Wescast Industries Inc. was down another 3 per cent early today, adding to the near $2 (or 18 per cent) it lost yesterday after saying it hadn't received a required $2 million deposit from Sichuan Bohong Industry Co., Ltd., the China-based company that's negotiating a friendly takeover of the Canadian auto parts manufacturer.
Duluth Metals Limited announced that Twin Metals Minnesota LLC has retained Bechtel Mining & Metals, a member of the engineering, construction and project management group, as the lead consultant for the Prefeasibility Study on the proposed Twin Metals underground copper, nickel and platinum group (palladium, platinum and gold) project located in northern Minnesota. The Twin Metals Project, a joint venture between Duluth Metals and Antofagasta plc includes approximately 25,000 acres of land/mineral interests in the Duluth Complex, and four NI 43-101 compliant Mineral Resources: the Spruce Road, Nokomis, Maturi, and Birch Lake Deposits.
For the Twin Metals Project, Bechtel will designate a project team from their world wide staff with key personnel re-locating to St. Paul, Minnesota. Antofagasta has a 40 per cent interest in Twin Metals which it will maintain through providing US$130 million of funding through a three year period as of July 2010.
Calfrac Well Services Ltd. announced a capital budget for 2012 of $271 million. The capital program will focus on further bolstering Calfrac's fracturing, coiled tubing and cementing capacity and infrastructure, and also includes capital dedicated to fund the company's ongoing proactive maintenance program for its existing fleet of equipment as it expands its presence in the North American unconventional oil and natural gas markets. The company is also pleased to announce that it has received commitments from a syndicate of Canadian financial institutions to increase its existing $175 million credit facilities to $250 million, and extend the term of these facilities to four years.
Cascades Inc. , involved in the recovery of recyclable materials and the manufacturing of green packaging and tissue paper products, was moving closer to a year low $4.21 after announcing that its Norampac division will close its containerboard mill located in Burnaby (British Colombia). The Burnaby mill has an annual capacity of 128,000 short tons and specializes in the production of 100 per cent recycled linerboard, medium and gypsum. Nearly 100 employees will be affected by the closure, which will be effective on December 1, 2011 at the latest. The mill's production will be redirected progressively towards other Norampac facilities. At the same time, Norampac's management also announced that it has reached an agreement with regard to the sale of its Burnaby property.
Silver Shield Resources , which closed Tuesday near a year low 3.5 cents, has jumped as much as 50 per cent early Wednesday after announcing that it has sampled additional high grade silver near the previously announced north-easterly trending shear, which returned 1.79g/t Au, 4,031g/t Ag and 6.18 per cent Cu over 0.5m, discovered as a result of a soil geochemistry survey at its 100 per cent owned La Cumbre Silver-Gold Property. It said the soil sampling program shows the mineralized fault structure extends for at least 3,000m or 3 km. east-west with a NE trending cross structure indicating another 1,500m of mineralization.
Northern Spirit Resources Inc. , which has been trading near a year low 7.5 cents, announced that it has entered into a formal, definitive agreement to acquire all of the issued and outstanding common shares of Cascade Resources Inc., a private Alberta company actively engaged in oil and gas development and exploration activities in east central Alberta and west central Saskatchewan. The Amalgamation Agreement is dated as of September 16, 2011. The acquisition is expected to constitute a reverse takeover of Northern Spirit by Cascade as defined in the policies of the TSX Venture Exchange Inc. and the acquisition and all related transactions remain subject to the approval of the TSXV. Northern Spirit is an early stage Canadian oil and gas exploration and production company, with lands and assets in Alberta and British Columbia.
Western Wind Energy Corp. announced that 80 per cent of its flagship 100 per cent owned Windstar Project is now complete. It said 70 per cent of all the Nacelles have been installed on top of the towers, 75 per cent of the rotors are either built or installed and the two main sub-stations are virtually complete. The interconnecting utility has advised energization before November 11th, 2011 and as early as October 14th, 2011.
After energization, commissioning will begin on the first 106 MW and the remaining 14 MW will be delivered in early December, with installation before Christmas. Revenue service on the 106 MW should begin shortly after energization and the completed 120 MW Project by year-end. Western Wind said it will be applying to the US Treasury for up to $108 million in tax-free cash grants for both Kingman and Windstar. The Kingman application of almost $10 million will be filed very shortly, and the $98 million Windstar application within several days of the Windstar completion. The regulations call for the cash grant to be paid within 60 days.
Chorus Aviation Inc. rose as much as 3 per cent in early Wednesday dealings after announcing a quarterly dividend of $0.15 per Class A and Class B share payable on or after October 18, 2011 to shareholders of record at the close of business on September 30, 2011.
Polo Resources Limited , which has been trading close to a year low 5.5 cents, reported today that its board of directors has resolved to renew its share buy-back program established in 2010. The company said the directors will have the discretion, subject to any legal or regulatory requirements, to buy back up to 10 per cent of the company's issued shares over the next 12 months where the price at which the shares trades is at a significant discount to the company's net asset value.
Edge Resources announced Wednesday that it has signed an agreement to purchase 175 boe/day of Edmonton Sands production for the purchase price of $1.8 million or $10,286/boe. Brad Nichol, President and CEO of Edge, said: "This acquisition is a rare opportunity to increase our existing foothold in the Edmonton Sands and is in our existing Edmonton Sands sandbox, which allows us to consolidate a key portion of our existing production."