Functional Technologies Announces First Quarter 2012 Financial Results

February 28, 2012

Functional Technologies Corp. (TSX-V: FEB; OTC Other: FEBTF) today reported operational and financial results for the first quarter ended November 30, 2011 (Q1 of 2012).

Mr. Christopher Morris, Functional Technologies’ acting CEO stated in the release: “Functional Technologies continues to accomplish substantial achievements in building technical and commercial value for our proprietary acrylamide-preventing as well as hydrogen sulphide-preventing yeast platforms, in alignment with our corporate goal to drive technologies from bench to commercialization. These lead programs continue to achieve significant third party validation for our core technologies, which has also translated into increasing requirements for management time and resources.”

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Goldgroup Responds to Mexican Newspaper Articles

February 28, 2012

Goldgroup Mining Inc. (TSX: GGA; OTC Other: GGAZF)  responded today to recent unconfirmed Mexican newspaper articles quoting certain statements by the Governor of the State of Veracruz on the environmental permitting regarding Goldgroup’s Caballo Blanco project. 

In the release Keith Piggott, President and CEO of Goldgroup, stated, “We agree with the reported comment by the Governor of the State of Veracruz that our project should be designed with the welfare of all stakeholders in mind. The Federal Government has not denied our mining operating permit and we continue to work closely with all stakeholders of the Caballo Blanco project to create a sustainable mining operation for all parties involved. Our current work program at Caballo Blanco is being conducted under already issued Federal permits and is not affected by the current permitting process.  We will continue to be in discussions with, and take into consideration the views of, both the Federal and State Governments in Mexico to continue to move our mining project forward.”

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First Berlin Initiates Coverage of Euromax Resources with $0.45 Price Target

February 27, 2012

First Berlin Equity Research initiated research coverage of Euromax Resources (OTCQX: EOXFF; TSX-V: EOX) with a “BUY” rating and a price target of $0.45.  According to the report,

“EurOmax has a NI 43-101 compliant resource base in excess of 5 million oz gold at 0.90 grammes/tonne. The EurOmax share is currently very conservatively valued at an EV/oz gold of C$5.74 per share. This compares with an average of C$68 for the companies in our peer group and C$20 for the next cheapest company. We expect newsflow to push EurOmax’s valuation higher this year. First, we expect positive news on the resource base with the publication of updated resource estimates for the Ilovitsa and Trun properties. Second, there is a significant chance that the current drilling programme at the KMC property will yield a major gold discovery in submerged porphyry intrusions.  Our price target is C$0.45 per share and our recommendation is Buy.”

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Constantine to Spin Out Yukon Gold Assets

February 27, 2012

Constantine Metals (OTC Other: CNSNF; TSX-V: CEM) has signed a letter of intent with Carlin Gold and Urban Select Capital to spin out the Constantine-Carlin Yukon joint venture assets (the “Yukon Properties”) into a subsidiary of Urban Select (“SpinCo”).  The spin-out will consolidate the joint venture ownership of the Yukon Properties into one company and allows Constantine to focus its efforts on the Company’s core assets in Alaska and Ontario. Under the terms of the LOI, Constantine will receive $500,000 in cash and approximately 14.2 million shares in the SpinCo as well as future share payments if mineral resources are defined on the Yukon Properties. Concurrent with completion of the transaction SpinCo is to complete a $4,000,000 financing that will fund the cash portion of the acquisition cost and provide working capital to explore and drill the Yukon Properties in 2012. Constantine’s anticipated pro forma ownership of the new company will be 28.7 percent, with an estimated market value of $3.5 million. Constantine will have board representation in SpinCo and provide technical advisory services.

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Goldgroup Tunnel Assays Confirm Drill Results at Caballo Blanco

February 27, 2012

Goldgroup Mining (OTC Other: GGAZF; TSX: GGA) has completed 175 metres of underground tunnel development at Caballo Blanco, further confirming past drill results and the Company’s recently announced updated resource estimate.  The tunnel at the La Paila Zone is being driven to collect bulk-sample material for ongoing metallurgical test work.  The tunnelling also provides direct access to the mineralized zone allowing the Company to enhance its understanding of the geological and geotechnical characteristics of the mineralized silica body.  Assay highlights from the tunnel include 34.2 metres of 0.77 g/t Au and 30.9 metres of 0.68 g/t Au from channel sampling in the main tunnel, and 42.2 metres of 0.46 g/t Au from sampling in the cross cut off the main tunnel.  The results to date show good correlation between the channel sample results and blast material sample results.

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Functional Technologies’ Acrylamide-Preventing Yeasts Show Well in Studies

February 27, 2012

Functional Technologies (OTC Other: FEBTF; TSX-V: FEB) reports that efficacy studies conducted on end-user materials, investigating the Company’s proprietary acrylamide-preventing (AP) yeast technology in a novel food application that traditionally does not incorporate yeast ingredients as processing aids, have demonstrated significant reduction of asparagine, the main known precursor in the formation of acrylamide. Moreover, the reduction was achieved with short contact times and decreasing yeast dose concentrations. Acrylamide is a chemical shown to be a mutagen (i.e. carcinogenic), as well as neurologically and reproductively toxic. Functional Technologies previously demonstrated that the ability of its technology to reduce asparagine has been significantly effective in preventing the formation of, and thereby reducing, acrylamide.

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Investment Capital Flowed Into Commodities in January Versus Withdrawals in December

February 27, 2012

LONDON (Reuters) – Investment flows into commodities turned positive in January after heavy withdrawals the previous month, boosting hopes that money entering the sector will rise this year from the weakest levels in nearly a decade in 2011, Barclays Capital said.

Commodities saw $7.7 billion of net divestment in December, Barclays estimated, after many funds suffered heavy losses in volatile markets, but sentiment has improved this year amid reduced concerns about the European debt crisis and a hard landing of the Chinese economy.

“Towards the end of last year we did see a lot of liquidation of commodity holdings by institutions, by hedge funds and by retail investors who’d been buying things such as exchange-traded products,” said Kevin Norrish, managing director of commodities research at Barcap.

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