Temex Resources Corp. jumped by as much as 14% in early Wednesday trading after announcing that surface exploration drilling on the Broulan Reef Mine area of the Whitney Property has returned additional high-grade assay results over significant core widths. The company said the holes have successfully extended the area of high-grade gold mineralization a further 210 metres along strike to the east.
Petroamerica Oil Corp. was edging away from a year low of 10.5 cents after announcing plans to streamline its exploration portfolio in Colombia, increasing its ownership stake in the El Eden block while withdrawing from the El Sancy block. Petroamerica acquired the properties in October 2010 as part of an $18-million deal with Talisman Oil & Gas for four exploration blocks occupying nearly 1,800 square kilometers positioned among some of the larger producing fields discovered in the Llanos Basin. The company will add to its current 25 per cent El Eden stake by acquiring the 50 per cent position, reverting back to Talisman once another company withdraws from the project. The additional ownership interest, subject to approval by the Colombian National Hydrocarbon Regulatory Authority, comes at no additional cost to Petroamerica.
Nevada Geothermal Power Inc. , which has been trading near a year low of 11.5 cents, cut its net loss in half and more than doubled revenues during the fiscal year ended June 30, as the electricity generation company finished its first full year of operating the Blue Mountain geothermal power plant. For the year, the facility averaged 35 megawatts of net power production and generated $24.9-million in revenues, a 111 per cent increase over year-ago levels. Nevada Geo reported an $8.6-million net loss this year. In addition to its leasehold interest in Blue Mountain, the company has leaseholds in three properties each in Nevada and California as well as the Crump Geyser project in Oregon. It also operates the Faulkner 1 geothermal plant in Nevada.
Georox Resources Inc. was edging further away from a year low of 11.5 cents per share after saying wells recently drilled and cased on the Silverdale Lands near Lloydminster, Sask., are producing about 367 barrels of oil per day, with Georox receiving 55 barrels daily as a result of its 15 per cent interest in the wells. Six wells were initially planned but a seventh well was added following approval to reduce the drilling spacing unit for it. Georox earned its 15 per cent interest on the 1,040-acre Silverdale lands for $600,000 following completion of the wells. The company also said it is working with another firm to develop 840 acres known as the Channel project, with plans to drill four horizontal wells shortly before the end of the year. Georox is eligible for a 6.9 per cent pooled working interest.
49 North Resources Inc. was up nearly 3 per cent early Wednesday after finalizing an option agreement with Eagle Plains Resources Ltd. for a 60 per cent interest in the Goatfell Property located east of Creston, B.C. Under terms of the agreement, 49 North will complete $3-million in exploration expenditure as well as paying $250,000 in cash and issue 1 million share of its common stock to Eagle Plains over a four-year period. According to Eagle Plains, Goatfell likely is part of the Belt-Purcell Supergroup, host to the Sullivan Deposit, which has produced about 150 million tons of ore over the past century, including 300 million ounces of silver, 8 million tons of zinc and 8 million tons of lead.
Marathon Gold Corp. said drilling at the Golden Chest mine in Murray, Idaho, intercepted 21.6 metres of 5.07 grams gold per ton of ore, continuing the pattern of good intercepts of near-surface gold mineralization. Golden Chest is 50 per cent owned by New Jersey Mining Co. and Marathon Gold and is operated by NJMC. An NI 43 101-compliant report is set to begin in November and will include open pit and underground resources. The resource estimate should be completed by the first quarter of 2012.
Auto loan specialists RIFCO Inc. reported a $680,000 profit during the three months ended June 30, up from a $120,000 net loss loss in the year-ago period. Per-share net income was 3 cents versus 1 cent per share loss last year. Revenues rose 33 per cent to $3.92-million from $2.96-million in 2010. The company also said credit losses during the quarter were unusually low at $50,000, down from $650,000 in the prior quarter and $680,000 during the comparable quarter last year. Overall, RIFCO's average credit loss rate is now at the lowest point in eight years.
Shares of Mega Brands Inc. rose as much as 4 per cent early Wednesday after a U.S. District Court in New Jersey gave preliminary approval to a proposed class action settlement filed in 2008 by a California resident on behalf of shoppers who purchased Magnet Toys produced by Mega Brands Inc. The lawsuit did not allege personal injury, instead claiming that certain Magnet Toys contained defective magnets and the plaintiffs asked for their money back. The company denies all liability but said it agreed to settle to avoid the expense and resources that would be needed for further litigation. Also named in the suit is Target Corp.
Corby Distilleries Limited announced it has agreed to sell certain owned-brands as well as the shares of its subsidiary that owns a manufacturing and bottling facility in Montreal, Quebec, to Sazerac Company, Inc. for price $32.9-million, plus the value of inventory on hand at closing. The transaction is expected to close on Oct. 31, 2011.
White Tiger Gold said assay results from drilling at its Nasedkino and Uryum license areas located in south Siberia had found new gold deposits at one of the prospects. This comes a day after the company said it has granted a credit facility of up to $10-million (U.S.) to Century Mining to help fund its expansion plans both before and after their planned merger. White Tiger and Century Mining had both moved away from near one-year lows on the news yesterday.
In conjunction with the previously announced process to review strategic alternatives, Rock Energy Inc. - which was headed towards a year low $2.17 - commissioned GLJ Petroleum Consultants Ltd. to complete an evaluation of Rock's reserves and conduct a contingent resource evaluation on a portion of Rock's Montney resource play at Elmworth, Alberta. In addition, Rock commissioned Independent Land Evaluations Inc. to assess the value of Rock's undeveloped land. With these independent evaluations complete, having taken into account all of Rock's 2011 production performance, 2011 drilling activity, current estimated debt levels, and current shares outstanding, the corporation estimates its net asset value as of Aug. 31, 2011 on a proven plus probable basis to be $5.88 per fully diluted share. The best estimate of the value of contingent resources identified on a portion of Rock's lands in the Elmworth area represents a further addition of $2.78 per fully diluted share.
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