A resource company climbs after releasing results from its Alaska site, while a chemical producer gains on news of an approval from its lenders.
Stockhouse U.S. Small and Micro-cap Stock Report for Monday, July 21, 2008
TORONTO (SHfn) – A resource company climbs after releasing results from its Alaska site, while a chemical producer gains on news of an approval from its lenders.
Silverado Gold Mines Ltd. (OTC:BB: SLGL, Stock Forum), shares climbed 27.6% to 3.7 cents Monday, after the company announced that it has completed 16 drill holes totaling 4,823 ft. as part of its 2008 exploration drilling at Workman's Bench on its Nolan Creek property in Alaska. The company says it has received the first assay results for drill holes 08SH01A, 08SH01B and 08SH02. The assay results at Workman's Bench returned significant antimony grades in drill holes 08SH1B and 08SH02 and the assays from some of the veins cut in drill holes 08SH1B and 08SH02 are pending, says Silverado. The company notes that visible gold was observed in drill core from holes 08SH1B and 08SH08. Silverado Gold Mines has also collected four large underground samples of stibnite and gold mineralized rock from the main vein in Tunnel D, which assayed as high as 2.02 troy ounces of gold per ton, and 40.39% antimony.
Shares of Oklahoma City-based Tronox Incorporated (NYSE:TRX, Stock Forum) soared 21.8% to $1.73 Monday as the company announced that it has received approval from its lenders for an amendment to its senior secured credit facility. Tronox notes that as a result of “unexpected impacts” in the second quarter, including “rapid increases in process chemical, energy and transportation costs and production difficulties”, combined with the weak U.S. economy, it subsequently requested the amendment to its leverage ratio financial covenant for the remainder of the year.
The company is the world's third-largest producer and marketer of titanium dioxide pigment; an inorganic white pigment used in paint, coatings, plastics, paper and other everyday products.
Shares of Earth Search Sciences, Inc. (OTC:BB: ESSE, Stock Forum) climbed 21% to 12.1 cents Monday after the company announced that it is acquiring General Synfuels International, Inc. GSI, which has a technology to recover hydrocarbons through an environmentally-conscientious gasification process, has agreed to the buyout involving an undisclosed amount of cash and shares. According to Earth Search Sciences, the acquisition enables its subsidiary, Petro Probe, Inc., a private petroleum company that uses advanced technology in the search for and production of hydrocarbon products, to establish a joint venture and commercial licensing program to develop domestic oil shale and other heavy oil resources. Petro Probe plans a full-scale field test of the technology as early as this fall and commercial development as early as 2009.
Shares of Georgia-based i2Telecom International, Inc. (OTCBB: ITUI, Stock Forum), climbed 21% Monday to 15 cents after the developer of voice-over-internet protocol products and services announced that it has executed a memorandum of understanding for a strategic joint venture with Raed A.H. Rajab a prominent businessman in Kuwait, to expand the company's operations into a number of international markets by the end of this year. Through established sales channels, the investor will provide $9 million in funding for operating and marketing expenses during the next twelve months involving the launch of i2Telecom's MyGlobalTalk and other telecom offerings into these markets.
Also, shares of Oklahoma-based Southwest Bancorp, Inc. (NASDAQ: OKSB, Stock Forum) jumped 15.9% to $13.04 Monday after the company reported earnings results.For the second quarter of the year, Southwest Bancorp reported net income of $4.2 million, or 28 cents per diluted share, compared to $6.8 million, or 47 cents per diluted share for the same quarter of 2007. Net income for the six months ended June 30, 2008 was $9.4 million, or 64 cents per diluted share, compared to $11.3 million, or 77 cents per diluted share, for the prior year, says the company’s news release. Total assets were $2.8 billion as of June 30.
The company says that the validity of its strategic decision not to rely on any significant amounts of residential mortgages and not to make subprime loans was “reinforced by recent market events.”
