Celeste Copper changes its name to Celeste Mining

Celeste Copper (CVE:C ) says that it has now changed its name to Celeste Mining Corp, with the decision approved at its annual general meeting back in June to better reflect the company's move toward the tin market. 

The name change will come into effect immediately, and its common stock will continue to be listed on the TSX Venture Exchange under the current symbol. 

"Celeste is focused on developing the South Crofty Tin Project in Cornwall, England and we believe that changing our name to Celeste Mining Corp. better reflects the direction the company is heading in to become an important player in the global tin market," said CEO Alan Shoesmith in a statement. 

Celeste is focused on the acquisition of a majority interest in Cornish Minerals, which controls mining rights in the historic Cornish mining region in Cornwall, England, including the South Crofty Mine. 

Earlier this month, the company closed its non-brokered private placement, raising $500,000 in new funds.

The company noted that Liberty Metals & Mining Holdings, a wholly-owned subsidiary of Boston-based Liberty Mutual Insurance, acquired  2 million units at a price of five cents per unit, for gross proceeds of $100,000.

In September, the company unveiled an updated resource estimates for the Dolcoath section of the South Crofty project. 

The resource estimate, which used a 0.2 per cent cut-off grade, revealed an inferred resource of 2.47 million tonnes grading 0.46 per cent tin, 0.54 per cent copper and 0.23% per cent zinc. 

The estimate also showed an exploration target of between 6.7 and 13.5 million tonnes with grades ranging from 1.4 to 1.8 per cent tin, east of the Great Crosscourse at the South Crofty mine. 

Further, the report defined an exploration target of around 1.25 and 2.5 million tonnes with grades ranging between 1.25 and 1.6 per cent  tin in the Dolcoath deep and Roskear areas of South Crofty.

Bayfield Ventures to raise up to $1 mln for exploration at Rainy River properties

Vancouver-based Bayfield Ventures Corp. (CVE:BYV) (OTCBB:BYVVF) will raise up to $1.0 million through a non-brokered private placement financing, with the new funds to be used for drilling at its Rainy River gold properties in northwestern Ontario. 

The company said it has arranged to issue up to 2.86 million flow through common shares at a price of 35 cents each. 

The financing still needs approval from the TSX Venture Exchange. 

Last week, Bayfield Ventures saw its shares rise after revealing additional drill assays from continued exploration at its Burns Block gold-silver project in the Rainy River district, extending the east zone of the asset. 

Bayfield's project is located adjacent to the east of Rainy River Resources' (TSE:RR) main ODM17 gold deposit, and to the west of that company's expanding Intrepid gold-silver zone. 

At Bayfield's East Burns zone, hole RR12-34 returned 26.5 metres grading 8.82 grams per tonne (g/t) gold, and 39.44 g/t silver, including 11.6 metres of 17.04 g/t gold and 79.07 g/t silver. 

The junior explorer said this is the best interval drilled so far at this "rapidly expanding" zone, and extends high grade mineralization 55 metres down plunge from a previously reported hole that found 19.6 metres of 5.45 g/t gold and 20.63 g/t silver. 

Bayfield is continuing to explore the down-plunge extension of this mineralized zone, it said, which is thought to be the lower portion of Rainy River's Intrepid zone. 

Snipp Interactive launches Mobile Purchase Validation tool with new customer for Arm & Hammer baking soda holiday campaign

Snipp Interactive (CVE:SPN) has launched its new Mobile Purchase Validation tool with its first major program on the platform - a holiday promotional offer by Church & Dwight(NYSE:CHD), the maker of Arm & Hammer Baking Soda. 

The mobile marketing firm's service streamlines the redemption process for marketing programs tied to the purchase of a product or service. 

Program such as rebates, coupons, gift-with-purchase offers, or loyalty rewards typically require customers to submit proof of purchase. 

Instead of requiring customers to photocopy receipts and mail them in, Snipp's Mobile Purchase Validation program allows customers to submit proofs of purchase using only their mobile phones, and processes user submissions in 48 hours. 

"Our Mobile Purchase Validation program provides marketers with an entirely new and better way of conducting programs like rebates, loyalty and coupons - one that is more cost-effective for the marketer while being much easier to use and more transparent for the end customer," said Snipp CEO Atul Sabharwal.

Church & Dwight is using the new service to provide its customers with a $10-off coupon.  To qualify, they need to buy two one pound boxes of Arm & Hammer Baking Soda between October 1, 2012 and February 1, 2013, and submit photos of their receipts and the two boxes by email or messaging. 

Once this is validated, the customers will get back a $10 savings coupon from 1-800-Flowers.com. 

The news today follows Snipp's release of third quarter results on Wednesday, when it reported a more than 50 per cent increase in revenue, citing a growing sales channel through existing and new customers. 

For the quarter that ended September 30, the company reported revenue of $141,459, up from $94,118 the prior year period. Indeed, earlier this week, the mobile marketing company announced a new contract from existing customer Meredith Corp (NYSE:MDP). The two parties  partnered to launch a "revolutionary" new annual program, which is powered by Snipp's 'Mobilize Me' platform and its new Mobile Microsite builder. 

The new program is aimed at digitally enhancing  Meredith Corp's  Special Interest Media (SIM) group's reader response activation program. Meredith, responsible for brands such as Better Homes and Gardens, Allrecipes.com, EveryDay with Rachael Ray, and Ladies' Home Journal, among others, said the program will provide participating advertisers with customized mobile websites, in addition to the ads they run in the magazine. 

Snipp provides print publishers, advertising agencies and corporate/consumer brands with a full suite of mobile marketing services in North America. Its '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.

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). 

The company has also expanded its suite of mobile marketing services in Mexico through a license agreement with digital marketing agency Virket S.A., providing mobile marketing services in the Mexican market together on an exclusive basis. 

The deal proved lucrative, as back in October, it inked a deal with Mexican yellow pages publisher, Sección Amarilla, and telecom operator Telmex to create a marketing campaign for cell phone and tablet users.  Telmex is owned by Fortune 500 company America Movil, the largest telecommunications company in Mexico. 

Hemispherx awaits FDA decision on Ampligen NDA for chronic fatigue syndrome - "The Pink Sheet Daily"

Hemispherx BioPharma (AMEX:HEB) was recently featured in an article in the "The Pink Sheet Daily", which outlines the boost in drug development efforts from the FDA for chronic fatigue syndrome (CFS), and discusses the progress of the company's Ampligen drug - a potential first approved treatment for the disease. 

The writer of the piece, Sue Sutter, says that the FDA has embarked on a drug development initiative for chronic fatigue syndrome and myalgic encephalomyelitis, and at the same time it is considering whether Hemispherx’s Ampligen should be the first drug approved for CFS.

The agency is planning a series of activities with patients, advocacy groups and other stakeholders focused on development of drugs to treat the symptoms of CFS/ME. 

These actions are aimed at exploring the burden of disease and its impact on quality of life, quantitative outcome measures or endpoints that determine if symptoms improve with intervention, and how drug efficacy should be clinically tested based upon these endpoints or measurements, the FDA announced on its website.

"The initiative is a major step in FDA’s efforts to raise the profile of CFS as a drug development target," Sutter writes. 

The agency suggested an accelerated approval route as an option, Sutter continues, and in doing so, "appears to be following the directive laid out in the FDA Safety and Innovation Act (FDASIA), which was signed into law on July 9."

In addition to reauthorizing PDUFA, FDASIA included provisions aimed at encouraging broader use of regulatory mechanisms, such as accelerated approval and fast track designation, to speed the approval of drugs for serious and life-threatening conditions.

Cue Hemispherx. The company, amid this regulatory environment, is on the cusp of a potential breakthrough as it sits on what could potentially be the first recognized commercial treatment for CFS – with just months away from anticipated FDA approval. 

Hemispherx’s resubmitted new drug application for Ampligen is currently under review by the Division of Pulmonary, Allergy and Rheumatology Products, with a February 2, 2013 deadline date. The company has said it expects an FDA advisory committee meeting on the application on December 20.

Ampligen, which has been in development for about 20 years, has faced a series of regulatory challenges, including a 2009 complete response letter in which the FDA requested an additional clinical trial. 

But in July, Hemispherx announced that the FDA had reversed its previous decision, agreeing to review new analyses of a previously completed phase III trial - in lieu of requiring an additional trial. 

This is in part because in January 2011, the Center for Drug Evaluation and Research announced plans to consolidate oversight of CFS treatments in the Division of Pulmonary, Allergy and Rheumatology Products, whereas previously, CFS applications were assigned to at least six different review divisions. 

In a recently filed 10Q report, Hemispherx said that Ampligen, which has orphan drug status, represents the first drug in the class of large RNA (nucleic acid) molecules to apply for NDA review.

Nucleic acid compounds represent a potential new class of pharmaceutical products that are designed to act at the molecular level for the treatment of human diseases. RNA is a group of naturally occurring informational molecules which orchestrate a cell’s behavior which, in turn, regulate the action of cells that compromise the body’s immune system.

The drug, which is a 30-minute infusion into the bloodstream, works by stimulating the immune system through a receptor called TLR-3. 

Clinical trials of Ampligen already conducted by the company include studies for the potential treatment of CFS/ME, Hepatitis B, HIV and cancer patients. 

"All of these potential uses will require additional clinical trials to generate the safety and effectiveness data necessary to support regulatory approval," it said. Over 1,000 patients have participated in the Ampligen clinical trials representing the administration of more than 90,000 doses of this drug.

According to the Center for Disease Control, there are around 4 million people affected by CFS in the US, costing the nation around $9.1 billion per year.  The illness, which has an unknown etiology thought in part to be related to immune dysfunction, causes profound fatigue and other debilitating symptoms, with much of the impacted population bedridden. 

In March of this year, a peer reviewed analysis of data from the a trial of Ampligen was published showing that the proportions of Ampligen patients with exercise improvements of at least 25% and at least 50% respectively, were 1.7 and 1.9-fold greater than those patients on placebo, Hemispherx said. 

Along with this data, the new analyses contained in the resubmitted filing included an examination of quality-of-life parameters in patients who either met or failed the primary endpoint of exercise treadmill testing.

The NDA also included an analysis showing that compared to those taking placebo, patients on Ampligen were able to reduce their use of concomitant medications that may prolong the QT interval. Prolongation of the QT interval is a risk factor for arrhythmia and sudden cardiac death.

In a statement announcing the resubmission, Hemispherx said:  “Hemispherx believes that the data and analyses provided in its complete response may be relevant to the potential for approval of Ampligen under this expanded statutory authority. 

“There can be no assurance, however, how the FDA will implement the new FDASIA provisions.”

Hemispherx also owns Alferon N Injection, which is an injectable formulation of natural alpha interferon, which was approved by the FDA in 1989 for the treatment of certain categories of genital warts - one of the main culprits of cervical cancer.  

Commercial sales of Alferon were halted in March 2008 when the company's finished goods inventory expired, and since then, it has been working to build a bio reactor manufacturing facility with a 600 litre tank, investing around $8 million to expand its capacity. The FDA is expected to visit and inspect the facility soon, with sales anticipated to start following this sometime in 2013. 

Transeuro Energy enters negotiations for Ukraine licenses, updates on proposed financing

Calgary-based Transeuro Energy announced Thursday that it has launched negotiations with the Ukraine government to amend their joint activity agreement on some licenses, and also provided an update on its proposed financing. 

In the first release Thursday, the oil and gas explorer said it has entered negotiations related to the Karlavskoye and Krasnapolianskoye licenses. The Krasnapolianskoye license expired on November 21, and its government partner is in the process of renewing the license.

The current negotiations also include discussions over the construction of a gas treatment plant (GTP) and tie-in of wells on the Krasnapolianskoye license, Transeuro said, as well as the objectives and well design for the Karl-102 well on Karlavskoye and other terms. 

The parties said they have agreed to abandon the Karl-101 well, following the suspension of operations at the well after failing to achieve a commercial gas rate from the lower intervals earlier this month. 

In the short term, the oil and gas company is changing its focus to the adjacent Krasnapolianskoye field and the two shallow wells that are available for production, with the goal of establishing first gas sales next year. 

In a separate statement Thursday, Transeuro said it will no longer be proceeding with its proposed shelf prospectus and exemptive relief application in connection with the share purchase agreement with YA Global Master Fund SPV, for which terms were revised in October. 

The company is now seeking approval from the TSX Venture Exchange to the shelf purchase agreement, which could require further amendments. 

Century Iron Mines forms Sunny Lake joint venture with Wisco, increases resources

Century Iron Mines Corp (TSE:FER) and Wisco International,  a unit of Wuhan Iron & Steel, also known as China's third-largest steel producer, have completed the formation of their joint venture for Century's Sunny Lake iron ore property in Quebec, as per an agreement signed in December of last year. 

The deal provides that Wisco will make a total investment of $40 million into the Sunny Lake project, in exchange for a 40 per cent stake in the venture. 

The investment will be made through reimbursing Century for some exploration expenses incurred on the project so far, as well as through the funding of new exploration costs. 

After the $40 million is spent, Century will hold 60 per cent of the venture going foward, and Wisco will own the remainder, with each party funding expenses on a pro rata basis according to their respective interests. 

The Sunny Lake project, which covers around 24,000 hectares, consists of two separate areas - Lac Le Fer and Rainy Lake. Late last month, Century crossed another milestone as it announced a first mineral resource statement for its Rainy Lake iron deposit, also known as the Full Moon prospect.

The Full Moon deposit is now estimated to contain an indicated mineral resource of 7.26 billion tonnes grading an average of 30.18% total iron. This is on top of an inferred resource of 8.69 billion tonnes grading an average of 29.86% total iron, both at a cut-off grade of 20% total iron.  

The NI 43-101 compliant resource estimate was prepared by SRK Consulting, and was based on data acquired by Century in 2011 and 2012, comprised of 124 core boreholes

"We have made substantial progress in advancing our exploration programs at the Sunny Lake Project with the investment commitment of WISCO International," said Century president and CEO Sandy Chim. "These exploration programs have led to our first resource statement on the Full Moon deposit that we announced on October 22, 2012. 

"The proceeds of WISCO's investment under the Sunny Lake Joint Venture Agreement will help to both advance our exploration at the Sunny Lake Project and enable us to complete a preliminary economic analysis on the Full Moon deposit and explore the direct shipping ore (DSO) targets on the property. 

"We continue to believe that the Full Moon Deposit and the DSO targets offer the potential to be a strategic development project well positioned to fulfill the needs of WISCO International as our strategic end user, and that the closing of the Sunny Lake Joint Venture today is consistent with that belief."

Direct shipping ore (DSO) refers to iron ore that can be shipped directly to a steel furnace. 

DSO mines are typically rarer than the magnetite-bearing banded iron formations, but are considerably cheaper to mine and process as they require less beneficiation due to the higher iron content. Export-grade DSO ores are generally in the 62 to 64 percent iron range. 

The Full Moon deposit, however, is being developed for its taconite iron potential. 

Taconite is a variety of iron formation, which is an iron-bearing sedimentary rock, and has been mined in North America for a number of decades as its constancy of ore characteristics on a very large scale has been an important source of iron supply for the US steel market for many years.

Century said that it has formed a management committee with Wisco for the Sunny Lake joint venture, which will oversee the exploration and development of the project. 

Century Iron Mines is Canada's largest holder of iron ore land claims in a public company, with interests in several properties in the Provinces of Quebec and Newfoundland & Labrador. 

In late September, the company released the initial mineral resource statement for its Hayot Lake iron deposit in Quebec on the Attikamagan iron project, calling it a “defining milestone”.

In a seperate letter Thursday, the company said that today, it has 8.31 billion tonnes of measured and indicated resources, and 10.98 billion tonnes of inferred resources under management. 

This is up from 31.3 million tonnes of measured and indicated resources and 821.1 million tonnes of inferred resources as of August 26 this year. 

The company is backed by two Chinese strategic partners through financing and off-take agreements: MinMetals and Wisco International. Support from these two massive Chinese conglomerates, which are ranked among the Forbes Global 500 and are two of China’s largest mining companies, must mean Century Iron has the goods to back itself up. 

In 2010, the Wisco group produced 36 million tonnes of crude steel, ranking as the fourth-largest steel mill in China and the fifth-largest in the world. 

Pressure BioSciences says Ironridge converts final series E preferred stock into common shares

Pressure BioSciences (OTCQB: PBIO) has announced that Ironridge BioPharma has converted its remaining 200 shares of the company's series E convertible preferred stock into common stock. 

These funds have allowed Pressure BioSciences to implement its new sales and marketing strategy, which led to a record third quarter, CEO Richard Schumacher tells Proactive Investors. 

Following this conversion, all 500 shares of series E preferred stock purchased by Ironridge in the $500,000 registered direct offering with the company in April have been converted. 

The total number of shares of common stock issued to Ironridge was roughly 1.1 million. 

“We greatly appreciate the investment made by Ironridge this past April. The funds received were used in part to support the new marketing and sales program that we introduced earlier this year," added Schumacher in a statement. 

"We believe this program played an important role in helping us achieve record PCT Products revenue in the third quarter of 2012, and will also play an important role in our anticipated future revenue growth. 

"We also appreciate Ironridge’s open dialogue and support, as their cooperation helped ensure a smooth and mutually beneficial transaction.”

Earlier this week, Pressure BioSciences (OTCQB:PBIO) inked a two-way strategic marketing, selling and distribution agreement with UK-based biomedical product provider Constant Systems, with the deal to expand Pressure's international reach into 12 additional countries. 

The life sciences company's pressure cycling technology (PCT) platform uses rapid and repeating cycles of hydrostatic pressure at controlled temperatures to extract cell components in the preparation of a biological sample - such as DNA and proteins from humans, animals and plants - for further study. 

Its PCT products can be used for mass spectrometry, biomarker discovery, bio-therapeutics, vaccine development, forensics, and counter-bioterror applications, among other applications.

Under the agreement, US-based Pressure BioSciences now has non-exclusive rights to market, sell and distribute Constant Systems' high pressure cell disruption equipment and consumables, which are used particularly for the extraction of proteins, in the US, Canada and Mexico. 

Meanwhile, Constant gets the rights to market, sell, and distribute Pressure BioSciences' patented PCT-based instruments and consumables in England, Scotland, Wales, Ireland, Spain, Portugal, Italy, Norway, Sweden, Finland, Denmark, and Singapore. 

The parties have also started discussions on the possibility of expanding the agreement to include cooperative research, development, and manufacturing in the near future.

Last week, Pressure BioSciences announced its quarterly results, posting a 40 per cent increase in revenues for its third quarter, as revenue from PCT products and services was $297,867 in the latest period, up 37 per cent year-over-year. 

The company said it installed eight PCT sample preparation systems in the latest period, while sales of PCT-based consumables generated sales of around $28,000 - a rise of 33 per cent. 

Focus Graphite takes legal recourse regarding Labrador Trough properties

Focus Graphite (CVE:FMS)(OTCQX:FCSMF)(FRANKFURT:FKC) has said that it is exercising a legal recourse against certain parties with regards to a transaction for the Labrador Trough group of properties. 

Focus said in a statement Wednesday it has taken steps to protect its rights and claim damages, and initiated required action under applicable contracts.

No other details of the legal action were divulged, though the company said it would strive to keep its shareholders informed of any developments regarding the matter on a timely basis. 

According to Focus Graphite's website, its longer-term development project in the Ungava-Labrador Trough region of Northern Quebec holds potential economic prospects for the discovery of gold, platinum, palladium, copper, zinc and nickel.

It owns 100 per cent of these 13 properties covering some 668 square kilometres running north-south from its Lemming property in southwestern Ungava Bay to Fox, some 75 kilometres east of Schefferville, Quebec.

Focus Graphite also boasts what it says is “the best technology-grade graphite in the world” at its flagship NI 43-101 compliant Lac Knife deposit, located in the Côte Nord region of Quebec.

Just yesterday, the company announced that Grafoid Inc - a privately held joint venture in which it holds a 40 per cent stake - has inked a three-year research and development agreement with Hydro-Quebec's Research Institute for the development of next generation rechargeable batteries, using graphene and lithium iron phosphate materials. 

The source of the graphene is Focus' Lac Knife graphite deposit. The parties said they chose to focus their collaboration on LFP-graphene batteries and materials because of their "short-term-to-market potential."           

Two key target markets were highlighted in the agreement  - the rechargeable automobile battery sector, and batteries for mobile electronic devices used in smartphones, computing tablets and laptop computers - areas for which demand is projected to grow dramatically. 

The company says that Lac Knife is unique because of its cost-mitigating, high concentration of large, medium and small flake graphite. Flake graphite - the most actively pursued type of graphite and associated with next-generation technologies - is made up of layers of graphene. 

One of the most important milestones achieved by the company this year was its long-awaited preliminary economic assessment (PEA) on the Lac Knife project, showing average concentrate grades of 92% graphitic carbon.

With a mine life of 20 years, the open pit operation is expected to yield 300,000 tonnes per year, with life-of-mine production of 928,000 tonnes of concentrate at 92% graphitic carbon on average, or approximately 46,600 tonnes of concentrate per year.

Pre-tax net present value - at a 10% discount rate - was estimated at $246 million with a 32% pre-tax internal rate of return and a pre-tax payback period of 2.8 years.

Initial capital cost was projected at $154 million, inclusive of $33 million and $24 million in working capital and contingency (25 per cent), respectively.

UPDATE: Avrupa Minerals shares boosted after polymetallic find in Kosovo

***Updated with the latest share price data on Avrupa Minerals***

Vancouver-based Avrupa Minerals (CVE:AVU) saw its shares rise more than 10 per cent Wednesday after it announced the discovery of a polymetallic gossan zone on its newly-acquired Slivovo exploration license in Kosovo. 

The junior explorer's stock rose over 10 per cent to 16 cents on the TSX Venture Exchange, with around 48,000 shares changing hands - far exceeding the average 50-day trading volume of 9,418. 

The outcropping and gold-bearing discovery is located around 15 km southeast of Prishtine, the capital city of Kosovo. Late last year, the company's geologists discovered the gossan zone near the village of Pester, and applied for an exploration license surrounding the prospect.

The Slivovo exploration license was granted to Avrupa's subsidiary in June. 

The vertically-oriented gossan zone, which the company said may represent leached massive sulfide material, is 200 metres long with an average width of 100 metres, and a height of 75 metres.             

Rock chip sampling of the Pester gossan zone returned an average of 1,825 parts per million (ppm) of lead, 3,647 ppm of zinc, 11.47 ppm silver, and 2.09 ppm of gold from 22 samples. 

Geological mapping of the area has since indicated potential for "gold-bearing, massive sulfide mineralization of the style common in the Vardar Zone", Avrupa said, which extends through east-central Europe. 

The junior explorer noted that mining activities in the Vardar Zone for base metals, silver and gold have been known since the Roman times. Two nearby massive sulfide deposits, Stan Terg and Artana, are now being mined by Trepca Mines - the former state-backed mining company of Kosovo. 

Avrupa said it has continued first-pass exploration work during the past few months, and outlined a blind massive sulfide drilling target beneath the gossan zone. It also found more gold-bearing rock units in the Pester area as soil and rock chip sampling outlined two areas with anomalous gold results. 

The first of these areas surrounds the gossan zone, and measures around 500 by 150 metres in size and is potentially open along strike, while the other gold anomaly lies nearby altered intrusive rocks and is 900 metres long, with a known width of 100 to 150 metres. 

The company said it is not possible at this time to determine the actual sub-surface projection of the outcropping mineralized target rocks, and is in the process of making applications for trenching of this new discovery. 

Avrupa expects to receive permits for work late in the first quarter of next year, when the end of winter conditions will allow for surface exploration work on the license area.            

The company holds five exploration licenses that cover approximately 153.3 square kilometres in Kosovo. In addition to the Slivovo discovery, it has drill-ready targets on the Kamenica porphyry prospect, also close to Prishtine, and on the Glavej/Selac massive sulfide prospect, near Mitrovice in northern Kosovo. 

It also holds the early-stage Koritnik gold target in southern Kosovo, as well as properties in Portugal and Germany. 

Avrupa operates two joint ventures in Portugal, including the Alvalade joint venture with Antofagasta for copper-rich massive sulfide deposits, and the Covas joint venture with Blackheath Resources (CVE:BHR) in northern Portugal, for intrusion-related, gold-tungsten deposits.

On Monday, the company reported first drill results from the Covas joint venture, which the company said confirms the high grade tungsten nature of historic results from the 1970s. 

The company also has several other precious and base metal targets that it is upgrading to JV-ready status, including the porphyry copper-gold potential in southern Portugal in the Alvito license area.

Gold Resource Corp declares November monthly dividend

Gold Resource Corp (NYSE MKT:GORO) declared its monthly dividend for November of 6 cents per share, payable on December 24 to shareholders on record as of December 10. 

Earlier this month, the Mexico-focused gold producer announced third quarter results, reporting a 54 per cent increase in gold equivalent production over the prior quarter, when the company saw some production challenges. 

“Our 54% increase in third quarter production was the result of overcoming many challenges including increasing water, increasing CO2 gas and mine development hurdles,” said Gold Resource president, Jason Reid, at the time. 

“We continued to upgrade our management team which I believe was in large part the reason behind the increase in production."

Indeed, in early November, the company hired Barry Devlin as its new VP of exploration, who has 31 years of professional experience in managerial phases of exploration and mine geology, with responsibilities including reserve calculations, mine development planning and grade control.

It also appointed Jesus Rivera as general manager of its Mexican Oaxaca mining unit, which is responsible for its El Aguila project, in October.  

The Mexico-focused gold producer said that for the third quarter that ended September 30 it produced 22,336 ounces of precious metal gold equivalent, up from 14,488 ounces in the previous quarter. 

Production was down year-over-year, however, from 25,289 ounces a year ago. The company realized higher average gold prices at $1,769 an ounce, compared to $1,702 an ounce in the same period last year, offsetting the decline in year-over-year production. 

As of mid-November, Gold Resource Corp returned more than $63 million to shareholders in monthly dividends since starting commercial production at its El Aguila mine in July 2010, and is the first company to offer stakeholders the option to convert their cash dividends into physical gold or silver. 

Montero Mining generates heat from Mintek and strategic investor deals

With potential rare earth refining cost-savings from a technical deal and a possible strategic investor emerging for its rare earth production aspirations, news flow has certainly quickened for Montero Mining and Exploration (CVE:MON).

Montero is engaged in the development of its flagship rare earth element (REE) project at Wigu Hill, Tanzania.

Wigu Hill is a high-grade, undeveloped light REE deposit, where the current focus is a fast-track strategy to advance a portion of the large deposit to the mining and production stage. It covers a 142 square kilometre area and grab samples have yielded results as high as 27.25% total rare earth oxides, with up to 16.68% from drilling.

The company also has four phosphate assets in South Africa and uranium assets in Tanzania and Quebec, Canada.

"We're potentially looking at a technological breakthrough in terms of extracting rare earths to reduce capital and operating costs," Montero Mining CEO Dr. Tony Harwood tells Proactive Investors.

Last month, Montero and Mintek, South Africa's national mineral research organization with over 25 years of experience in REE extraction, agreed to collaborate to "further develop and optimize" the Montero leaching process.

Mintek will continue Montero's bulk leach test program to optimize the leaching process and conduct a rare earth extraction process at pilot plant scale. In return, Montero will provide Mintek with a bulk sample from the Wigu Hill Deposit to be used as part of Mintek's program to develop its independent, proprietary refining technology.

"Mintek are a world leader in mineral extraction - we have been working with them for nearly 2 years. They have some interesting ideas they want to test," Montero's Harwood says.

In terms of progress at Wigu Hill, Harwood comments: "We still continue our exploration of the rare earth deposit and have progressed our EIA application because we're targeting  a mining license application next year as we try to bring a small portion of the project to a mining stage."

In late summer, Montero started two pivotal environmental studies at Wigu - an environmental impact assessment (EIA) and an environmental and social impact assessment (ESIA) - both of which are part of the process for getting a mining licence.

Montero also acquired a two-year extension to its prospecting license in Tanzania until June 30, 2014.

"We want to try to get to the mining stage as soon as possible," Harwood adds.

The company is also considering the possible sale or a joint venture deal for its phosphate exploration projects in South Africa. 

Indeed, Harwood spoke to Proactive Investors while in South Africa, after having shown a group of potential investors around the assets. 

The company's CEO says he has seen "considerable interest" for the assets, one of the projects has a Preliminary Economic Assessment (PEA) completed earlier this year which carry a net present value of C$126.1 million at a discount rate of 10% and an internal rate of return of 38.14%.

Regarding near-term catalysts, Harwood highlights the "exciting" recent news on the signing of an arm's length, non-binding term sheet with a strategic investor for funding the rare earth company with a mine to refined rare earth for sale strategy.

"We have been looking for a year for an strategic investor or off take partner to help us build, not just a mine, but also a rare earth refinery."

The indicative term sheet sets out the terms and conditions of a potential agreement. Due diligence is still to be undertaken by the investor, Montero has said, the results of which are subject to approval by the executive management and the party's board of director. 

"The investment will be at the asset level and therefore our shareholders will not suffer any appreciable dilution," Harwood said.

"We have managed to secure a potential partner who wants to go with us the full way, who wants to mine and refine rare earth for sale.

"In 6 months' time we should have a fully-fledged partner who is going to help fund Montero, for an equity position in the rare earth company at an asset level.”

Earlier this year, the company also signed a non-binding off-take agreement with India's Star Earth Minerals, for the supply of light rare earths from its Wigu Hill project, with discussions for more off-take deals ongoing. This followed the company's success in producing the first samples of saleable concentrated rare earth chemical grade products from its project.

The asset is considered a "look-a-like" to Molycorp's (NYSE:MCP) Mountain Pass project in the U.S. as the REEs are hosted in the mineral bastnaesite, found in carbonatite dikes at Wigu Hill.

Snipp Interactive posts 50% rise in Q3 revenue as mobile marketing trend builds

Vancouver-based mobile marketing services firm Snipp Interactive (CVE:SPN) reported Wednesday a more than 50 per cent increase in third quarter revenue, citing a growing sales channel through existing and new customers. 

For the quarter that ended September 30, the company reported revenue of $141,459, up from $94,118 the prior year period. 

Just yesterday, the mobile marketing company announced a new contract from existing customer Meredith Corp (NYSE:MDP). The two parties  partnered to launch a "revolutionary" new annual program, which is powered by Snipp's 'Mobilize Me' platform and its new Mobile Microsite builder. 

The new program is aimed at digitally enhancing  Meredith Corp's  Special Interest Media (SIM) group's reader response activation program. Meredith, responsible for brands such as Better Homes and Gardens, Allrecipes.com, EveryDay with Rachael Ray, and Ladies' Home Journal, among others, said the program will provide participating advertisers with customized mobile websites, in addition to the ads they run in the magazine. 

Snipp provides print publishers, advertising agencies and corporate/consumer brands with a full suite of mobile marketing services in North America. Its '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.

Its revenue in the latest quarter was also supported by sales from new customers like Arm & Hammer that are using Snipp's new services such as Mobile Purchase Validation and Site Builder. 

"The trend we see in the mobile space is unquestionable and we will continue our march towards profitability in 2013," said CEO Atul Sabharwal.

"The new solutions we have launched in Q3, including Mobile Purchase Validation and Site Builder are truly unique in the marketplace and are getting excellent traction in the market. Put together, we have a holistic mobile solution incorporating Response, Infrastructure and Validation, and are best positioned to help our clients engage and interact with their customers on a turnkey basis in the mobile arena."           

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). 

Earlier this month, the mobile marketing services firm signed a strategic sales and marketing memorandum of understanding with Deedod, a national provider of digital media services. The news came one day after it inked a memorandum of understanding agreement with MDB Communications, a full service advertising and marketing communications firm.

The company has also expanded its suite of mobile marketing services in Mexico through a license agreement with digital marketing agency Virket S.A., providing mobile marketing services in the Mexican market together on an exclusive basis. 

The deal proved lucrative, as back in October, it inked a deal with Mexican yellow pages publisher, Sección Amarilla, and telecom operator Telmex to create a marketing campaign for cell phone and tablet users.  Telmex is owned by Fortune 500 company America Movil, the largest telecommunications company in Mexico. 

Snipp also recently kicked off its Middle East commercial operations with two high-profile campaigns in Kuwait with Asnan Tower, the biggest dental centre in the Middle East. 

"The quality of the brands we work with and type of campaigns we have launched (and are scheduled to launch), is a testament to mobile's capability to disrupt industries such as couponing and rebate redemption while reinventing publishing and consumer product marketing," added Sabharwal.               

Snipp reported a net loss before other items of $606,051 compared with a profit of $13,966 in the prior year period. The company said this was due to added investment in its "Mobilize Me" platform, and one time employee costs, as well as further refinement of its sales strategy. 

The mobile marketer is also responsible for "Face-in-the-Hole" - 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. 

The 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 by Facebook (NASDAQ:FB) - as well as Lightbox, Picplz, Scan and Dailybooth.

At the end of the third quarter, Snipp had current assets of $1.39 million and current liabilities $276,411.

International Tower Hill outlines development path for "world class" Livengood in 2013

International Tower Hill Mines' (TSE:ITH)(NYSE MKT:THM) new CEO updated shareholders Wednesday on its Livengood project in Alaska, assuring investors that the asset has "tremendous potential" to generate shareholder value. 

"The exceptionally large and strategically located Livengood gold deposit has a spectrum of development opportunities and ITH is focused on optimizing those opportunities to meet the challenges of today's market," said president and CEO, Donald C. Ewigleben after his initial two months on the job.

"Livengood is truly a world class gold opportunity that we believe will be developed and ITH owns 100% of this quality asset. 

"The development path for this deposit will be clearly defined by the ongoing metallurgical testwork and project optimization process, the results of which will be incorporated into the Feasibility Study (FS) scheduled for completion by mid-2013."

Next year, International Tower Hill will focus on determining the most cost effective and feasible development path for the project, which has 933 million tonnes of measured and indicated resources at an average grade of 0.55 grams per tonne (g/t) gold, for 16.5 million contained ounces, at a 0.22 g/t gold cut off. 

The company will also look to outline a staged funding strategy for the asset's development, and will implement an "aggressive" permitting path for the plan. 

The statement released Wednesday went on to outline the company's experienced Alaskan development team, which has a "proven track record of success". Ewigleben served as the chairman of the board since November 2011 and was involved during the early stages of Livengood’s exploration and development in the 1990s.  

"The company continues to broaden its scope of stakeholder engagement and enjoys a supportive and constructive relationship with surrounding communities and regulatory agencies which will be expanded during the permitting process," it said. 

Key milestones for Livengood that have been outlined for a target of mid next year include finalization of a full spectrum of metallurgical studies, and major site engineering and environmental work, which is already largely complete. 

A large portion of the metallurgical testwork has also been completed, with final results expected in the fourth quarter, ITH said, adding that the work will define the anticipated process flowsheet and recovery rates to be incorporated in the definitive feasibility study.

The company has also made key land acquisitions as well as infrastructure and logistical assessments for integration into different development scenarios, and has made initial contacts for potential project financing. 

International Tower Hill noted that it not only offers "unprecedented leverage to gold", currently trading at around $13 per contained measured and indicated ounce, but the project is also located in one of the most stable mining regions in the world. 

"Its access to a well-developed infrastructure network, experienced development team and strong local support truly makes the project unique among the near-term, undeveloped, mega gold deposits still controlled 100% by a junior," it said in the statement. 

Ewigleben said the company believes this will attract a strategic partner to help build the resource into a "world class mine". 

Avrupa Minerals reports polymetallic find in Kosovo, expects permit in Q1

Vancouver-based Avrupa Minerals (CVE:AVU) has discovered a polymetallic gossan zone on its newly-acquired Slivovo exploration license in Kosovo. 

The outcropping and gold-bearing discovery is located around 15 km southeast of Prishtine, the capital city of Kosovo. Late last year, the company's geologists discovered the gossan zone near the village of Pester, and applied for an exploration license surrounding the prospect.

The Slivovo exploration license was granted to Avrupa's subsidiary in June. 

The vertically-oriented gossan zone, which the company said may represent leached massive sulfide material, is 200 metres long with an average width of 100 metres, and a height of 75 metres.             

Rock chip sampling of the Pester gossan zone returned an average of 1,825 parts per million (ppm) of lead, 3,647 ppm of zinc, 11.47 ppm silver, and 2.09 ppm of gold from 22 samples. 

Geological mapping of the area has since indicated potential for "gold-bearing, massive sulfide mineralization of the style common in the Vardar Zone", Avrupa said, which extends through east-central Europe. 

The junior explorer noted that mining activities in the Vardar Zone for base metals, silver and gold have been known since the Roman times. Two nearby massive sulfide deposits, Stan Terg and Artana, are now being mined by Trepca Mines - the former state-backed mining company of Kosovo. 

Avrupa said it has continued first-pass exploration work during the past few months, and outlined a blind massive sulfide drilling target beneath the gossan zone. It also found more gold-bearing rock units in the Pester area as soil and rock chip sampling outlined two areas with anomalous gold results. 

The first of these areas surrounds the gossan zone, and measures around 500 by 150 metres in size and is potentially open along strike, while the other gold anomaly lies nearby altered intrusive rocks and is 900 metres long, with a known width of 100 to 150 metres. 

The company said it is not possible at this time to determine the actual sub-surface projection of the outcropping mineralized target rocks, and is in the process of making applications for trenching of this new discovery. 

Avrupa expects to receive permits for work late in the first quarter of next year, when the end of winter conditions will allow for surface exploration work on the license area.            

The company holds five exploration licenses that cover approximately 153.3 square kilometres in Kosovo. In addition to the Slivovo discovery, it has drill-ready targets on the Kamenica porphyry prospect, also close to Prishtine, and on the Glavej/Selac massive sulfide prospect, near Mitrovice in northern Kosovo. 

It also holds the early-stage Koritnik gold target in southern Kosovo, as well as properties in Portugal and Germany. 

Avrupa operates two joint ventures in Portugal, including the Alvalade joint venture with Antofagasta for copper-rich massive sulfide deposits, and the Covas joint venture with Blackheath Resources (CVE:BHR) in northern Portugal, for intrusion-related, gold-tungsten deposits.

On Monday, the company reported first drill results from the Covas joint venture, which the company said confirms the high grade tungsten nature of historic results from the 1970s. 

The company also has several other precious and base metal targets that it is upgrading to JV-ready status, including the porphyry copper-gold potential in southern Portugal in the Alvito license area.