Cline Mining Corp. has touched as high as $1.63 today with more than 2 million shares traded inside the opening 45 minutes (compared to a 30 day average volume of 2.3 million) after announcing today that Xstrata Coal has agreed to acquire 100 per cent of the company's metallurgical coal deposit within the Lossan property for C$40 million, subject to customary conditions. The company said proceeds of the fund will be used to "ensure efficient ramp-up and expansion of its New Elk metallurgical coal mine and the ability to avail itself of other strategic opportunities." The stock has a 52 week low of 99 cents and 52 week high of $5.04. Today it has traded in the $1.50 to $1.63 range. Its 50 day smart moving average is $1.53 and its 200 day SMA is $1.46.
Camino Minerals Corp. jumped as high as 30% to 29 cents before some profit takers got to work after the company announced today that it has successfully completed its diamond drilling campaign on its 100 per cent owned Rodeo Gold Project, located in Durango State, Mexico. The company said early results have returned 5.99 g/t Au and 7.94 g/t Ag over 31.2 meters from hole RO-11-001.
Avion Gold Corp. fell close to 10 per cent after reporting on Friday its third quarter 2011 production of approximately 21,687 ounces of gold from the Tabakoto/ Segala operations in Mali, West Africa. Gold production during the period was lower by 4,413 ounces than the third quarter budget of 26,100 ounces. The company said contributing factors to the production shortfall included long delays in getting parts and supplies through customs at the port of Dakar, Senegal and through the Senegal/Mali border.
Habanero Resources Inc. moved away from near a year low 5 cents after announcing today that it has acquired the 5,574 contiguous acre "Grande-Vallee North" Aluminous Clay Prospect. The company said the Grande-Vallee property contains, conservatively estimating a density of 2 tonnes per cubic meter, 800 million to 1 billion tonnes of "indicated mineral resources" in the first 100 meters depth of the Marin sector alone.
Luna Gold Corp., which had been trading near a year low 42 cents, reported on Friday a gold production update for the Aurizona Gold Mine for the quarter ending September 30, 2011. The company said gold production for the third quarter was an Aurizona record of 13,473 ounces and still "continues to demonstrate consistent positive improvement in productive capacity...which consolidates our recent production estimates."
Aurcana Corp. edged up to 70 cent in the early minutes of Friday's session after reporting silver production for the third quarter 2011 of 244,243 ounces, based on just 80 days of mill production at La Negra. Year-to-date, silver production increased 26 per cent to 742,026 ounces, compared to 587,057 ounces in 2010, it said. The company added that as anticipated third quarter 2011 silver production was slightly lower than 2010's 250,953 ounces as a result of the La Negra ball mill being down nine mill days in order to upgrade a ball mill.
Cerro Resources NL announced today that it has secured exploration rights and a contracted option to acquire 100 per cent of the Espiritu Santo gold/silver project in the Mascota-Navidad Mining District in Jalisco State, near the western coast of central Mexico. The company said it continues to broaden and deepen its precious metals project portfolio in Mexico, in line with its core strategic focus on Mexico.
Aeromechanical Services Ltd. , which provides proprietary technological products and services and has been trading near a year low 14.5 cents, announced today that it has signed a contract with an existing customer to install AMA's next generation product, the Automated Flight Information Reporting System (AFIRS) 228 onboard Boeing 777-200 aircraft. The company said the agreement for the AFIRS 228 equipment and services over the five-year contract term is valued at approximately US$362,000, excluding optional services.
MidnightTrader.com provides real-time U.S., Canadian and global stock, exchange-traded fund and economic news and trading ideas to both individual and professional investors worldwide.