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Archive for April, 2010

Would Apple Look Smart to Enter Online Search Fray?

Posted by admin On April - 30 - 2010

John Gilliam submits:

Obviously we are having a little fun with the query used for the title, but it also presents two key questions – is Apple (AAPL) going into the online search business and what is the quickest/most efficient way that they could enter the online search space?

Is Apple Going to Enter the Online Search Business?

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Shareholder Watchdog submits:

As our moniker suggests, we take great pride in providing in-depth analysis of risks that we believe other investors may be missing. We wanted to provide updated thoughts following our article last week and Pacific Capital’s (PCBC) earnings and capital plan initiatives, which were announced Thursday morning.

We also wanted to share out thoughts on how we value PBCB in the face of the capital plan. Needless to say, our price target has been reduced. We believe tremendous confusion exists on the potential dilution from capital raise. Even at $2.19, it is our opinion that the shares have more than 80% downside following the completion of the capital raise. We calculate that PCBC is currently trading with a pro forma market cap of $7.4 BILLION and 7.5 times pro forma price to book value. This level is unsustainable. We previously thought the shares had downside to $1.50 to $2.30 per share. After terrible first quarter results and significantly higher dilution than we expected, we are adjusting our price target to $0.29 per share. At this price, the stock would trade at one times pro forma book value per share, represent a quick 45% return for Ford Financial, and trade at 16 times our revised “normalized” earnings power.

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African Gold Group, Inc., Airborne Survey of Asankrangwa Holdings-Contiguous and on Strike With Keegan’s Esaase Deposit-Has Commenced

TORONTO, ONTARIO–(April 29, 2010) – African Gold Group, Inc., (TSX VENTURE:AGG) (“AGG” or the “Company“) is pleased to report that an airborne magnetic and radiometric survey of AGG’s 456 sq km Asankrangwa Holdings, located on strike and contiguous with Keegan Resource’s Esaase gold deposit, has commenced.

In addition, an airborne survey of the Company’s 20 sq km Nyankumasi concession, located approximately 30 km south-southwest of Newmont Mining’s 6.3 million ounce Akyem project, will proceed immediately following the completion of the Asankrangwa airborne survey.

The two distinct projects will consist of high resolution helicopter borne magnetic and radiometric surveys. A total of approximately 11,000 line kilometers will be flown with an AS350 helicopter which will utilize a horizontal boom mounting to separate magnetic sensors that will allow for measurement of the horizontal gradient of the magnetic field. Incorporating the magnetic gradient in gridding algorithms provides significant improvement in delineating line parallel features, spatial positioning of off-line anomalies and overall resolution of the magnetic data. The AS350 platform will be flown at low survey heights of not greater than 30 vertical meters from surface. Magnetic and radiometric data will benefit significantly from the lower survey height. Full spectral processing of all collected data will be an integral part of the exercise.

The objective of the program will be to identify structural targets, on a regional scale, that will be followed up with regional geochemistry, ultimately culminating in the identification of drill targets.

AGG’s consolidated Asankrangwa land holdings comprise 5 contiguous concessions (Assuowunu, Twedee, Moseaso, Manso Nkwanta and Manso Atwere) that collectively encompass 456.2 sq. km of ground, representing 94% of the active exploration ground contained within the Northern Asankrangwa gold belt. A gold-in-soil anomaly that measures 24 kilometers in strike length, oriented in a north-east / south-west (NE/SW) direction, is contained within AGG’s consolidated boundaries. This linear anomaly is perceived to run parallel to the major structural target(s) currently being drilled by Keegan Resources at its 28 sq. km Esaase concession.

Please activate the link to view a regional map that depicts AGG’s Asankrangwa Holdings and proximity to Keegan’s Esaase gold deposit.http://www.africangoldgroup.com/i/pdf/2007-10-25_NRM.pdf

AGG has retained Paterson, Grant & Watson Limited (“PGW”), headquartered in Toronto, Canada, as project manager of the airborne geophysical survey. PGW has been furnishing technical excellence in the planning, supervision, processing and interpretation of a wide variety of geophysical surveys, since 1973.

Historical Regional Work – Pre-Dating AGG Ownership

The area encompassing the northern Asankrangwa gold belt has a significant history of exploration as well as gold mining. Historical activity within close proximity to AGG’s (456.2 sq km) 5 contiguous concessions is summarized below (please refer to the above regional map link for a regional perspective):

  • Immediately to the west and draining from the contiguous Assuowunu concession, Bonte Gold Mines produced approximately 500,000 ounces of alluvial gold, (from the Esaase and Jennie concessions), between 1992 to 2002.
  • The Esaase concession is now controlled by Keegan Resources. Keegan just reported a positive preliminary economic assessment for the Esaase Deposit detailing an Indicated Mineral Resource of 2.28 million ounces of gold (58.0 million tonnes grading 1.2 g/t gold at a cut-off grade of 0.4 g/t) and Inferred Mineral Resource of 1.65 million ounces of gold (41.7 million tonnes grading 1.2 g/t gold at the same cut-off grade).
  • Immediately to the south of AGG’s Manso Nkwanta concession, Resolute Resources mined approximately 30 million tonnes of ore grading 2.0 g/t Au from a number of pits at Nkran Hill, Adubiaso, Akwasiso and Abore.
  • To the immediate north of AGG’s holdings, at Mpesetia, AngloGold Ashanti produced approximately 100,000 ounces of gold from open pit operations.
  • All of the above sources of gold are believed to be structurally controlled and these structures are known to extend onto AGG’s holdings.
  • Previous operators, in the mid to late 1990’s, carried out extensive preliminary exploration by way of regional geochemistry and geology, geophysics and trenching, producing a number of, as yet untested anomalies.

AGG Historical Work Program Highlights: 2004 – 2008

  • In a press release dated November 22, 2004 AGG announced Trench results at its centrally located Moseaso concession where intercepts measuring 32 Metres of 1.79 g/t Au & 31 Metres of 2.02 g/t Gold were reported. (see regional map for perspective):
  • In a press release dated January 20, 2005 AGG reported results from a 2,155 meter diamond drill program that comprised 12 holes drilled from 6 pads over 380 meters of strike length, at Moseaso. Drill highlights included:

Interval (m)

Hole

From

To

Length

Gold

(g/t)

MA04-01

9.45

23.80

14.35

0.96

and

71.50

76.00

4.50

2.62

MA04-02

4.88

10.97

6.09

1.19

and

23.17

27.74

4.57

2.40

MA04-05

63.65

115.10

51.45

0.74

incl

102.00

109.10

7.10

2.20

MA04-08

77.00

86.50

9.50

1.18

and

97.50

110.85

13.35

2.16

MA04-11

101.50

106.00

4.50

4.12

  • On April 17, 2007 AGG announced that the Company’s surface exploration program at its Assuowunu concession has identified three main gold-in-soil anomalies that trend into the contiguous Esaase concession, controlled by Keegan Resources Inc. (Please activate the link to the map that depicts the surveyed region.)http://www.africangoldgroup.com/i/maps/NR_Tropical_b.jpg
  • On October 25, 2007 AGG announced the acquisition of the coveted Manso Atwere concession. The 7.2 sq km Manso Atwere concession represents the southern extent of AGG’s Asankrangwa footprint. This region is the subject of extensive ongoing artisanal mining activities. Local miners have excavated a pit that now measures in excess of 200 meters in length, 30-40 meters in width and 30-35 meters in depth. Please activate the link to view a photo of the artisanal pit.http://www.africangoldgroup.com/i/photos/2007-10-25_NRP.jpg
  • On November 07, 2007 AGG announced the assay results from 52 channel samples that spanned 104 meters of an exposed footwall within an excavated artisanal pit at its Manso Atwere concession. Samples taken from this exercise were prepared and analyzed by SGS Laboratory located at Bibiani, Ghana. Channel sample results are depicted in Table 1 below:

TABLE 1 CHANNEL SAMPLE ANALYSIS

Anomaly

Interval with sample numbers

Grade (g/t) Au and width of mineralization

1

J1001-J1004 (0 – 8m)

1.14 g/t over 8m

2

J1016-J1027 (30 – 52m)

2.36 g/t over 22m

3

J1047-J1052 (88 – 100m)

2.73 g/t over 12m

  • In addition, (at Manso Atwere), two grab samples were collected from the artisanal miner’s stock pile of ore, that was ready to be crushed and washed that returned assay values of 10.2 g/t Au for sample J1059 and 20.9 g/t Au for sample J1060. (see link to attached photo depicting stockpile, crusher and sluice:http://www.africangoldgroup.com/i/photos/2007-11-07_NRP1.jpg).
  • On April 16, 2008 – African Gold Group, Inc., reported assay results for five trenches, located within the immediate proximity of the excavated artisanal mining pit at AGG’s Manso Atwere concession. The five trenches total 1,628 meters in aggregate length and average 3 meters in depth. All trenches were sampled on two meter spacing.
  • Trench highlight: GYTR02 assayed 84 metes at 3.00 g/t Au., including 36 meters at 6.28 g/t Au.
  • Reconnaissance diamond drilling (2008) highlights included:

Manso Atwere:

18 meters grading 1.65 g/t Au

Including:

9 meters grading 3.52 g/t Au

Assuowunu:

7 meters grading 2.34 g/t Au

“There is a growing conviction amongst AGG’s team that our 456.2 sq km Asankrangwa Holdings represents significant potential for our Company and our shareholders. We hold the dominant land position in the region and are bordered by historical sites of production to the north, south and west of our footprint. Current exploration and development by Keegan and others continues to demonstrate the growing importance of the region,” states AGG President, Michael A. Nikiforuk.

AGG announces that, subject to regulatory approval, it has granted certain directors, officers and consultants of AGG an aggregate total of 1,725,000 incentive stock options to purchase common shares of the Company at the exercise price of $0.60 per common share for a period of five (5) years from the date of issuance, being April 29, 2010. All options shall vest upon grant.

African Gold Group, Inc., based in Toronto, Canada, is engaged in the identification, acquisition and exploration of prospective gold projects that are situated along significant gold trends within West Africa. To date, the Company controls a total of twelve gold concessions that are consolidated in five distinct standalone exploration projects, of which three projects are located in Ghana and the remaining two are located in Mali, West Africa.

Additional Information is available on the Company’s website atwww.africangoldgroup.com and onwww.sedar.com and through the Company’s offices at: Brookfield Place, Canada Trust Tower, 27thFloor, 161 Bay Street, Toronto, Canada M5J 2S1.

On Behalf of the Board:

Michael A. J. Nikiforuk, President, Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

For more information, please contact

African Gold Group, Inc.
Michael A. J. Nikiforuk
(416) 572-2225
info@africangoldgroup.com
www.africangoldgroup.com

VFC submits:

Titan Pharmaceuticals (TTNP.PK) announced on Tuesday that the SEC has completed the review of the company’s "Form 10 for the re-registration of the company’s securities and resumption of its reporting obligations under the Securities Exchange Act of 1934."

Titan intends to remain a reporting company from this point forward, according to recent releases from the company.

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Wednesday ETF Wrap-Up: GDX Soars, SCZ Sinks

Posted by admin On April - 28 - 2010

ETF Database submits:

Equities markets trended higher on the back of an upbeat Federal Reserve outlook on the U.S. economy and quality earnings reports. This modest uptick came despite continued worry in the euro zone over sovereign debt issues, with Spain the latest country to suffer a downgrade from ratings agency Standard and Poor’ss. Among Dow components, the biggest gainer was Dow Chemical, which saw its shares jump higher by close to 6% after the company reported net income of 41 cents a share compared to 3 cents a share in the same period a year ago according to the AP.

The ETFdb 60 Index, a benchmark measuring the performance of asset classes available through ETFs, added 3.23 points, or 1.3%, to close at 1,062.18.


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