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When are they going to announce the 2007 budget?
That is when I would geuss they announce the RV.
Tuesday 05 December 2006
training staff of "Iraqi stock market" in preparation to the beginning of electronic exchange
Iraqi national-WNA / Office of Jordan / A group of the Iraqi stock market staff begin an intensive training in the Jordanian capital of Amman in preparation for the start of the electronic exchange.
A delegation from the training staff of the Iraq market personal had arrived Friday to Amman for training on the electronic trading systems in a 30 days course.
There will be training on the installation of the systems special equipments and their operations and how to manage and maintain.
It is noteworthy that the erection of a network of information on the market began during the previous days
http://www.wna-news.com/inanews/news.php?item.1163.15
Not my words but a good read.
Why Did They Need To Do This ?
FACT: Under Saddams Husseins regime there were never any accurate banking audits, since the Iran/Iraq war1980-1988. No One knew the true wealth of Iraq.
FACT: As of2001 Iraq’s world debt exceeded $200 billion U.S. dollars ( Because of United Nation sanctions, there was NO free trade with Iraq since 1991, although Iraq’s oil was traded on the “black market”, heavy borrowing was necessary to maintain Iraq.
FACT: Saddam Hussein printed the old Iraqi currency (a.k.a “Saddam Dinar”) of his “freewill” whenever he needed financing for his last three wars or his foreign personal accounts.
FACT: Completion of the International Monetary Funds *Article VIII, Sections 2, 3, and 4 of the IMF's Articles of Agreement (scheduled to be completed by mid2006) is a requirement and the primary goal of Sinan Al-Shibibi, the Chairman of The Central Bank of Iraqis to recognize the Iraqi Dinar as a world convertible currency in 2006.
*Scheduled to be Completed Mid 2006 - RTGS ( Real Time Gross Settlement ) with individual interbank payment obligations being settled across Exchange Settlement accounts held by each bank at the Reserve Bank.
**Scheduled to be Completed Mid 2006 - ACH (Automatic Clearing House) Commencement of payments clearing system between the headquarters of commercial banks and the CBI through the Automatic Clearing House (ACH).
***Already in Its 2nd Quarter Phase - Elimination of Government Oil Subsidies.
(QUOTE U.S. Senate Foreign Relations Committee Chairman Dick Lugar “Reducing the fuel subsidy will begin in later this month (December2005) when the price of gasoline will go from 5 cents to 13 cents a gallon and is supposed to increase to normal market price around $1.82 in2006”. source Richard G. Lugar, United States Senator for Indiana - Elevating the Iraq Debate and INDEX
NOTE* - Keep in mind that the Iraqi economy has been devastated to 1/485th of it pre war value. Yet the basic necessity that drives, production, manufacturing and delivery of goods for any nations economy (namely oil and gas) will increase 3600 percent in Iraq for 2006. ( from .05cents to $1.82 in one year)
2)Mid Term Range - Gulf Cooperation Council (GCC). Founded on May 26th 1981 consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates have initiated membership for Iraq’s induction into the GCC.
What does this mean for the Iraqi Investor? (please read a,b,cbelow)
a) MANAMA, Sept 14 (KUNA) -- The Committee of Governors of Central Banks of GCC Countries, which met at the Bahraini capital Wednesday, approved the steps that were taken by members of the Gulf Cooperation Council in their effort to adopt a single currency by
b) BAHRAIN, (GULF DAILY NEWS) The GCC may have a common currency much earlier than the 2010 deadline, according to predictions by a top bank. Calyon Corporate and Investment Bank, part of the Credit Agricole Group, believes the GCC central banks have all the tools in place to let the project move ahead sooner than initially anticipated. "We believe that the GCC currency will be launched sooner than initially planned and that the Saudi Arabian Monetary Agency will take the lead because it is the best equipped bank to do so. It has all the supervisory tools in place," he said.
c) The Average currency value for these six GCC countries is $1.59 cents per unit of each countries currency. When a common currency is adopted for the GCC region, Iraq will have to be valued in this average, with plans to implement the GCC unified currency as early as 2007. But before this will happen Iraq must show the GCC that they can support its own currency value, thus revaluing their Iraqi Dinar is a mandatory pre-requisite.
The New Iraqi Dinar consists of 7 new denomination notes, the 50, 250, 500, 1000, 5000, 10000,25000, leaving room for the pre war ¼ dinar,½ dinar, 1, 5, 10 & 25 dinar notes which have yet to be circulated because they would currently have ZERO value. This currency is 100% legal to own, sell, trade and is encouraged by the Central Bank or Iraq.
Why are there large denominations ?
Oil rich countries in the past were common to have large denominational notes. For Iraq there is more prevalent reason. Since the 1990 U.N sanctions, Iraq has been a cash based economy. With the vast amount of reconstruction finances immediately needed to rebuild Iraq’s infrastructure, their largest currency note being the 25,000 dinar necessitates a significant revaluation to be needed from its present approximate dollar value of $20.00.In simpler terms, even to make a large purchase such as a car for example an Iraqi would need 2000 of the largest denominational notes. In time, after the IQD’s convertibility the larger dinar notes will be drawn out of circulation at a point when they are returned to the Central Bank of Iraq, which then, will be intended for interbank transactions, much like the history of the USA $500, $1,000, $5,000 & $10,000 that were also eventually removed from circulation.
You’ve seen and will see me mention the word revalue or revaluation several times in this letter. I’m implying to the future value of the Iraqi currency that was de-valued prior to the 2001conflict. I’d like to point out, that before 2001 many Iraqi professionals such as doctors, lawyers, teachers & business professionals alike, who were earning 300,000 Iraqi dinar, held a U.S. dollar equivalent worth of $93,000. Not much by today’s standards, but just imagine, that almost overnight in 2001, their 300,000 dinar was worth $239.00. A revaluation from the artificially imposed IMF rate of 1460:1 has already increased with the limited central banks instruments at their disposal and is an inevitable fact that the dinar will substantially increase when traded in a global economy.
Kuwait
20 Dinar was $2.00 USD 20 Dinar is NOW $68.00 USD
Oman
50 Dinar was $82.00 USD 50 Dinar is NOW $130.0 USD
Bahrain
20 Dinar was $27.00 USD 20 Dinar is NOW $54.00 USD
Jordan
50 Dinar was $55.00 USD 50 Dinar is NOW $70.00 USD
Iraq
50 Dinar was $161.0 USD 50 Dinar is NOW $00.04 USD
And yet it’s true that these countries are based on a 1,000 unit system, meaning the USA has 100 pennies to the dollar, mid east currencies are based on 1,000 fils (coins) equivalent to ONE dinar. All mid east countries have the ¼dinar, ½ dinar, 1,5, 10 & 25. (coins & notes) Iraq also used fil coins before the war, but for Iraq to have these lower denominations NOW serves NO feasible economic purpose but will allow Iraq to fill the “currency void” when the dinar is revalued.
Interesting enough?
MARKET TALK: Ivanhoe Mines Rallying
14:20 EST Tuesday, December 05, 2006
Edited by Paul Vigna
Of DOW JONES NEWSWIRES
(call: 201-938-5172; e-mail: paul.vigna@dowjones.com)
MARKET TALK can be found using N/DJMT
2:19 (Dow Jones) Ivanhoe Mines (IVN.T) shares rising today, and a variety of reasons are being cited for the rise, including small float, target price upgrades, expectations of good outcome at meeting between Rio Tinto (RIO), Ivanhoe and the Mongolian government over the pair's Oyu Tolgoi project, and belief some big share blocks have moved in a strategic investment play. Volume now well above average daily volume. Shares up 15.42% at C$12.65. (BRT)
2:05 (Dow Jones) Dollar mostly down against rivals after gaining earlier in the session on a stronger-than-expected November non-manufacturing ISM report. The data allow the dollar to climb back up through Y115 briefly and push the euro under the $1.33 mark, but the greenback has since given back much of its gains. At 2:00 p.m. EST, the euro stood at $1.3326 from $1.3326 late Monday, while the dollar was at Y114.84 from Y115.32 late Monday, according to EBS. The euro was at Y153.05 from Y153.70 late Monday. The dollar stood at CHF1.1913 from CHF1.1943 while the U.K. pound was at $1.9738 from $1.9802 late Monday. (ILD)
1:52 (Dow Jones) M&T Bank (MTB) is well positioned, but lacks the kind of levers that would drive upside surprises, Citigroup says after meeting with management. "We continue to be impressed with the quality and shareholder focus of this management team," firm says, "and believe that this management team will be able to sustain its track record of above average EPS growth in a challenging 2007. That being said we believe most of the low hanging fruit has been picked from integrating recent acquisitions and expense initiatives, and we do not see significant upside to 2007 EPS estimates." (PJV)
1:38 (Dow Jones) Comex gold and silver close lower largely due to profit- taking, several analysts say. Catalysts include drop this morning in crude oil and the euro, even though both later recover, market watchers say. Some also point to the approaching end of the quarter and year as an influence encouraging hedge funds to book profits. After the close but ahead of settlement, Feb gold is down $2.90 to $648, and March silver is down 20.5c to $14.04. (ALS)
1:34 (Dow Jones) Stock index futures continue to post gains though contracts are largely unchanged from earlier. Dec S&P is recently up 4.40 points at 1415.10, after having set a new contract high of 1417.20. Dec DJIA set a new 1- week high of 12350, though still short of 12368, the all-time high. Dec Nasdaq recently up 4.25 points at 1807.75. (JLT)
1:26 (Dow Jones) Railpower Technologies (P.T) clambering back from the abyss after reaching a deal to terminate a contract suspended in 3Q. Settlement cuts C$21M provision for contract losses by C$18.7M in 4Q, a "significant positive impact" on balance sheet. Railpower also gets three of its Green Goat locomotives back, and plans to resell them shortly. Investors had pounded Railpower last month on fears of a liquidity crisis; fears eased somewhat now. In Toronto, P.T up 28% to 62 Canadian cents. (MAG)
1:11 (Dow Jones) Centene (CNC) shares under pressure after Goldman Sachs cuts the stock to sell from neutral. With shares up almost 100% since a 2Q earnings miss, "high valuation does not adequately reflect the risk of another earnings shortfall," firm says. "We see significant risk to the 2006-2007 outlook given the company's aggressive (medical cost ratio) projections in its Georgia start- up and its optimistic assumption that 1H2006 medical cost pressures, which were geographically diverse, are non-recurring," Goldman adds. CNC off 9.6% at $ 24.35. (JHS)
12:57 (Dow Jones) Merck (MRK) shares up about 1.4% at $45.32 ahead of a conference call tomorrow morning during which executives will provide an overview of 2007 and long-term financial guidance. Investors may be expecting an '07 EPS forecast higher than the current Street mean view of $2.56, excluding one-time items. MRK previously said it expects adjusted EPS of $2.48 to $2.52 for 2006. MRK earlier reported positive data from study of Janumet diabetes drug. (PDL)
12:44 (Dow Jones) US stocks maintain modest gains as we head into the back half of the session. November ISM services report perhaps a signal the economic sky isn't falling, and offers some degree of courage for bulls. Consumer stocks, chips and financials show respectable gains; energy's flat, industrials a bit soft. Coke, Boeing and Merck among the Dow Industrial leaders; 3M's a drag. DJIA up about 23 points; Nasdaq ahead 2; S&P 500 gains 3. (JHS)
12:35 (Dow Jones) Buckingham Research downgrades Mellon (MEL) to accumulate from strong buy and upgrades Bank of New York (BK) to accumulate from neutral in wake of merger announcement. It expects MEL's long-term growth rate to be diluted by the outsized contribution to earnings from BK and its lower growth business mix -- corporate trust and clearing businesses vs higher growth global custody and asset management. MEL is less likely to get an asset manager P/E multiple (19X 2007 EPS), and more likely to trade with its trust bank peers (17X 2007), Buckingham says. (DAM)
12:23 (Dow Jones) Canaccord Adams backs buy rating on Fuel Tech (FTEK) after visits to plants using FTEK products. Says customer using FTEK product that helps coal-fired plants run more efficiently has boosted net power availability 7%. Another customer using air pollution control products has cut nitrogen oxide emissions more than 25%. Shares up 9.2% at $25.57 after earlier reaching 52-week high at $25.95. (JMA)
12:10 (Dow Jones) Lear (LEA) down 4.2% to $29.63, erasing yesterday's 4% gain. UBS downgrades LEA to reduce from neutral, largely due to expected underperformance of its Big Three customers in 2007. LEA also said last week that its deal with Wilbur Ross for the money losing interiors division is definitive, leaving few near-term catalysts. UBS expects cash generation and improvement in 2007 results, but thinks the stock is overvalued now, given the 2007 outlook for US auto makers and Ross deal all but done. (TAK)
12:01 (Dow Jones) Yahoo's (YHOO) share gains could be "tempered" until the benefits of Panama materialize, Goldman Sachs says. "The visibility of the financial impact of Panama remains limited based on our checks with numerous advertisers," firm says. "While the new system should improve monetization and potentially increase spending at Yahoo long-term, several questions remain." One is the learning curve for advertisers, and as advertisers move along the curve will they boost spending or defect to competitors, and will advertisers with improved returns increase or just maintain spending. YHOO up 1.5% at $27.30. ( PJV)
(END) Dow Jones Newswires
12-05-06 1419ET
Copyright (c) 2006 Dow Jones & Company, Inc.
NORTH AMERICAN GEM INC.1788-650 West Georgia StreetVancouver, B.C. V6B 4N8Telephone (604) 683-5445Toll Free 1-866-683-5445Facsimile (604) 687-9631www.northamericangem.cominfo@northamericangem.com North American Gem Inc.Potential Alternative Refining Processes, Markets Identified for Concentrate, Louise Lake Project December 5, 2006: North American Gem Inc. (TSX-V symbol: NAG) is pleased to announce that independently retained consultants and related experts in the field of base metal refining have identified numerous extraction techniques potentially employable as alternatives to standard smelting techniques for concentrate from North American Gem's Louise Lake deposit. This investigation was performed following results of a metallurgical study completed by G & T Metallurgical Services of Kamloops, British Columbia, Canada. North American Gem felt verification of the existence of potentially viable techniques was necessary for re-commencement of exploration on the Louise Lake copper-gold-molybdenum-silver deposit, due to challenges provided by arsenic grades of 11.4% in concentrate. The road-accessible Louise Lake property is located 35 kilometres west of Smithers, British Columbia, Canada, a full-service community with excellent access to highway, rail and electrical power infrastructure. One of the most promising extraction techniques is the "CESL" copper-gold extraction process, developed by Cominco Engineering Services Ltd. Advantages of this process include on-site processing, eliminating transportation charges, and modification of arsenic to environmentally stable ferric arsenate (CESL website, 2006). Acceptable feed ore minerals include chalcopyrite and enargite, the two copper minerals comprising almost all copper mineralization at Louise Lake, as determined by G & T Metallurgical Services. Another potential technique is the "BIOCOP" bioleaching process developed by BHP Billiton to treat ore containing chalcopyrite and enargite. The process has been shown to be effective, with high copper recoveries. A third potential treatment is "Total Pressure Oxidation", involving chemical oxidation of the concentrate. The residue fixes arsenic as an iron-arsenic precipitate. A fourth technique involves leaching of arsenic and antimony using high pH (strongly alkaline) solutions which can selectively remove arsenic and antimony. The cost of reagents for this particular process is very high; therefore viability will depend on metal value within the deposit. Various other copper leaching processes also exist, which deal with concentrates containing chalcopyrite that may also be amenable to extraction of copper from enargite. Viability of these will depend on rates of precious metal recoveries and quality of residues. At least two "standard" smelters may also be amenable to concentrate from Louise Lake, depending on volume submitted. The findings of these investigations indicate that extraction techniques for high-arsenic-bearing ores exist, together with acceptable disposability of arsenic. Economic viability will depend on costs of extraction and treatment, as well as typical mining, processing and shipping expenditures. North American Gem has now recommenced preparation of its planned 2007 diamond drilling program, consisting of approximately 6,000 metres consisting of approximately 20 holes. This program, to begin in early February, is designed to test potential strike extension of the deposit, as well as to upgrade current resource categories. The Main Zone hosts an unusual mineral assemblage, with copper occurring as a mixture of chalcopyrite and enargite, suggesting upper levels of a porphyry system. The 2004 and 2005 programs extended the known dimensions of the east-west striking, moderately north-dipping tabular Main Zone both to the west and east, as well as down-dip to the north. Year-2006 results indicate the Main Zone now has a minimum strike length of 950 meters, is up to 170 meters thick, and extends to a depth of 250 - 270 meters, where it is abruptly truncated by the flat-lying "Terminator" fault. In 2006 North American Gem commissioned G & T Metallurgical Services Ltd. of Kamloops, British Columbia, Canada, to conduct metallurgical testing of a 150-kg representative sample of Main Zone core. Excepting high arsenic levels, results were very positive, indicating that a copper concentrate containing 28.9% copper may be produced at a recovery of 85%. The concentrate contained payable levels of gold, at 17.9 g/t, at a recovery of 54%, as well as silver, at 364 g/t with a 44% recovery. The concentrate also contained 0.650% Mo at a recovery of 80%, potentially recoverable as a separate saleable product (see News Release dated November 16/06). The metallurgical study was done in response to positive results released in July, 2006 from the first NI 43-101 verifiable resource estimate on the property, done by SRK Consulting Canada Inc. and commissioned by North American Gem Inc. Results of this study are listed below: This News Release was reviewed and approved by Carl Schulze, BSc, PGeo, Qualified Person for the project, in accordance with regulations under National Instrument 43-101. All sample analysis was done by ALS Chemex of North Vancouver, British Columbia, Canada. The metallurgical study was done by G & T Metallurgical Services of Kamloops, British Columbia, Canada. Private PlacementThe Company has arranged a non-brokered private placement of up to 5,000,000 units at a price of $0.15 per unit for total proceeds of up to $750,000 subject to the approval of the TSX Venture Exchange. Up to 1,000,000 units will be issued as non flow-through units consisting of one common share and one full warrant. One full warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.175 per share for the first year, and $0.20 per share in the second year. Up to 4,000,000 units will be issued as flow-through units consisting of one common share and one half (1/2) share purchase warrant, one full warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.175 per share in the first year and $0.20 per share in the second year. The proceeds of the private placement will be used for exploration work on the Company's mineral properties and general working capital.
Ear on the Street
Angiotech Pharmaceuticals (ANP : TSX : $9.67 | ANPI : NASDAQ : US$8.44)
$325 million dollar debt deal
Blackmont Capital maintains "buy", 12-month target price is cut to US$14.00
RBC Capital Markets maintains "outperform", 12-month target price is US$14.00
Axcan Pharma (AXP : TSX : $16.73 | AXCA : NASDAQ : US$14.62)
In-line Q4
Blackmont Capital downgrades to "hold", 12-month target price is US$15.50
BMO Capital Markets maintains "market perform", 12-month target price is US$15.00
TD Newcrest maintains "hold", 12-month target price is US$14.00
BCE Inc. (BCE : TSX : $28.09)
To provide 2007 guidance on December 12
Desjardins Securities maintains "buy", 12-month target price is $32.50
Bonavista Energy Trust (BNP.UN : TSX : $28.19)
Analyst changes valuation model
TD Newcrest downgrades to "hold", 12-month target price is $29.00
Baytex Energy Trust (BTE.UN : TSX : $22.42)
Downgrade on stock price rise
CIBC World Markets downgrades to "sector perform", 12-month target price is $23.75
TD Newcrest downgrades to "hold", 12-month target price is raised to $23.00
Certicom Corp. (CIC : TSX : $5.33)
To report Q2 tomorrow
Canaccord Adams maintains "buy", 12-month target price is $10.00
Canadian Natural Resources (CNQ : TSX : $62.51)
Downgrade on stock price rise
Blackmont Capital downgrades to "hold", 12-month target price is $62.00
Canadian National Railway (CNR : TSX : $53.97 | CNI : NYSE : US$47.18)
Improving industry profitability is here to stay
BMO Capital Markets maintains "outperform", 12-month target price is $60.00
Countryside Power Income Fund (COU.UN : TSX : $6.48)
Possible distribution cut due to cross-default
RBC Capital Markets maintains "underperform", 12-month target price is $7.00
Canadian Pacific Railway (CP : TSX : $63.40 | NYSE : US$55.34)
Improving industry profitability is here to stay
BMO Capital Markets maintains "outperform", 12-month target price is raised to $69.00
Cognos Inc. (CSN : TSX : $48.94 | COGN : NASDAQ : US$42.77)
To report Q3 on December 20
TD Newcrest maintains "buy", 12-month target price is raised to US$49.00
Catalyst Paper (CTL : TSX : $3.08)
New board appointments
RBC Capital Markets maintains "sector perform", 12-month target price is $3.25
Equinox Minerals Limited (EQN : TSX : $2.05)
Formally signed debt financing package for Lumwana copper project
CIBC World Markets maintains "sector underperform", target price is $1.75
Enerplus Resources Fund (ERF.UN : TSX : $52.25)
Change to price target methodology
TD Newcrest downgrades to "hold", 12-month target price raised to $56.00
Ensign Energy Services (ESI : TSX : $19.05)
Forecasted slowdown in activity for Western Canada for 2007 over 2006
TD Newcrest downgrades to "hold", 12-month target price is $23.00
FNX Mining Company (FNX : TSX : $17.53)
Shares trading at a high for the year
BMO Nesbitt Burns maintains "market perform", target price raised to $17.65
Freehold Royalty Trust (FRU.UN : TSX : $13.90)
Change to price target methodology
TD Newcrest downgrades to "hold", 12-month target price is $15.50
Groupe Laperriere & Verreault (GLV.A : TSX : $30.62)
GLV emphasizes sustained profitable growth of 10%+ per year
Blackmont Capital maintains "buy", target price is $35.00
Gerdau AmeriSteel (GNA : TSX : $11.55 | NYSE : US$10.08)
Demand easing as both the housing sector and domestic auto production turn down
BMO Nesbitt Burns maintains "market perform", target price is $14.00
Great-West Lifeco (GWO : TSX : $33.47)
Announced acquisition of US$9B in 401(k) assets
RBC Capital Markets maintains "sector perform", target price is $35.00
Industrial Alliance Ins & Fin (IAG : TSX : $36.47)
Shares up 28% over the last year, reflecting success of Clarington acquisition
BMO Nesbitt Burns downgrades to "market perform", target price raised to $40.00
IPSCO Inc. (IPS : TSX : $120.62 | NYSE : US$105.45)
speculation of a takeover following the Oregon steel announcement
BMO Nesbitt Burns maintains "market perform", target price is $123.00
E.D. Smith Income Fund (JAM.UN : TSX : $4.92)
Announced December 1 that it would not meet its stated payout goal of 95% for 2006
BMO Nesbitt Burns maintains "market perform", target price lowered to $6.00
Continental Minerals (KMK : TSX-V : $1.66)
Merger with Great China Mining to be completed by the year end
Blackmont Capital maintains "buy", 12-month target price is $8.50
MDS Inc. (MDS : TSX : $21.02 | MDZ : NYSE : US$18.36)
FQ4/06 results scheduled for release Thursday December, 14 2006
RBC Capital Markets maintains "sector perform", target price is $23.00
Magna International (MG.A : TSX : $91.10 | MGA : NYSE : US$79.60)
Leveraged buy-out?
TD Newcrest maintains "reduce", 12-month target price is US$67.00
Precision Drilling (PD.UN : TSX : $28.35)
Lower earnings expected but still good value
TD Newcrest upgrades to "buy", 12-month target price is $34.00
Peak Energy Services Trust (PES.UN : TSX : $5.42)
Poor forecasts for earnings and activities
TD Newcrest upgrades to "buy", 12-month target price is $7.50
Pembina Pipeline Income Fund (PIF.UN : TSX : $15.68)
Increased cash distribution
CIBC World Markets maintains "sector perform", 12-month target price is increased to $15.00
PrimeWest Energy Trust (PWI.UN : TSX : $24.31)
Expectations that government will follow through with tax to income trusts
TD Newcrest upgrades to "hold", 12-month target price is $24.00
Penn West Energy Trust (PWT.UN : TSX : $35.91)
New valuation methodology
TD Newcrest downgrades to "buy", 12-month target price is increased to $39.00
QLT Inc. (QLT : TSX : $10.18 | QLTI : NASDAQ : US$8.89)
Six-month German approval received for Eligard
Scotia Capital Markets maintains "sector underperform", 12-month target price is raised to $5.50
Research In Motion (RIM : TSX : $157.09 | RIMM : NASDAQ : US$137.32)
Positive feedback for Pearl
Scotia Capital Markets maintains "sector outperform", 12-month target price is $183.00
Rio Narcea Gold Mines (RNG : TSX : $3.12)
Metal price assumptions have increased
BMO Nesbitt Burns maintains "market perform", 12-month target price is increased to $3.70
Saputo Inc. (SAP : TSX : $38.01)
Whey prices push spreads lower
TD Newcrest maintains "buy", 12-month target price is $42.00
SFK Pulp Fund (SFK.UN : TSX : $4.21)
Resuming coverage after acquisition
BMO Nesbitt Burns maintains "market perform", 12-month target price is $4.50
Energy Savings Income Fund (SIF.UN : TSX : $12.22)
Management optimistic over future customer growth
RBC Capital Markets reiterates "top pick", target price is $15.00
Trican Well Service (TCW : TSX : $22.71)
Lower earnings expected
TD Newcrest downgrades to "hold", 12-month target price is $22.98
TELUS (T : TSX : $55.90)
Consolidated revenue growth expected
Desjardins Securities maintains "buy", 12-month target price is $63.00
Vermilion Energy Trust (VET.UN : TSX : $33.14)
Offshore prospects supporting momentum
CIBC World Markets maintains "sector outperform", 12-month target price is $40.00
TSX Group (X : TSX : $48.19)
Implication of Montreal Exchange going public
Scotia Capital Markets maintains "sector perform", 12-month target price is $55.00
(VANCOUVER BC; December 5, 2006) CONSOLIDATED GOLD WIN VENTURES INC. (CGW TSX-V, FRANKFURT - OUH, PINKS - CGWVF) ("Gold Win") reports on the drilling that has started on its South Dolly Varden gold copper claims in Elko County, Nevada.
The first drill hole is nearing its extended target depth (originally 600 feet now over 700 feet) but has intersected several zones of altered mineralization that correspond to the predicted depth of the geophysical IP anomaly. This geophysical anomaly extends from the northern part of the property a minimum of 3000 feet south and is up to 600 feet wide.
No core has been split for assay as yet but the amount and description of the visible mineralization requires reporting. The hole was collared drilling to the east-southeast at a dip of -70�.
From the collar to approximately 178 feet depth limestone as found in the surrounding surface outcrops was encountered.
From 178 feet to 192 feet a zone of intense oxidized and rusty pyrite was intersected, with a visual estimate of between 15-20% sulphides.
From 230 feet to 275 feet a zone of intense rusty pyrite, jasperoid like material and clay epidote alteration is reported.
From 350 feet to 425 feet heavy alteration with clay and other alteration minerals reported.
At 437 feet the drill hole encountered a zone of mineralization and alteration that is currently being drilled at 545 feet. Within that zone are these zones:
440 feet to 480 feet fairly abundant azurite, malachite and chalcopyrite.
502 feet to 515 feet fairly abundant azurite, malachite and chalcopyrite including a 6 inch section of massive chalcopyrite.
515 feet to 525 feet jasperoid, rusty "rotten" broken core.
525 feet to 545 feet similar but skarn appearance and massive pyrite zones.
The company stresses that no assays have yet been received from this drill core as this first drill hole is still continuing, but the presence of the azurite and malachite is confirmation of the presence of copper in the zone and are consistent with what has been reported from surface investigations and sampling.
William Timmins P.Eng, a Qualified Person under National Instrument 43-101, has reviewed the contents of this News Release.
Laurence Stephenson, P.Eng is the consulting Geological engineer that has prepared this news release.
http://www.stockhouse.ca/exec_casts/co_detail.asp?tickerSymbol=V.CGW&edition=Aug2004
About Consolidated Gold Win Ventures
CGW is a progressive and rapidly advancing junior exploration company with interests in the North West Territories - Drybones Diamond properties, Nevada - South Dolly Varden Silver/Gold/Copper claims, British Columbia - Yeti Gold claims, Quebec - Raglan Platinum group metals claims.
Further information can be obtained by contacting:
Blair Naughty at (604) 683-3995
Or
Abby Farrage at (604) 671-4718
Souhail 'Abby' Abi-Farrage, President and Director
Consolidated Gold Win Ventures Inc.
Vancouver, BC
Email: moreinfo@v-cgw.com
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. The statements that are not historical facts are forward-looking statements involving known and unknown risk factors and uncertainties which may cause actual results to vary considerably from these statements. The risks and uncertainties include those described in the Company's periodic filings on SEDAR.
12/04/2006
- ANGLO SWISS RESOURCES ANNOUNCES flow through PRIVATE PLACEMENT
- Receives 5 YEAR DRILLING PERMIT on the FRY INLET DIAMOND PROPERTY
Anglo Swiss Resources Inc. (TSX-Venture-ASW, OTC BB – ASWRF, Berlin - AMO) is proposing a flow-through financing via a non-brokered private placement of shares utilizing the CRA Flow-Through Share Program. The corporation intends to raise $500,000 with the proceeds being used primarily to drill the Fry Inlet Diamond Property, Lac de Gras, NWT. The exploration expenditures incurred are renounced back to the participating investors as an Investment Tax Credit for their 2006 taxation year. This placement is subject to regulatory approval.
Each Private Placement Unit will consist of one (1) Flow Through Common Share (at $0.10 per Common Share), and one (1) Flow Through Warrant. Each whole Warrant will entitle the holder to acquire one (1) additional Flow-Through Common Share at an exercise price of $0.15 for a period of 12 months from the closing date. There is no finder’s fee payable in respect to this private placement, the shares and warrants will be subject to a minimum hold period, restricted from resale for four months from the closing date of the Offering.
The Company has received a Type “B” Land Use Permit for a period of five years for an initial 15 drill holes on the Fry Inlet Diamond Property and is targeting the LI-201 diamondiferous kimberlite and the associated “cluster-like” assemblage of 7 nearby geophysical anomalies.
Recent work on the Fry Inlet Diamond Property in 2006 included an airborne geophysical survey which was followed with another round of till samples. These programs identified over 112 targets of which the Company considers 12 to be “high priority” drill targets. These drill targets lie at the northern end of the Lac de Gras kimberlite cluster (Ekati and Diavik Diamond Mines) and include the Company’s LI-201 kimberlite body which proved significantly diamondiferous in a previous drill program.
Seven of these high priority targets surround and include the LI-201. Two prior drill holes produced 280 kilograms of kimberlite and the rock produced 60 diamonds larger than a 0.15-millimetre cut-off. The size distribution was encouragingly coarse as three stones sat on a 0.5-millimetre screen; 14 macro diamonds and 46 micro diamonds were counted. Anglo Swiss believes the body is a kimberlite “lobe” trailing away from a larger body possibly contained within the “cluster-like” assemblage. The latest geophysical data provides a likely target for that larger pipe.
On behalf of the Board,
Gods, speculators, politics, power companies, and the future of U.S. uranium
By: Dorothy Kosich
Posted: '05-DEC-06 08:00' GMT © Mineweb 1997-2006
RENO, NV (Mineweb.com) --A NUCLEAR PRAYER
Lord, we are especially thankful for nuclear power,
The cleanest, safest energy source there is except for solar,
Which is just a pipe dream.
---Homer Simpson
Before hopping on that runaway train to the promised land of riches through uranium investment, it pays to do a little homework and seriously contemplate the future of nuclear power.
During a short course on uranium Monday at the Northwest Mining Association conference, thousands of years of expertise in uranium and nuclear energy was evident among the packed audience of attendees who first cut their teeth on uranium exploration.
The most startling conclusion one could reach by glancing around them is that the future of uranium mining and nuclear power in the United States depends on a graying group of professionals who are rapidly approaching retirement.
As New Mexico attorney John Indall, counsel to the Uranium Producers of America, wryly noted Monday, uranium may be “the most perception-driven market there is.”
Many of the analysts, fund managers, traders and brokers who buy and sell uranium aren’t exactly in uranium because they envision a long, brilliant future for domestic nuclear power. The hedgefund managers seeking a quick profit sucked up excess inventory last year and are still active in what used to be a very predictable, closed market.
As many investors know, hedge funds can be very unpredictable on when they decide to unload their uranium investments. While speculator activity can drive prices even higher in the near term, once those hedge funds are eliminated, expect a drastic price dip as speculator stockpiles are eliminated.
THE BIG FEDERAL GORILLA
Worse news for uranium miners and explorationists is that their biggest competition may turn out to be the federal government, which is planning to put up at least 10% of its stockpiled uranium for sale. In the meantime, the DOE is expected to sell a lot more at auction in the next few years. If Russia appeared to have way too much processed uranium lying around, the feds’ holdings are the 800 pound gorilla of the U.S. uranium industry. The DOE plans to put up 5.5 million pounds for immediate sale, and has given high priority to the sale of an additional 12 million pounds.
Meanwhile, keep in mind that not only is the federal government a potential competitor, it also regulates and licenses power plants, provides the economic incentives to use nuclear energy, but it can also prevent a mining company from ever developing a mine.
The uranium markets don’t operate in the same fashion as commodities and precious metals. So little of the metal is traded on a daily basis internationally there isn’t enough volume to justify an open exchange like an LME for uranium. Despite all the hype of newsletter writers and other mining promoters, uranium experts, such as Treva Klingbiel, President of Trade Tech, say “we are a long way from the thousands of participants” found in other commodity markets.
Uranium also shares a familiar scenario with other mining-related commodities. The long period of depressed uranium prices has stifled investment in the industry, as well as uranium exploration. The fact secondary supplies of uranium are larger than other market segments means a lot more volatility for the metal’s price.
We hear a lot about the nuclear renaissance lately. However, that “renaissance” mostly applies to the United States. In the near term, uranium supplies aren’t exactly endangered. Canada, Australia and Kazakhstan are the big uranium miners with mining remaining in the hands of only a few. Seven companies accounted for 78% of world uranium production last year.
A lot of the mine supply coming on line in the next decade is already spoken for. The flooding problems at Cigar Lake are very bad news for the nuclear power industry, which often buys uranium that hasn’t even been mined yet. No matter how quickly Cameco gets Cigar Lake back on schedule, it will still hurt long-term supplies.
Nowadays, there is absolutely no flexibility whatsoever when it comes to the delivery of uranium for power producers, according to Cheryl Moss Herman of the Ux Consulting Company. When any one big uranium mining project is delayed significantly, it can wreak havoc with the delicate nuclear power balance internationally. For now, secondary supplies of uranium will meet 40% of the world requirement for the immediate future, dropping to 15% in the long run, according to the uranium and nuclear power experts.
Also keep in mind that nuclear enrichment markets shape uranium markets. Basically, uranium can keep producing and producing power until virtually nothing of the physical metal remains. But, the question still lingers, can enrichment supply be developed fast enough and cost-effectively enough to suit most power producers? What to do with that last remaining atom in spent fuel still remains an issue in the United States. If the Democrats of the U.S. Congress seriously consider nuclear energy as a reliable alternative energy, life could be good for the domestic power industry.
For argument’s sake, let’s say the Democrats favor nuclear energy as a power source. Someone has got to transport the stuff through urban areas. Someone else has to be willing to ship uranium and find a port willing to take it. And, with Senate Majority Leader Harry Reid of Nevada firmly in control of the U.S. Senate and time running out for the Bush Administration’s presidency, does anyone really think Yucca Mountain will be approved as a high-level nuclear waste repository in the near future?
FUTURE NUKE EXPERTS OR LACK THEREOF
Lest we forget, the Energy Information Agency, which will probably outlast both Bush Administration and the Senate Democrats, has a strong anti-nuclear bent. But, since the youngest professional on the EIA nuclear energy staff is believed to be 59 years old, no bent whatsoever may exist in the future within the agency.
And, did we mention that the Grand Junction Office of the DOE recently proposed closing four uranium sites in New Mexico, until someone, who thankfully happened to be buying attention, pointed out that the U.S. might actually need those mines in the future?
Being no dummies, the Nuclear Regulatory Commission is out beating the bushes to hire 300 to 350 people a year annually for licensing new nuclear power plants and enrichment facilities. The feds have even budgeted for fellowships and scholarships in nuclear power, if they can find young people willing to consider nuclear energy as a profession. Even utility companies are coughing up scholarships.
Meanwhile, that new generation of state and federal regulators still has to be educated regarding the environmental benefits of in-situ uranium technology. And, one can always count on the environmental NGOs to latch onto a monetarily profitable cause to oppose even if nuclear power is cleaner than oil or coal power. Just last week, former Vice President Al Gore told the Australians he does not support nuclear technology.
However, if an investor has the time and patience, good times could be ahead for domestic nuclear power. The U.S. nuclear industry has invested $1.5 billion to prepare for new reactor development. Numerous domestic nuclear companies have notified the National Regulatory Commission of their intent to submit project applications in 2007 or 2008 before the Bush Administration leaves office. Utility companies have selected domestic power plant sights to house their planned new reactor plants. As many as 20 new plant applications could be reviewed by the NRC in the next few years.
The secondary market is declining and increased uranium demand is expected in just a few years. Each new reactor requires an initial core. With the 168 new reactors planned international, an additional 300 million pounds of uranium will be required strictly to get the new reactors going.
SEEK GUIDANCE IN HOMER
Still to be factored into the uranium supply equation are international relations, such as the U.S./India and U.S./Russia Nuclear Cooperation Agreements, the Global Nuclear Energy Partnership/Institute of Nuclear Power Options multi-lateral nuclear cooperation, and the changing role of the International Atomic Energy Agency in shaping international nuclear policy.
D’Oh ! This reporter can’t even begin to fathom, let alone write with a degree of authority regarding the impact of these aforementioned agreements on the U.S. uranium sector.
Perhaps, would-be uranium investors might be better advised to seek out the opinions, wisdom and spiritual guidance of the world’s best known living U.S.-based nuclear power authority, Homer J. Simpson.
Mineweb always carries details of at least 20 independently written top mining, mining finance, metals and mining sector analysis articles on its homepage as well as a fast news feed to keep you right up to date with what is going on in the mining and metals sectors worldwide. These are continuously updated through the day. Click here to go to Mineweb's home page and access the latest news and comments on developments in mining and metals worldwide.
Haven't talked to him for a long time.
Maybe I'll give him a call and wish him a Merry Christmas.
NOPE!!!!!!!!!!!!!!!!!!!
Better than NAG that is for sure.
I remember JNN phoning me back about 8 - 12 years ago.
I think that they were trading around a quarter then
So next year they figure out which properties are hot and which are not.
So this isn't as bad as I thought?
STOCKS TO WATCH: Stocks Expected To Move Tuesday
20:20 EST Monday, December 04, 2006
SAN FRANCISCO (Dow Jones) -- Among the companies whose shares are expected to see active trade in Tuesday's session are Novell Inc., Sirius Satellite Radio Inc. and Henry Schein Inc.
AutoZone Inc. (AZO) is expected to report earnings per share for the first quarter of $1.68, according to analysts polled by Thomson First Call.
Copart Inc. (CPRT) is expected to report first-quarter per-share income of 30 cents.
Novell (NOVL) is expected to post earnings of 4 cents per share for the fourth quarter.
Pall Corp. (PLL) is expected to report first-quarter income of 24 cents per share.
Toll Brothers (TOL) is expected to post fourth-quarter earnings of $1.06 per share.
Wind River Systems Inc. (WIND) is expected to post second-quarter earnings per share of 8 cents.
World Wrestling Entertainment Inc. (WWE) is expected to report earnings per share for the second quarter of 13 cents.
After Monday's closing bell, Sirius Satellite (SIRI) lowered its year-end 2006 subscriber forecast, citing slower retail sales than expected since the Thanksgiving weekend.
Watch list
AMR Corp.'s (AMR) American Airlines said its November traffic fell 1.1% to 10.7 billion from 10.8 billion revenue passenger miles during the same period in the prior year. The carrier said monthly capacity decreased 3.7% to 13.4 billion available seat miles, while load factor was 79.7% compared with 77.6% in the year-ago period.
Asat Holdings Ltd. (ASTT) said it now sees fiscal second-quarter revenue of $ 41 million, and a net loss of $7.8 million, or 6 cents per American Depositary Share. The semiconductor package company said the quarter's revenue results were "slightly below" its original outlook due to an unexpected loss of manufacturing capacity in the back-end of the production line.
BEA Systems Inc. (BEAS) said its ongoing internal stock-option review has determined that the actual measurement dates for certain options differ from their recorded dates. BEA said prior financial statements should no longer be relied upon, and the company will restate results.
CMGI Inc. (CMGI) reported first-quarter net earnings of $10.3 million, or 2 cents a share, up from $2.13 million, or breakeven on a per-share basis, during the same period a year ago.
Comtech Telecommunications Corp. (CMTL) reported first-quarter net earnings of $10.8 million, or 41 cents a share, down 5.6% from $11.5 million, or 43 cents a share, during the year-ago period.
First Advantage Corp. (FADV) said it expects 2007 per-share earnings of $1.18 to $1.24, including an estimated 14 cents a share impact of expensing share- based compensation.
Ford Motor Co. (F) said it plans to offer $3 billion of senior convertible notes due 2036. The automobile company said it sees using the proceeds for general corporate purposes.
Furniture Brands International Inc.'s (FBN) Broyhill Furniture Industries unit said it's closing the case goods manufacturing facility located in Lenoir, N.C. The company sees charges associated with the closure of $3 million, or 4 cents a share.
Grupo Modelo (GPMCY) said it has reached an agreement for its partner Anheuser-Busch Cos. (BUD) to import Modelo's beers into China starting in January.
Health Care Property Investors Inc. (HCP) said it has sold 78 skilled nursing facilities for an aggregate of $443.5 million.
Henry Schein (HSIC) cut its fiscal 2006 profit forecast, citing lower-than- expected sales of certain vaccines.
King Pharmaceuticals Inc. (KG) said the Food and Drug Administration has approved the company's revised prescribing information for Skelaxin, a muscle relaxant.
Nastech Pharmaceutical Co. (NSTK) said its contract with Procter & Gamble Co.'s (PG) pharmaceuticals unit on an osteoporosis treatment has been amended. The $15 million in payments Nastech had expected to receive in 2006 have been deferred to a $5 million payment on the initiation of an additional phase II clinical study, and a $10 million payment on initiation of a phase III study.
Parkway Properties Inc. (PKY) said it now sees per-share funds from operations for 2007 of $3.80 to $4, compared with its prior view of $4 to $4.20. The real estate investment trust estimates that sales and joint ventures during 2007 will result in debt prepayment penalties and expenses of $2.8 million, or 18 cents per share.
Priceline.com Inc. (PCLN) said Hutchison Whampoa Ltd. (HUWHF) and Cheung Kong (Holdings) Ltd. sold about 3.8 million shares of Priceline's common stock in an offering underwritten by Goldman Sachs Group.
Retail Ventures Inc. (RVI) said it swung to a third-quarter net loss, as the company recorded a $30.6 million charge on the change in fair value of derivative instruments, of $34.1 million, or 72 cents a share. During the same period in the prior year, net income was $56.4 million, or 92 cents a share.
Syntax-Brillian Corp. (BRLCD) said it now expects revenue for the fiscal second quarter to be at or above the high end of its prior outlook of $178 million to $190 million. The digital entertainment products cited "early indications" of retail sell-through over the Thanksgiving weekend.
UAL Corp.'s (UAUA) United Airlines reported that traffic in November rose 2.4% to 9.13 billion revenue passenger miles. Load factor, or the percentage of the plane filled with passengers, fell 0.2 percentage points to 79.7%. Capacity increased 2.7% to 11.5 billion available seat miles.
(END) Dow Jones Newswires
12-04-06 2019ET
Copyright (c) 2006 Dow Jones & Company, Inc.
Flashback: Taragold (TRGD $0.89) - 8 month gains of 370%
The original Microcap Monday report (emailed to free subscribers March 19th) can be found here: www.stockhouse.ca/shfn/editorial.asp? edtID=18167
Proof that miracles really do happen on the Pink Sheets. While 90% of the stocks on this wild west exchange are nothing more than a disaster in the making (or a scam), ... Taragold which we featured at $0.19 has managed to gain 370% even with a poor share structure. Congrats to anyone who managed to hold on this long.
Bioscrypt (BYT/TSX $0.56)
www.bioscrypt.com
52 week high $1.34/Low $0.53
2006 Revenue Approx. $15 million
Losses of approx. $1 to $1.5 million per quarter
Approx. $6 million in the bank
Shares Outstanding: 60 million
Strategic partners and customers include: the U.S. Army, American Express, BellSouth, NASA, NATO, Continental Airlines, Intel, Atmel, HID Corporation, Honeywell, Mexico City International Airport, Madrid International Airport, Cairo Airport, the Kuwait Stock Exchange the Bahrain Ministry of Interior, South African Police, California City Hall, Superior Tribunal of Justice of Mexico City (the largest courthouse system in Latin America).
Strong growth in 2007 should come from several catalysts including the Homeland Security Presidential Directive 12's Personal Identity Verification program, the Registered Traveller program and the Transportation Workers Identification Credential program.
About Bioscrypt
Bioscrypt Inc. is a leading provider of advanced finger scan technology offering their customers a wide range of biometric options for secure access to facilities, equipment and information. Markets include Physical Access Control, Logical Access Control, Time and Attendance , Cash Handling and Loss Prevention. Industries include Transportation, Government, Airport and Airline, Banking and Finance, Healthcare.
Banks are eager to halt theft of personal information and airlines need to cut down security waiting time. Frost & Sullivan analyst Rob Allen predicts the market for this technology will top $1.4-billion (U.S.) by 2008. In 2004, the market was only $527-million (U.S.). Biometric technology identifies people by physical traits, such as fingerprints or voice. The Canadian Air Transport Security Authority has already adopted fingerprint-based biometric identification. Banks are experimenting with biometric technology to cut down credit card fraud, which amounted to $2-billion (U.S.) in 2005
Products:
www.bioscrypt.com/products/products.shtml
GSA Qualification in FIPS 201
This was an extremely important certification received a couple months ago that will open up tremendous opportunities in 2007. Bioscrypt's fingerprint algorithms were qualified by the General Services Administration (GSA) for use in the United States government's personal identity verification (PIV) program.
In August, 2004, Homeland Security Presidential Directive 12 (HSPD-12) was issued mandating the establishment of a standard for identification of federal employees and contractors and that a common identification credential be created to access both physical and logical assets. In response to this directive, the National Institute of Standards and Technology (NIST) published the Federal Information Processing Standard Publication 201 (FIPS 201), Personal Identity Verification (PIV) of Federal Employees and Contractors in February, 2005.
Under FIPS 201, the PIV credential is required to contain two fingerprint templates that are compliant with the ANSI/INCITS 378 fingerprint minutiae data interchange format standard, to enable the authentication of an individual. These two standards- based fingerprint templates are mandated to be stored on the PIV card and made available for use by agencies for physical and/or logical access control.
With the GSA listing, Bioscrypt's fingerprint algorithms are now qualified to be used to create the ANSI 378 templates required for PIV card issuance and for cardholder verification.
"We believe the FIPS 201 requirements are tailor- made for Bioscrypt solutions as they incorporate the products we have brought together to form our Door to Desktop technology. The opportunity exists to sell our biometric algorithm for use at the point of credential issuance; our readers for physical access control; and our software for logical access control," said Mr. Williams. "Our ability to sell our Veri-Series readers has positioned us as the market share leader in the biometric physical access control market as recognized by third party consulting firm Frost and Sullivan, and we plan on leveraging this position as we bring FIPS 201-compliant readers to market. We have also begun to position our VeriSoft application for this opportunity having already integrated the product with one of our partner's end-to-end FIPS 201 solution."
There is also increasing risk at ports and harbors throughout the United States and initiatives by Homeland Security include card readers and biometric (fingerprint) scanning for everyone working in these areas or arriving from overseas (especially at container ports). In the spring of 2006 a Bioscrypt technology partner AMAG (the Bioscrypt technology is embedded in their readers) was awarded a contract to protect one of the busiest port areas in the United States. With the approval of Bioscrypt's algorithms for FIPS, an entirely new set of security products will soon start to hit the market that should provide some of the most advance security in the world.
HSPD-12
Homeland Security Presidential Directive 12 (HSPD- 12), and the associated Federal Information Processing Standard 201 (FIPS 201) serves as the blueprint for what agencies can use to build their Personal Identity Verification (PIV) solutions.
The Office of Management and Budget (OMB) has directed federal agencies to purchase only products and services from the General Services Administration (GSA) Approved Products List for the implementation of their PIV solutions.
Under FIPS 201, the PIV credential, a card, is required to contain two fingerprint templates that are compliant with the ANSI/INCITS 378 fingerprint minutiae data interchange format standard, to enable the authentication of an individual. It is for this reason that Bioscrypt success this August in qualifying their ANSI 378 finger minutiae matching algorithm with the GSA was a major move forward.
Subsequent to that qualification, they also made announcements with respect to having a finished reader available for the program, using a GSA approved sensor, and that their VeriSoft offering supports the PIV logical access requirements.
The Stanford Group Company (an independent market research firm) values the HSPD-12 market at approximately $1.3 billion over five years, with the bulk of the revenue flowing in fiscal years 2007-2009. Bioscrypt has the technology and partnerships in place to take a substantial chunk of this market.
Conclusion
This is not a short term trade by any means, but should be a solid company with strong fundamentals and growth opportunities for 2007. Risks in the $0.50's should be minimal while it trades at the 52 week low. We'll follow it as a Q1/07 tech speculation but after that period we would re-assess based upon new contracts, financials, and the industry itself.
Equinox Minerals Limited (TSX and ASX symbol: "EQN") ("Equinox" or the "Company") is pleased to announce that it has signed a debt facility with a group of financial institutions ("the Lenders") to provide a total of US$583.8 million in senior and subordinated project finance for the completion of development and construction of the Lumwana Project ("Lumwana") located in the North Western Province of the Republic of Zambia.
Situated to the west of the world renowned Copperbelt in Zambia, Equinox owns 100% of Lumwana. With proven and probable reserves totalling 321 million tonnes of ore grading at 0.73% Copper, Lumwana represents one of the largest fully permitted copper projects in the world currently in construction. The Lumwana mine remains on schedule to commission during Q2 2008.
The project debt facility will be provided by a syndicate of European, African and Australian based Commercial Lenders, Developmental Finance Institutions ("DFIs") and Export Credit Agencies ("ECAs"), includes capitalised interest and comprises:
Debt Tranche
US$
Commercial Tranche:
ECA tranche provided by the Export Credit Insurance Corporation of South Africa ("ECIC") and the German Government ECA, Euler Hermes Kreditversicherungs-AG ("Hermes").
The ECIC finance was arranged and underwritten by The Standard Bank of South Africa Limited and Standard Chartered Bank, and the Hermes facility covers the KfW-IPEX Bank and West LB Lenders.
110,000,000
DFI Tranche:
DFI tranche of loans are provided by the African Development Bank (AfDB), DEG-Deutsche Investitions-und Entwicklungsgesellschaft mbH ("DEG"), the European Investment Bank (EIB), the Export Finance and Insurance Corporation of Australia ("EFIC"), Nederlandse Financierings-Maatshappij voor Ontwikkelingslanden N.V. ("FMO"), KfW-IPEX Bank and the OPEC Fund for International Development ("OFID").
173,000,000
Mining Fleet Tranche:
A tranche of asset backed finance for the mining fleet provided by Fortis Bank S.A/N.V. in conjunction with Export Development Canada ("EDC"), Caterpillar Financial Services (UK) Limited and Caterpillar Financial S.A.R.L. ("Caterpillar") and Sandvik Mining and Construction Zambia Limited ("Sandvik").
165,800,000
Sub-ordinated Debt Tranche:
A sub-ordinated debt facility provided by EIB.
54,000,000
TOTAL DEBT FINANCE FACILITIES
583,800,000
Debt drawdown is expected to commence during Q2-2007 after Equinox has completed expenditure of its equity contributions to the project financing. Drawdown will be subject to Equinox meeting a number of conditions precedent, including the provision of sufficient equity funds for project completion, the issuance of Equinox shares to the value of US$5 million to EIB as required under the sub-ordinated debt facility, the commitment to provide village housing for Equinox employees, the implementation of a hedging strategy and the commitment to deliver concentrate offtake arrangements with smelters that in aggregate relate to no less than 80% of anticipated Lumwana production over the first 5 years.
Equinox's hedging strategy is to ensure that Lumwana benefits from long term protection from adverse movements in the copper price. Under the facility documents Equinox has negotiated a minimisation of the volume of production committed to hedging, with an intention to hedge up to 30% of the initial 3 years of production.
The different tranches of the project debt facility carry interest rates of LIBOR plus a margin range of between 350 440 basis points during the construction period, then 300 390 basis points subsequent to the completion of construction pursuant to the relevant Facility Agreements. In addition, Political Risk Insurance is being finalised for the Commercial Tranche. The debt facilities have a tenor of between 7-9 years, with scheduled repayments commencing in March 2009.
Commenting on the signing of the debt facility, Craig Williams Equinox President and CEO said "the signing of the Lumwana debt package is a testament to the confidence the wide range of financial institutions involved in Lumwana have in the Company, its management and the Lumwana Project, as well as in Zambia. This critical milestone facilitates and assures the development of Africas largest copper mine, and one of the only major new copper mines to be in production by mid 2008. We are pleased to have such a supportive and committed Lender group, who along with our shareholders have provided the funds to facilitate this development. I also wish to thank the Government of the Republic of Zambia that have provided an enabling environment for development, and most importantly our committed team at Equinox who are bringing this exciting development to reality."
On Behalf of the Board of Directors of Equinox:
Craig R. Williams - President & Chief Executive Officer
Why are they waiting if the cores are good?
[The company has elected to defer the decision on exercising this right until Jan. 31, 2008. Notification of the deferment was made to Cash Minerals' joint venture partner on Nov. 28, 2006.
Post-Conflict Currency Reform
Currency reform is often a major challenge for countries recovering from violent conflict. Post-conflict economies have undertaken a variety of different currency reforms. When Somaliland broke away from Somalia, reformers introduced an entirely new currency as a symbol of new statehood. In Rwanda, the old national currency was replaced by a new national currency. By contrast, some post-conflict countries choose to adopt a foreign currency as legal tender. For example, in Montenegro the Deutsche mark was circulated as legal tender along with the Yugoslav dinar, and in East Timor the U.S. dollar became the only legal tender because most international payments in East Timor were denominated in U.S. dollars and in the absence of an East Timorese central bank, it was administratively convenient to dollarize.
Many post-conflict economies lack policy credibility. By dollarizing or euroizing, post-conflict economies may improve their credibility. As an alternative to outright adoption of a foreign currency, currency boards allow for a post-conflict country to circulate a national currency while simultaneously improving policy credibility because a currency board pegs the national currency to the exchange rate of the euro, the dollar or some basket of international currencies. A currency board may be superior to dollarization because currency board countries still benefit from seigniorage revenue and enjoy greater policy flexibility than they would under outright dollarization.57
57 Tony Addison, Alemayehu Geda, Philippe Le Billon and S. Mansoob Murshed, Financial Reconstruction in Conflict and Post-Conflict Economies, UNU/WIDER Policy Paper (September 2001).
18
Nonetheless currency boards restrict policy choice. For example, central banks under currency board regimes may not act as lenders of last resort because the money supply is restricted by the level of foreign exchange reserves. Therefore adoption of a currency board regime may expose the banking sector to greater risk of crisis. Bosnia-Herzegovina’s currency board regime may have contributed to its recent banking crisis.58 The policy limitations of currency board and dollarization regimes are particularly dangerous for post-conflict economies because their public resources are typically strained by reconstruction expenditures, making it difficult for the government to provide failing banks with aid.
In summary, the literature on post-conflict currency reform suggests three important policy considerations. First, a currency may carry important symbolic value for a new state or a new regime emerging from conflict. Second, a post-conflict country may use currency reform to gain badly-needed policy credibility by dollarizing or pegging its national currency to a currency with greater credibility such as the euro or the dollar through a currency board. Finally, experience teaches the desirability of retaining some policy flexibility to ward off banking crises because crises may be especially devastating in post-conflict economies where public resources are already strained.
http://www.law.harvard.edu/programs/pifs/pdfs/kirsten_malm.pdf
3 Rainy River Properties West & Southwest of Rainy River Resources Gold Discovery Acquired in NW Ontario
Vancouver, BC, Skyharbour Resources Ltd. (TSX.V: SYH) (the Company) announces that the Company has signed 3 formal Option Agreements for the acquisition of a 100% interest in the D1, D2, and E Claim Blocks consisting of 108 units in approximately 1,750 hectares located in the Sifton, Tait, and Pattullo Townships of northwestern Ontario. The 3 properties are well located to the west and southwest of the #17, the #433, and the new ODM gold zones of Rainy River Resources Ltd. (TSX.V: RR) property. (See their news releases on November 1st, 3rd, and 9th)
Rainy River claims map:
http://www.skyharbourltd.com/s/Image.asp?i=maps/20061129/SYH-RR-Area-all.gif
The newly acquired properties are located within extensions of the greenstone belt that is known to host the Rainy River Resources gold deposits. The attitude of the reported gold zones is similar to a series of interpreted northwest trending faults. These faults are very evident from the regional magnetic data and crosscut the volcanic belt along a 15 kilometre strike length. The northwest trending faults served as the focus for the emplacement of a number of late diabase dikes in the area. These structures appear to have been the focus of earlier gold mineralization that has been reactivated during emplacement of the dikes.
Rainy River Geological Map:
http://www.skyharbourltd.com/s/Image.asp?i=maps/20061129/SYH-RR-Area-geomap.gif
The area has received only a preliminary exploration pass and a number of potential target areas remain untested. Extensive overburden cover in the area has resulted in overburden drilling being used as a primary exploration tool. The Company plans to use this method to further develop gold and base metal target areas.
Skyharbour Resources is of the belief that the deposits being outlined by Rainy River Resources at this time confirm the area as a mineral camp in its infancy of exploration. The land position with the crosscutting structures and well developed infrastructure now under option to Skyharbour Resources represent an excellent starting point in this emerging mineral camp.
The Company will embark on an aggressive mineral exploration program on its newly acquired ground at the beginning of 2007. A detailed overburden drill program will be undertaken, and grids are to be established immediately, to be able to conduct detailed ground geophysics as a lead into a drill program this winter.
David J. Busch, B.A., B.Sc., PGeo., Vice President of Explorations, is the qualified person, under the meaning of National Instrument 43-101, and has reviewed the data in this News Release.
About Skyharbour Resources Ltd.:
Skyharbour Resources is a mineral exploration company that focuses on the acquisition and exploration of projects in Northwestern, Ontario. The Company has options or interests in 10 gold or base metal properties located in the Red Lake greenstone belt.
To find out more about Skyharbour Resources Ltd. (TSX.V: SYH), visit the Companys website at www.skyharbourltd.com.
For further information on Rainy River Resources Ltd. (TSX.V: RR), visit their web site at www.rainyriverresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
China to restrict junior gold mining exploration investment
By: Dorothy Kosich
Posted: '01-DEC-06 08:00' GMT © Mineweb 1997-2006
RENO, NV (Mineweb.com) --Quoting a source from the National Development and Reform Commission, the Chinese news media says China will impose restrictions on small foreign investors in the gold mining sector.
“The sector doesn’t need many small foreign investors as there have been a large number of small gold miners,” the sources said. “The new policy is designed to improve the quality of foreign investment to ensure sustainable development of the sector.”
There are more than 100 foreign companies investing in China’s gold mining sector. However, a number of junior companies engaged in prospecting, sold high-grade resources to larger companies, and stopped exploration, leaving unworked low-grade ore. It is estimated that there are 4,134 tonnes of gold reserves in China with more than 1,000 tonnes considered to be hard to treat low-grade deposits.
China’s gold production is expected to achieve a new record of 240 tonnes this year. The Chinese Government hopes to encourage consolidation among domestic gold miners to form larger mining companies. It is estimated than that of the 1,200 gold mines in China, 739 mines have less than 50tpd mining capacity.
In a recent meeting in Beijing, Chen Fumin, President of the China National Gold Group, said large foreign mining companies with their advanced technologies and management expertise will be encouraged to participate in China’s gold sector. Chen’s company produces one-fifth of China’s annual gold output.
China is now the world’s third largest gold consumer after India and the United States. The National Development and Reform Commission predicted that Chinese gold production would increase by 5% annually during the next three years.
Meanwhile, U.S.-based newsletter editor Harry Schultz recently quoted a “well placed Swiss banker” who asserts that China will increase its gold reserves in the next year.
Mineweb always carries details of at least 20 independently written top mining, mining finance, metals and mining sector analysis articles on its homepage as well as a fast news feed to keep you right up to date with what is going on in the mining and metals sectors worldwide. These are continuously updated through the day. Click here to go to Mineweb's home page and access the latest news and comments on developments in mining and metals worldwide.
Ear on the Street
Agnico-Eagle Mines (AEM : TSX : $49.99 | NYSE : US$43.83)
Downgrade due to rapid stock price rise
Canaccord Adams downgrades to "hold", 12-month target price is US$44.00
AEterna Zentaris (AEZ : TSX : $6.02 | AEZS : NASDAQ : US$5.28)
Management updates and reviews cetrorelix clinical program
Canaccord Adams maintains "buy", 12-month target price is raised to US$8.00
RBC Capital Markets maintains "outperform", 12-month target price is US$7.00
Bombardier Inc. (BBD.B : TSX : $3.90)
Q3 close to expectation
BMO Capital Markets maintains "underperform", 12-month target price is raised to $3.20
Canaccord Adams maintains "sell", 12-month target price is "under review"
RBC Capital Markets maintains "underperform", 12-month target price is raised to $3.50
Bear Ridge Resources (BER : TSX : $3.60)
Balance sheet is strengthened by asset disposition
BMO Capital Markets maintains "outperform", 12-month target price is cut to $5.00
Bank of Montreal (BMO : TSX : $68.66)
Q4 result is of low quality
CIBC World Markets maintains "sector perform", 12-month target price is $73.00
Committee Bay Resources (CBR : TSX-V : $0.64)
Australia joint venture reports drilling results
Canaccord Adams maintains "buy", 12-month target price is $1.20
Chemtrade Logistics Inc Fd (CHE.UN : TSX : $7.98)
The impact of trust tax changes
BMO Capital Markets maintains "market perform", 12-month target price is cut to $8.25
Canadian Oil Sands Trust (COS.UN : TSX : $29.88)
Purchased 1.25% interest in Syncrude
BMO Capital Markets maintains "outperform", 12-month target price is $35.00
Canaccord Adams maintains "buy", 12-month target price is $33.00
RBC Capital Markets maintains "underperform", 12-month target price is $27.00
Creststreet Power & Income (CRS.UN : TSX : $4.41)
Invests additional $1 million in Kettles Hill
BMO Capital Markets maintains "underperform", 12-month target price is $4.25
Cognos Inc. (CSN : TSX : $45.64 | COGN : NASDAQ : US$40.00)
To report Q3 on December 20
Canaccord Adams maintains "buy", 12-month target price is raised to US$48.00
Canexus Income Fund (CUS.UN : TSX : $6.59)
Q3 in line
BMO Capital Markets maintains "market perform", 12-month target price is cut to $7.00
Far West Mining (FWM : TSX : $3.90)
Released third round of drill hole results in the Estrellita
Blackmont Capital maintains "hold", 12-month target price is $4.75
Groupe Laperriere & Verreault (GLV.A : TSX : $30.10)
Announced largest acquisition yet
Blackmont Capital maintains "buy", 12-month target price is increased to $35.00
BMO Nesbitt Burns maintains "outperform", 12-month target price is increased to $35.00
Desjardins Securities maintains "buy", 12-month target price is increased to $33.00
Gennum Corp. (GND : TSX : $14.27)
Cost cutting is done
CIBC World Markets maintains "sector perform", 12-month target price is raised to $15.00
Husky Injection Molding Sys. (HKY : TSX : $4.75)
Foreign exchange will negatively impact Q1/07
BMO Nesbitt Burns maintains "market perform", 12-month target price is $5.20
Cossette Communication Group (KOS : TSX : $7.50)
To report Q4 on December 6
TD Newcrest maintains "buy", 12-month target price is cut to $10.50
Magna International (MG.A : TSX : $86.80 | MGA : NYSE : US$75.87)
Substantial revenue decline
BMO Nesbitt Burns maintains "market perform", 12-month target price is US$80.00
MKS Inc. (MKX : TSX : $1.97)
Upgrades on price decline
TD Newcrest upgrades to "buy", 12-month target price is cut to $2.25
March Networks (MN : TSX : $22.30)
Q2 in line with estimates with strong guidance
BMO Nesbitt Burns maintains "outperform", 12-month target price is $30.00
RBC Capital Markets maintains "outperform", 12-month target price is $33.00
NAL Oil & Gas Trust (NAE.UN : TSX : $13.84)
Recent market price weakness
BMO Nesbitt Burns upgrades to "outperform", 12-month target price is $15.25
Newport Partners Income Fund (NPF.UN : TSX : $5.53)
New Street coverage
TD Newcrest initiates coverage with a "hold", 12-month target price is $5.00
Nortel Networks Corp. (NT : TSX : $2.44 | NYSE : US$2.14)
Reverse stock-spilt takes place today
RBC Capital Markets maintains "sector perform", 12-month target price is US$2.50
Phoenix Oilfield Hauling (PHN : TSX-V : $0.80)
Q3/In line with expectations
Blackmont Capital maintains "hold", 12-month target price is decreased to $1.10
Peer 1 Network Enterprises (PIX : TSX-V : $0.69)
Solid results ahead of forecast
Haywood Security maintains "sector outperform", 12-month target price is $0.95
Parkland Income Fund (PKI.UN : TSX : $34.36)
Downgrade on price appreciation
CIBC World Markets downgrades to "sector perform", 12-month target price is $31.00
Paramount Resources (POU : TSX : $26.70)
Resuming coverage
TD Newcrest maintains "buy", 12-month target price is increased to $37.00
Strongco Income Fund (SQP.UN : TSX : $12.30)
Proposed tax for income trust effect
BMO Nesbitt Burns maintains "market perform", 12-month target price is decreased to $13.00
Sierra Wireless (SW : TSX : $13.86 | SWIR : NASDAQ : US$12.13)
Major wins are being unnoticed by investors
Haywood Security maintains "sector outperform", 12-month target price is US$20.00
TransAlta Corp. (TA : TSX : $25.37 | TAC : NYSE : US$22.21)
Centralia coal plant to average 1000MW of output in 2007
BMO Nesbitt Burns maintains "underperform", target price lowered to $22.00
Canaccord Adams maintains "buy", target price is $32.00
CIBC World Markets maintains "sector outperform", 12-month target price is $28.00
RBC Capital Markets maintains "underperform", 12-month target price is $24.00
TD Newcrest maintains "reduce", target price is $22.00
Talisman Energy (TLM : TSX : $19.18 | NYSE : US$16.80)
Announces sale of 1.25% stake in Syncrude to COS for about $481 million
Canaccord Adams maintains "buy", target price is $24.00
Desjardins Securities reiterates "top pick", target price is $25.00
TriStar Oil & Gas (TOG : TSX : $6.10)
Capital budget for 2007 is $65 million
BMO Nesbitt Burns maintains "outperform", target price lowered to $7.75
Haywood Securities maintains "sector outperform", target price is $9.00
West Fraser Timber Co. (WFT : TSX : $42.95)
West Fraser acquires 13 sawmills from International Paper, becoming second largest lumber producer in N. America
CIBC World Markets maintains "sector perform", target price lowered to $40.00
Desjardins Securities maintains "buy", target price is $42.00
RBC Capital Markets maintains "outperform", 12-month target price is raised to $47.00
TD Newcrest upgrades to "action list buy" 12-month target price raised to $48.00
Undervalued Stock #1 ========== ----- Enterprise Products Partners LP (NYSE: EPD) ----- Insider Name: Dan L. DuncanInsider Position: ChairmanInsider Action: 7,000 shrs on 11/22/2006 to 11/24/2006Insider Total Holding: 7,000 shrs indirect -------------------------------------------------------Undervaluation Merits... P/S Ratio = 0.85 (Industry Average 4.85)P/B Ratio = 1.90 (Industry Average 2.96) Industry: Independent Oil & Gas -------------------------------------------------------Other Merits... Dividend Yield = 6.50%Exceeded Analyst Earnings Estimates for Past 5 Quarters ----- Enterprise Products Partners LP (NYSE: EPD
No opinion for me.
Companies featured in the current edition of the newsletter: ADSX, ARGA, EEEI, ENZO, FMTI, GNBT, GSHF, HSOA, HYTM, IMMG, ISON, LANW, LNXGF, MLTC, NTRN, SWTS, USAT
A weakening dollar and an overbought market during the holiday-shortened Thanksgiving Week may have provided the clues for what turned into a minor correction last week as all of the indexes experienced declines. The Dow finished the week down 86 points and decreased its year to date gain to 13.8%. The Nasdaq closed down 47 points, reducing its year to date return to 9.4%, while the S&P 500 dropped 4 points, lowering its year to date gain to 11.9%. The Russell 2000 closed the week down 11 points and decreased its year to date gain to 16%.
While several of the indexes bounced off key levels of support, concerns about the strength of the economy and rising oil prices cast a pall over stocks, helping to offset some of the bullishness from a rising stock market and favorable seasonal considerations. A weak report on Durable Goods orders for October, declining Consumer Confidence in November, weak existing home sales for October, soft retail sales for November and an Institute of Supply Management Report which showed that manufacturing contracted for the first time in more than three years. More negative news came with rising oil prices, as the price per barrel jumped to $63.43 from just under $60 the previous week.
What should investors look for in the upcoming week? Earnings reports continue to be slow, but investors can expect to see some key announcements around the middle of the week. Tuesday will be the most active day for announcements with earnings reports from Kroger (NYSE: KR), AutoZone (NYSE: AZO), Toll Brothers (NYSE: TOL), and World Wrestling (NYSE: WWE) coming in before the bell. Semiconductor equipment maker Novellus Systems (NASDAQ: NVLS) will provide a mid-quarter update after the market closes on Monday.
The economic news for next week shifts from recent spending to a greater focus on recent employment numbers, as well as recent orders. Investors can expect to see Q3 Preliminary Nonfarm Productivity and Unit Labor Costs on Tuesday morning before the market’s opening, followed shortly after by mid-morning announcements of October Factory Orders and November ISM Services. Weekly Crude Inventories will be announced mid-morning Wednesday. Look for the weekly Initial Unemployment Claims to be announced before the market opens Thursday, as well an announcement for October Consumer Credit. Investors can expect to see the majority of announcements for the week Friday morning with the release of November Nonfarm Payrolls, the November Unemployment Rate, November Hourly Earnings, and the Average Workweek for November. The final announcement for the week will be the December Michigan Sentiment Index announced mid-morning Friday. In other economic news, Chicago Fed President Michael Moskow, an inflation hawk, will appear on CNBC Monday.
The conference schedule for the upcoming week remains busy and will begin Monday with the start of the two-day Bank of America Securities 2006 Credit Conference held in Orlando, Florida. The two-day Bear Stearns 3rd Annual Real Estate Conference in New York, the four-day Credit Suisse Media and Telecom Week event in New York, and the four-day UBS 34th Annual Global Media and Communications Conference at the Grand Hyatt New York, begin Monday. The three-day Merrill Lynch 3rd Annual Latin America Small to Mid-Cap Conference in New York also begins Monday. Credit Suisse is scheduled to hold the two-day Aerospace and Defense Conference in New York beginning Tuesday. Other Tuesday conferences include the two-day Citigroup 17th Annual Chemical Conference, the three-day Lehman Brothers Global Technology Conference in San Francisco, the single-day RBC Capital Markets Silver Conference in New York, and the single-day 10th Annual Wachovia Real Estate, Gaming & Lodging Securities Conference at the New York Palace Hotel. The two-day BMO Nesbitt Burns Healthcare Conference in New York begins Wednesday. Hythiam, Inc. (NASDAQ: HYTM) will present at the conference on Wednesday at 1:30 p.m. Piper Jaffray’s 3rd Annual Online Advertising and Search Symposium will be held in New York on Wednesday. The two-day Wedbush Morgan California Dreamin’ 2006 Conference in Santa Monica, California, will also begin Wednesday. The end of the week will be extremely full with conferences as the schedule comes to a close on Thursday as Calyon Securities will host a US Airline Conference in New York. Other Thursday conferences include the Citigroup 11th Annual Global Paper and Forest Products Conference, the CIBC World Markets Communications Software 1-on-1 Conference in New York, the Cowen and Company 2nd Annual Internet Conference in New York, and the Ryan Beck and Company Financial Institutions Investor Conference at the Waldorf Astoria in New York.
Enzo Biochem, Inc. (NYSE: ENZ), developer of innovative health care products based on molecular biology and genetic engineering techniques, announced that a U.S. federal appeals court denied permission for an immediate interlocutory appeal, allowing Enzo to go ahead with its patent infringement lawsuit against Applera Corp. and privately held Tropix Inc. The court denied petitions requesting appeal from the Markman rulings issued by the Connecticut Court on October 12, 2006 construing claim terms in six Enzo patents asserted against Applera and Tropix. Markman rulings often play a critical role in determining the outcome of patent-related litigation, as they determine how broadly the courts will view patents. The alleged infringing products include Applera's Applied Biosystems' DNA sequencing products and systems as well as services, which represent significant markets for the companies. The patents relate generally to methods and materials for detecting nucleic acid sequence. Shares ended the week at $15.14, down $0.38.
Digital Angel Corporation, a majority-owned subsidiary of Applied Digital (NASDAQ: ADSX), a leading provider of identification and security technology, announced last week that the SARBE Division of Digital Angel’s London-based subsidiary, Signature Industries, has signed a new contract with Royal Malaysian Air Force to provide SARBE G2R Personal Locator Beacon technology for use by fast jet and helicopter aircrew. The Royal Malaysian Air Force has placed an initial order of more than $115,000 and the company believes that additional orders of approximately $2.5 million for additional equipment will be made by the Air Force in 2007. The Air Force has used the SARBE beacons for over 30. The new beacons offer significantly improved alerting capabilities with much higher levels of accuracy leading to the better results for faster rescues and increased survival prospects. In additional company news, Applied Digital’s subsidiary, VeriChip Corporation, announced the results of a clinical study on its VeriMed System for patient radio frequency identification conducted by the Spallanzi National Institute of Rome Italy and sponsored by the Italian Ministry of Health. The two-year, 10 patient study was designed to evaluate the safety and effectiveness of the VeriMed implantable microchip and the functionality of the VeriMed System in the management of patients with chronic infectious diseases undergoing care at the Institute. The study reported no complications or side effects related to the insertion procedure, flawless access of the ID number using the hand-held reader, and universal acceptance within the patient study group. Based on the results of the study, the exclusive VeriChip distributor for Italy plans to petition the Italian Ministry of Health for full availability of the VeriMed System through the Italian National Health Service. The stock ended the week down $0.15 at $2.14.
Generex Biotechnology Corporation (NASDAQ: GNBT), a leader in the area of buccal drug delivery, recently announced new clinical data from a trial of Generex Oral-lyn, the company's proprietary oral insulin spray product. The recent study compared the effects of two forms of prandial, or mealtime, insulin in patients with Type-1 diabetes mellitus maintained on basal isophane insulin, or Generex Oral-lyn (NPH) versus standard pre-prandial below the skin injections or regular bolus insulin. The study reported included 11 subjects in the control group who received twice daily injections of NPH and three pre-meal injections of regular insulin. 14 subjects in the treatment group received twice daily injections of NPH and three split-dose applications of Oral-lyn. The results demonstrated that both Oral-lyn and mealtime injections of regular insulin achieved near normalization of metabolic control parameters as reflected by continuous improvement in fructosamine and HbA1c concentrations. A comparison of HbA1c showed a superior effect for Oral-lyn. This study provides the format for the company's pivotal late-stage, long-term trial of Oral-lyn in 300 patients which will begin early in 2007. Shares ended the week down $0.08 at $2.08.
Isonics Corporation (NASDAQ: ISON), a developer of innovative solutions for the homeland security and semiconductor markets, said that its partner DualDraw LLC has delivered an AirCHX security inspection table to a undisclosed U.S. court system. The security inspection table will be used in screening hand baggage and parcels at the courthouse access points. The installation, which represents the first use of this technology by a court system, comes one week after the company announced the receipt of a purchase order from DualDraw to upgrade six DualDraw AirCHX mail inspection workstations with chemical and explosive detection capability using Isonics' ion mobility spectroscopy instruments at various federal government facilities. The AirCHX security inspection table is designed to protect security personnel from anthrax and other biological hazards with its patented down-draft ventilation and filtration system. The system also has capabilities to detect the presence of homemade explosives, chemical warfare agents and toxic chemicals by virtue of the Isonics-supplied ion mobility spectroscopy system integrated into the table. The stock finished the week down a penny at $0.79.
Little more than six months after a wave of heavy Insider selling helped trigger a precipitous slide in shares of Home Solutions of America, Inc. (NASDAQ: HSOA), a provider of recovery, restoration and rebuilding/remodeling services, two Insiders purchased stock. The company’s president purchased 20,000 shares and one of the company’s directors bought 5,000. While the acquisitions represent just a tiny fraction of the shares sold six months earlier, it is worth noting that the president’s transactions have been particularly timely, as his previous purchases (stock rose) and sales (stock declined) preceded significant moves in the price of the company’s stock. Shares ended the week at $5.95, up 80 cents.
Volume Alert: Shares of Forbes Medi-Tech (NASDAQ: FMTI), a company focused on the development and commercialization of innovative products for the prevention and treatment primarily of cardiovascular disease, surged more than 16% Friday on more than five times average volume. The company previously said that it would report topline results for its cholesterol-lowering drug, FM-VP4. within the first two weeks of December. FM-VP4 is part of the fastest growing category within the anti-dyslipidemics market called cholesterol absorption inhibitors (CAIs). CAIs are less potent than statins, but can provide enhanced safety as well as a synergistic efficacy in combination therapy. The goal of the study is to demonstrate a 15% or greater reduction in LDL, commonly known as “bad cholesterol”. The previous study, conducted in 2004 demonstrated an 11% reduction. Over the weekend, Pfizer Inc. said it had cut off all clinical trials and development for torcetrapib, a cholesterol drug that was supposed to be the star of its pipeline because of an unexpected number of deaths and cardiovascular problems in patients who used it. It was hoped that it would raise levels of HDL, or what's commonly known as good cholesterol. Shares of FMTI ended the week at $2.37, up 27 cents.
Specialty pharmaceutical company Auriga Laboratories, Inc. (OTCBB: ARGA), announced that it has entered into a trade development agreement, under which New Pharmaceutical Strategies (NPS,) a division of VCG & Associates, will increase trade development strategies and initiatives focused on enhancing sales of Auriga's product line. Under the two-year agreement, NPS will focus on increasing sales of Auriga's products by strengthening product position in the retail and drug wholesale marketplace. NPS will be responsible for all trade development, national accounts and supply chain initiatives on behalf of Auriga and in effect will function as the in-house trade team. VCG & Associates (VCG) is an independent strategic marketing and contract services provider specializing in working with emerging pharmaceutical, biotech and technology companies providing strategies, tactics and resources related to commercial product launch activities. The stock ended the week up $0.04 at $0.90.
Neutron Enterprises, Inc. (OTCBB: NTRN), a developer of digital media solutions,announced that the company has entered into a definitive agreement to acquire privately-held Stock-Trak, Inc. Stock-Trak, Inc. is the North American leader in stock portfolio simulations for the educational and corporate markets. Neutron will acquire Stock-Trak for a purchase price of $3.5 million, payable through a combination of $2 million and $1.5 million worth of restricted common stock. The acquisition, which is expected to close in January, 2007 is anticipated be accretive in the first year. Stock-Trak's main website provides educational stock market simulation services to over 800 college professors and over 50,000 students worldwide. Its network of branded sites is used by over 100,000 middle and high school students each year. The acquisition is expected to provide Neutron with the expertise to accelerate development of the website and infrastructure that will host its new fantasy stock-market competition and is also expected to provide Neutron with access to hundreds of educational institutions. The stock finished the week at $2.35, up $0.10
GS AgriFuels, a majority-owned subsidiary of environmental business development company GreenShift Corporation (OTCBB: GSHF), announced last week that automotive giant General Motors has provided a Chevrolet Silverado and a GC Sierra pickup truck to Clarkson University for renewable fuel research. Clarkson professor, Dr. Philip Leveson, working with ZeroPoint Clean Technology, has developed advanced biomass gasification and gas to liquids systems that allow a wide range of biomass feedstocks and municipal waste streams to be converted to carbon-neutral transportation fuel. ZeroPoint Clean Tech, Inc. is a renewable energy company that deploys cutting edge biomass gasification, gas to liquids and water treatment technologies for creating carbon-neutral energy (gas, electricity, ethanol, diesel substitutes, and hydrogen), clean water and other valuable products. The project goal is to fuel the GM vehicles with 100% bio-derived diesel-like fuel. These GM vehicles will initially operate using a variety of blends of the bio-mass derived fuel combined with conventional petroleum derived diesel fuel. The energy through-put and emissions will be monitored during to operation to demonstrate performance of the systems. The stock ended the week unchanged at $0.11.
USA Technologies, Inc. (OTCBB: USAT), a developer of cashless vending and energy management products, announced last week that the National Guard in Honolulu was installing its VendingMiser on vending machines across its bases in Hawaii to help lower energy consumption and costs and reduce carbon dioxide emission. The Army National Guard joins the Pearl Harbor Navy base and Hickham Air Force base who converted their vending machines several years ago. The sale also comes after USA Technologies recently sold VendingMiser devices to Fort Hood Army Garrison in Texas, the biggest military defense force base in America. The company is also in final negotiations with the U.S. Navy for further base installs in the U.S., as well as installations in federal, state and local government buildings, and recently completed installs in U.S. Coast Guard bases in California and Hawaii. The stock ended the week down $0.20 at $6.20.
Language Access Network (OTC: LANW), a leader in video interpretation services, announced late last week that the company has reached an agreement to acquire privately-held Healinc Telecom, LLC. Healinc Telecom was founded in 2004 and is based in New York City. The company is a provider of video interpretation service and Video Relay Service to the deaf and hearing impaired. The company currently holds clients such as New York Community Hospital, Bronx Lebanon Hospital, Jacobi Medical Center, Manhattan and Bronx Public Library Systems. Language Access Network will purchase Healinc Telecom for restricted common stock and debt in the company. Healinc Telecom's Video Relay Service, which is endorsed by Deaf Counseling and Advocacy Agencies nationwide, provides video relay service interpretation 24 hours a day, seven days a week, in American Sign Language and Spanish. Healinc Telecom is estimating it will gross $2.7 million in 2006, with a projected revenue increase of at least 35% in 2007. Language Access Network expects that the acquisition is will be additive to 2007 earnings. Shares ended the week unchanged at $3.75.
Sweet Success Enterprises, Inc. (OTCBB: SWTS), which has relaunched a product line made popular by Nestle’s to tap into the rapidly growing demand for convenient and nutritious beverages, last week announced the company’s two newest products. As company management shifts the focus to building mass market distribution, the company has substantially completed its product development program with a line of seven innovative and reportedly delicious all-natural, healthy-lifestyle beverages. In addition, Sweet Success also announced reorders from a national retail account and its largest distributor account based in the southeast. Last month, the company completed the first commercial production run of Ultra Greens™, a fruit juice-based drink rich in nutrients and vitamins and later this month, it expects the initial commercial run of Glucasafe™, a beverage targeted to sugar-conscious consumers without sacrificing taste. The company also recently increased the nutritional value and enhanced the flavor of its chocolate and vanilla dairy-based shakes in entirely redesigned packaging under the new name VitaTein™ to better distinguish them from the competition and better emphasize the purpose of the product. Shares ended the week down $0.08 at $0.58.
IMPART Media Group, Inc. (OTCBB: IMMG), an innovator in the creation of out-of-home digital advertising content and information network management, recently announced the formal release of Impart IQ Streams™. The Impart IQ Streams™ is an easy-to-use web portal media source and library of premiere infotainment content for digital signage and interactive kiosks networks or applications. As of last week’s launch, Impart IQ Streams™ delivers sports, news, finance, entertainment, music, and weather in motion video, still graphic, flash animation, text, or IPTV formats to media players or to virtually any device via open standard, XML protocols. As the digital media library expands, more content and future IPTV channels will become available for a variety of applications including health and fitness, generalized waiting areas, food and dining, infotainment, shopping, travel and financial applications. Shares ended the week down $0.04 at $0.48.
On the Wires: Electro Energy, Inc. (NASDAQ: EEEI), a developer and manufacturer of advanced rechargeable batteries, announced that the company has appointed Timothy E. Coyne as the new Chief Financial Officer. Coyne replaces Michael E. Reed, the Company's President and Chief Executive Officer, who had served as interim Chief Financial Officer. The company also announced last week that it has appointed Lawrence G. Schafran to its Board of Directors. With his extensive experience in the financial markets, corporate governance and as a member of the Board of Directors of several other publicly-traded companies, Mr. Schafran will serve on Electro Energy’s Audit Committee. Sweet Success Enterprises, Inc. (OTCBB: SWTS) appointed Austin, Texas-based Helin, Donovan, Trubee & Wilkinson LLP as its new independent registered accounting firm.
SPECIAL SITUATIONS:
Melt, Inc. (OTCBB: MLTC) $0.76
Last week, Jamba Juice, a chain of 580 juice bars in 23 states went public after a deal to purchase it for $256 million by a shell company closed. The deal highlights the growing role that healthy lifestyle franchises are playing in the eyes of the consumer and the investment public. One company that recently went public to considerably less fanfare is Melt, Inc. a company that owns, operates, and franchises quick service restaurants under the brand Melt Gelato & Crepe Café. With the introduction of new and relatively unknown frozen desserts, Melt has uniquely positioned itself to occupy a niche market that has yet to be exploited. Already, the company is profitable in just its third year of operations. Already, it operates out of 13 locations.
With the fast-paced lifestyle of Americans growing at an exponential rate, consumers are increasingly likely to make a quick stop for prepare foods rather than a grocery stop. The convenience of quickly prepared meals and desserts has become increasingly attractive to individuals pressed for time. And these days it is not just burger joints and sub shops that offer the convenience of a delicious snack with exceptional service and a clean place to eat. Recently, fast-food chains such as McDonald’s revamped its menu to offer diners healthier choices. Melt takes the concept far beyond the fast-food chains, through the sales of gelato, including Italian sorbetto, sweet and savory crepes, smoothies, and gourmet Italian coffees. With the recent introduction of over 15 varieties of crepes, the company is positioning itself to become the premier provider of gelato and crepes in the industry.
Melt embraces a concept that takes into consideration the universal popularity and incredible volume of sales and consumption of ice cream and the incredible appeal of frozen desserts and recognizes an untapped market for a delicious and even healthy alternative to ice cream. Health conscious consumers increasingly require natural, fat free, or low fat products and Melt gelato has a specific appeal to that market segment. Gelato is an Italian ice cream made with significantly less butterfat than regular premium ice cream and on average, has 1/3 the fat of its regular counterpart. Too many times, taste is sacrificed in order to create a healthier choice for consumers. But such is not the case with the desserts offered by Melt restaurants. Melt’s gelato is made with 100% natural ingredients and excludes any artificial colorings or flavorings. Even the air content in Melt’s gelato is significantly less than that of regular ice cream, creating creamy textures with richer flavors. Currently, Melt’s restaurants have over 32 flavors of gelato and offer customers a unique European style café experience in an authentic and relaxed atmosphere.
The company has strategically located its first stores in large malls across the country and reports that it currently has strong relationships with the largest and perhaps most influential shopping-center landlords in the country. Melt anticipates strong franchised and owned store growth through dominating this sector of the service industry. Already, financial results are proving that the concept is working. For the nine months ended September 30, 2006, Melt had revenue of $2.5 million, compared to just $900,000 in the prior year. Income from Operations rose more than 17-fold, to $152,609. Net income increased to approximately $146,000 compared to a loss of approximately $138,962 in the prior year.
The financial results are even more impressive when one considers that Melt began selling franchises less than 18 months ago. By year end, Melt expects to have stores open in Northern California, Arizona, Missouri, Ohio, Florida, and Connecticut. In 2007 Melt expects open locations in Washington, New York, Massachusetts, Illinois and Georgia. During the third quarter, it opened its first store outside of California, in Phoenix, Arizona, along with additional California locations in San Francisco and Topanga, California. Melt provides franchisees with its “Store in a Box” program, in which a location is built out and prepared in a “turnkey” fashion. This option frees a franchise owner of the worries and hassles of preparing their store for opening, and should facilitate faster growth for the company.
While consumers are increasingly flocking to the company’s stores, its stock is still unknown on Wall Street. With a valuation of approximately $16 million, the stock appears to ignore Melt’s tasty growth prospects. With the franchising of frozen desserts an emerging concept, Melt represents an appetizing way for investors to participate in a rapidly growing young company that is already profitable.
Linux Gold Corp. (OTCBB: LNXGF) $0.24
With the dollar’s recent decline, the spotlight has once again returned to gold, as demonstrated by the 6.8% gain in the CBOE Gold Index. With that in mind, we thought we would hunt for promising junior gold companies that have fallen below the radar. One such company is Linux Gold Corp., which recently completed a $1.4 million exploration program at the Granite Mountain Gold Project in Alaska. Just as location is everything in real estate, so too is it in the mining business. If this thesis is correct, then Linux is certainly hunting in the right place. Previously, more than 400,000 ounces of placer gold and platinum were produced in the area, valued at well more than $200 million at today’s prices.
Why is the 68 square mile Granite Mountain Project so exciting? Simply put, the property is surrounded by some of the world’s largest gold and polymetallic deposits. To the north is Teck Cominco’s Red Dog Lead-Zinc Mine, the world’s largest zinc deposit with more than $20 billion in contained metal. To the south lies Barrick/Nova Gold’s Donlin Creek Gold Deposit, with nearly 40 million ounces of gold, representing North America’s largest gold deposit. To the west, NovaGold is in mine construction and starts mining at Rock Creek in 2007 at more than 100,000 ounces of gold per year. Right in the middle of all of these mining giants is tiny Linux Gold, with a market capitalization of just $17 million on a fully-diluted basis.
Prospects for Linux are promising, based upon results to date of its exploration program. This year, the company collected placer samples from six widely spaced locations. Two samples of virgin gravel and bedrock yielded coarse particles of lustrous placer gold with ore grades of 0.035 and 0.087 ounces of gold per cubic yard. The purity of the placer gold previously recovered from this area is unusually high and reported to be 950 fine. Other samples suggested potential for platinum and uranium. The company’s 2007 exploration program in the area will include alluvial sampling as well as sampling along valley walls and rims to investigate possible sources for gold and platinum found in stream deposits.
While the Granite Mountain Project alone could support a higher valuation for the company’s shares, it also has two other promising projects actively underway. It Fish Creek Project, owned in conjunction with its joint venture partner Teryl Resources, is adjacent to Kinross Gold’s Fort Knox Mine in the prolific Fairbanks Mining District of Alaska. A winter drilling program, on the 3,100 acre property, will be funded by Teryl and is expected to commence within the next two months. During the summer, Linux reported the delineation of six new drill targets based on detailed airborne geophysical testing. The summer activity found major magnetic anomalies to depth, indicative of mineralizing fluids. The Fort Knox Mine has produced over 300,000 ounces of gold annually for eight years, suggesting that the company is looking in the right area.
Earlier this year, the company acquired a 100% interest in 6,400 acres in the Livengood-Tolovona Mining District, approximately 70 miles northwest of Fairbanks. The District has produced over 500,000 ounces of placer gold from the Livengood Bench and other nearby drainages. The company’s target is low-grade, high tonnage deposits with locally high-grade gold concentrations. Linux also holds interests in a private company that owns 85% interest in a joint venture with mining assets in China. LNXGF also holds a stake in a gold property and a second gold/silver property in the Bralorne/Lillooet mining district in British Columbia, approximately 100 miles from Vancouver.
The stock has been volatile, reaching a high of $0.58 in mid-May, shortly after the company raised approximately $2 million via a private placement. Today, the stock sits just slightly above its 52-week low, and at the same level it was one year ago, before it began its climb higher. With the price of gold starting to surge again, a promising exploration program underway at Granite Mountain and with winter drilling expected to begin soon at the Fish Creek property, there appear to be plenty of catalysts to send shares higher.
No disrespect for anyone here.......
But I didn't know that these existed.
Seems like level headed farmer type.
I guess.
If it starts raining hard we could very well see flooding. 'till all the snow melts.
Not very many people that live out here like the snow.
What is new in the east?
Supposed to bew back in the rain today.
Mornin' Guys....
And resident Cougar.
I was happy to find that.
CURRENCY CONVERSION AND TRANSFER POLICIES
The currency of Iraq is the Dinar (ID - sometimes referred to as the New Iraqi Dinar). Iraq's current exchange system is characterized as a free foreign exchange system, with no restrictions on purchases or sales of foreign currencies. The Iraqi currency is fully convertible and can be exchanged freely with any other currency. In addition, there is free movement of capital without restrictions on capital inflows and outflows. Iraq's foreign exchange regime is also a multi-currency system in which foreign currencies circulate in the market and are accessible to everyone.
The exchange rate is generally determined on the basis of supply and demand conditions in the foreign exchange market. Banks may engage in spot transactions in any currency, but are not allowed to engage in forward transactions in Iraqi Dinar for speculative purposes. The Central Bank of Iraq (CBI) also can intervene, when necessary, in order to maintain stability in the foreign exchange market. In addition, there are no taxes or subsidies on purchases or sales of foreign exchange.
The Government of Iraq's monetary policy since 2003 has focused on maintaining price stability and a stable exchange rate. In addition, the Central Bank of Iraq conducts daily foreign exchange auctions to limit the impact on base money growth of the sale of the government's oil export earnings.
http://www.state.gov/e/eb/ifd/2006/67643.htm
Never realy been over there.
What is it like?
And I'm a sucker for a good story!
"Specialy ones like this.
I'm going to lighten the load on this one.
http://www.investorshub.com/boards/read_msg.asp?Message_id=14706563&txt2find=tzt
Soon, Like in never.
Well I sold somethings. But my finger just slipped on the buy button.