Canadian miner Banro Corp.’s Twangiza Mine is about 2,350 metres above sea level and 80 kilometres by road from the town of Bukavu, Congo.Philip Mostert
Inside the Market's roundup of some of the Canadian small caps making news and on the move today. This post will be updated through the morning.
Banro Corp., commenting on "unusual market activity and volatility" of its shares on Friday, said: "It came to the attention of the company that there was a rebalancing of the GDXJ Index (ETF). A market announcement regarding this was made early in the week of September 15, 2014 and the company understands that the transaction closed on Friday, September 19, 2014. The company also understands that this ETF held approximately 25.6 million Banro common shares prior to rebalancing."
The company said that it "continues with the plans set out in its August 18, 2014 press release and has no news pending at this time and no material changes to report." Banro stock fell 25 per cent on Friday.
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EnerCare Inc. said it has received clearance from the Competition Bureau under the Canadian Competition Act for its acquisition of the Ontario home and small commercial services business of Direct Energy Marketing Limited.
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Primero Mining Corp. said a fatal accident involving an employee of one of its contractors at its San Dimas Mine in Mexico.
"The accident was an isolated incident that occurred underground," said the company, in a statement. "The Company is working with local authorities which have commenced an investigation into the accident, while normal operations at the mine continue. The Company wishes to extend its deepest condolences to the family and colleagues of the deceased."
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Rugby Mining Ltd. said it had received a permit for its initial drilling program at the Wingina prospect within the Great Northern Gold Project in the Pilbara region of Western Australia.
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Capstone Mining Corp. said it has received an amended quartz mining license for the Minto North Deposit but has not received its water use license amendment, which the Yukon Water Board believes is required in order to commence pre-stripping of the Minto North pit.
"Underground mining and milling operations are not affected and production guidance at Minto for 2014 is unchanged," the company said. "The delay in starting the pre-stripping of Minto North has resulted in a revised mine plan which will bring forward fully permitted underground ore from Area 118, starting later this month, to maintain full mill production and partially offset the 2015 shortfall in ore from the Minto North open pit."
"As a result of the delay in pre-stripping, the surface mining contractor will be downsizing its crew at Minto, affecting approximately 50 people."
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Exploration results at North American Tungsten Corp. Ltd.'s Cantung mine in the Northwest Territories indicate that estimates of mineral reserves have increased, extending the mine's life beyond 2017, CEO, Kurt Heikkila said.
"Over the past three years, NTC has extracted over 1.4 million tons of ore at Cantung; yet our probable reserve estimates over that period have increased from the 1.69 million tons reported in 2011 to our current estimate of 1.82 million tons."
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