It said that the Republic of Guinea’s Minister of Mines and Geology has now approved Simba’s 60 per cent stake of the Production Sharing Contract in onshore blocks 1 & 2.

This new exploration acreage totals 12,000 square kilometres in the Bove basin. Simba says the basin has an extensive presence of surface oil seeps and three known reservoir systems.

Simba believes that its newly acquired acreage possess significant hydrocarbon exploration potential. And that supports taking an aggressive near-term exploration approach, it said.

“We are pleased to have received formal approval of this transaction, including the right to be the operator, and can now proceed with the investment necessary to explore an asset that we believe has great exploration potential,” said chief executive Robert Dinning.

“Simba is the first Canadian company to explore for oil and gas in onshore Guinea. 

“We will initiate the seep survey in the near future covering a number of specific target areas with known seeps."

For the period ended April 31, the bank said net income grew to $1.03 billion or $1.51 per share, from $813 million, or $1.32 a year earlier.

As Canadian Pacific's (TSE:CP) fleet of freight service trains sit idle on the first day of a union strike, Federal Labour Minister Lisa Raitt announced Wednesday that Ottawa is ready to introduce back-to-work legislation "if necessary".

Romarco Minerals (TSE:R) said on Wednesday it received a schedule for completing an environmental impact statement for its Haile gold project, which will take longer than initially expected.

The Bank of Nova Scotia (TSE:BNS) late Tuesday inked a deal to sell the Scotia Plaza complex to Dundee Real Estate Investment Trust (TSE:D.UN) and H&R Reit for $1.26 billion.

Orvana Minerals Corp.’s (TSE:ORV) share price moved higher Wednesday after unveiling production results from its gold and copper mine, in Northern Spain. In April, total gold production reached 3,748 ounces.

Ivanhoe Mines (TSE:IVN)(NYSE:IVN) said Wednesday it will launch a rights offering open to all its existing shareholders that would raise about $1.8 billion.

CAE (TSE:CAE) said Wednesday fourth-quarter earnings jumped 17 percent on revenue gains, but also reported more than 300 job cuts as it refocuses resources in response to military budget cuts in Europe.

Net earnings grew to $53.7 million, or 21 cents per share, on $506.7 million in revenue for the three months that ended March 31.

Canaccord Financial (TSE:CF) swung to a fourth quarter net loss Wednesday, citing hefty restructuring and acquisition-related expenses, as the investment dealer also reported a sharp decline in revenue.

Canaccord posted a net loss of $31.8 million, or 42 cents per share, on $177.7 million in sales for the three months that ended March 31.

Corvus Gold (TSE:KOR)(OTCQX:CORVF) unveiled Wednesday the latest results from diamond drilling in the Yellow Jacket Zone at the company's North Bullfrog project near Beatty, Nevada, opening up what it called "significant potential" for expanding the mineralization in the area.

Horizonte Minerals (LON:HZM, TSE:HZM) said this morning it had signed outline terms for an earn-in deal for its Agua Azul do Norte gold property in the Carajas mining region of northern Brazil.

Orezone Gold Corp (TSE:ORE) announced Wednesday the completion of the sale of its Sega Gold project to Cluff Gold (LON:CLF) (TSE:CFG) for roughly $26.5 million.

The acquisition will allow Cluff Gold to increase the mine life of Kalaska, it said, and potentially increase the production profile for the combined area.

Channel Resources (CVE:CHU) reported Wednesday additional drill results from its 15,000 metre core definition program on its Mankarga 5 gold deposit, part of the Tanlouka project in Burkina Faso, West Africa.

The results from the program, which was completed in February, continue to enhance the potential of the deposit, the company said.

Selwyn Resources (CVE:SWN) said Wednesday that it received last week approval for the expansion of its ScoZinc mine in Nova Scotia.

On May 18, the Nova Scotia Department of Environment issued an amended industrial approval, allowing the company to expand its existing mine to include the Southwest Expansion of the previously mined Main Pit.

Prodigy Gold (CVE:PDG) received initial bullish coverage from capital markets firm Stonecap Securities on Wednesday, which says the gold miner is once again "well positioned" from another successful year at its Magino project in 2012.

Geomega Resources (CVE:GMA) Wednesday announced results of diamond drill hole MVL-12-59B at its Montviel rare earths-niobium project near Level-sur-Quévillon, Québec, which included a “bonus” enrichment zone of niobium oxide (Nb2O5).

Quaterra Resources (CVE:QTA)( AMEX:QMM) today announced that a preliminary economic assessment (PEA) found potential for the development of a large-scale, long term copper mine at its MacArthur property in Nevada.

Stonecap Securities initiated coverage on Chesapeake Gold Corp (CVE:CKG) Wednesday with an "outperform rating", saying the junior gold miner has a "good chance" to be taken out in the 12 months following a pre-feasibility that is just around the corner.

Android is developed by Google on an open source basis, meaning that outside parties can work on the software code, which is provided free to device makers.

Earlier this month, a jury found that Oracle had proven copyright infringement for parts of Java. The jury, however, could not unanimously agree on whether Google could fairly use that material.

Without a finding against Google on the fair use question, Oracle cannot recover damages on their copyright claims.

At one point, Oracle was seeking roughly $1 billion in damages.

Oracle had originally asserted a handful of patents were being infringed, though the number was cut down to two by the time the trial began last month.

“Today's jury verdict that Android does not infringe Oracle's patents was a victory not just for Google but the entire Android ecosystem," a Google spokesman said in a statement.

Oracle filed suit against Google in August 2010, alleging that Android infringed Oracle's Java technology.

As part of courtroom proceedings leading up to the trial, Google suggested a proposal allowing Oracle a percentage of future Android-related revenue, if Google was found to infringe on Oracle's patents.

Oracle objected to that proposal, calling it insufficient.

Shares in Oracle were up in late afternoon trading on Wednesday, up 1.82 percent to $26.83, Google’s stock was up 1.37 percent at $609.11.

Shares of Movado rallied more than nine percent Wednesday afternoon, to $28.28. Movado designs and sells watches under its own name and under brand names including Coach, Tommy Hilfiger and Hugo Boss.

Jewellery retailer Zale Corp. (NYSE:ZLC) narrowed its third-quarter loss Wednesday on revenue growth, amid higher margins and strong comparable sales.

Closeout retailer Big Lots (NYSE:BIG) announced fiscal first-quarter results Wednesday which fell short of Street forecasts as it cut its full-year guidance on lackluster US sales.

Ivanhoe Mines (TSE:IVN)(NYSE:IVN) said Wednesday it will launch a rights offering open to all its existing shareholders that would raise about $1.8 billion.

The offering is part of a comprehensive financing plan to continue the development of the massive Oyu Tolgoi copper-gold project in Mongolia.

Solar energy firm Suntech Power Holdings (NYSE:STP) swung to a first-quarter loss Wednesday hurt by declining shipments for its products and waning margins.

The China-based solar company develops and makes photovoltaic products. It also provides PV system integration services, project development and installation services.

Food and meat processing company Hormel Foods Corp (NYSE:HRL) said Wednesday second quarter earnings rose 17 percent, beating analyst predictions on sales of turkey burgers, which offset weak results in the refrigerated products unit.

For the three month period that ends April 29, net earnings were $127.9 million, or 48 cents diluted earnings per share, compared to $109.6 million, or 40 cents diluted earnings per share, a year prior.

Newly-listed social network Facebook (NASDAQ:FB) is facing several lawsuits claiming that information was hidden from shareholders regarding the company’s weakened growth forecasts ahead of its $16-billion initial public offering (IPO) last week.

After enjoying a slight rebound in its beleaguered stock Wednesday morning, reports began trickling out that certain Facebook executive officers and directors, including CEO Mark Zuckerberg, as well as the underwriters of the IPO, are being sued by shareholders.

Shares in computer maker Dell (NASDAQ:DELL) tumbled in trading as sales and earnings declined and it forecast lower than expected revenues in the current quarter. Demand for PCs were hit by the public’s growing appetite for tablet computers and smartphones, Dell said.

Video and computer games maker Take-Two Interactive Software Inc (NASDAQ:TTWO) widened losses in the fourth quarter while revenues fell.

It posted a loss of US66.8 million, or 79 cents a share, in the fourth quarter to end-March 2012, compared with a loss of US$22.1 million, or 27 cents a share, a year earlier.

Tech giant Google Inc.’s (NASDAQ:GOOG) Android mobile software did not infringe on Oracle Corp.’s (NASDAQ:ORCL) Java programming language, a San Francisco jury ruled in a patent suit Wednesday.

GlaxoSmithKline (LON:GSK) has amended the terms of its offer for Human Genome Sciences (NASDAQ:HGSI) after the latter launched a poison pill defence last week.

Pharmaceutical giant GSK originally offered US$13 per share for HGS, which it partners with on lupus drug, Benlysta. The autoimmune disease drug is seen as a key motivation behind GSK’s takeover plan.

The Sega Gold project is located adjacent to Cluff Gold's Kalsaka mine, approximately 150 kilometres northwest of the capital of Burkina Faso, West Africa.

The acquisition will allow Cluff Gold to increase the mine life of Kalaska, it said, and potentially increase the production profile for the combined area.

Gold production from the Sega project is expected much sooner than previously scheduled by Orezone.

The consideration is comprised of $15 million in cash, and $11 million in new common shares of Cluff Gold, representing a 6.5 percent stake in Cluff.

"The proceeds from this sale combined with the US$16M currently in the treasury, gives Orezone the financial strength to complete all of its planned 2012 exploration programs and feasibility studies without the need for any additional capital," said Orezone’s CEO, Ron Little.

Cluff Gold is focused on the identification, acquisition, development and operation of gold deposits in West Africa that are amenable to open-pit mining and low cost production techniques.

The company generates cash flow from its two producing assets, Kalsaka in Burkino Faso, and Angovia in Côte d’Ivoire, which together produce a total of 100,000 ounces of gold per annum.

Cluff Gold recently revealed it had received an environmental permit for its wholly-owned Baomahun gold project in Sierra Leone. This enables the company to complete the environmental impact assessment for the project, which is one of the last outstanding parts of the feasibility study that remains on track for completion in the first half of this year.

The Baomahun gold project in Sierra Leone is a key focus for the company, as it strives to become a mid-tier producer. The project is expected to contribute an additional 157,000 ounces of gold per annum, with significant exploration potential along strike.

Orezone is a Canadian company with a gold discovery track record of +10 million ounces, and recent mine development experience in Burkina Faso. Bomboré, the company's fully owned flagship project, is a large gold deposit, and is situated 85 kilometres east of the capital city, adjacent to an international highway.

Orezone's goal is to develop Bomboré by the end of 2012 and become a mid-tier producer by 2015.

The company said that the PEA has concluded that its MacArthur property, which forms part of its suite of assets in the Yerington copper district of Nevada, has potential for a large-scale “copper oxide heap leach operation” that would provide long-term cash flows for relatively low capital costs.

The PEA, undertaken by M3 Engineering & Technology Corp. of Tucson, Arizona, noted that the area could support an open pit mine based on an acid soluble measured and indicated copper resource model of 159 million tonnes at 0.212% copper and an inferred resource of 243 million tonnes at 0.201% copper.

The PEA also predicted recovery of 747 million pounds of copper over an 18-year mine life at an average mining rate of 15 million tonnes per year.

Initial capital expenditure was seen at US$232.7 million, with average life-of-mine operating costs of $1.89 per pound.

The company said the PEA estimated an after tax net present value (NPV) of $201.6 million at an 8 percent discount rate and a base case copper price of $3.48 per pound, with an after tax internal rate of return (IRR) of 24.2% and a 3.1-year pay back period.

"We see MacArthur as the first step in creating a much larger Yerington District copper project," said president and CEO Thomas Patton.

"Consequently, we are very pleased with the results of the PEA which was thorough and used realistic assumptions based on historic and recent data."

Patton said the highlights of the PEA don’t include processing the oxide residuals at the Yerington mine site, which "could expand the project significantly."

"In fact, the many assets we have in the Yerington District provide a number of options that could both optimize and expand the MacArthur project," said Patton.

"This project looks good now, and we expect that it will get better."

To add value to the project, the company said it is considering additional drilling, particularly at the north end of the MacArthur site, to investigate integrating both deeper acid-soluble and primary sulfide copper into an expanded MacArthur mine plan.

Quaterra said it is also considering conducting pit studies to raise grades, lower the strip ratio and optimize production rates, as well as the inclusion of other smaller oxide deposits on the company's land position in the Yerington copper district.

Quaterra has a 40-square mile land position in the Yerington copper district that includes the former Yerington mine site that was operated by Anaconda (TSE:ANX) for 25 years until 1978, producing 1.7 billion pounds of copper from 104.8 million tonnes of oxide ore and 58.6 million tonnes of sulfide ore.

The company also owns other stakes in the Yerington copper district, including the large Bear porphyry deposit, other oxide and sulfide deposits, and MacArthur.

In January this year, Singatse Peak Services, a wholly-owned subsidiary of Quaterra, released a NI 43-101-compliant resource estimate for mineralization in and around the Yerington pit.

The company provided an update on the resource on Wednesday, reporting that at a 0.12% cutoff, the tonnage of the measured and indicated oxide and chalcocite resource has increased 10.7% to 159 million tonnes at 0.212% copper, compared with the previous resource estimate released in 2010, adding 123.9 million pounds of copper.

Quaterra said the inferred oxide and chalcocite resource of 243.4 million tonnes at 0.201% copper has increased 13.2% from 2010, adding 132.6 million pounds of copper.

The company stated that MacArthur's measured and indicated sulfide resource at a 0.15% cutoff is 1.1 million tonnes of 0.292% copper, containing 6.4 million pounds of copper.

Although the pounds of copper in the measured and indicated sulfide resource grew by just 1%, Quaterra said the inferred sulfide resource grew by 82% to 134.9 million tonnes of 0.283% copper, adding an additional 385 million pounds compared to the 2010 estimate.

Quaterra is a junior exploration company focused on making mineral discoveries in North America.

The euro fell to its lowest level since July 2010 over Greece fears, as a meeting of European leaders also gets underway.

The euro was lately changing hands at $1.2569, down from $1.2688 in North American trading late Tuesday. According to FactSet Research data, the currency hasn't closed below $1.26 since July 2010.

The euro was weighed down by comments from former Greek Prime Minister Lucas Papademos, who told Dow Jones yesterday of considerations regarding a possible exit of Greece from the euro, a move that would be "catastrophic" for the country.

However, in an interview on CNBC, he later said that he knew of no specific exit plans, and the Greek Finance Ministry denied the news report about eurozone officials telling member nations to prepare contingency plans.

Amid the worries in Europe, oil for July delivery closed down at $89.90 a barrel, down 2.1% and below the $90 mark. Oil also fell as traders expected positive progress in talks with Iran over the country's nuclear program.

Gold and other metals retreated sharply, with gold for June delivery sinking $28.20, or 1.8%, to settle at $1,548.40 an ounce. The yellow metal has now been off for the past three sessions with investors fleeing toward the perceived safety of the US dollar.

Wednesday night, EU leaders are gathering for an informal summit in Brussels to discuss jobs and growth plans. Many fear that parties opposing the unpopular austerity measures will come into power at the Greece elections next month, throwing the country's bailout in jeopardy.

European officials have parted ways with regards to what actions to take before the elections. The European Central Bank has resisted further support for either Greece or Spain.

The company said the results confirm gold mineralization at the target continuing at depths, as suggested by past drilling.

Fire assay results for four of the first five deep-inclined diamond drill holes, drilled over an initial 350 metre strike length, show gold mineralization from near surface to 78 metres, including 5.3 metres (m) at 0.9 grams per tonne (g/t) between 27m and 32.3m in hole SD41, and 3 metres at 1.3 g/t between 50m and 53m.

In hole SD42, 3 metres at 0.9 g/t gold between 73m and 76m was returned, while 1.5 metres at 1.3 g/t gold between 39m and 40.5m was encountered in hole SD44.

Hole SD45 hit 23 metres at 1.6 g/t gold between 55m and 78m, including 10 metres at 2.7 g/t gold between 68m and 78m.

Compass said results from a further 19 holes are pending, with assays to be released as available.
The company started the 3,000 metre program in March, comprising an initial 30 holes to 150 metres in depth.

The campaign, which is near completion with 24 holes drilled, is designed to test mineralization from surface to a vertical depth of 100 metres.

"These results are very encouraging and support the work from our previous shallow drilling at the Solona target," said the manager of Compass' exploration program, Dr. Madani Diallo.

"Based on these initial results and other fieldwork, we have decided to extend the current diamond drill program to a total of 5,000m. The additional 2,000m of drilling will allow us to test the northern and southern extensions of the known Solona target while favorable weather conditions continue."

Diallo further said the company expects to stop fieldwork at the end of June as a result of the rainy season from July to September, with the break to be used to analyze the drilling and other data collected to plan for a more extensive campaign starting in the third quarter.

Compass is also continuing to work towards defining an NI 43-101-compliant inferred resource on the Solona target as soon as practible.

The junior miner is focused on gold exploration in Mali, Africa's third largest producer of gold.

Through its wholly-owned subsidiary, Africa Mining, the company owns four gold exploration permits (Yanfolila, Dandoko, Kolondieba, and Solabougouda) as well as holding applications over another four areas (Mousala, Sirakourou, Yanfolila East and Kolondieba Nord) - covering a total of 1,138 square kilometres in key gold-producing regions in southwest Mali.

Earlier this month, the Mali-focused gold explorer set the bar high as it builds a board that is the envy of some tier one companies, with Larry Phillips being the latest edition.

Not lost on astute investors, Phillips was a founder of IAMGOLD Corporation (TSE:IMG) (which has a market cap. of over $4 billion), and helped to guide IAMGOLD from a West African exploration junior to an annual million-ounce producer.

In a news conference held earlier today in Ottawa, Raitt said the CP strike threatens to wreak havoc on the economy.

“We have put on the notice [paper] that we have the intention that, if we want to, we have the ability to introduction legislation at the first opportunity on Monday,” Raitt stated, adding that she estimated the impact of the work stoppage on the economy could be $540 million a week.

At least 4,800 CP employees went on strike on Wednesday. As a result of the strike, CP has suspended its freight service across the country, after the company and the Teamsters Canada Rail Conference (TCRC), have so far failed to reach new collective agreements.

The TCRC represents approximately 220 rail traffic controllers and 4,200 locomotive engineers, conductors, trainpersons and yardmen. The two sides were unable to reach an agreement despite talks that continued until the deadline.

The union has said that major points of contention are pensions, some work rules and fatigue management.

Both the union and CP spokesman Ed Greenberg have said that the negotiations will continue Wednesday. The TCRC’s collective agreement expired on December 31, 2011.

"We have made every reasonable effort to get a settlement," Teamsters vice-president Doug Finnson said in a statement posted on the union’s website.

The Federal Mediation and Conciliation Service has been made available to provide dispute resolution and prevention assistance to the unions and CP in their negotiations.

According to reports, the strike is expected to halt shipments of grain, fertilizer, coal and other goods CP moves along nearly 24,000 kilometres of track in Canada and the U.S. Commuter trains in Montreal, Vancouver and Toronto are expected keep running during the strike.

The strike will be the first big test of the week-old new management and board at CP.

After a months-long proxy fight with its biggest shareholder Pershing Square Capital Management, former CEO Fred Green and five other board members stepped down hours before the company’s annual general meeting last Thursday.

Shareholders then voted overwhelmingly for the director nominees made by Pershing, after the hedge fund’s manager William Ackman argued the railway was faltering under Green’s leadership.

Finnson has said that the union has not yet met with Green’s interim replacement, Stephen Tobias, but noted that the change of management has not affected the bargaining process.

Upon receiving notice of the strike on May 19, CP issued a statement saying that the company believes the offer it has presented the union is "fair and reasonable".

CP said it has contributed approximately $1.9 billion of solvency deficit contributions to its pension plan over the past three years and requires changes to legacy pension and post-retirement benefits to make them industry-comparable.

Among the range of proposed amendments, some of the options provide guaranteed pension payment that is a multiple of average Canadian industrial pension payment and exceeds what the union has already agreed to for the majority of its members at another major Canadian railway, said CP.

"The offer on pension aligns with the industry and allows the railway to remain competitive as we invest in strategic infrastructure upgrades along our network," said executive VP and COO Mike Franczak.

The U.S. Army Corps of Engineers gave a schedule for completing the environmental impact statement (EIS) for the Wetlands permit.

However, a decision regarding the permit won’t be made until August 16, 2013, the exploration-stage company said.

The Federal 404 Wetlands permit is the only Federal permit Romarco requires for the Haile project. The Corps is the federal agency regulating 404 permits.

"While the Corps' schedule for completing the EIS and issuing its record of decision is longer than we have been targeting, that schedule provides clarity for our planning," president Diane Garrett said in Wednesday’s statement.

"We will continue to advance detailed design and engineering for the project, adjust equipment orders to align with the Corps' schedule, and diligently manage our cash as we advance one of the best undeveloped gold deposits in the world."

Other pending permits include, but are not limited to, the State 401 Water Quality Certification and the State Mine Operating permit. The regulating agency for these permits is the South Carolina Department of Health and Environmental Control (DHEC).

The DHEC has indicated that it will schedule its public hearing for the State permits following the filing of the draft EIS by the Corps.

The Haile mine is located within the Carolina Slate Belt, which has been host to many gold deposits spanning over five states.

The gold mine has an estimated measured and indicated gold resource of 71.2 million tons at a grade of 1.77 grams per ton (g/t) for four million ounces.

In the inferred category, the gold resource stands at 20.1 million tons with a grade of 1.24 g/t for 800,000 ounces.

Shares took a nosedive of nearly 21 percent descending to 64 cents apiece in trade on the Toronto Stock Exchange Wednesday.

The company has recently transitioned from a mining exploration company to a near-term producer of titanium dioxide, iron and vanadium pentoxide from assets in Quebec.

Late last year the company acquired a 50.1 percent stake in Canadian Titanium Ltd., a private company which owns the process and underlying patents for the recovery and production of titanium dioxide from titanium-bearing ore.

At its plant in Mississauga, Ontario, the company said that the scale-up is progressing extremely well. The production has now
reached 3 kg/day of high-purity titanium dioxide from 0.3 kg/day, 1,000-percent scale-up to date.

The increase in production is attributable principally to ongoing refinements in the treatment and purification process that will ultimately find their way into a full-scale industrial production facility.
 
The expanded pilot plant is expected to produce at least 10kg/day of high purity titanium dioxide by mid-June.

"We have experienced delays in the delivery of certain pieces of equipment for the larger-scale pilot plant, which has not prevented us from scaling-up ten-fold," Argex’s chief operating officer and VP of technology Enrico di Cesare said.

"We are anxious to receive the last items to complete the promised 3,000 percent increase."

In terms of finances, Argex said its 2011 working capital was up just over three-fold at $5.36 million and as at December 31, it had cash and short-term investments of $4.1 million, up from $2.2 million at the end of 2010.

In addition, for the year ended December 31, 2011, Argex converted 27,233,001 warrants, broker warrants and options to common shares. This resulted in cash to the corporation of $10,381,397.

"Our financial position has improved dramatically," Argex’s chief financial officer Mark Billings said.

"The corporation’s working capital and cash position have increased substantially while our shareholdings on a fully-diluted basis have remained the same."

Indeed, management at the company has been snapping up shares, with president and CEO Roy Bonnell acquiring 30,000 shares during May, and director Mazen Haddad pickingh up 200,000 shares in the last two months.

"Argex continues its inevitable march towards production assisted by the addition of credible partners, board members and management," Argex's president and CEO Roy Bonnell said.

"Our focus continues to be on adding value by reducing the risk associated with the project in the most effective and non-dilutive way possible for our shareholders."

Over the past year, the company announced new key board members as well as acquiring additional claims at its Lac Brûlé property.

Shares of Movado rallied more than nine percent Wednesday afternoon, to $28.28. Movado designs and sells watches under its own name and under brand names including Coach, Tommy Hilfiger and Hugo Boss.

On a preliminary basis, net earnings in the first quarter of 2013 are expected to increase to a range of $6.1 to $6.6 million, or roughly 24 to 26 cents per diluted share.

This reflects a 19 percent anticipated effective tax rate, compared to a 58 percent effective tax rate for the first quarter of fiscal 2012. A year ago, Movado reported a profit of $491,000, or 2 cents per share.

Net sales are expected to increase around 15 percent to an estimated $103 million, primarily as a result of growth in the accessible luxury and licensed brand categories, the company said.

Operating income for the first quarter is anticipated to increase over $6 million to a range of $7.8 to $8.4 million.

"We are pleased that the momentum we have built in the business over the past two years has continued into the first quarter of fiscal 2013," said chairman and CEO of Movado, Efraim Grinberg.

"These results are reflective of the effectiveness of the strategic initiatives we have implemented, including the refinement of our product lines and introduction of more frequent and focused innovation."

The company boosted its guidance for the fiscal year of 2013, now expecting net sales to increase roughly 9 percent to between $505 to $510 million, from a prior prediction of $500 to $505 million.

Net income is expected to increase over 25 percent to a range of $29.0 to $29.7 million, for around $1.15 per diluted share, compared to a previous forecast of $27.0 to $28 million, for around $1.10 per diluted share. 

That's up from its previous year's adjusted profit of $27.2 million, or $1.08 per share, on revenue of $468.1 million.

Operating income for the year is expected to increase 25 percent to $43.5 to $44.5 million, from past expectations of $41 to $42 million.

The Irving, Texas-based company sells everything from diamond jewellery to watches, gemstones and gold merchandise.

Zales narrowed its net loss to $4.52 million, or 14 cents per share, compared to a year-ago loss of $8.9 million, or 28 cents per share.

In the latest quarter that ended April 30, revenue grew to $445.1 million, up from the $411 million seen a year-earlier.

On average, analysts had expected a per-share loss of 16 cents, on $434 million in sales, according to Bloomberg.

"The six consecutive quarters of positive comps, coupled with continued momentum through Mother’s Day, demonstrates that the strategic initiatives we’ve undertaken are resonating with our guests," chief executive Theo Killion said in a release.

"In addition, the improvement in operating earnings this quarter is another indication of the progress we are making as we accelerate towards bottom line profitability."

Total comparable store sales rose eight percent. This is considered to be a key metric used to gauge a retailer’s financial health as it excludes sales from stores that recently opened or closed during the year.

In the U.S., same-store sales – which include the Zale and Gordon Jewellers brands – jumped 10.9 percent.

In Canada, same-store sales – which include Peoples and Mappins Jewellers – increased 3.8 percent. This follows a 21.6 percent growth in the same period of 2011.

Same-store sales from Kiosk jewellery fell 1.1 percent, versus 6.7 percent growth in the same period last year.

Selling, general and administrative costs fell to 47.9 percent from 49.1 percent of revenues a year ago.

Gross margins widened to 51.3 percent from 50.1 percent. Operating profit was $6 million, versus an operating loss of $5 million last year.

The company’s share price rose 3.43 percent to $2.41 each in trade on the New York Stock Exchange Wednesday afternoon.

The results from the program, which was completed in February, continue to enhance the potential of the deposit, the company said.

Results from 10 holes reported Wednesday are from infill holes along nominal 100 metre spaced lines, which targeted extensions of previously encountered mineralized structures.

Highlighted results include holes Tan11-DD47 and Tan11-DD40, Channel said.

Hole DD47 intersected two principal structures including 55 metres of 2.05 grams per tonne (g/t) gold from surface (#1 Zone) and a second structure starting at 86.5 metres down-hole for 48 metres at 1.09 g/t gold (#2 Zone).

Meanwhile, hole DD40, drilled 350 metres along strike to the southwest on section 000, intersected the #1 Zone at around 120 metres below surface with 1.46 g/t gold over a width of 45 metres.

The company said other drill holes reported today have widths and grades largely in line with its expectations for these parts of the deposit.

The Mankarga 5 core-drilling program totalled more than 15,400 metres in 71 holes.

Assay results have now been reported for 13,779 metres of core, or 89 percent of the total program, from 61 holes.

The company said a protracted delay in receiving final results from labs in Ouagadougou has delayed the finalization of Tanlouka's maiden resource estimate - but results from the last 10 holes are expected to be available soon, it added.

The drilling program has so far delineated a mineralized zone that is over two kilometres long and up to 300 metres wide on the northeast-trending Mankarga 5 structure.

The main goals of the program were to provide a geological and structural context for the deposit, to further expand the zone, and to support the deposit's maiden resource estimate.

The Mankarga 5  deposit remains open along strike and to-depth, with mineralization found to a maximum vertical depth of around 260 metres in the current program.

Detailed results from the ten holes reported today can be viewed on a drill hole location map on the company's website at http://www.channelresources.ca/i/pdf/CHUmap052312.pdf.

Last month, Channel reported that it would shortly start a 2,000 metre core-drilling program focused on the Mankarga 1 target area at its Tanlouka gold project.

The company said that in 2010, reverse circulation drilling on the Mankarga 1 target resulted in some of the highest grade intersections reported thus far at Tanlouka, including 12 metres grading 21.25 g/t gold in Tan10-RC12, and 38 metres of 3.09 g/t gold in Tan10-RC10.

The mineral explorer also said at the end of April that it has earned its 100 percent  stake in the Fox Creek mineral brine project, in Alberta.

Channel’s earn-in to own the property was 10-months ahead of schedule, thanks to a recent amendment made to its original agreement signed on February 24, 2009.

Channel also has a 90 percent stake in the Tanlouka Gold project in Burkina Faso.

On May 18, the Nova Scotia Department of Environment issued an amended industrial approval, allowing the company to expand its existing mine to include the Southwest Expansion of the previously mined Main Pit.

"We are very pleased the Nova Scotia government has approved the Southwest Expansion at the ScoZinc Mine," said president Stephen Rea.

"With this approval in hand, Selwyn can continue its efforts for financing the restart of operations at ScoZinc."

The ScoZinc mine is a past producing zinc-lead mine in Nova Scotia, which the company acquired for $10 million. The mine has a measured and indicated resource of 2.8 million tonnes grading 4.2 percent zinc and 1.9 percent lead.

As it has now received the amended approval, Selwyn can access the balance of the $10 million debt facility established with Waterton Global Value, L.P., in April.

The proceeds will be used for general corporate purposes, including restart activities at the ScoZinc mine.

Selwyn primarily focuses on the exploration and development of its properties that make up the Selwyn project in the Yukon, which hosts large tonnages of zinc-lead mineralization.

The known deposits at the Selwyn project have the potential for large scale production, and to provide a "secure supply of zinc and lead to meet the future needs of the zinc and lead markets in Asia," the company said.

The acquisition of ScoZinc, once restarted, was meant to help provide cash flow to aid in the advancement of the Yukon project.

The company recently announced an updated mineral resource estimate for its XY West deposit at the Yukon project, highlighting the expansion of its inferred category resources to 12.75 million tonnes grading 4.42% zinc and 1.40% lead.

Selwyn noted that the XY West deposit is a key component due to its close proximity to the adjacent XY Central deposit, which has an inferred mineral resource of 44.11 million tonnes grading 4.10% zinc and 1.29% lead.

The updated 12.75 million tonne inferred estimate for XY West used a base case 2.0% zinc cut-off grade, and includes 3.27 million tonnes of higher grade zinc-lead mineralization grading 7.71% zinc and 2.23% lead at a 5% zinc cut-off grade.

The company said the global mineral inventory in the inferred category increased 4.4% as a result, corresponding to an increase of 0.94 billion pounds of zinc and 0.24 billion pounds of lead at a 2% cut-off grade.

Since acquiring the Selwyn project in 2005, the company said it has made nine major deposit discoveries that are potentially amenable to open pit and/or underground mining methods, all of which remain open for expansion.

Zinc-lead sulphide mineralization has now been defined over 37.5 kilometres of strike length with the drilling results from the 2005 through 2012 drilling campaigns, said the company.

The total indicated mineral resources at the Selwyn project are 180.69 million tonnes grading 5.25% zinc and 1.83% lead for a metal content of 20.91 billion pounds of zinc and 7.30 billion pounds of lead.

The inferred mineral resources have increased to 226.88 million tonnes grading 4.44% zinc and 1.37% lead for a metal content of 22.23 billion pounds of zinc and 6.84 billion pounds of lead.

The work program at the Yukon project is being undertaken by Selwyn Chihong Mining Ltd., the joint venture company equally owned by Selwyn and Chihong Canada Mining Ltd.

Shares were trading at 12 cents Wednesday morning.

The project is located approximately 25 miles (40.2 kilometres) northeast of the Rawhide Mine, 55 miles (88.5 kilometres) east of Fallon, in Churchill County, Nevada.

The company said its aim is to define a high-grade, low sulphidation epithermal gold-silver deposit at Eastgate, and noted that there are multiple sub-parallel quartz-adularia veins throughout the property.

Small-scale historic production and work carried out by a variety of groups over the past 30 years has established that significant gold and silver are present. Historic mines that have existed on the property include, Gold Ledge, Double Eagle, Eastgate, Sunny Jim, and Central, the company said.

The major Eastgate Vein has been traced for over 2,000 feet (610 metres) along strike, and 29 selected historic surface grab samples over the southern 1,100 feet (335 metres) of strike ranged from 1.0 to 109.0 grams per tonne (g/t) gold and averaged 20.02 g/t gold.

A chip sample at shallow depth in the Gold Ledge Mine was reported to assay 29.73 g/t gold over 1.37 metres.
The company also said a limited number of previous reverse circulation (RC) drill holes resulted in notable, high-grade intersections.

Some highlights from historic RC drilling included 13.72 metres of 7.2 g/t gold, 4.75 metres of 11.66 g/t gold, 3.05 metres of 7.54 g/t gold, 4.75 metres of 10.30 g/t gold, and 3.05 metres of 8.57 g/t gold.

Kermode said that drill hole data, surface and underground work indicates a relatively well-developed hydrothermal system.

The majority of work on the Eastgate Gold property had taken place in times of low gold prices, and tough market conditions. The property also had been privately held, and was therefore not available for option during the last 10 years of buoyant gold markets.

As a result, Eastgate has never fully and systematically tested along strike or at depth, and core drilling has never been carried out on the project.

The company recently reported that it entered into a property option and joint venture agreement with privately-owned Blue Ridge Gold, to acquire up to a 100 percent interest in the Eastgate gold property in Nevada.

In order to acquire its initial 30 percent interest, Kermode must pay $100,000 cash and two million shares of the company, with an additional $200,000 and 500,000 shares within a year of approval by the TSX Venture Exchange and $200,000 within two years following approval.

The company would then be required to make three more $200,000 payments over five years to gain up to a 75 percent interest in the property.

Once Kermode has earned a 75 percent interest, Blue Ridge can either enter into a joint venture and maintain a 25 percent interest in the property, or grant Kermode the option to acquire the remaining 25 percent interest through the payment of $200,000 or 200,000 shares of Kermode (at Blue Ridge’s election) for each additional five percent interest, exercisable over five years.

The flight simulator and training company said it would slash its 8,000 workforce by four percent, which amounts to around 300 jobs. Those affected have already been notified.

"We are taking measures to refocus our resources and capabilities in response to this change in the defence market," the company said.

CAE also said it expects to book restructuring expenses of about $25 million in the first half of fiscal year 2013. Its pipeline of defence opportunities remains large, CAE added, as orders accelerate from high-growth regions like Asia and the Middle East.

The company noted, however, that it is seeing lower activity in Europe, where military budgets are being reduced.

Net earnings grew to $53.7 million, or 21 cents per share, on $506.7 million in revenue for the three months that ended March 31.

That compared with a profit of $46 million, or 18 cents per share, on sales of $465.6 million recorded in the same period of 2011.

"CAE achieved a solid performance in the fourth quarter laying the foundation for our future growth," chief executive Marc Parent said in a statement.

"Our strong cash flow, record order backlog, solid pipeline of opportunities, and recent acquisition of Oxford Aviation Academy give us confidence in CAE's continued success."

Last week, CAE said it was acquiring privately-held airline pilot training company the Oxford Aviation Academy in a deal pegged at $314 million.

The company’s civil segment – which offers flight simulators, training devices and visual systems for regional commercial airlines – contributed $215.4 million to revenue, up from the $197.2 million seen a year earlier.

The military segment, which also provides training equipment and services to governments around the world, posted sales of $267.1 million.

The combined military segment order backlog increased to $2.19 billion, including a record level of U.S. defence contracts.

CAE's relatively new mining and healthcare segments posted $24.2 million in revenue for the quarter, up from $11.1 million last year.

Overall gross margins rose to 33.5 percent from 33.2 percent in the same period of 2011.

In a separate news statement, the company also announced Wednesday that Gene Colabatistto will be the new group president of the military simulation products, training and services unit. He replaces Martin Gagne, who has decided to retire.

The company added that Gagne will stay on as a consultant to ensure a smooth transition and support a number of key strategic initiatives.

Shares of CAE fell 0.19 percent to $10.29 each on the Toronto Stock Exchange Wednesday morning.

Pharmaceutical giant GSK originally offered US$13 per share for HGS, which it partners with on lupus drug, Benlysta. The autoimmune disease drug is seen as a key motivation behind GSK’s takeover plan.

The American biotech rejected the original US$2.6 billion offer and has since retaliated to GSK’s hostile bid by putting together a rights plan or 'poison pill'.

The defence would allow shareholders the right to buy more shares at a discount, if one investor acquires a certain percentage of the company’s stock, effectively blocking an unwanted bidder.

GSK said today: “Because HGS has adopted a poison pill, GSK has added a condition to its offer requiring HGS to redeem the pill or, alternatively, GSK being satisfied in its reasonable judgment that the pill has been invalidated or is otherwise inapplicable to GSK's acquisition of HGS.”

In effect, GSK is asking HGS shareholders to remove the poison pill defence.

The tender offer and withdrawal rights are still scheduled to expire at midnight New York City time on 7 June.

The HGS share price dipped 1.3 per cent to 13.81 cents while GSK share price dipped 1.5 per cent ot 1394.5 pence.

In a research note, Ocean Equities said: "...the deal with Ridley Terminals and recent appointment of a highly quality COO with extensive experience in our view highlights Cardero’s credentials to become an attractive medium term producer of high quality coal, and we expect the announcement of an initial agreement with Ridley Terminals to potentially act as a positive share price catalyst."

Ridley Terminals is a Canadian Federal Crown Corporation that is located in Prince Rupert, British Columbia. It is the most northern deep-water port in North America and has the capacity to handle capesize vessels up to 250,000 deadweight tons.

The facility is serviced by the Canadian National Railway and is well positioned to handle coals from a variety of North American origins.

Cardero is focused on coal and iron ore, its two primary properties include the Carbon Creek (metallurgical coal) and Sheini Hills (iron ore).

The junior gold explorer is currently focused on the 100 percent-owned Magino project, located in Wawa Ontario.
Stonecap analyst Brian Szeto cited "great economics" at Magino, which are about to get "even better."

Management is targeting annual production of 249,300 ounces per year over an 11-year mine life, with cash costs of US461 per ounce, based on a current mine plan comprising only 2.7 million of the project's total global resources of 3.9 million ounces, the Stonecap report said.

"We believe that with continued drilling the total mineable resources will ultimately reach 3.5 million ounces," Szeto added.

In addition, the analyst report lauded the property for being a low-risk, past-producing asset. Magino is located in an area that is home to other producing mines, and a pro-mining jurisdiction in general, Stonecap said.

The fact that Magino is a past producing mine also substantially lowers the overall risk of the project from both a technical and an operational standpoint, the report added.

A production decision is expected in late 2012 or early 2013, with the remainder of the year anticipated to be "catalyst-heavy", Szeto said, which should allow the company to remain in the spotlight with investors.

Upcoming catalysts include further drill results from the current 60,000-metre drill program, a resource update in June 2012, and a feasibility study by the fourth quarter of the year.

"The company had a banner year in 2011, providing investors with two resource updates and two PEAs, while single handedly redefining the term ‘aggressive development’.

"With a war chest of just under $60 million, we believe that the company is once again well positioned for another successful year at Magino in 2012," Szeto concluded.

Stonecap rated Prodigy Gold with an initial "outperform" rating, and a target of $1.30 - way up from its current trading price of 49 cents. The valuation is based on a discounted cash flow approach for the Magino project, and a long-term gold price of US$1,250 per ounce.

The gold miner is currently focused on its 100-percent owned Metates project in Durango, Mexico.
Stonecap said in its report that Metates is a "monster of a deposit" with total global resources of 19.8 million ounces of gold and 540 million ounces of silver.

Based on the current preliminary economic assessment, management is targeting annual production of 1.2 million ounces per year (on a gold equivalent basis) over a 19-year mine life with cash costs of US$434 per ounce.

"This makes the project one of the largest undeveloped projects not already owned by a senior gold producer," Stonecap analyst Brian Szeto noted.

Szeto also cited Chesapeake management's proven track record as a positive, as Metates is not "management's first gold project."

Indeed, Chesapeake CEO, Randy Reifel, heads up essentially the same management and technical team that discovered El Sauzal and Marlin, "two robust world-class gold mines that are now owned by gold giant Goldcorp (TSE:G), located in Mexico and Guatemala, respectively, Stonecap said.

"Senior gold producers are always on the lookout for ‘top tier’ assets. That is, projects with sizable annual production, a long mine life, and below-average cash costs," the report noted.

"Given the fact that Metates satisfies all three criteria, we believe that it is already on the radar screens of many of the seniors looking to add a robust advanced-stage gold project to their development pipeline."

Stonecap's price target for Chesapeake was started at $22.00, well above the gold miner's current trading price of $9.59, with the valuation based on a discounted cash flow approach.

"Since acquiring Metates in 2007, management has done an excellent job of developing, expanding, and ‘de-risking’ the project," Szeto said.

"With the pre-feasibility study just around the corner (Q2/12), we believe that there is a good chance that the company could be taken out in the 12 months following the announcement of the study," he concluded.

For the three month period that ends April 29, net earnings were $127.9 million, or 48 cents diluted earnings per share, compared to $109.6 million, or 40 cents diluted earnings per share, a year prior.

The latest results beat analyst predictions of 42 cents in earnings.

Sales were up three percent from the first quarter of last year at $2 billion, nearly meeting analysts forecast revenue of $2.05 billion.

"We are pleased to report record earnings and sales for the second quarter," said Hormel’s chairman, president, and CEO, Jeffrey M. Ettinger.

"This is a good example of our balanced business model in action, as we were able to increase earnings in four out of five segments. Sales grew three percent, again with four of our five segments registering gains."

The Jennie-O Turkey Store’s operating profit grew 50 percent from last year, with volume down 2 percent, and dollar sales up 7 percent. The large rise in profit and sales for the quarter was driven by sales on retail turkey tray packs and turkey burgers.

The refrigerated foods segment's operating profit decreased 25 percent, with volume down 4 percent, and dollar sales down 1 percent. This decrease was due primarily to lower pork operating margins during the quarter, the company said.

The grocery products unit's operating profit rose 10 percent, with volume down 3 percent, and dollar sales up 1 percent. The rise in profit was due to lower pork and beef input costs, Hormel said.

The specialty foods business' operating profit increased 9 percent, with volume up 2 percent, and dollar sales up 12 percent - a result of pricing actions taken to offset higher raw material costs.

All "other" segments, primarily Hormel Foods International, saw operating profit rise 52 percent, with volume up 10 percent, and dollar sales up 11 percent from 2011, due to strong exports of fresh pork products.

"Our Jennie-O Turkey Store segment delivered another outstanding quarter, driven by value-added sales growth," said Ettinger.

"Our International business also achieved impressive results, led by strong export sales. Both our Grocery Products and Specialty Foods segments returned to earnings growth during the quarter. Results of our Refrigerated Foods segment were significantly pressured by lower pork operating margins."

"We are particularly encouraged by the continued growth of our Jennie-O Turkey Store value-added sales and our MegaMex Foods joint venture."

Hormel’s outlook for 2012 anticipates weakness in pork operating margins to be offset by stronger results in its other food sectors. The company said it is maintaining its full-year earnings guidance of $1.79 to $1.89 earnings per share.

General corporate expenses were lower in the second quarter of 2012 due mainly to lower pension and insurance costs from a year earlier.

As of May 15, the company paid its 335th consecutive quarterly dividend, at the rate of 60 cents annually.

Hormel is a multi-national manufacturer and marketer of consumer-branded food and meat products. Shares were up 2.4 per cent to $29.88 Wednesday morning.

The company said highlights from hole MVL-12-59B, which completed phase 2 drilling, included 2.06 percent total rare earth oxides (TREO) and 1.38 percent Nb2O5 over 95.5 metres from 334.5 metres; and 2.42 percent TREO and 3.08 percent Nb2O5 over 29.6 metres from 351.4 metres.

Geomega noted that hole MVL-12-59B intersected silico-carbonatite (host rock) at the start of drilling (from 0 to 318 metres) and then intersected ferro-carbonatite from 318 to 501 metres.

Additional results from the remaining phase 2 assays, which include over 15,569 metres in 35 diamond drill holes, will be released once check assays have been completed, said the company.

"The technical team accurately predicted the location of the rare earths enrichment zone in preparing phase 2 drilling," said CEO Simon Britt.

"The enrichment in niobium is a bonus. The enrichment zone niobium grade compares favorably to the average grade mined at Niobec (Iamgold), the only niobium producing mine outside Brazil, also in Quebec.

"Following excellent preliminary results on the recovery of pyrochlore, the niobium bearing mineral, the preliminary economic assessment (PEA) study will include a niobium oxide concentrate by-product."

Geomega said that hole MVL-12-59B is corralled approximately 170 metres and 60 metres south-east of holes MVL-11-32D and MVL-11-34 respectively, on section 6+80 West.

Highlights from those drill holes, previously released in February, included 2.59 percent TREO and 0.55 percent Nb2O5 over 19.5 metres from 219 metres in hole MVL-11-32D; and 3.09 percent TREO and 0.60 percent Nb2O5 over 46.5 metres from 318 metres in hole MVL-11-34.

Niobium is used for making high strength, low alloy steels, specifically used in manufacturing green technologies, turbines, aerospace, automobiles, oil and gas.

According to Geomega, global annual consumption of ferro-niobium is approximately 90 million kilograms per year, and is growing at an annual rate of five to seven percent.

The long term forecasted price of ferro-niobium is US$45/kilogram, said the company, adding that there are three producers worldwide, which include CBMM and Anglo American (LON:AAL) in Brazil, and Iamgold (TSE:IMG) (NYSE:IAG) in Canada.

The Montviel project is located approximately 100 kilometres north of Lebel-sur-Quévillon in the southern, developed, part of Quebec's "Plan Nord", an $80 billion economic, social and environmental development plan of Northern Quebec over a period of 25 years.

In September last year, the company released an initial NI 43-101 compliant resource for the project at a base cut-off grade of 1 percent TREO, for a total of 183.9 million tonnes averaging 1.45 percent TREO in the indicated resources category, and 66.7 million tonnes averaging 1.46 percent TREO in the inferred resources category.

The miner said another NI 43-101 compliant resource calculation for the Montviel core zone is slated to be finished in July. The company completed its phase 2 drill program at the site in March, totaling 24,234 metres over 50 holes.

The asset is lauded as one of the largest TREO resources outside China, which has the potential for a "significant near term role" in the growing permanent magnet sector due to its proximity to infrastructure and available labour.

In April, Geomega closed the second and final tranche of a $3.5 million private placement financing, and earlier this month announced plans to raise another $206,250 through a non-brokered private financing, as it seeks to fund development at its Montviel project.

The company will issue 375,000 units priced at 55 cents per unit, and use the funds to advance the PEA at Montviel. The proceeds will also go toward working capital purposes.

The Cree Mineral Exploration Board (CMEB) and an institutional board will participate in the offering, Geomega said in a statement.

Rare earths refer to a group of 15 specific elements, known as lanthanides, plus scandium and yttrium, used for everything from smartphones to guided missiles. While some rare earths are relatively common, they are dispersed in a way that makes it difficult to find deposits with high enough ore grades to economically exploit.

The Vancouver-based company provides a range of investment products, brokerage and investment banking services to institutional and corporate clients.

Canaccord posted a net loss of $31.8 million, or 42 cents per share, on $177.7 million in sales for the three months that ended March 31.

That compared with a profit of $41.3 million, or 49 cents per share, on sales of $247.5 million, a year-prior.
Stripping out a $41.2 million in special charges, the company earned $2.1 million, or two cents a share, versus $42.3 million, or 50 cents a share, a year ago.

In the latest quarter, Canaccord reported $29 million in restructuring costs, $10.4 million related to its Collins Stewart Hawkpoint acquisition, and a $1.8 million expense due to amortization and intangible assets. This amounted to $33.9 million after tax.

Last year, Canaccord said it was buying British broker and advisory group Collins Stewart Hawkpoint for $397 million, expanding its footprint in Europe.

On average, analysts had expected a per-share profit of 13 cents, on sales of $158 million, according to Bloomberg.

The company’s capital markets unit, Canaccord Genuity, led or co-led 25 transactions globally, raising total proceeds of $919.1 million. It also took part in another 84 transactions globally, and raised total proceeds of $2 billion.

Canaccord Genuity generated advisory revenue of $24.6 million in the fourth quarter, a decline of 4.3 percent compared to the same period a year earlier.

Its wealth management business posted $54.5 million in revenue. Assets under administration slipped 13 percent to $14.8 billion from $17 billion.

The company’s book value slipped six percent to $8.26 per share from $8.79 per share. Cash and equivalents also fell to $814.2 million from $954.1 million in 2011.

The company’s board approved a quarterly dividend of 10 cents per share, which will be paid on June 15, 2012, to shareholders on record as of June 1.

Its stock closed Tuesday at $6.57 each on the Toronto Stock Exchange.

Demand for PCs were hit by the public’s growing appetite for tablet computers and smartphones, Dell said.

Sales in the three months to 4 May were four per cent lower than a year ago at US$14.4 billion. 

Pre-tax profits dropped 32 per cent to US$792 million from US$1.17 billion, with earnings per share of 43 cents below  consensus forecasts of 46 cents.

Dell’s notebooks were hit especially hard by the rise of Apple and its clones, with consumer product sales 12 per cent lower at US$3 billion.

Michael Dell, chairman and chief executive, said the company remained committed to re-shaping the business as an end-to-end IT provider.

“We saw continued progress in our first quarter with the innovative IT solutions we’re providing – notably our latest Dell servers, storage, networking and services that deliver customers enhanced productivity,” he added.

Dell added it expects second quarter revenue to be in line with historical seasonal trends and rise to between US$14.7 billion to US$15 bln.

That forecast also disappointed analysts who had been predicting sales would be about US$15.4 bln.

Dell told analysts that revenues would be affected by businesses delaying a switch to the Windows 8 operating system when it’s introduced later this year because they are still adopting Windows 7.

The precious metals miner said that hole NB-12-138, which is outside the current in-pit resource as reported in the preliminary economic assessment in February, is the fifth core hole to be drilled in the Yellow Jacket Zone that encountered high-grade gold mineralization.

This latest intersection returned three separate high-grade intervals, with the best being 16.2 grams per tonne (g/t) gold and 1,218 g/t silver over 5.4 metres, including 2.1 metres of 33.0 g/t gold and 2,870 g/t silver within "quartz veined hydrothermal breccia", the company said.

Corvus also said the high grade intervals found also have elevated selenium and tellurium values - similar to those reported in the silver-rich, gold mineralization found at the historic Bullfrog Mine, which is roughly 10 kilometres to the south of the North Bullfrog project.

The results continue to show the continuity of the structurally controlled, high-grade gold mineralization previously reported from this area in March, the gold and silver miner said.

"The high-grade gold and silver mineralization encountered in NB-12-138 continues to confirm our covered, feeder zone target concept, opening up significant potential for expanding this very attractive zone of mineralization," affirmed CEO Jeff Pontius.

"This style of high-grade mineralization has produced exceptional deposits throughout Nevada and we are excited about further defining its potential on the North Bullfrog project."

The Yellow Jacket target is in the northern part of the district, currently outside existing pit perimeters.

Five diamond drill holes along the Yellow Jacket structural corridor have hit what the company calls "an extensive" structural zone with multiple styles of gold mineralization, including both quartz veining and pyrite replacement of iron-rich lithologies.

The company said that the style of quartz veining found in the latest hole NB-12-138 is different from that found in the other holes, and represents "a more dynamic and productive part" of the Yellow Jacket feeder zone system.

This is because the new veins are associated with multi-stage hydrothermal breccias, with the highest grades associated with visible gold and acanthite, a high-grade silver mineral.

Prior to the latest intersection, most of the observed quartz veining that hosted high-grade gold has been relatively uniform textured milky grey quartz with pyrite, the company added.

"This current high-grade zone displays evidence of very active boiling at depth and bodes well for discovery of more elevation controlled high-grade mineralization at depth along this broad, +2 kilometre long structural target," Corvus said in a statement Wednesday.

The North Bullfrog project covers approximately 43 square kilometres in southern Nevada just north of the historic Bullfrog gold mine formerly operated by Barrick Gold (TSE:ABX).

The property package, which is adjacent to a major highway and power corridor, is made up of a number of leased patented federal mining claims and 461 federal unpatented mining claims.

The current drill program at North Bullfrog is focused on infill drilling, and advancing metallurgical work as well as environmental baseline characterization studies, with the aim of completing a feasibility study by early 2013 on the Mayflower deposit.

In February, the company released a PEA on the property, which produced an economic analysis for a conceptual, low capex, heap leach project that generates average annual gold production of 57,700 ounces over 12.8 years.

This indicated a pre-tax, pre-royalty net present value of $118.3 million and an internal rate of return of 28.8 percent at a $1,300 per ounce gold price and a five percent discount rate.

The PEA also showed the project has a considerable leverage to gold price, with a pre-tax, pre-royalty net present value of $338 million and an internal rate of return of  a whopping 70 percent at a $1,700 per ounce gold price.

Total initial capital expenditure was estimated at $68.8 million with a 2.6-year payback period.
North Bullfrog currently includes several prospective gold targets with four - Mayflower, Sierra Blanca, Jolly Jane and Connection - containing an NI 43-101 compliant estimated indicated resource of 24 million tonnes at an average grade of 0.29 grams per tonne (g/t) gold for 224,400 ounces of gold.

These same four targets hold an additional inferred resource of 468 million tonnes at 0.19 g/t gold for 2.84 million ounces of gold  (both at a 0.1 g/t cut-off), with appreciable silver credits.

Last week, Corvus closed a $5.5 million non-brokered private placement financing, providing the company with financing to rapidly advance mine development of North Bullfrog, as well as to continually explore the new high-grade Nevada gold discovery, it said.

The explorer sold 8.25 million common shares at a price of 67 cents, with over 50 percent of the placement taken up by management and insiders, with CEO Jeff Pontius purchasing one million shares - a major show of confidence for the company.

In late March, the company reported initial results from the Yellow Jacket higher grade feeder zone as part of a phase one feeder zone exploration program. The Yellow Jacket target is one of several in the North Bullfrog District that the company will be exploring this year.

These initial higher grade intervals were from holes about 400 metres to the northeast of the proposed Sierra Blanca pit and resource, the company noted at the time.

Highlights from the diamond drilling at Yellow Jacket in March included 11.4 metres at 4.0 grams per tonne (g/t) of gold and 6.97 g/t silver in hole NB-12-126  and 13.5 metres of 2.2 g/t gold in hole NB-12-127.

For the period ended May 5, Best Buy said profit fell to $158 million, or 46 cents per share, compared to $212 million, or 53 cents per share a year ago. On an adjusted basis, the company reported earnings per share of 72 cents.

The US Securities and Exchange Commission will look into the "appropriateness and completeness" of JPMorgan Chase & Co's (NYSE:JPM) financial reporting, according to a Reuters report.

General Mills (NYSE: GIS) introduced Tuesday restructuring measures, which include plans to cut around 850 jobs globally at the company, sending shares down slightly.

Branded footwear retailer DSW (NYSE:DSW) announced Tuesday fiscal first quarter earnings that topped analyst estimates, triggering the company to raise its full-year profit guidance.

Clothing retailer Express (NYSE:EXPR) said Tuesday that its first-quarter profit rose 20 percent, but its results missed Street expectations and shares fell over 25 percent in early morning trading.

Medical technology company Medtronic (NYSE:MDT) increased revenues in its final quarter driven by steady progress at its cardiac and vascular businesses.

AutoZone (NYSE:AZO) said Tuesday third quarter profit rose as sales increased almost 7 percent in the period.
For the period that ended May 5, net income increased 9.3 percent to $248.6 million, or $6.28 per diluted share, well above the $227.4 million, or $5.29 per diluted shares in the same quarter last year.

Specialty retailer Williams-Sonoma (NYSE:WSM) said Tuesday fiscal first-quarter adjusted profit grew amid strong sales thanks to its Pottery Barn and West Elm stores, though margins were down slightly.

Premium fashion brand Ralph Lauren (NYSE:RL) beat markets forecasts as fourth quarter profits rose by 29 per cent, though growth is tipped to slow this year.

French hotel company Accor Tuesday sold its budget hotel chain Motel 6 to asset manager Blackstone Group (NYSE:BX) for $1.9 billion, in an effort to cut debt and shift its focus to emerging markets.

Teen clothing retailer dELiA*s (NASDAQ:DLIA) said Tuesday it narrowed its first quarter loss as revenues increased 6.7 per cent.

Strip steel product maker China Gerui (NASDAQ:CHOP) said fiscal first-quarter profit more than tripled, aided by 9.6 percent growth in sales due to higher volumes and wider margins.

Quantum Fuel Systems (NASDAQ:QTWW) said Tuesday it plans to cut operating costs and enhance its core automotive products as it seeks to grow shareholder value.

Onyx Pharmaceuticals (NASDAQ:ONXX) and Bayer HealthCare said the Nexavar drug failed to meet the primary endpoint of improving overall survival in patients with non-small cell lung cancer.

Onyx, however, did observe an improvement in the secondary endpoint of progression-free survival.

Facebook Inc.’s (NASDAQ:FB) shares continued their downward spiral on Tuesday, as investors continued to be wary of the stock’s future value after reports from Reuters said that underwriters cut their revenue forecasts for the company before the IPO.

Facebook’s shares hit a low of $30.98 early on Tuesday, almost 10 percent below Monday’s close, and 18 percent lower than the company’s $38 IPO price.

Chelsea Therapeutics (NASDAQ:CHTP) said Tuesday that the U.S. Food and Drug Administration (FDA) has rejected its hypotension capsule Northera and sought an additional trial to support the efficacy of the drug.

The drug, known generically as droxidopa, is designed for symptomatic neurogenic orthostatic hypotension - a chronic and often debilitating drop in blood pressure upon standing up, that is most often associated with Parkinson's disease.

China Sunergy Co. (NASDAQ:CSUN) Tuesday swung to a first-quarter loss as sales dropped by more than half as the company continued to deal with the global surplus of solar products.

Clothing retailer Urban Outfitters (NASDAQ:URBN) reported after markets closed Monday a first quarter profit that topped analyst expectations, though higher markdowns pinched margins.

Apple (NASDAQ:AAPL) has kept its place as the world's most valuable brand over the past year, leading a group of technology-focused global firms that dominate the top 10, according to a new study from Millward Brown.

The company also said Tuesday that 1991 British Open champion and 17-time winner on the PGA Tour Ian Baker-Finch will be the host for the new TOURAcademyHome Edition DVD golf instructional series.

Celeste Copper Corp (CVE:C) announced Tuesday that Alan Shoesmith has been appointed president and CEO of the company.

Eagle Star Minerals (CVE:EGE), an explorer of agro-mineral properties in Brazil, appointed Dr. José Eloi Guimarães Campos as a new director to the board, on Tuesday.

Mobile marketing company Snipp Interactive (CVE:SPN) (TSX.V:SPN) announced Tuesday the hiring of John D. Fauller as the company’s new chief operating officer.

Asante Gold (CVE:ASE) unveiled Tuesday what it called "positive" initial drill results from its Fahiakoba concession in Ghana.

Longreach Oil & Gas (CVE:LOI) said it has made solid progress across its Moroccan assets during the March quarter and is well funded for its work programmes with C$9 million in the bank.

Air Canada (TSE:AC.A) said Tuesday it was unable to reach a settlement after 10 days of mediated talks with the International Association of Machinists and Aerospace Workers.

The Ontario Securities Commission (OSC) Tuesday said that Sino-Forest Corp. (TSE:TRE) provided "grossly misleading disclosure" to investors and that some former executives attempted to mislead the regulator's staff.

Alimentation Couche-Tard (TSE:ATD.B) said Tuesday it would extend its proposed $2.68 billion bid for Norwegian-based Statoil Fuel & Retail.

The extension of the bid, which will now expire on May 29, will give all shareholders more time to tender their shares.

Transat A.T. (TSE:TRZ.B) announced Tuesday it has agreed to sell Handlex, its ground handling unit, to Servisair Holding Canada in an effort to focus more on its main tour operator business.

Natural gas explorer Niko Resources (TSE:NKO) said it has relinquished its stake in the D4 block due to a geological assessment and the current commercial environment in India.

Mariana Resources (LON:MARL, TSE:MRY) has kicked off a 3,500 metre diamond drill programme at its flagship Las Calandrias project in Argentina.

The campaign will test new targets identified adjacent to, below and outside the current initial resource estimate for the Calandria Sur deposit as well as two outlier targets at the Nido Este and Pichones prospects.

Caza Oil & Gas (LON:CAZA, TSE:CAZ) revealed today that the Sombrero well in New Mexico is flowing oil.