Silvercorp Metals (TSE:SVM) (NYSE:SVM) refuted a second set of anonymous fraud allegations on Wednesday posted online by an unknown author, sending its shares up 3.23% to $6.40.
Earlier this month, the miner received a letter alleging a $1.3 billion fraud case. The company, which also noted a 13% rise in the short position of its stock at the time, said the anonymous letter accused the company of overstating its financial results and its cash position.
This second anonymous report, which Silvercorp believes was released by a group of short sellers, took particular issue with the alleged disparity between grades and production numbers reported in China and North America, and with sales to related parties.
Based in Vancouver, B.C., Silvercorp, which included government financial documents and mineral reports with its statements, said it is cooperating with the RCMP, the B.C. Securities Commission, the SEC and the FBI to determine the identity of the anonymous authors.
Uranium giant Cameco (TSE:CCO) (NYSE:CCJ) responded late Wednesday to Hathor's (TSE:HAT) rejection of its $520 million takeover bid earlier this morning, claiming Hathor overstated the value of the company's key Roughrider deposit.
On Tuesday, Hathor, which was offered $3.75 per share from Cameco, released a preliminary economic assessment for Roughrider, which is located in the uranium-rich Athabasca Basin of Saskatchewan. This morning, Hathor rejected Cameco's $520 million bid, calling it too low.
Cameco, however, said the cost estimate for Roughrider was "unreasonably low" when compared to established mines operating in the Athabasca Basin for many years. Its shares slumped 0.19% to $20.69.
Frontier Rare Earths (TSE:FRO) said on Wednesday that the South African Department of Mineral Resources for rare earths has granted the company a new prospecting right in the Namaqualand region of Northern Cape province, South Africa, sending its shares up 6.45% to $1.65.
The property covers approximately 75,000 hectares and is thought to be "highly" prospective for rare earth mineralization.
The new prospect rests about 80 kilometres northeast to the Zandkopsdrift rare earth deposit, where the company is currently carrying-out an economic appraisal. The results are slated to be released by the fourth quarter this year.
Frontier said it plans to conduct an exploration program for the new area, which is also expected to start sometime in the fourth-quarter. The proposed work program is fully funded, and was provided for in the budget set out in the prospectus issued by the company during its initial public offering in November 2010.
Meanwhile, Mexico-focused Timmins Gold Corp. (TSE:TMM) reported Wednesday that it swung to a profit in the first quarter, as metal revenues nearly doubled on a 59% increase in gold production and higher prices.
Aeterna Zentaris (TSE:AEZ) (NASDAQ:AEZS) announced positive top line results from its final phase 2 trial for its proprietary AEZS-108 drug in the treatment of advanced endometrial cancer, with an overall response rate of over 30%, sending its shares up 1.05% to $1.92.
Aeterna's AEZS-108 works as a hybrid composed of a synthetic peptide carrier and doxorubicin, a chemotherapy agent. Administered intravenously, AEZS-108 uses the carrier to direct the chemotherapy agent directly to cancerous cells, resulting in less damage to healthy ones.
The company concluded that the overall response rate was 30.8%, with the clinical benefit rate at 74.4%. The median time-to-progression was seven months, while median overall survival was 13.7 months.
QLT (TSE:QLT) (NASDAQ:QLTI) said Wednesday it received two fast track designations from the U.S. FDA for the speedy development of its QLT091001 drug, intended for the treatment of two degenerative eye diseases, Leber Congenital Amaurosis (LCA) and Retinitis Pigmentosa (RP).
Both LCA and RP are inherited genetic diseases, frequently caused by mutations to the LRAT and RPE65 genes. QTL's OTL091001 drug is an oral synthetic retinoid, and works by replacing the 11-cis-retinal chromophore, an essential part of visual function.
The FDA's fast track designation facilitates the quick development of investigational drugs that show promise in treating serious diseases, expediting the regulatory review process to fulfill a previously unmet medical need.