NanoViricides says oral FluCide candidates show “dramatically improved survival” against H3N2 influenza A

NanoViricides (OTC:NNVC) said Monday that animal candidates receiving its oral FluCide drug showed “dramatically improved survival” when administered a lethal dose of the H3N2 influenza A virus, compared to those given oral oseltamivir.

The news sent shares of the company up 3.99 per cent as at about 11 a.m., to 62.6 cents apiece.

The company's nanoviricide class of drug candidates are designed to specifically attack enveloped virus particles and to dismantle them. It said this is the first demonstration of efficacy of its FluCide drug candidates against a completely unrelated type of influenza A virus (H3N2), in contrast to the H1N1 Influenza A virus that the company has used for its recent development work leading to its pre-IND application with the US FDA.

NanoViricides said that animals treated with the best of the oral FluCide nanoviricide drug candidates survived 15.6 days while the animals treated with oral oseltamivir, or Tamiflu, survived only 9.6 days. The control animals died within five days. 

“This demonstration is a key finding along the way to establish that our FluCide drug candidates are indeed broad-spectrum,” said president Anil R. Diwan, PhD.

“We are very pleased that their effectiveness levels are substantially superior to Tamiflu.”

The drug maker said it has recently established oral effectiveness of its anti-influenza drug candidates in an H1N1 influenza A lethal infection mouse model, and believes that this may be the “first ever” targeted nanomedicine that is orally effective.

NanoViricides said it intends to develop data about the effectiveness of its drug candidates against certain unrelated influenza A viruses using both cell culture studies and animal models.

The data will be needed as part of an application that is required for the company to enter into human clinical trials.

The H3N2 influenza virus is one of the multiple sub-types of influenza A that cause seasonal epidemics.

The company said that it believes an orally administered nanoviricide that protects against multiple influenza virus sub-types would be effective in influenza epidemics. 

“Such a highly effective, broad-spectrum anti-influenza drug is widely anticipated to be highly successful,” saidNanoViricides in a statement.

Additional "clinically important parameters" are being analyzed to confirm the therapeutic potential of the oral FluCide drug candidates against H3N2, said the company, adding that the results of these investigations will be reported as they become available.

NanoViricides said it has previously shown the effectiveness of its very early anti-influenza drug candidates against two different strains of H5N1 Bird Flu virus in cell culture studies. 

The development stage company is developing drugs against a number of viral diseases including H1N1 swine flu, H5N1 bird flu, seasonal influenza, HIV, oral and genital herpes, viral diseases of the eye including EKC and herpes keratitis, Hepatitis C, rabies, Dengue fever, and Ebola virus, among others.

The company said earlier this month that the potential of an oral anti-influenza nanoviricide drug has “important implications for disease treatment”. 

Specifically, NanoViricides said that it believes that an oral nanoviricide drug used either alone, or in combination with other antiviral agents in humans with seasonal flu, could possibly reduce the number of cases of severe illness and of associated death, adding that the effectiveness of such a regimen would be “substantially superior to that with the current standard of care medicines for flu”.

Of clinical importance, the World Health Organization reports that the greatest risk to public health is the emergence of influenza A viruses in the general population for which immunity is lacking, said the company. 

According to the Center for Disease Control, the flu is a highly communicable acute respiratory disease that is considered to be one of the major infectious disease threats to the human population. 

During seasonal epidemics, five to 15 per cent of the world population is typically infected, resulting in three to five million cases of severe illness affecting all age groups. 

Marifil Mines strikes deal to sell Toruel project in Argentina

Marifil Mines (CVE:MFM) has struck a deal with Netco Silver (CVE:NEI) to sell 100 per cent of its Argentine Toruel copper project, the company said Monday. 

Shares of Marifil rose 6.25 per cent to reach 8.5 cents. Netco's stock gained 8.33 per cent rising to 6.5 cents apiece on the TSX Venture Exchange. 

The deal, which is slated to close by November 30, also includes exploration data relating to the Toruel property, which rests in the Rio Negro province of Argentina. 

Both companies believe the transaction to be in the best interests of shareholders, they jointly said in a statement Monday.

Under the terms of the deal, Netco will issue 3.5 million purchase warrants to Marifil, which will grant Marifil the right to buy one common share of Netco for 10 cents for one year.

Marifil can buy a Netco share for 15 cents each after the first year, until two years from the closing date of the transaction, the company said. 

The consideration will give Marifil a number of shares equal to a 19.9 per cent stake in Netco Silver at closing. 

The deal will also see Vancouver, B.C.-based Marifil get a three per cent net smelter returns royalty.

Netco has also agreed to assume Marifil’s existing property payment obligations to the underlying owners of the Toruel property

The transaction is subject to a number of conditions, including Netco having at least $825,000 in funds, of which $375,000 will be used to purchase claims from an underlying owner, and $450,000 will be used for a drill program at Toruel. The deal is also reliant on regulatory approvals. 

On March 3, 2011, Netco and Marifil struck an option agreement, under which Netco could earn a 70 per cent stake in the Toruel property.

The property covers 5,736 hectares and is located 25 kilometres southeast of the village of Los Menucos, Rio Negro. 

Netco has finished prospecting and surface sampling on the acreage and reported assays from 162 surface samples.

Rock samples returned assays from 0.0 to 0.714 grams per tonne (g/t), while channel samples returned 0.0 to 0.379 g/t gold, 56.8 g/t silver and over one per cent lead over 0.95 metres. 

Work also revealed new vein structures outside the known Toruel vein, where past drilling had hit 6.1 metres of 1,998 g/t silver and 5.34 per cent copper. 

Marifil is a Canadian exploration company that focuses on Argentina. Through its joint venture opportunities, it has been able to develop a diverse portfolio of properties, including several with bonanza grade gold, silver, copper and indium values.

The company has a land position of 20 properties, totalling more than 400,000 hectares within nine provinces of Argentina.

In early May, the exploration-stage resource company hired Robert J. Rennie to aide with the proposed spin-out of its fertilizer-related assets, under a consulting services agreement.

Marifil’s flagship potash properties, K-2 to K-6, are located in the Neuquén Basin in Argentina, where the company said it has identified "extremely significant potash targets" on all five properties through a review of oil well drill logs.

Otis Gold shares jump over 23% Monday

Otis Gold (CVE:OOO) rallied further Monday, again exceeding its 50-day average trading volume for the second time in 2 straight sessions. 

Shares were up more than 23 per cent this afternoon, at 13 cents, after rising over 11 per cent on Friday to close at 10.5 cents. 

In the summer, the gold explorer unveiled an updated NI 43-101 resource estimate for its Kilgore gold deposit located in Clark County, Idaho. 

The Kilgore gold deposit now contains an indicated resource of 520,000 ounces gold in 27.35 million tonnes at a grade of 0.59 grams per tonne (g/t) gold, representing an increase of 138 per cent in the number of ounces and 328 per cent in the number of tonnes compared to the deposit’s 2002 estimate.

Additionally, Kilgore has an inferred resource of 300,000 ounces gold in 20.23 million tonnes at a grade of 0.46 g/t gold, representing an increase of 12 per cent in the number of ounces and 131 per cent in the number of tonnes versus the 2002 estimate.

The company noted that this was its first resource estimate since acquiring the property in late 2008. It includes all historical drilling plus an additional 92 core holes drilled between 2008 through 2011, and uses a gold cut-off grade of 0.24 g/t.

In a conference call soon after the release of the new resource report, CEO Craig Lindsay noted that while the overall grades in the estimate are lower than in 2002, the size of the resource has increased substantially and the strip ratio has improved comparatively.

Separately, in an operational update, the company said in July that the U.S. Forest Service, Caribou-Targhee National Forest, issued a permit to Otis at the end of May to conduct a 14 to 20-hole program consisting of 4,000 metres of HQ core drilling.

Lindsay noted that among the qualities that make Kilgore a unique and attractive project, is the good relationship that Otis has developed with the forest service – with all of the project’s permits turned around in six weeks or less.

Otis also said it was in the process of performing a cultural survey and preparing a plan of operation to build 1,350 metres of new roads into the North area of the deposit, which is defined by seven significant gold-in-soil anomalies and several open-ended mineralized holes with over 100-metre-thick intercepts averaging up to 0.89 g/t gold.

“The Kilgore gold deposit is the foundation of a very strong gold company,” said Lindsay.

“Our geologic team has already begun designing programs to both expand the deposit and test several additional high priority targets on the property.”

The Kilgore gold project is 5,130 acres in size, is 100-per-cent-owned by Otis and is subject to no underlying royalties.

An important achievement for the company this year was the addition of 1,880 acres, boosting its land position at Kilgore by 58 per cent and giving the miner flat land that is appropriate for heap leach processing.

Prodigy Gold acquires almost 24% of Goldstream Minerals

Vancouver-based Prodigy Gold (CVE:PDG) said today it has acquired roughly 10.7 million common shares of Goldstream Minerals (CVE:GSX), formerly Brea Resources, representing a near 24 per cent stake. 

Goldstream is a gold exploration and development company whose main property is the Hardrock East project in the Beardmore-Geraldton gold camp of northern Ontario. 

The property consists of over 350 square kilometres in the eastern portion of the Beardmore-Geraldton gold camp. 

The shares were issued to Prodigy by way of share exchange, in connection with an option agreement between a Goldstream subsidiary and Prodigy from October 2011. 

Goldstream exercised its option to acquire certain mineral exploration properties from Prodigy. 

As disclosed in Goldstream's filing statement, Prodigy is a party to a "surplus security escrow agreement" with Goldstream and certain other shareholders of the company, under which the shares are held in escrow by a third party and released in stages over the course of 36 months. 

Prodigy said five percent of the shares were released from escrow on Friday, adding that shares were acquired for investment purposes and it can increase or decrease its holdings from time to time as appropriate. 

Last month, Prodigy Gold released an updated resource estimate at its Magino project in Wawa, Ontario. 

Magino now hosts 6.1 million ounces at 0.9 grams per tonne (g/t) gold, which is a 56 per cent increase relative to the company's prior resource estimate at the property of 3.9 million ounces at 1.0 g/t gold. 

In addition, 95 per cent of the resource now resides in the measured and indicated category, versus 56 per cent previously. 

The new resource also contains a large proportion of gold resources above a grade of 0.50 g/t gold, which the company believes will provide a focus for mill head-grade optimization studies.  

Prodigy said the higher grade material will likely support a mine plan that maximizes mill head grade, potentially lowering cash costs per ounce and improving project net present value. 

The new resource will be included in a pre-feasibility study for Magino, expected early in 2013. Additional drilling is being planned to finalize the resource block model as part of the the study.  

Argex Titanium rallies, exceeds 50-day average volume

Argex Titanium (CVE:RGX) (FSE:ASV) (OTCBB:ARGEF) saw its shares rise 12 cents today, exceeding its 50-day average trading volume. 

Shares were lately up by 12 per cent at $1.12 Tuesday early afternoon. 

Earlier this month, the company said it successfully completed the production scale up of high purity titanium dioxide (TiO2) at its pilot plant, placing it in on solid footing for the preparation of its industrial plant. 

The near-term producer of titanium dioxide said it has a proprietary mineral extraction process that allows it to produce high purity, or 99.8 per cent pure,  pigment-grade TiO2 directly from run-of-mine material at its deposits.

The process is running continuously at its pilot-plant in Mississauga, and Argex said the closed-loop process is environmentally friendly and produces minimal inert tailings.

As part of the production scale up, Argex said production capacity has increased from 0.3 kg/day to 10kg/day, a 3,000 per cent  increase in production. 

This was achieved in two stages, the company said, as first, the the 3 kg/day capacity plant was  installed and tested, and then a new 10 kg/day capacity plant was constructed in an adjacent building. 

The pilot plant is located at PRO in Mississauga, Ontario.

The company can now produce more than three tonnes of TiO2 per year from its Mississauga plant. 

"Scalability was never an issue. The delays  experienced in the scale-up of the pilot plant were due to delivery  delays and minor - but necessary - design changes to the building," said COO and VP of technology for Argex, Enrico Di Cesare, at the time. 

"This  will not be a factor in the construction of our industrial plant."

Titanium dioxide is an inorganic substance characterized by brightness and very high refractive index, making it an ideal pigment in paints, plastics and paper.

The company said its CTL process is unique in that it produces high-purity TiO2 "in a single location through a single process", directly from the ore  material. 

The closed-loop design also uses  relatively low concentrations of hydrochloric acid that is regenerated after use in the process, it added. 

The junior Canadian resource company is developing the advanced stage La Blache titaniferous magnetite project, and also owns the Lac Brûlé high grade ilmenite and the Mouchalagane iron ore projects, which are all located on Quebec’s North Shore.

Cayden Resources starts drilling at La Magnetita East

Cayden Resources (CVE:CYD) says it has started drilling on its La Magnetita East target at the Morelos Sur gold property in Guerrero State, Mexico. 

The drilling will inititally consist of 4,000 to 5,000 metres to test what the company calls the "highly mineralized" four square kilometre heart of the more than 500 parts per billion (ppb) gold-in-soil anomaly. 

Cayden also said Tuesday it has received additional rock and mapping results from the La Magnetita East area, which include over 20 new bedrock samples that returned grades as high as 9.4 grams per tonne (g/t) gold, and 982 g/t silver. 

"We are very impressed with the coincident results of the geologic mapping, rock samples and the highly prospective nature of the strongly anomalous multi-element soil anomaly at our La Magnetita East target," said chief geologist for Cayden, Dan McCoy. 

"The strength of the soil and rock values as well as the presence of the right kinds of lithology and alteration are very encouraging as we believe that this is one of the best undrilled targets we have seen on our property to date. 

"We are very excited for commencement of the core drilling program," he added. 

Indeed, last week, Cayden said that soil and rock results “significantly increased” the size of the La Magnetita gold anomaly at its Morelos Sur project. 

The company said the results from the eastern part of La Magnetita increased the size of the gold-in-soil anomaly from 5.0 by 3.7 kilometres to over 5.4 by 5.4 kilometres. 

The miner also noted last week that the limited reverse circulation drilling completed to date on the western side of the La Magnetita anomaly has not returned any significant results as of yet.

On the company's El Barqueno project, Cayden said today a VTEM airborne geophysical survey is underway, as well as "extensive" surface programs. An initial drilling program at the project is expected to begin early next year. 

Cayden is a junior mining company focused on precious metal projects in North America. 

Last month, the company increased a non-brokered financing it announced previously from $4.2 million to nearly $5.1 million due to increased demand. 

Great Western Minerals to launch preliminary economic report for Hoidas Lake

Great Western Minerals Group (CVE:GWG) says it will now undertake a preliminary economic assessment of its Hoidas Lake rare earth project in Saskatchewan based on what it calls "promising" large-scale lab results. 

The rare earth processor, which produces specialty alloys used in the battery, magnet and aerospace industries, said Tuesday that combined beneficiation and metallurgical test work has "successfully produced" a rare earth rough concentrate, as well as a phosphate concentrate. 

This was followed by further hydrometallurgical test work that produced a mixed rare earth carbonate and fertilizer - which can either be saleable products or used for further rare earth separation. 

The lab results were from the Chinese institute with which Great Western has been working during the past two years, the company said. 

The combined beneficiation-metallurgical process resulted in an overall  rare earth recovery of 70.33 per cent, comprised of 38.68 per cent from rare earth rough concentrate and 31.65 per cent from apatite concentrate. 

The phosphate recovery from the apatite concentrate was 92.5 per cent in the produced  nitrogen-phosphorous complex fertilizer. 

Great Western said the specifications of both the mixed rare earth carbonate and the fertilizer, according to the company's preliminary assessments, meet market requirements.

"The  promising test results for our Neodymium-enriched Hoidas Lake project  have confirmed the validity of our original assumptions on the  processes that are most likely to be successful," said president and CEO, Jim Engdahl. 

"The positive results  from the large-scale lab work have led Great Western Minerals to move ahead with a PEA for Hoidas that will also address the issues of its remote location now  that we have removed the metallurgical bottlenecks from the project."

Great Western is working to produce rare earths, which have use in a wide range of technologies, to ensure a strong flow of feedstock for its downstream processing at its two subsidiaries - Less Common Metals (LCM) in Birkenhead, U.K. and Great Western Technologies (GWT) in Troy, Michigan. 

The alloys produced at these locations contain aluminum, nickel, cobalt and rare earth elements (REE). 

In addition to its four exploration properties in North America, one of which is Hoidas, the company also holds a 100-per-cent equity ownership in Rare Earth Extraction Co. Ltd. (Rareco), which owns a 74-per-cent interest in Great Western's past-producing Steenkampskraal mine in South Africa. The rare earth company is working to restart the South African mine.

The current NI 43-101 report for Steenkampskraal, filed on May 31, indicates the presence of 13,823.64 metric tonnes of total rare earth oxides (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.

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.

Its Hoidas Lake property lies 50 kilometres northeast of Uranium City, Saskatchewan. The site is accessible by an all-weather road or scheduled air service to Stony Rapids and Uranium City, then by float or ski-equipped aircraft to the property.

In November 2009, an NI 43-101 compliant resource estimate was completed by Barr Engineering Co. using a 1.5% total rare earth element (TREE) cut-off grade, which included 963,808 tonnes in the measured category at a grade of 2.14% TREE, and 2.57% total rare earth oxides, as well as additional tonnage in both the indicated and inferred categories. 

Quia announces changes to its board of directors, technical advisory committee

Quia Resources Inc. (CVE:QIA) Friday announced the appointment of  Lew Lawrick to its board of directors and said it has nominated Iain Kelso for election to the board at the company's upcoming AGM.

The company said that Lawrick is a co-founder and partner of Raven Hill Partners Inc., a merchant bank and private investment firm focused on acquiring, funding, building and advising early stage ventures, mostly in the natural resources and technology sectors. 

Quia said Lawrick has extensive executive management experience in the mining and mineral exploration sector. 

The company said that Kelso, nominated to be elected to the board, has been Quia’s VP of exploration since 2008. He is resigning that position and will continue with the company in the role of director upon his election to the board. 

Kelso has over 10 years of experience in the mineral exploration industry with extensive experience in mineral resource estimation, NI 43-101 reporting, and management of exploration programs involving a variety of commodities and projects in North and South America, Southern Africa, and Central Asia. 

Quia said its day-to-day field operations will be managed by Francisco Solano, the company's senior geologist, under the guidance of management and the board with the assistance of a newly established technical advisory committee.

The corporation said Robert Manning and Chris Davie have resigned from the board to pursue other opportunities. 

It added that Manning will be appointed to the honorary position of chairman emeritus in recognition of his role in founding the Quia.

In addition, Quia said it has appointed Simon Meldrum and Richard Cleath to its newly established technical advisory committee as technical advisors. 

Meldrum is a consulting exploration geologist of 30 plus years work experience with major, mid-tier and junior exploration companies and investment groups on gold and copper projects around the Pacific Rim, in Indonesia and along the Tethys Belt. 

He has broad varied experience in regional, district and project based exploration. He specializes in working with complex data sets and generating detailed geological models that underpin resource estimates.

The company said Cleath has more than 25 years of experience as a geologist and in managing and executing various mineral exploration projects globally. 

Quia Resources is a gold exploration company focused in Colombia and its 100-per-cent-owned San Lucas property in the San Lucas gold belt.

The San Lucas gold belt is among the least explored and most prospective gold belts in Colombia. Quia is an early-mover into this belt and has established a key property position and a strong base of technical knowledge in the area. 

Homestake Resource to raise up to $1.8 mln in financing for Kinskuch exploration program

Homestake Resource Corp (CVE:HSR)(FRANKFURT:B6IH) announced Friday it will raise up to $1.8 million in a financing for its Kinskuch exploration program this year. 

The proposed offering, on a non-brokered basis, will consist of flow-through common shares and non-flow-through units.

It will issue a maximum of 2.0 million flow through shares to Canadian resident investors, priced at 30 cents each for proceeds of up to $600,000. 

These funds will be used for Canadian exploration expenses defined under the nation's Income Tax Act, related to the 2012-2013 exploration program at its Kinskuch project in British Columbia. 

The company will also issue a maximum of 4.0 million units at 30 cents each for proceeds of up to $1.2 million. Each unit is comprised of one common share and one half share purchase warrant. 

Each whole warrant gives the holder the right to buy another share of Homestake for 35 cents for a period of two years. 

The funds raised from the units will be used for working capital, Homestake said. 

The company's Kinskuch project is a large 623 square kilometre property located directly east of its Homestake Ridge project and extends south roughly 30 kilometres to tidewater at Alice Arm/Kitsault in Northwestern British Columbia.            

Initial work at Kinskuch will follow-up on "encouraging 2011 results" along a 2.5 km strike of the Illiance trend, the company said, and will continue the surface evaluation of the epithermal vein and massive sulphide showings on the trend both to the north and south. 

Other historical showings and several geophysical anomalies found in the 2011 airborne survey over the property will be tested with the aim of developing new targets for drill testing in 2013, Homestake said.                 

"Encouraging" results in the 2011 drilling included KN11-02, which intersected several mineralized zones with the strongest being 2.8 metres of 318 grams per tonne (g/t) silver, 2.2% lead and 6.5% zinc. 

A 500-metre offset of that hole, KN11-03, also encountered multiple intercepts including 3.9 metres of 267 g/t silver, 1.3% lead and 6.5% zinc. 

Homestake Resource Corporation owns a 100 per cent interest in the Homestake Ridge project and an option to earn a 100 percent interest in the Kinskuch project, both located in the emerging Kitsault mineral district in northwestern British Columbia. 

The Homestake Ridge project is being advanced as a potential high-grade underground mining operation with a current NI 43-101 compliant indicated resource, at a 3.0 g/t gold equivalent cut-off, of 191,000 oz gold and 1,350,000 oz silver plus an inferred resource of 530,000 oz gold and 13,470,000 oz silver. 

Two deposits have been delineated to date, with a third, South Reef, discovered late in 2011. 

African Queen Mines upgrades school, shares rise over 34%

African Queen Mines (CVE:AQ) share price rose over 34 per cent in Friday afternoon trade after saying it reconstructed and upgraded an elementary school near its Rongo Gold project, in Kenya.

Shares surged 34.38 per cent to reach 21.5 cents apiece on the TSX Venture Exchange.

The Nyopuge Primary School, located 1.6 kilometres south of African Queen's Odundu property where it has carried out a 2,000 metre drill core program, lies in the Nyanza province.  

African Queen expects results from the initial drill core program in October. Samples have been sent to Genalysis Laboratory Services in South Africa. 

Reconstruction and upgrades of a three-classroom block at the school took place over several months, the company said. 

The company said it has always recognized its responsibility to play a role in local infrastructure, health, safety and education to raise the standard of living of the community in its project area. 

Community leader John Mollo Kiriago said: "The Nyopuge Primary School Community especially the children and all stake-holders are deeply indebted to AQ Kenya Gold Limited for their great help."

African Queen's chief executive, Irwin Olian, said: "We are delighted that the Nyopuge school rehabilitation project has met with such a warm reception."

"It gives us great pleasure to be contributing to the welfare of the local community at Odundu, as we strive to do in all projects we are developing across Africa."

The Rongo project rests 380 kilometres from Nairobi, and just 60 km north of the border with Tanzania, forming the rich Lake Victoria Greenstone Belt. 

Vancouver-based African Queen is exploring its properties in Mozambique, Ghana and Kenya for gold and other metals and it is undertaking exploration in Botswana and Namibia for diamonds, gold and other metals.

Digital Shelf Space secures $500,000 loan, to launch $500,000 financing

Home entertainment media company Digital Shelf SpaceCorp. (CVE:DSS)(OTCQX:DTSRF) said today it has secured a C$500,000 revolving loan facility, and has also announced a C$500,000 private placement financing - as it gets ready for its peak selling season. 

The loan facility from Four Winds Financial Investments comes at a rate of 12 per cent per year, with maturity at the first anniversary of the closing date. 

The loan is secured by the assets of the company. 

Digital Shelf Space is responsible for the GSP RUSHFIT home workout DVD series featuring Georges St-Pierre, and the DVD golf instructional series that will be marketed under the TOURAcademy brand name.

The private placement financing announced Friday will consist of up to 10 million units at a price of 5 cents each. Each unit will be made up of one common share and one share purchase warrant. 

Every warrant will allow the holder to buy another share of the company at a price of 10 cents with one year and a half following the closing date. 

The company said it could raise a maximum of C$750,000 from the financing through over-allotment options. 

"We are pleased to have secured the revolving loan facility and look forward to closing the private placement in the near term, as together we minimize dilution for our shareholders while at the same time give our organization the capability to launch our new TOURAcademy Home Edition in Q4 (peak season for golf media products) with more of a bang," said president and CEO of Digital Shelf Space, Jeffery Sharpe.

"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." 

The company anticipates his return to the mixed martial arts work to have a positive impact on its overall sell through this year. 

Digital Shelf said Friday it plans to use the news funds from the loan and the offering for marketing and advertising, working capital and other corporate purposes. 

Otis Gold shares rally, exceeds 50-day average volume

Otis Gold (CVE:OOO) exceeded its 50-day average trading volume Friday as shares soared higher. 

Shares were up 11.75 per cent Friday early afternoon, at 9.5 cents. 

In the summer, the gold explorer unveiled an updated NI 43-101 resource estimate for its Kilgore gold deposit located in Clark County, Idaho. 

The Kilgore gold deposit now contains an indicated resource of 520,000 ounces gold in 27.35 million tonnes at a grade of 0.59 grams per tonne (g/t) gold, representing an increase of 138 per cent in the number of ounces and 328 per cent in the number of tonnes compared to the deposit’s 2002 estimate.

Additionally, Kilgore has an inferred resource of 300,000 ounces gold in 20.23 million tonnes at a grade of 0.46 g/t gold, representing an increase of 12 per cent in the number of ounces and 131 per cent in the number of tonnes versus the 2002 estimate.

The company noted that this was its first resource estimate since acquiring the property in late 2008. It includes all historical drilling plus an additional 92 core holes drilled between 2008 through 2011, and uses a gold cut-off grade of 0.24 g/t.

In a conference call soon after the release of the new resource report, CEO Craig Lindsay noted that while the overall grades in the estimate are lower than in 2002, the size of the resource has increased substantially and the strip ratio has improved comparatively.

Separately, in an operational update, the company said in July that the U.S. Forest Service, Caribou-Targhee National Forest, issued a permit to Otis at the end of May to conduct a 14 to 20-hole program consisting of 4,000 metres of HQ core drilling.

Lindsay noted that among the qualities that make Kilgore a unique and attractive project, is the good relationship that Otis has developed with the forest service – with all of the project’s permits turned around in six weeks or less.

Otis also said it was in the process of performing a cultural survey and preparing a plan of operation to build 1,350 metres of new roads into the North area of the deposit, which is defined by seven significant gold-in-soil anomalies and several open-ended mineralized holes with over 100-metre-thick intercepts averaging up to 0.89 g/t gold.

“The Kilgore gold deposit is the foundation of a very strong gold company,” said Lindsay.

“Our geologic team has already begun designing programs to both expand the deposit and test several additional high priority targets on the property.”

The Kilgore gold project is 5,130 acres in size, is 100-per-cent-owned by Otis and is subject to no underlying royalties.

An important achievement for the company this year was the addition of 1,880 acres, boosting its land position at Kilgore by 58 per cent and giving the miner flat land that is appropriate for heap leach processing.

Treasury Metals wraps up $6 mln financing

Treasury Metals (TSE:TML) has completed a previously announced financing that raised proceeds of $6 million, the company said Friday. 

The Toronto-based mineral exploration and development company sold two million units priced at 75 cents each, and 5.62 million flow-through shares at 80 cents.

A syndicate of underwriters led by Canaccord Genuity Corp completed the offering, which included the full amount of an over-allotment option that was exercised. 

Treasury Metals said it plans to use the funds to advance its assets, and for general working capital purposes.

Earlier this week, the miner said metallurgical test results confirmed "excellent" gold recoveries from its Goliath gold project, in Northwestern Ontario. 

The mineral exploration company said results could support a feasibility study on the Goliath project in the near future.

Gold recovery, which was consistently high in all tests, ranged around 93 to 98 per cent. The company said the gravity recovery circuit and carbon in leach processing yielded an average gold extraction of 96 per cent.

"These results are very encouraging as they clearly demonstrate that very high gold recovery rates using known low-cost separation methods," Treasury's chief executive Martin Walter said at the time. 

"The company continues to deliver on the milestones we have committed to over the past few years and look forward to continued development of our mining project."

Results consisted of 163 samples from half diamond drill core taken from the Goliath deposit.

With these results, Treasury said it is now able to move ahead on the process design and capital cost estimates to a feasibility level.

Rare Element to join S&P/TSX SmallCap Index

Rare Element Resources Ltd. (TSE:RES) said late Friday that it would be added to the S&P/TSX SmallCap Index.   

"We are pleased to be added to the S&P/TSX SmallCap Index," Rare Element chief executive Randall Scott said in a statement.  

"Our historical liquidity and market capitalization has enabled our inclusion into the Index and we will work hard to maintain our status on the Index."

Rare Element, which has a market capitalization of $218.72 million, was one of 47 companies added to the Index this year.

Other companies listed on the benchmark include: Avion GoldCorp. (TSE:AVR), Argonaut Gold (TSE:AR), Bonterra EnergyCorp. (TSE:BNE) and many others. 

The Index, which is a market-capitalization weighted index and maintained by the TSX Exchange, includes common stock and income trusts.  

The Wyoming-focused mineral resource company unveiled fiscal fourth-quarter earnings last week. 

For the fiscal fourth quarter ended June 30, Rare Element posted a net loss of US$8.6 million, or 19 cents per share.

That is wider than the year-earlier loss of US$7.1 million in 2011, or a loss of 16 cents per share. 

As an exploration company, Rare Element does not report revenues at this time.

Rare Element is focused on exploration and development of rare-earth elements and gold on the Bear Lodge property located in northeastern Wyoming. 

Rare-earth elements are key components of the green energy technologies and other high-technology applications. 

Some of the major applications include hybrid automobiles, plug-in electric automobiles, advanced wind turbines, computer hard drives and compact fluorescent lights.

Temex Resources announces $6.99 mln private placement financing

Temex Resources Corp. (CVE:TME)(FWB:TQ1) said today it has agreed to raise up to $6.99 million in a private placement financing to be used for exploration expenses on its precious metals properties. 

The agreement with Stifel Nicolaus Canada will consist of up to 17.85 million units at a price of 28 cents each, and up to 6.25 million flow-through shares for 32 cents each. 

Each of the 17.85 million units will be made up of one common share of Temex, and one half of a share purchase warrant, with each whole warrant giving the holder a right to buy another share for 40 cents for up to 2 years. 

Stifel is the sole lead agent of a syndicate in the offering, which is expected to close around October 11, subject to regulatory approvals. 

Temex said the new funds from the flow through shares will be used to incur exploration expenditures, while proceeds from the sales of units will be used for exploration and working capital purposes. 

As part of the deal, the miner has agreed to give Stifel an over-allotment option, which can be used up to 48 hours prior to the closing of the financing. The option will allow Stifel to offer up to another 20 per cent of the number of flow through shares or units issued. 

Earlier this month, Temex released its initial NI 43-101 mineral resource estimate for the Upper Hallnor portion of the Whitney Gold Property in Timmins, Ontario. 

Temex is the operator of the joint venture project and holds a 60 per cent stake, while Goldcorp Canada Ltd. (TSE:G) holds the remaining 40 per cent.

The property now contains a total measured and indicated resource of 776,100 ounces at a grade of 2.07 g/t gold.

Temex noted that the resources have been delineated within 17 domains on the Upper Hallnor portion of the Whitney property, in an area next to the past-producing Hallnor Mine. The in-pit mineralization is defined to a depth of 480 metres from surface.

The Whitney property is situated along a four kilometre section of the Porcupine-Destor Fault in a 10 million ounce mine trend within Canada's largest gold camp. The property hosts three past-producing mines: Hallnor, Bonetal and Broulan Reef. 

Avrupa Minerals secures listing on Frankfurt Exchange

Avrupa Minerals (CVE:AVU)(FRANKFURT:8AM) said last night that it has secured a listing in Europe on the Frankfurt Stock Exchange under the trading symbol "8AM". 

Avrupa said it has also engaged the German firm Finanzkommunikation GmbH, to assist with translation and distribution of news releases to German investors and financial institutions. 

"Avrupa already has a few shareholders in Germany and Europe and this Frankfurt listing will help them with liquidity and also make it easier for European investors to trade in the common shares of Avrupa," said president and CEO, Paul Kuhn.

"With Avrupa's European focus on mineral exploration, including Portugal, Kosovo and Germany, this seemed like a very good fit."           

Earlier this week, Avrupa Minerals (CVE:AVU) agreed to launch a $975,000 non-brokered private placement financing to raise funds for exploration at its mineral projects in Portugal, Kosovo and Germany. 

The financing will consist of 6.5 million units at 15 cents each. 

The company said funds will also be used to continue to generate new ideas and prospects in its core areas and elsewhere in Europe.

Avrupa is continuing to advance the Alvalade project in the Portuguese Pyrite Belt with its joint venture partner, with a project exploration budget of US$2.5 million for 2012. 

The company is also re-starting exploration work at the Covas joint venture in northern Portugal. 

With regards to its other properties in Portugal, Kosovo and Germany, the company said the assets will be dropped if significant targets are not found. 

In September, the company provided details of progress on it work programs in Portugal, highlighting its recent acquisition of the Arcas gold-tungsten license.

The acquisition brings the total of licenses that the company holds in Portugal to nine, covering 2,608 square kilometres.

Avrupa said the Mining Bureau of Portugal (DGEG) awarded a two-year exploration contract to the company, covering 75.8 square kilometres in northern Portugal’s gold-tungsten belt. The company said the area was previously explored for tungsten deposits, but no past production has been reported. 

In 2011, Avrupa collected a total of five select samples of quartz vein material around the project area that averaged 2.15 parts per million (ppm) gold and ranged from 0.405 ppm gold to 3.89 ppm gold.

Avrupa also noted that it is in the process of completing a prospection report covering the parts of the new Alvito license which fall into the Ossa Morena metallogenic zone, lying just north and northeast of the Iberian Pyrite Belt in Portugal.