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Jul 30, 2008 -- Uranium 308 Corp. (OTCBB: URCO | Quote | Chart | News | PowerRating) is pleased to announce that Investsource, Inc., a multimedia & investor relations firm specializing in bringing small- and micro-cap companies to the attention of the broader public, has added the Uranium 308 Corp. to its rapidly growing "InvestSource Index" of publicly traded securities. Uranium 308 Corporation is the latest in a line of companies to recognize the potential benefits of placement in the InvestSource Index, a robust and feature-rich platform that incorporates the latest communications tools to create the most interactive environment for issuers and investors to interact, research, and communicate. A full profile of Uranium 308 Corp., including expanded company description, trading charts, and market highlights, is now available on the InvestSource website at: www.investsourceinc.com.
Jul 30, 2008 -- Crosshair Exploration and Mining Corp. (AMEX: CXZ | Quote | Chart | News | PowerRating) is pleased to announce that it has closed on the agreement with Universal Uranium Ltd. to acquire all of Universal's 60% interest in its Central Mineral Belt (CMB), Labrador, uranium project, consisting of approximately 4,741 claims and including the Two Time uranium deposit, which sits outside the Labrador Inuit Land area. The Two Time Zone is the most advanced prospect within Universal's 1,184 square kilometre land holdings in the CMB and is a joint venture partnership with Silver Spruce Resources ("Silver Spruce"), whereby Silver Spruce retains a 40% ownership. Crosshair will be the operator of the project. The Two Time Zone has an existing NI 43-101 compliant indicated resource of 2.33 million pounds of uranium (U3O8) (1.82 million tonnes grading 0.058% U3O8) and an additional inferred resource of 3.73 million pounds of U3O8 (3.16 million tonnes grading 0.053% U3O8). "We are pleased that the acquisition is complete and we look forward to expanding the Two Time Zone and also advancing a number of exciting discoveries in the area to the drill ready stage," says Mark Morabito, CEO of Crosshair. "Together with our C Zone - Armstrong corridor, Crosshair now controls the only two NI 43-101 uranium deposits in the western portion of the CMB and both are outside the Labrador Inuit Land area."
Jul 30, 2008 -- Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, announces that emergency works are being continued at its Lenin Mine, part of Mechel's Southern Kuzbass OAO subsidiary. As previously announced, the alarm on the flash of methane in the face 0-6-1-13 of the mine's section No. 8 was received on July 29 at 11:03 a.m., local time. The accident occurred during the repair shift's operations at the depth of 310 meters. There were 41 miners in the accident area, who safely rose to the surface through the safety escapes. Overall, 17 miners were injured and received burns which are being treated at local hospitals, and they are listed in stable condition. The emergency works currently being carried out are in keeping with the operational plan developed within the general safety plan. As of 9:00 a.m. local time (5:00 a.m. Moscow time) today, two units of the Novokuznetsk mine rescue brigade were working at the site to obtain information on the content of methane and carbonic oxide in the accident area's air with the remote sampling lines. No mining operations are being carried out at the mine. The Mine Accident Investigation and Group Accident Investigation Commissions, chaired by the Deputy Head of the Russian Federal Service for Ecological, Technical and Atomic Supervision (Rostekhnadzor) Board for the Kemerovo Region, Vladimir Rychkovskiy, are carrying out their investigation into the cause of the accident. The Commissions include representatives from the city administration, Southern Kuzbass coal company, the Lenin Mine's trade union, the Novokuznetsk mine rescue brigade, and the Mezhdurechensk Branch of the Social Insurance Fund.
Jul 30, 2008 -- Rio Tinto PLC (NYSE: RTP), the world's second-largest iron ore producer, said it will spend $2.15 billion on a major expansion of its iron ore mine in Corumba, Brazil, to help meet increasing demand in South America and the Middle East. The London-based company wants to boost production of iron ore, a key ingredient in steel production, at Corumba more than sixfold, from 2.2 million tons (2 million metric tons) to 14.1 million tons (12.8 million metric tons). A study will also be conducted into whether the company can expand capacity to 25.6 million tons (23.2 million metric tons) a year, Rio Tinto said in a statement Tuesday. Output from Corumba is expected to begin in the fourth quarter of 2010 and the study is to be completed by mid-2009. Rio Tinto Chief Executive Tom Albanese said the Corumba investment is a major step forward in the company's goal of extending its iron ore operations beyond the Pilbara region in Western Australia state. The company outlined plans last year to more than triple its output of iron ore to 661 million tons (600 million metric tons) to repel a takeover proposal by rival mining giant BHP Billiton Ltd. BHP Billiton Chairman Don Argus said in a letter released to the Australian stock exchange Wednesday that the company expects international regulators to complete their review of its $147 billion bid for Rio Tinto by the end of 2008.
Market Wrap for July 30, 2008
Investors looked past a strong rebound in crude prices to focus on data that showed an unexpected gain in nonfarm private payrolls and word that the Fed extending its liquidity measures to Wall Street. Despite a smaller-than-expected decline in crude oil stockpiles, oil prices climbed as much as 4.3% during the session to make their largest one day advance since trending downward from historic highs reached earlier this month. Crude had actually been down more than 1%, below $121 per barrel, but finished its session near $127 per barrel, which is still almost 16% below its record high. The rebound in oil prices helped the energy sector make a 5.6% advance. Investors have rotated out of the energy sector in recent sessions, but oil's rebound induced buying in large names like Exxon Mobil (XOM 84.38, +3.48) and Chevron (CVX 87.26, +4.42). Conversely, oil sensitive industries fell out of favor. The S&P 500 automobile manufacturing index slipped 3.8%, while the Amex Airline Index dropped 4.9%. Broad-based buying was largely influenced by the latest ADP employment report that showed an unexpected 9,000 increase in July private nonfarm jobs. Meanwhile, economists were expecting a 60,000 decrease in jobs. Though the ADP report has not been consistent in correctly predicting the government's jobs data, which will be announced Friday, ADP's announcement bolstered expectations that the government's report will show a smaller-than-expected decline in employment. Also providing support to the session's optimism was news the Fed is extending the length of its Term Securities Lending Facility program through Jan. 30 and is introducing longer terms to maturity for its Term Auction Facility in the face of continued fragility in the markets. Separately, President Bush signed the housing bill into law, giving support to Fannie Mae (FNM 12.21, +0.61) and Freddie Mac (FNM 8.73, +0.31), while the SEC is extending its temporary restriction on naked short selling on financial institutions. The financial sector gained 2.0% as thrifts and mortgage players collectively climbed 4.1% and diversified banks climbed 3.8%. Investment banks and brokerages advanced 3.5%. The Nasdaq lagged the Dow Jones and the S&P 500 during Wednesday's action.
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To hear "The Fastest 60 Seconds in the Small-Cap Market," please go to www.ceo-corner.com This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation to buy or sell securities. InvestSource, Inc. has prepared all material herein based upon information believed to be reliable. The information contained herein is not guaranteed by InvestSource, Inc. to be accurate, and should not be considered to be all-inclusive. The companies that are discussed in this release have not given an opinion or approved the statements made in this release.
InvestSource, Inc. is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. InvestSource, Inc. affiliates, officers, directors and employees may also have bought, or may buy the shares discussed in this opinion and may profit in the event of a rise in value. InvestSource, Inc. will not advise as to when it decides to sell and does not, and will not, offer any opinion as to when others should buy or sell; each investor must make that decision based on his or her judgment of the market. Please consult your broker before purchasing or selling any securities mentioned herein. InvestSource has agreed to be compensated $4,860 by URCO for services rendered. To view full disclaimers, please go to http://investsourceinc.com/php/disclaimer.php (disclaimers).
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