN), Newmont Mining (NYSE:NEM) and Anglo Platinum (PINK:AGPPY).

The company has developed a pipeline of world class projects that have been ventured to these companies, who fund the development of a bankable feasibility study and assume the risk of mine financing and development at no cost to Solitario.

Rubicon Minerals reports final results from delineation drill program at F2 Zone

Rubicon Minerals (TSE:RMX) (AMEX:RBY) reported Wednesday final high grade drill results from its 27,000 metre delineation program on the F2 Core Zone, part of the Phoenix gold project in the Red Lake district of Ontario.
The drill program was designed to infill an area 100 metres above and below the 305 metre level, over a strike length of 150 metres. 264 holes were drilled from three underground drill stations for a total of more than 35,000 metres.
"The delineation program has been very successful in confirming the continuity of the mineralization in this part of the F2 Gold system," said president and CEO David Adamson.
"We plan to apply this approach to other shallow parts of the F2 Gold System, most obviously above and below the current delineation area with the objective of upgrading our current inferred resources in these areas."
Highlights of the final holes included 36.4 g/t gold over 4.1 metres in hole D305-04-69; 148.1 g/t gold over 3.5 metres in hole D305-04-93; 22.5 g/t gold over 5.1 metres in hole D305-06-072; and 15.4 g/t gold over 6.1 metres in hole D305-05-88.
Concurrently, the company is also operating a 9X exploration drilling program, which is continuing to expand and infill the F2 gold system.
Rubicon controls over 100 square miles of exploration ground in the prolific Red Lake gold district of Ontario, which hosts Goldcorp's high-grade Red Lake Mine.

Bombardier beats Street, Q1 profits increase 13% on improved plane demand

Aircraft maker Bombardier (TSE:BBD) announced Wednesday a 13% increase in its first quarter profit, largely attributed to strong growth in demand for business and commercial aircraft.
The Montreal, Quebec-based company posted a net income for the three months ending April 30 of $220 million, or $0.12 per share, compared to the previous year's $195 million, or $0.11 per share.
Total revenues from the company were $4.7 billion, a 9% rise from $4.3 billion a year earlier.
Analysts estimated earnings per share of $0.10, on revenue of $4.49 billion.
Sales from the company's aerospace division were $2.2 billion, a 10% jump from the year before, resulting from strong increases in orders and deliveries of commercial aircrafts, the company said.
Bombardier, whose backlog for its aerospace business rose 10% between January 31 and the end of the first quarter to $21.1 billion, said it received 86 aircraft orders, including four amphibious aircrafts, five commercial planes and 77 business jets, 50 of which are for NetJets Inc, a contract worth $2.8 billion. 77 business jet orders was up from a mere six a year earlier.
"Bombardier Aerospace has started to benefit from a stronger business aircraft market, especially at the high end," said president and CEO, Pierre Beaudoin.
In terms of commercial aircrafts, the company delivered 23 compared to 16 a year earlier, but only saw five new orders in the quarter.
"Our commercial aircraft segment, although slower to recover, is seeing an improved level of interest from customers," added Beaudoin.
Meanwhile, the transportation unit, the company's Berlin, Germany-based rail business, brought in $2.5 billion in sales, up from $2.3 billion a year ago, as it posted new orders worth $1.2 billion in the latest quarter.
This included a $278 million deal with the Government of South Australia for the supply and maintenance of its electric trains.
The third largest commercial plane maker in the world saw its shares rise more than 5% on the Toronto Stock Exchange on Wednesday, to trade at $7.1 as of 9:39am EST.

St Andrew advances ramp development at Smoke Deep, mining to start by Q4

St Andrew Goldfields (TSE:SAS) said Tuesday that ramp development at its Smoke Deep Zone, part of the Holloway Mine in northeastern Ontario, has advanced to the point where the company can begin excavating to provide access to the western portion of the target.
At the end of June last year, the company made a decision to advance efforts at Smoke Deep by developing an underground ramp, designed to conduct definition drilling to test the extension of the zone, which had never before been tested.
Ramp excavation began last July, and as of this month, development crews started excavating the first crosscut to provide access to the western part of the zone.
The company said that definition drilling has started and development work is expected to be conducted during the third quarter, in order to facilitate the start of mining from Smoke Deep by the fourth quarter of this year.
Ramp development will also continue until it reaches the eastern extent of the zone, which is expected to be completed in the fourth quarter as well, at which time drilling platforms will be put in place to allow access for continued exploration, with the next phase of drilling due to begin in 2012.
2012 exploration drilling will focus on testing mineralized zones where they remain open along strike, down dip and eastwards, and where previous drilling encountered signficant results, including 5.83 g/t gold over 35.0 metres and 8.84 g/t gold over 14.0 metres.
"We are excited to see what continued exploration will return once exploration drilling resumes," said president and CEO Jacques Perron.
"While the definition drilling will provide us with the information for near term mining at Smoke Deep, the future exploration drilling has the possibility to increase the current level of resources and to extend the mine life of the Holloway Mine."
St Andrew is a gold explorer and producer with an extensive land package in the Timmins mining district, northeastern Ontario, which lies within the Abitibi greenstone belt.

Xtra-Gold Resources drills high grade gold at Kibi project

Xtra-Gold Resources (TSE:XTG) (TSX:XTG-S) (OTCBB:XTGR) reported Tuesday further significant drill results from the Big Bend Gold Zone on the company's Kibi project in Ghana, West Africa.
The company said that results from six new diamond core holes, which covered 1,308 metres, continue to confirm the "down-plunge continuity" of mineralization, and show the presence of higher grade gold within the Big Bend system.
Highlights from the holes reported today include 52 metres grading 2.42 g/t gold in hole KBDD11113, including 27 metres at 3.58 g/t gold and 6.09 g/t gold over 12 metres.
In addition, hole KBDD11110 intersected 50 metres of 1.64 g/t gold from 158 metres down hole, including 24 metres at 2.45 g/t gold; and hole KBDD11114 returned 50 metres at 1.31 g/t gold from surface, including 20 metres at 2.21 g/t gold.
The latest drill results are part of a 20,000 metre exploration program initiated in mid January, designed to define the Big Bend Gold Zone, as well as test other prominent gold systems on Zone 2 of the company's Kibi project.
To date, significant gold mineralization has been traced over a 300 metre strike length, and roughly 360 metres down plunge from surface along the Big Bend gold zone.
Xtra-Gold has completed 34 holes totaling 8,550 metres thus far in its current 20,000 metre program.
The company's shares rose more than 3.5% on the results, to trade at $2.02 as of 10:34am EST in the US.

Scotiabank's Q2 profit jumps 40%

The Bank of Nova Scotia (Scotiabank) (NYSE:BNS) (TSE:BNS) announced Tuesday a 40% increase in second quarter profits, mainly due to strong growth in its international banking and global wealth management divisions, as well as $286 million accounting gain.
For the three months ending April 30, the third-largest bank in Canada reported a net income of $1.54 billion, or $1.36 per share, up from last year's $1.1 billion, or $1.02 per share.
The bank said that it benefited from a $286 million, or 26 cent per share, accounting gain due to two recent acquisitions, including the remaining 82% stake in DundeeWealth, as new Canadian accounting standards required all acquisitions to be recorded at fair value.
A gain of $260 million was recognized on the re-valuation of the bank's original 18% stake in DundeeWealth, it said.
Excluding these gains, earnings were $1.10 per share, beating analyst estimates by one cent.
Total revenue jumped 17% to $4.52 billion from $3.87 billion a year earlier. Provisions for credit losses, or money the bank sets aside to cover bad loans, were $262 million, a 22% drop from last year's $338 million.
The company attributed its succes during the quarter to increased profits from wealth management and international banking, offset by higher non-interest expenses and lower trading activity.
International banking's bottom line increased 68% to $402 million, as strong commercial and retail lending, particularly in Asia, Peru, Chile and the Caribbean, helped push income forward. The division benefited from the acquisition of Puerto Rico's R-G Premier Bank.
"International Banking's business . . . has benefitted from widening margins in certain key markets. In addition, recent acquisitions continue to provide a meaningful contribution to overall results," said president and CEO, Rick Waugh.
Scotiabank's wealth management segment saw profits rise to $489 million from $199 million in the year-ago period, helped by the acquisition of the remaining 82% of DundeeWealth. This also pushed assets under management to more than $100 billion.
Meanwhile, Canadian banking reported a 2% drop in net income to $444 million as Scotia saw higher wholesale funding costs and a consumer preference for lower yielding variable rate mortgages.
The Scotia Capital unit also recorded an 8% drop in net income to $357 million, largely due to lower lending volumes, especially corporate loans and acceptances.
However, total revenue reported by global corporate and investment banking within the unit was virtually unchanged from last year, as lower lending volumes were offset by higher investment banking revenues, including record results from Scotia Waterous.
Scotiabank's shares on the Toronto Stock Exchange responded well to the company's quarterly results, increasing 1.2% to $59.69 per share.

Extorre Gold releases further high grade gold-silver results from Cerro Moro

Extorre Gold Mines (AMEX:XG) (TSE:XG) reported Tuesday that it has continued to drill high grade gold-silver results from the Zoe discovery, part of the Cerro Moro project in Santa Cruz, Argentina.
Notable intersections included 8.00 metres at 84 grams per tonne (g/t) gold and 1,332 g/t silver, or 35.0 g/t gold equivalent in hole MD1220, including 4.15 metres at 15.2 g/t gold and 2,419 g/t silver, or 63.6 g/t gold equivalent.
Other significant results included hole MD1234, which intersected 2.00 metres at 36.3 g/t gold and 1,858 g/t silver, including 0.90 metres at 63.5 g/t gold and 3,135 g/t silver; and hole MD1253, which returned 2.00 metres at 37.0 g/t gold and 1,924 g/t silver, including 0.90 metres at 80.4 g/t gold and 4,023 g/t silver.
The company said that a total of 34 diamond drill holes now define the Zoe structure over a strike length of roughly 1.5 kilometres, one kilometre of which shows high grade gold-silver mineralization that is peripheral to a "central, bonanza grade zone".
"As with the Martina and Escondida Far West zones located west of Zoe, we are finding the near surface mineralization is generally significantly lower grade than what is found at depth," said Extorre's project manager, Fernando Chacon.
"We will therefore begin step back drilling to test for high grade mineralization at more favourable depths."
Indeed, management said it is considering moving two drill rigs to Cerro Moro from the company's other Puntudo project, which is located around 220 kilometres to the west. The move is planned for mid-June.
Of the 34 holes completed to date at the Zoe discovery, 22 have now been publicly released. Currently, there are four rigs operating at Cerro Moro, with three at the Zoe target.
Last April, the company announced that Cerro Moro had estimated indicated resources of 357,000 ounces of gold and 15.3 million ounces of silver, or 612, 000 ounces of gold equivalent, plus inferred resources of 190,000 ounces of gold and 12.0 million ounces of silver.
A preliminary economic assessment on the project last October also highlighted the robust economics of Cerro Moro, as the mine is expected to produce an average of 133,500 ounces of gold equivalent during its first five years of operations, at a cash cost of just US$201 per ounce.

Capstone adds 219 million pounds of copper to Minto Mine's measured and indicated resource

Capstone Mining (TSE:CS) announced Monday that the addition of the Wildfire/Copper Keel area to a previous resource model has increased the measured and indicated resource base by 219 million pounds of copper at its Minto Mine.
The company said that at a 0.5% copper cut-off grade, the total mineral resource estimate for the whole Minto Mine, which is located in the Yukon Territories, now exceeds 1 billion pounds of copper.
New drill holes from this year and last in the Wildfire/Copper Keel area indicated that both these regions were a southeast extension of the previous resource model for the Area 2/118 deposit, and not separate deposits as originally thought.
As a result, roughly 134 new drill holes were added to the existing database of 235 holes for Area 2/118, and were combined into one deposit, known as Minto South.
"The exploration success at Minto continues to be translated into mineral resource additions that support the near term growth strategy at our mining operations," said vice president of exploration, Brad Mercer.
"Since 2006, the Minto Mine has realized steady expansion through a program of discovery and feasibility in a series of phases that have increased mine life and throughput."
Indeed, additional mineral resources from the Wildfire and Copper Keel areas boosted total measured and indicated resources for Minto South to 36.4 million tonnes at 1.03% copper, 0.35 g/t gold and 3.5 g/t silver, for 827.2 million pounds of contained copper, 413,000 ounces of gold and 4.1 million ounces of silver.
The Vancouver, B.C.-based company said it plans to begin a new pre-feasibility study in the third quarter. Capstone's shares were last trading at $3.48 each on Friday.

Fortis to buy Vermont's largest electric utility in $700m deal

Fortis (TSE:FTS), the largest investor-owned utility in Canada, said on Monday that it is buying Central Vermont Public Service (NYSE:CV) (CVPS), Vermont's largest electric utility, in a $700 million deal.
Fortis will pay CVPS shareholders $35.10 per share, representing a 44% premium over CVPS' closing price of $24.32 on Friday.
The $700 million deal, which saw Fortis beat out several bidders in a confidential sales process, includes the assumption of approximately US$230 million of debt.
The acquisition is expected to add to Fortis' earnings in the first full year of ownership, it said.
St. John's-based Fortis, with assets of $13 billion and fiscal 2010 revenue totalling $3.7 billion, has regulated utility companies operating in five provinces: British Columbia, Alberta, Ontario, Prince Edward Island and Newfoundland, as well as three Caribbean countries. The company serves about 2.1 million gas and electricity customers.
CVPS, which employs about 520 people, serves nearly 160,000 customers in 163 cities and towns across Vermont.
"CVPS is a well-run utility whose operations and operating philosophy are very similar to those of our Canadian regulated utilities," said Fortis president and CEO Stan Marshall.
"The commitment of CVPS to customers, as evidenced by the company's stellar customer service record, is very much aligned with the operating philosophy of Fortis."
Under the deal, CVPS will remain headquartered in Rutland and operate autonomously, with its own board of directors and management team. Fortis said that no job losses are anticipated with the transaction. Larry Reilly is to remain president and CEO of CVPS.
"Fortis brings financial strength to CVPS, giving us strong access to capital markets not available to smaller utilities," Reilly added.
The deal, which is expected to wrap up in six to 12 months, is subject to the approval of CVPS shareholders, as well as the approval of state and U.S. federal regulators.

Héroux-Devtek posts 75% increase in Q4 profits

Héroux-Devtek (TSE:HRX) announced Friday that it nearly doubled its net income in the fourth quarter, results that beat out analysts' estimates, as sales rose despite currency fluctuations.
For the three months ending March 31, the Canadian aerospace and industrial product manufacturer reported a fourth quarter profit of $7.7 million, or $0.25 per share, a 75% increase from the year-ago period's $4.4 million, or $0.14 per share. Analysts estimated fourth quarter earnings of $0.20 per share.
Sales for the quarter improved 24% to $106 million, including $12.8 million in revenue from Eagle Tool & Machine Co, which Héroux-Devtek acquired in April 2010.
Fluctuations in Canadian and U.S. currencies reduced sales in the quarter by $2.3 million, the company said.
The negative result of the poor dollar was offset, however, by a 26% increase in sales from the company's core aerospace segment to $99.5 million, and an 11.2% growth in industrial sales to $6.5 million.
"Héroux-Devtek concluded fiscal 2011 with the strongest quarterly results in its history, as all of our product lines solidly contributed to sales and operating income," said president and CEO, Gilles Labbé.
The Longueuil, Quebec-based company's stock was last trading on May 26, 2011 at $8.42 per share.

Curis Resources set for long-term growth, to build shareholder value in near-term

Curis Resources  (TSE:CUV) said yesterday in a recent letter to shareholders that it expects the next several months to be "particularly strong" in building value for the company, as it progresses with the development of its flagship Florence copper project in Arizona.
The 100%-owned Florence copper project is a 3+ billion pound development-stage property in central Arizona, roughly 65 miles southeast of Phoenix, with first phase construction on track to begin in early 2012.
The asset is unique, as its in-situ leach production plan, as opposed to conventional open pit, stands to benefit from buoyant copper prices, while at the same time delivering low capex and operating costs.
This is because in-situ leach recovery of copper does not require mining trucks, milling equipment, or even mining engineers, nor does it necessitate waste stripping or exposure to long-lead time equipment.
Despite a minor pull back over the last few weeks, Curis noted that copper markets remain strong, and are expected to further strengthen over the next few months, particularly as the company advances to the third and fourth quarter. Long term predictions of copper prices are now ranging between $2.75 and $3.00, which make the potential economics of the Florence project even more robust.
Indeed, Curis expects to complete an optimization program on the project, including metallurgical, power and acid trade-off studies, by the third quarter. It also anticipates the release of a positive feasibility study by the fourth quarter, and the receipt of amended operating permits for the property, all developments that are expected to boost the company's share price.
Over the past two months, the company has received independent analyst coverage from brokers, with a 12-month price target ranging from $5.60 to $5.75 per share. Currently, its share price stands at around $2.17, indicating a bullish stance.
Curis maintained in its letter that as the Florence project advances over the next six to nine months, the company's market value should reflect a closer correlation to its net asset value, which ranges between $360 and $530 million, based on varying copper prices.
Given that the company's market capitalization is currently around $120 million, there is definitely significant room for the share price to spike in the near term.
Aside from Florence, Curis has looked to bulk up in other copper assets, having made several strategic new hires over the past several months, positioning the company for future growth.

SelectCore announces new patent-pending technology for prepaid cash network

SelectCore (CVE:SCG) announced Friday its patent-pending technology that is designed to allow any retail location to use the company's ReCash network, which allows consumers to load and reload cash onto their prepaid credit cards, through a point-of-sale terminal.
The new patent-pending technology will allow any merchant to become a ReCash agent, as it requires no new hardware, no integration or capital investment from the merchant, and can be processed with existing point-of-sale devices through traditional debit transactions.
The provider of prepaid telecom and financial services said merchants are expected to benefit from the technology by increased traffic and a new, high-margin revenue stream.
"With the significant influx of prepaid card users across North America, the shift to a cashless society is becoming more and more evident," said CEO Keith McKenzie.
"Consumers want to shop online, pay for gas at the pump, book travel, and soon 'fund their mobile wallets'."
SelectCore said it hopes to monetize this technology through organic expansion and global licensing arrangements.
News of the company's expansion prompted its shares on the TSX Venture Exchange to hike 10% to $0.66 per share.