Dorel Industries Inc. has hit two-year lows today after announcing results for the second quarter ended June 30. Net income was $23.0-million (U.S.), or $0.70 per diluted share, compared with $32.9-million, or $0.99 per share, for the corresponding quarter of 2010.
Garda World Security Corp. jumped close to 10 per cent early Tuesday on news it’s been awarded the largest contract in the company’s history, potentially worth more than $1-billion. Garda Security Group, a Canadian security solutions provider and a subsidiary of Garda World Security, announced that The Canadian Air Transport Security Authority selected Garda to provide airport security screening services for the Central Region, which comprises 15 airports located throughout Ontario, including Toronto's Lester B. Pearson airport – the largest and busiest airport in Canada, handling close to 32 million passengers and 420,000 flights per year – and Canada's Capital, Ottawa's MacDonald Cartier Airport. The five-year agreement valued in excess of $650-million is effective as of November 1, 2011 with an option to extend for up to an additional five years bringing the contract to 2022 with a potential value of $1.3-billion. More than 2,000 security screening officers will be employed under this contract.
Fortress Paper Ltd. moved away from near year low levels after reporting 2011 second quarter EBITDA of $4.6-million on sales of $90.3-million. For the first quarter of 2011 EBITDA was $1-million on sales of $85.5-million and for the three months ended June 30, 2010 EBITDA was $8.3-million on sales of $60.5-million. Fortress, an international producer of security and other specialty papers and products, reported adjusted net loss of $1-million for the second quarter of 2011 or diluted adjusted loss per share of $0.07. In the first quarter of 2011 the company reported adjusted net loss of $5.6-million or diluted adjusted loss per share of $0.42. For the second quarter of 2010 the company reported adjusted net income of $4.5-million or diluted adjusted earnings per share of $0.39.
Typhoon Exploration Inc. , which has been trading near a year low of 61 cents, announced that it has received and interpreted a second set of results from 22 drill holes, part of the 2011 exploration campaign. It said this campaign is carried out on the Fayolle Project, held 100 per cent by Typhoon and on the Aiguebelle-Goldfields property, on which Typhoon Exploration Inc. has an option agreement with Agnico-Eagle Mines Limited to acquire 51 per cent of the property. These results exclude all results from drillings completed on and near the Fayolle Deposit, those will soon be announced. It said the new results confirm the potential of the new gold zone 'Vang', located south-west of the Fayolle Deposit and to identify new gold showing, such as one located at more than 2.5 kilometers east of the Fayolle Deposit.
Aurizon Mines announced a new series of drill results from the exploration program on the Fayolle project located 20 kilometres north-east of Rouyn-Noranda, Quebec and 10 kilometres north of Aurizon's Joanna project. It said the best result received in terms of grade is from the hole FAX-11-15, which returned 1,480 grams per tonne of gold over one metre. This intersection is located 1 kilometre east, south east of the Fayolle deposit. In addition, hole FAX-11-34 returned 1.3 grams per tonne over 36 metres including 29.9 grams per tonne over one metre and hole FAX-11-04B returned 2.7 grams per tonne of gold over eight metres located approximately 600 metres south of the Fayolle deposit.
North Country Gold Corp. announced the third tranche of results from the 2011 drill program at the Three Bluffs Gold Project in the Committee Bay Greenstone Belt located northeast of Baker Lake, Nunavut, Canada. It said drilling has intersected high grade gold to depth and along strike, west of the current resource area at the Three Bluffs and Three Bluffs West zones, increasing the strike length of the core Three Bluffs zones to over 1300 metres. Drilling has also confirmed the presence of mineralization over an additional 700 metres of strike between the Three Bluffs West and Antler zones. “The presence of significant gold grade intercepts at depth and along strike of Three Bluffs and Three Bluffs West area continue to confirm the significant resource potential along the Walker Lake Trend,” said John Williamson, president and CEO of North Country Gold Corp, in a statement. “We are beginning to see a trend of increasing grades and thicknesses to depth as we continue to explore the area west of our current Three Bluffs resource. Additionally, the confirmation of mineralization in the Three Bluffs – Antler gap opens up further resource opportunities as we continue to explore this area to depth.”
Silver Quest Resources reported drill results from 11 holes (BW-171 through BW-179, BW-181 and BW-182) drilled in the current 20,000 metre drill campaign to expand the resources on the Davidson Gold Project claims, a joint venture with New Gold Inc., which is the operator of the joint venture. Silver Quest has a 25 per cent interest in the joint venture. The project is approximately 110 kilometres southwest of Vanderhoof, BC. It said the best results were 278 metres that averaged 2.78 grams/tonne gold in hole BW-179 and 35 metres that averaged 2.37 g/t gold in hole BW-176. In addition, intercepts grading 5 g/t gold or better over widths of at least one metre occurred in several holes.
Richmont Mines Inc. announced financial and operational results for its second quarter ended June 30, 2011. Highlights included: second quarter 2011 net earnings of $5-million or $0.16 per share, versus quarter two 2010 net earnings of $0.3-million or $0.01 per share; Second quarter 2011 operating cash flow of $7.8-million or $0.25 per share, versus second quarter 2010 operating cash flow of $1.6-million or $0.06 per share; and gold sales of 20,085 ounces at an average selling price of the equivalent of $1,460 in second quarter 2011, versus gold sales of 15,607 ounces at an average selling price the equivalent of $1,259 in the prior year. It said the 35,000 metre drill program on Wasamac in 2011 continues to yield positive results with 22,000 metres of drilling completed as of the end of June and five drills active; It said the surface drilling program was completed on Monique with favourable results reaffirming Richmont's objective to evaluate potential for a small open-pit operation, more exploration drilling is planned there this fall. It reported a strong financial position: $48.3-million in cash and cash equivalents and no long-term debt at June 30, 2011.
Results from the first 10 infill core holes drilled this summer at the Seabridge Gold Inc. 100 per cent owned Courageous Lake Project are likely to expand and upgrade the project's multi-million ounce gold resource, the company said today. Another 38 infill holes will be drilled before the program ends this September, it added. According to a statement, this year's $16-million program at Courageous Lake is designed to generate the data required to complete a Preliminary Feasibility Study the second quarter of 2012. The drilling component of this program has four main objectives: first to upgrade inferred resources within the current FAT deposit pit plan by infill drilling, potentially qualifying them as reserves in the PFS; second to complete geotechnical drilling required for pit slope and water management planning in the PFS; to condemn areas where project facilities will be located; and finally to look for new targets along the 53 kilometres of the Matthew's Lake greenstone belt held by Seabridge.
DDS Wireless International Inc. announced today that its business unit, DDS eFleet Services, has signed subscription contracts totalling over $600,000. These include three new customers in the limousine industry operating substantial fleets in the U.S. Midwest, Northeast and the South. Additional contracts were signed with existing customers to add subscriptions to accommodate growth in their fleets, as well as the renewal of contracts for extended terms.
Jayden Resources Inc. announced assay results from an additional five holes from the planned 100 hole - 15,000 meter drilling program at Silver Coin. It produced 3.90 g/t gold over 13.0 meters including 43.8 g/t over 0.5 meters in Hole SC11-351.