Dallas, TX 11/9/2007 2:02:35 AM
OTCPicks.com Daily Market Movers Digest Midday Report for November 8th LOOK, URXE, ASWRF, IDSM
Our Stocks to Watch today include LookSmart, Ltd. (NASD: LOOK), Urex Energy Corporation (OTCBB: URXE), Anglo Swiss Resources Inc. (OTC BB: ASWRF), Industrial Minerals Inc. (OTCBB: IDSM)
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LOOKSMART LTD (NASD: LOOK)
"Up 6.99% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/LOOK.php
LookSmart, Ltd. operates as an online advertising and technology company in the United States. It provides content, advertising, and technology solutions to consumers, advertisers, and publishers. The company offers advertisers pay-per-click search advertising and banners through a monitored ad distribution network. Its ad distribution network includes proprietary Web sites, syndicated publishers, other ad networks, and search partners. The company also offers a suite of tools and solutions that help publishers improve their audience, control advertiser relationships, and enhance the monetization of their sites. It operates various consumer sites, which include FindArticles.com, a Web site that enables consumers to search a database of content from various articles; vertical search sites that select appropriate resources by category and deliver relevant search results, including health, finance, entertainment, and auto; and Furl.net, an online social bookmarking service, which enables members to securely save Web pages. LookSmart was founded in 1996 and is headquartered in San Francisco, California.
LOOK News:
November 7 - LookSmart Announces Sale of FindArticles.com
LookSmart, Ltd. (NASD: LOOK), an online advertising and technology solutions company, today announced that it has entered into a definitive agreement to sell the Company’s FindArticles.com property to CNET Networks, Inc. (NASD: CNET) in an all cash transaction valued at approximately $20.5 million. The transaction, which is subject to customary closing conditions, is expected to close within a few days and is structured as an asset sale.
FindArticles.com houses approximately 11 million resource articles from over 3,000 sources, including leading magazines, journals, trade publications and newspapers. The site lets users browse articles dating back to 1998 by category or by specific publication name.
“The sale of FindArticles.com improves the Company’s overall financial position, and enables us to focus and streamline more effectively on building value in our core advertising network and publisher services operations,” commented Ted West, Chairman and Interim Chief Executive Officer. “Our strategy is to focus on the needs of advertisers and publishers in order to position the Company for future growth and profitability. ”
“CNET Networks understands that access to premium content is critical for our users' online media experience,” said Neil Ashe, CEO of CNET Networks. “The addition of this high-quality content from leading independent publishers allows us to further improve the experience for our users.”
RBC Capital Markets acted as financial advisor for LookSmart on this transaction.
UREX ENERGY CORP (OTCBB: URXE)
"Up 27.78% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/URXE.php
Urex is focused on actively exploring and developing uranium properties in Argentina and New Mexico. Urex owns a 99.8% interest in the Rio Chubut property comprised of 170,000 hectares of land, which is adjacent to the Cerro Solo uranium deposit located in Chubut Province within Patagonia of southern Argentina. The Cerro Solo exploration block is approximately 20 km x 50 km, and borders the Cerro Solo uranium deposit to both the North and the South. Urex also owns a 100% interest in the La Jara Mesa Extension uranium property consisting of 137 unpatented mining claims in the Grants Mining District, Cibola County, New Mexico. The La Jara Mesa Extension property lies adjacent to Laramide Resources Ltd.’s La Jara Mesa and Melrich uranium deposits. Between 1950 and 1978 the Grants Mining District produced 270 million pounds of uranium oxide, which ranks it as the most prolific uranium district in the United States.
URXE News:
November 8 - Urex Energy Corporation Starts Exploration in Argentina
Urex Energy Corporation (the “Company” or “Urex”) (OTCBB: URXE) reports that it has obtained exploration permits from mining officials in Argentina and has started its uranium exploratory program. The program is intended to include airborne geophysics, ground geologic mapping and prospecting, and drilling.
The Company is in the process of securing a drill rig to implement a proposed Cerro Solo Extension drilling program designed to drill test for extensions of known uranium mineralization adjacent to and on trend with the Cerro Solo uranium deposit. Environmental permitting is complete with final land access agreements nearly complete. Drilling is expected to start in January 2008, but the final start date will depend on drill rig availability.
The Company has contracted with New-Sense Geophysics Ltd. of Thornhill, Ontario, Canada, to complete a fixed wing aeromagnetic/radiometric survey over its Argentine properties. The survey will start in early November 2007 and is expected to be completed within about four weeks. The geophysical survey is designed to identify fault structures and surface uranium anomalies across the Company’s 170,000-hectare land position. The last airborne geophysical survey flown in the region was completed in 1978 before the use of GPS (Global Positioning Systems) and therefore lacked precise geographic control. The Company’s geologists believe that the current state-of-the-art airborne system will provide new understanding of uranium occurrences within the Chubut Basin and will accelerant target definition.
A comprehensive field program is planned to follow the airborne survey and is designed to characterize uranium anomalies in preparation for drill testing. Urex is fielding a young, energetic team of geologic professionals who will conduct the field program guided by South American Manager Oscar Yokoi and Brian Cole, Urex’s Professional Geologist.
Management believes in the technical viability of the project and robustness of Argentina for new uranium discoveries. The Cerro Solo project area represents a small fraction of the total property holdings controlled by Urex in Argentina.
In New Mexico, the Company’s La Mesa Extension Uranium Project is awaiting approval of an exploration permit that will allow the commencement of Phase I drilling. Meetings with the relevant agencies have identified issues raised by interested third parties. The Company is confident that it will be successful in obtaining permission to start its exploration program. Currently, USFS (United States Forest Service) is conducting consultation with local Indian Tribes with the expectation to complete that process by March 2008.
For more information, visit the Company’s website at www.urexenergy.com.
ANGLO SWISS RESOURCE (OTCBB: ASWRF)
"Up 21.35% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/ASWRF.php
Anglo Swiss Resources holds key gold (British Columbia) and diamond (North West Territories) properties in close proximity to successful mining operations. The Company has completed its 2007 drilling on the Fry Inlet diamond project. All kimberlite-bearing drill core has been logged, split and forwarded for laboratory diamond analysis. Diamond count will be released when received. For further information, visit the Anglo Swiss Resources Investor Relations Hub at www.agoracom.com/IR/AngloSwiss or email ASW@agoracom.com.
ASWRF News:
November 6 - Anglo Swiss Resources Encounters Significant Sulphide Mineralization During Drilling at Its Kenville Mine Property, Nelson, BC
Anglo Swiss Resources Inc. (OTC BB: ASWRF; CDNX: ASW.V; Berlin: AMO.BE) is providing an initial progress report at the outset of its Phase 1 Diamond Drill Program at the Kenville Mine project. The current Phase 1 drill program, entailing approximately 1500 meters (4900 feet), is in its early stages with the first two drill holes (AK07-01 & AK07-02) completed on Line 2500 N.
Highlights of DDH AK07-01:
Hole AK07-01 (azimuth east, dip -45 degrees) contained significant sulphide mineralization throughout the upper portions of the drill hole, to approximately 215 meters (705 feet), with the drill hole terminating at 369.4 meters (1212 feet).
Porphyry style disseminated copper (mainly chalcopyrite) was encountered at the top of drill hole AK07-01 to approximately 25 meters (82 feet) depth in the hole.
A second larger zone of consistent disseminated chalcopyrite mineralization was encountered from 145 meters to 215 meters (70 meters) or from 476 feet to 689 feet (229 feet).
Mineralization in drill hole AK07-01 is generally hosted within siliceous dark foliated, magnetite enriched diorites, containing variable disseminated concentrations of pyrite, chalcopyrite with traces of bornite.
Mineralization encountered in drill hole AK07-01 occurs within a well-defined IP chargeability high as delineated by the 2007 summer geophysical surveys carried out over the western portion of the Kenville property.
Highlights of DDH AK07-02:
Hole AK07-02 was positioned at the same collar location as drill hole AK07-01. The initial dip of this hole was set at minus 70 degrees, drilled towards the west.
This drill hole was drilled to a final depth of 195.1 meters (640 feet), with the hole designed to test a zone of low chargeability and low resistivity, which was postulated as a possible mineralized alteration zone.
Sporadic zones of copper mineralization were encountered within foliated diorites from surface to 58.6 meters (192.25 feet) depth.
A separate zone of disseminated chalcopyrite occurred within silicified diorite over the interval 157.3 to 168.3 meters (36 feet).
This Phase 1 drill program is designed to test areas of variable IP chargeability, resistivity and geochemical anomalies throughout the surveyed grid area measuring 1100 meters (3608 feet) north/south and 700 meters (2926 feet) east/west, with depth measured to 400 meters (1312 feet).
Drill hole core samples have been sent to an accredited assay lab for both gold assay and multi-element ICP analysis. Results will be reported promptly upon receipt by Anglo Swiss Resources. The 2007 drill results will be combined with the existing geochemical data and previous drill results to assist the technical staff in selecting further drill locations for the Phase 2 drill program.
The Kenville site is 10 kilometers (6.2 miles) west of Nelson, British Columbia, which is located in the West Kootenay region of southern British Columbia. This is a prolific area of numerous mineral showings and past producing mines, including the Kenville Gold Mine, explored since the late 1800's.
INDUSTRIAL MINERALS (OTCBB: IDSM)
"Up 13.73% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/IDSM.php
Industrial Minerals Inc. through its wholly owned subsidiary Industrial Minerals Canada Inc., headquartered in Oakville, Ontario, Canada, owns 100% of the undivided interest in the Bissett Creek Graphite patented mineral lease, containing a resource of 640,000 tons of flake graphite on approximately 10% of the patented mineral lease that has been drilled to date. The property is comprised of 28 claims covering an area of approximately 1,315 hectares (3,250 acres). It has been the subject of substantial earlier exploration drilling, trenching and metallurgical test work by KHD Canada, Kilborn Engineering, Pincock Alan and Holt and Cominco Engineering Services. The property is located in Maria Township in the Province of Ontario, Canada. The property is one of the largest and purest natural flake graphite deposits in the world. The Company plans to become the leading producer of large flake crystalline graphite in North America and a prominent market participant internationally.
IDSM News:
November 8 - Industrial Minerals Inc. executes licensing agreement with Hydro Quebec
Industrial Minerals Inc. (OTCBB: IDSM) announced the licensing of five specific patents related to Lithium (Li)-ion battery technology with Hydro Quebec. The term of the agreement is for a period of 20 years. Hydro Quebec is recognized as a world leader in Research related to Lithium (Li)-ion battery technology and have patented Graphite refinement technologies specific to the Li-ion battery field.
The worldwide rights to use the patent rights allow the Company to develop, manufacture, use, sell, offer for sale, distribute or sell the patented products outlined in the agreement.
David Wodar, President and CEO of Industrial Minerals, said, "each cell of a lithium - ion battery uses 1.5 to 2 grams of 99.9+% Graphite, which translates to 20 to 30 kg's of graphite per Hybrid Electric Vehicle (HEV) and sells for a significant premium over the standard 95% purity products. This represents a tremendous opportunity for Industrial Minerals. We look forward to a strong relationship with Quebec - Hydro as we continue to advance in our business development."
Hydro Quebec concluded this partnership with Industrial Minerals in part because of its confidence in the technical expertise of the Company management team to implement and execute their production program as well as the capabilities and the resources of the Company to market and supply high purity graphite.
Both the Company and Hydro-Quebec will continue to work to develop further agreements in regards to the worldwide graphite market.
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