TORONTO (SHfn) – Brazauro Resources Corp. (TSX: V.BZ0, Stock Forum) shares up 87% on Wednesday to $1.29 after the junior said it has agreed to be acquired by Eldorado Gold Corp. The plan of arrangement deal, which values Brazauro at $1.33 a share, will give Eldorado exploration properties in the Tapajos region of Brazil. They include the Tocantinzinho project as well as the company's Agua Branca and Piranhas properties. "The board believes that accepting this premium offer at this time is in the best interests of all Brazauro shareholders," said Brazauro Chairman and Chief executive officer Mark Jones III.
As well, US Silver Corp. (TSX: V.USA, Stock Forum) jumped 22% to 24.5 cents after the company released first quarter production numbers from its Galena silver-lead-copper mine in Idaho. The mine produced 635,161 ounces of silver in the quarter, up slightly from 634,791 ounces in the same period last year. US Silver said the average realized price for its silver output was US$17.74 an ounce, compared to a cash cost of $12.59. The company said lead production rose 39% from a year ago to 1.5 million pounds. But in the same period, copper output fell 17% to 249,214 pounds.
Gowest Amalgamated Resources Ltd. (TSX: V.GWA, Stock Forum), meanwhile, rose 30 % $2.88 cents as the junior reported on its exploration activities at the wholly-owned Frankfield gold project in Timmins, Ont. A key goal, the company said, is to increase for mine development an estimated gold resource in the Frankfield East deposit. The company is targeting one million ounces, an increase from the current estimate of 510,000 ounces.
Also, Magellan Aerospace Corp. (TSX: T.MAL, Stock Forum) was up 23 % $2.73 after announcing US$425 million deal with Rolls-Royce Plc and Rolls-Royce Deutschland Ltd. & Co. KG, requiring Magellan to manufacture mainline shafts and stub shafts for various Rolls-Royce engine programs. Under the 15-year agreement, work on these flight-safety critical rotating parts will be performed at Magellan’s aerospace facility in Haverhill, Ma. Magellan said the deal marks the latest phase of a longstanding business relationship with Rolls-Royce.
Aeterna Zentaris Inc. (TSX: T.AEZ, Stock Forum) powered up 16% to $2.14. The biotechnology firm said it is ready to proceed to the phase two clinical trials stage with its AEZS-108 bladder cancer drug after getting approval from the U.S. Food and Drug Administration. It said the study will be conducted at the University of Miami and will include up to 64 patients who suffer from bladder cancer. The study, to begin in the second half of this year, will be conducted in two parts; the first one will be a dose-finding part in up to 12 patients. Then the chosen dose will be studied for its effect on progression-free survival.
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