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Archive for February, 2010

Interview With Accuray Founder, Dr. John Adler

Posted by admin On February - 28 - 2010

Matthew Rafat submits:

Dr. John Adler recently left Accuray’s (ARAY) Board of Directors. Below is his departure letter and a personal interview:

Friends and colleagues,

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Titan International: Good Time to Bet the Farm

Posted by admin On February - 28 - 2010

Benjamin Mackovak submits:

Titan International (TWI) offers a compelling value even based on what are very likely to be trough earnings. Sales have evaporated across all of the business segments, however the agriculture segment (75% of sales) should rebound significantly from current levels given the recurring and nondiscretionary end demand for that industry. The stock has a free cash flow yield of over 10% for 2010 which is based on a revenue level that is still down -26% vs. the level seen in 2008. With a tangible book value of $7.43, the downside is limited here with upside potential of roughly $11.

Company overview

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Melkior Drills 17.28G/T Gold on the 1010 Zone

Posted by admin On February - 26 - 2010

Melkior Drills 17.28G/T Gold on the 1010 Zone and Drills Zam Zam Shenkman Hole to 731 Metres

OTTAWA, ONTARIO–(Feb. 26, 2010) -Melkior Resources Inc. (TSX VENTURE: MKR) (“Melkior” or the “Company”) is pleased to report on the first 2388 metres (6 holes) of a current 10,000 metres diamond drill program on its 100% owned Carscallen Gold property, located approximately 25 kilometres west of Timmins, Ontario, 5 kilometres west of the Lake Shore Gold Corp Timmins Mine and adjacent to Lake Shore’s West Timmins land holdings.

Zam Zam Shenkman Zone

The Zam Zam Shenkman Zone was discovered in the summer of 2007 during trenching aimed at identifying the source of an Induced Polarization anomaly. The zone is a structurally controlled hydrothermal conduit in a competent intrusive host with associated quartz pyrite veining. Assays in 2007 from the trench returned spectacular values in relatively narrow pyrite filled fractures, up to 843.7 g/t Au in a grab sample and up to 12.7 g/t Au over 3.0 meters in a chip sample. The Zam Zam Shenkman Zone is 850 meters northwest of the 1010 Vein area. Zam Zam zone has been traced approximately 650 metres by drilling.

CAR-32-10 and CAR-33-10 were spotted to intersect the Zam Zam zone at depth. CAR-32-10 encountered several mineralized zones. The mineralized zones consisted of networks of pyrite/quartz stringers and veinlets including 5% to 20% pyrite. The Main zone (Zam Zam Shenkman) was intersected at 450.65 to 453 metres and consists of pyrite stringes within ankerite alteration. CAR-33-10 tested the Zam Zam Shenkman zone at a vertical depth of 633 metres. Quartz feldspar porphyry occurred from 652.97 metres to 667.75 metres. Several secondary zones were encountered. These mineralized zones are similar to CAR-32-10. These secondary zones could possibly extend the Zam Zam Shenkman zone 200 metres eastward. A subtle northeast – southwest IP anomaly is observable and could be related to the secondary mineralized zone. Samples of the mineralized zone are at the laboratory for assay.

The next stage of drilling the Zam Zam Shenkman zone is to continue drilling deeper along strike towards the Shenkman zone. The Shenkman has been extended further southward for at least 200 metres by induced polarization (IP).

Hole CAR-33-10 Quick Log. Assays pending.

From : (m) To:
(m)
Total (m) Major Rock Type Comments
0.00 5.50 5.50 OB Overburden
5.50 653.00 Mafic volcanic rock
8.10 21.40 Zone with quartz-(±pyrite) vein (~1 to 2 cm-thick; at a meter interval)
356.07 356.70 5-10% pyrite as stringers
357.00 357.62 10% pyrite as stringers
357.79 358.06 Quartz-pyrite vein system; 15% pyrite
358.25 358.63 <5% pyrite as stringers
363.47 363.48 pyrite-calcite-quartz vein; 5% pyrite
364.00 364.45 Quartz-pyrite-calcite stringer zone; 3-4% pyrite
364.88 365.42 3-4% pyrite as stringers
366.13 366.37 5-7% pyrite as stringers
408.75 409.10 Quartz-pyrite vein system; 15% pyrite
498.74 498.84 pyrite-quartz vein; 5% pyrite
504.74 504.77 Semi-massive pyrite vein (+quartz); 2cm-thick
607.35 607.35 2cm-thick massive pyrite vein
639.50 641.00 zone of intense pyrite veining; 10-15% PY; sericite alteration associated
645.00 645.50 Pyrite stringer zone (>5%)
653.00 667.50 QFP Quartz Feldspar Intrusion
667.8 731.00 Mafic volcanic rock Locally silicified and sericite alteration where pyrite mineralization occurs in quartz-pyrite veinlets

1010 Vein Area

Three holes, CAR-28-10, CAR-29-10 and CAR-31-10, (PR January 20th, 2010) tested the 1010 zone at a vertical depth of approximately 200 metres. The 1010 zone has a surface strike length of approximately 400 metres and is located 850 metres south west of the Zam Zam zone. One additional hole, CAR-30-10, was an exploration hole based off a combined metallic metal ion (MMI) and IP anomaly.

Assay results for CAR-28-10, CAR-29-10 and CAR-30-10 have been received with the best intersections being from CAR-29-10 where two intersections returned 17.28 g/t gold over 0.65 metres and a second interval returned 0.92 g/t gold over 12.4 metres. Assays for CAR-31-10 have been submitted to ALS Chemex in Timmins Ontario and results are pending. The results are shown in the following table. The gold bearing zone has widened significantly at the 200 metre level. The 17.28g/t over 0.65 metres represents a new horizon up dip from the main zone. The increased width is of particular interest.

Table of result for the first 3 1010 zone holes is reported below:

Hole # Azimuth From (metre) To (metre) Length (metre) Gold (g/t) Zone Host Rock
CAR-28-10 90N 350.85 351.45 0.6 5.1 Main Quartz-pyrite veins in granite
CAR-29-10 90N 147.6 148.25 0.65 17.28 Quartz-pyrite vein in granite
CAR-29-10 90N 223.75 236.15 12.40 0.92 QFP Series of pyrite stringers in QFP
Including 234.00 236.15 2.15 2.56
CAR-29-10 90N 276.35 277.30 0.95 2.31 Pyrite stingers in granite

The 1010 zone is named after an historic gold occurrence called the 1010 Vein which in turn was named after the original claim number hosting the showing. Two historic shafts dating back to the 1930’s are located 70 meters apart on the vein. The 1010 Vein is typically 5 to 30 cm wide multi phase quartz vein with hydrothermal alteration of wall rocks. The mineralized vein has locally been intruded by a lamprophyre dike within a north-south trending dilation structure with a sub-vertical dip. High gold values are intimately related to higher concentrations of sulphides, primarily pyrite contained within quartz veins. Visible gold has been observed isolated within quartz, as plates on sericite within sheared sections of the vein, and on chlorite partings at the margin of the vein. Some wider sections have been encountered.

Surface sampling during 2007 returned results up to 280 g/t gold (NR October 5, 2006). Drilling in 2007 returned assays of 19.8 g/t Au over 3.3 meters in WKD-07-18 (NR January 9, 2008). Historical drilling conducted to approximately 100 meter depths has reportedly returned assays of up to 336 g/t Au over 0.21 meters between the two historic shafts on the 1010 Vein.

CAR-31-10 was drilled on the North 1010 zone. No significant mineralization was hit and further drilling on the north 1010 zone will be oriented 300 degrees north instead of 120 degrees north.

Exploration Drilling

CAR-31-10 tested a MMI/IP anomaly. Two small zones were intersected at 92 and 95 metres. They consisted of dense pyrite stringers (approximately 5% pyrite) however the highest assay was 0.11g/t of Gold.

The drill program has shutdown until March 24th, 2010 and drilling will resume on the Zam Zam zone. The six holes will be entered into the 3-D model to assist with deeper drilling. The shutdown will permit return of all assays, results entered into the 3-D model and enable personnel to attend the PDAC March 7thto 10th, 2010. Currently ground geophysics namely IP survey is being completed to the north of the property and to the western boundary. When drilling resumes in March the focus is to continue drilling at greater depths, namely drilling below 500 metre vertical at the Zam Zam Shenkman zones. In addition several shallower holes will be drilled to test the extension of the Zam Zam and new IP anomalies. At this stage it would appear that drilling will continue beyond the initial 10000 metre total.

Gold assays were performed at ALS CHEMEX Laboratories in Timmins, Ontario. The processed samples were submitted to a standard Fire Assay with AA technique (Au-AA-23).

Melkior has $8.1 million cash available to conduct exploration and other business

This Press Release was prepared by Jens E. Hansen, P.Eng, President of Melkior Resources Inc. The drill program, core logging and sections selected for assays were done by Eric Hébert, PhD, P.Geo. Mr. Hébert is employed by the consulting company GeoVector Management Inc. Both individuals are Qualified Persons under National Instrument 43-101.

Investors are invited to visit the Melkior IR Hub athttp://agoracom.com/ir/Melkiorwhere they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence toMKR@agoracom.comwhere they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.

About Melkior:

Melkior is a junior exploration company with active exploration projects in West Timmins and the Mc Faulds “Ring of Fire” areas of Ontario. Melkior also holds a 49% interest in the Delta Kenty nickel-copper-platinum-palladium deposit in Ungava and has several other gold properties in Ontario and Quebec.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Melkior’s periodic reports including the annual report or in the filings made by Melkior from time to time with securities regulatory authorities.

For more information, please contact

Melkior Resources Inc.
Jens E. Hansen, P. Eng
President
613-721-2919
613-680-1091 (FAX)
melkior@rogers.com
www.melkior.com

VMS Reports Results for Its Phase 1 Drill Program at the Tower Zone, Part of the Reed Lake Project, Near Snow Lake, Manitoba

VANCOUVER, BRITISH COLUMBIA–(Feb. 26, 2010) – VMS Ventures Inc. (TSX VENTURE:VMS) (the “Company”) is pleased to report the results for the 4 holes drilled in phase one of the drill program at its 100% owned Tower Zone. The second phase of drilling is now underway. The Tower Zone property is part of the Reed Lake project, in the Snow Lake – Flin Flon greenstone belt of Manitoba.

Assay data from the Phase 1 Tower Zone diamond drill program has been received and now integrated into the new and evolving geological model. The results demonstrate strongly anomalous base and precious metal mineralization occurs at a consistent and well-defined stratigraphic interval. The contact between variably altered, but primarily sericitized and sulphidized aphyric and quartz-phyric rhyolite and chloritized mafic volcanic rocks, is the preferred locus for the observed mineralization. Laminated to brecciated and fine to medium-grained disseminated to near solid pyrite-pyrrhotite-chalcopyrite-sphalerite-magnetite occur over core intervals of less than 1 m at, or adjacent to, this contact.

This geological setting is very similar to the re-interpreted stratigraphy at VMS Ventures Discovery Zone at Reed Lake, where high-grade copper mineralization occurs at a rhyolite-basalt contact. Intervals of up to 100.19 metres of 3.59% copper including 9.71 metres grading 17.79% copper (VMS news release October 1, 2008) have been intersected at the Reed Lake Discovery Zone. This stratigraphic interval has been identified as a key exploration target based on VTEM airborne and DEEPEM ground geophysical surveys and soil geochemistry and has been traced for a distance of approximately 4 km along strike. It is the current focus of exploration.

The presence of sulphide mineralization at a break in volcanism is a common theme for base metal massive sulphide type mineralization in the Flin Flon-Snow Lake mining camp and in major mining camps elsewhere.

Dr. Mark Fedikow, VP Exploration and Technical Services, states: “Though the mineralization intersected is sub-economic in grade, it is nonetheless enriched in copper, zinc, silver and gold as well as a number of pathfinder elements that are characteristically elevated in VMS type deposits of the Flin Flon-Snow Lake greenstone belt. The occurrence of base and precious metal enriched sulphide mineralization with accompanying hydrothermal alteration along this prospective stratigraphy is evidence of an active mineralizing system over 2 km from the Discovery Zone. The bulk of assays have now been received and additional targets have been developed along strike of this mineralization. These exploration targets will be drill tested in the upcoming weeks.”

The assays for Phase one drilling were undertaken at Activation Laboratories in Ancaster Ontario, an ISO/IEC 17025 certified laboratory. Multi-element geochemical analyses were determined with a combination of ICP-MS and ICP-OES. Silicate whole rock analyses were done by fusion-ICP and Au ad Ag by fire assay with gravimetric finish.

All technical information in this release has been reviewed by Dr. Mark Fedikow, P.Geo, who is the Qualified Person for the Company and Vice President of Exploration and Technical Services, VMS Ventures Inc.

VMS Ventures Inc. currently has a profile on Corebox.net which is updated as soon as assay results are released. The link to visit our Corebox profile is: http://www.agoracom.com/IR/VMSVentures where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to VMS@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.

VMS Ventures Inc. is focused primarily on acquiring, exploring and developing copper-zinc properties in the Flin Flon-Snow Lake VMS Belt. The Company also holds the largest land package considered prospective for nickel-copper mineralization at Lynn Lake, which is to date Canada’s third largest nickel producing camp. The Company’s project portfolio consists of the Snow Lake VMS project, the Nickel Belt project and the South Bay nickel-copper-cobalt PGE property. All VMS Ventures Inc. properties are located in the mining friendly province of Manitoba, Canada.

ON BEHALF OF THE BOARD OF DIRECTORS

John Roozendaal B.Sc., President & Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CONTACT INFORMATION:

VMS Ventures Inc.
Keith Patey
Director of Communications
(604) 986-2020 or Toll Free: 1-866-816-0118
Fax: (604) 986-2021
http://www.vmsventures.com

or

Coal Harbor Communications
Dale Paruk
(604) 662-4505 or Toll Free: 1-877-345-3399

Endwave’s Margin of Safety Is Not What It Appears to Be

Posted by admin On February - 26 - 2010

Saj Karsan submits:

Endwave (ENWV) has cash of $66 million and total liabilities of just $5 million, yet the stock trades for just $24 million. The company does show losses; however, in recent quarters these losses have been small in comparison with what appears to be a gigantic margin of safety. But despite the large cash balance, investors who dig deeper into the company’s financial statements would find that the margin of safety is not what it appears to be.

Many of Endwave’s financial updates use a single line to represent shareholders’ equity, but that can be misleading. This is because Endwave is financed by a large block of preferred stock which has a larger aggregate value than the company’s common stock. Once this preferred stock is subtracted from the company’s cash balance (since preferred stockholders are higher in the pecking order than common stockholders), the margin of safety reduces to a paltry sum. The company’s quarterly losses now become a material issue, and if they continue, they can play a large role in further reducing the value of the common stock.

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