BCGold Corp. soared by as much as 44 per cent this morning after saying it is ready to begin milling at its Engineer Mine property in northwestern British Columbia after mining two bulk samples and transporting them to the mill staging area. It said one sample weighs in at 50 tons and was obtained by surface trenching in the Double Decker Vein where recent assays returned up to 28.6 ounces of gold per ton of ore. A second sample weighing 90 tons was mined from the Engineer Vein at the same level where previous bulk sample yielded grades of 0.76 ounces per ton. BCGold plans to process five samples from the Engineer vein. The Engineer mine previously operated between the mid-1920s through the early 1930s, producing over 560 kilograms of gold and 278 kilograms of silver.
Canada's ATS Automation Tooling Systems Inc. , which makes factory automation systems and solar energy equipment, reported first quarter net income from continuing operations was $6.2-million or seven cents a share, compared with $5.6-million or six cents a share in the previous corresponding period. The average profit estimate among analysts in a Bloomberg survey was nine cents a share, excluding certain items. Total revenue from continuing operations rose to $126.9-million from $101.8-million.
Base and precious metals producer Iberian Minerals Corp. said it recorded second quarter net income of $47.8-million or $0.13 per registered share which included sales of $86.14-million and gross loss of $7.36-million; a realized loss of $58.50-million on commodity hedges (included in sales) which caused the gross loss; an unrealized non-cash gain of $65.36-million on derivative financial instruments outstanding, principally as a result of commodity hedging positions in copper and zinc that were delivered into during the period and were thus retired.
Sprott Power Corp. fell to a near year low 74 cents in the early minutes of Wednesday's trading session but quickly recouped these losses and even succeeded in turning positive by 9:40 a.m. ET after closing on a $45-million non-recourse construction and take-out debt facility for its Amherst wind project in Nova Scotia. The 31.5-megawatt generator, once complete, will be owned by Sprott and Firelight Infrastructure Partners. Construction began in May and is expected to be finished early in 2012. Forecast electric output is estimated a 98.5 gigawatt hours per year, nearly doubling Sprott's generation capacity now under management. Funding for 20-year, fixed-rate loan was provided by Great-West Life Assurance Company and the Ontario Pension Board.
China Wind Power, an independent wind power producer in China, jumped by as much as 25 per cent to 90 cents in early Wednesday dealings after announcing that it has signed an engineering, procurement and construction contract with China Ming Yang Wind Power Group Limited, a world-leading manufacturer of turbines in China. The company said that under the terms of the contract, Ming Yang will deliver and install 132 1.5 megawatt wind turbines as well as provide engineering and construction management for the 198 megawatt wind farm project.
Melcor Developments Ltd. has a deal to sell The Market at Magrath, a 78,400-square-foot office and retail complex in southwest Edmonton, for $34.5-million. The sale to an institutional buyer is expected to generate about $15-million in net proceeds, which the company will use to pay down debt. The deal is scheduled to close on Sept. 1 and Melcor executives said it should have minimal effect on third-quarter earnings, explaining the firm reports its investment properties at fair value under International Financial Reporting Standards.
Biopharmaceutical company Cangene Corp. has hired a former chief executive at a Sandoz Inc. unit as its new CEO and president, effective Sept. 12. John A. Sedor, who headed U.S. operations at Sandoz between 2001 to 2005, the period that included the company becoming the generic drug subsidiary of Novartis, more recently was CEO at CPEX Pharmaceuticals, a specialty drug delivery company based in Wilmington, Del. Sedor reportedly plans for a comprehensive review of Cangene and its specialty plasma business as part of efforts to accelerate growth.
Premier Gold Mines Ltd. completed its merger with Goldstone Resources Inc. last night by acquiring all of Goldstone's outstanding shares. Goldstone shareholders signed off on the $108.5-million stock-and-cash transaction last week, consolidating ownership of the Hardrock project in Ontario and also expanding Premier's holdings in the Geraldton-Beardmore Greenstone Belt, including the Brookbank Deposit that is believed to contain at least 425,000 oz. of gold. Goldstone shares likely will delist from the Toronto Stock Exchange at the close of business on Thursday.
Whetstone Minerals Ltd. announced a $4.75-million deal to acquire mining claims in Zimbabwe with a long history of producing both precious and base metals, including gold. Whetstone will issue slightly more than 27.1 million of its shares valued at 17.5 cents each to DGL Investments, a holding company majority owned by another entity controlled by Allan Dolan, the interim chief executive and board chairman at Whetstone. Concurrent with the acquisition, Whetstone plans to sell an additional 27.1 million shares in a private placement also priced at 17.5 cents a share with proceeds tabbed to fund exploration at the Bembesi North Project area in Zimbabwe. Both the purchase and the private placement are subject to shareholder approval during a special meeting scheduled for Sept. 15.
Revenues almost doubled to $4.8-million during the three months ended June 30 for White Tiger Gold Ltd. but the net loss made a nearly six-fold rise over year-ago levels for the mining and exploration firm. The company, which operates a heap leach gold operation in southeast Siberia, said it remains on target to produce 20,000 oz. of gold this year at the Savkino mine, adding the open-pit operation is now cash flow positive. White Tiger also said it has identified a large zone of gold mineralization adjacent to Savkino. Net loss for the quarter was $5.8-million, up from a $1-million loss during the April to June quarter in 2010.
Cematrix Corp. said its Canadian subsidiary has received new purchase orders worth a combined $1.3 million for cellular concrete to be used for new oil sands and infrastructure projects. Cematrix did not identify the customers but said the deals will increase contracted sales during 2011 to $8-million, all of which are scheduled to be completed by the end of the year. The company reported $3.26-million in revenues during all of 2010, a 24 per cent increase over the prior year. Cellular concrete is used in a variety of applications, often as an insulation in frost-prone or permafrost soils and as a stabilizing material in weak or unsteady ground.