Karnalyte Resources Inc. hit its highest level since listing in late 2010 and was trading near the top end of a $16.77 to $16.99 trading range early Monday after announcing that it has received a positive Feasibility Study for its 100 per cent owned Wynyard Carnallite Project. Based on the technical report, 144 million tonnes of potash product may be extracted and produced from the Project's reserves at 97 per cent KCl and 90 per cent plant efficiency, which suggests a project life of 68 years at a production rate of 2.125 million tpy. But despite the strong gains, with 45 minutes of Monday's trading day gone, only 7,600 shares had changed hands. This compared to an average trading volume of around 38,000 over the previous 30 days.
Dynacor Gold Mines Inc. announced that its board of directors has approved the development of a new gold processing facility located on the Pan American Highway south of Nazca, Peru for $4.5-million. The company said the new state of the art gold processing plant will be built with an initial capacity of 300 tonnes per day and has been designed to be readily upgraded to 430 tonnes per day.
GLG Life Tech rose as much as 8 per cent after announcing the results of its 2011 Agriculture R&D Program. The company said it has successfully reached another milestone in its stevia seed propagation program and that its Huinong Three proprietary stevia varietal propagation is on schedule. These new seeds provide GLG with a significant cost reduction in its production of high-purity stevia extracts, the company added.
Armtec Infrastructure Inc. jumped as much as 15 per cent, touching the top end of a $1.77 to $1.98 range, after announcing that Charles Phillips has resigned as both president and chief executive officer and a director in order to pursue other interests. Mark Anderson will be assuming both roles effective immediately, the company said.
Mercator Minerals Ltd. rose as much as 5 per cent early Monday after forecasting copper output from its Mineral Park Mine in Arizona at an average 51 million pounds annually for the next 5 years, on completing the second stage of the site's expansion project. The company said there may be opportunities for improvement upon the base case guidance as it seeks further operating efficiencies. In addition, there may be additional opportunities for increased copper and molybdenum production.
Western Wind Energy Corp. reported project and financial updates, indicating "how these will relate to meeting the goals and objectives of the shareholders to reflect the DAI valuation, in the earliest possible timeframe." Western Wind in recent weeks engaged DAI Management Consultants Inc. to perform a three-part valuation process of all of the company's assets, both financial and physical. Western Wind rose more than 60 per cent and touched a year high of $2.27 earlier this month when it received an unwanted takeover offer from Algonquin Power and Utilities .
Great Basin Gold lost some of its early gains that saw it touch $1.61 in the opening minutes of Monday's trading session (following through on its gains in U.S. pre-trade) after reporting operational improvements during its third quarter, particularly at its Burnstone facilities, where mechanized ore development rose 80 per cent over second-quarter levels. Nevada operations produced 26,045 gold equivalent ounces, down about 2.6 per cent from the prior quarter due to expected grade declines. Ore tonnage from the Hollister project rose 5 per cent to 26,474 tons and was up 34 per cent at the Esmeralda mill to 29,869 tons.
Australia's Bannerman Resources was down 16 per cent early Monday after reportedly saying it would focus on talks with other parties after its board concluded it was unlikely to know whether Chinese firm Hanlong could enter into a binding acquisition agreement within a reasonable time frame.
Silver Standard Resources Inc. announced an update on the status of production at the Pirquitas mine in Jujuy province, Argentina. The Pirquitas ball mill was shut down on Sept. 24 due to the condition of the ball mill gearbox and repairs on the unit were completed on Oct. 10. The gearbox was tested under load and initially operated the ball mill; however continuous condition monitoring indicated it was functioning outside acceptable parameters. To improve ball mill reliability, the decision was subsequently made to rebuild the gearbox with all new internal parts recently received from Siemens AG. This work is on-going and is scheduled to be complete mid-November. A separate new spare gearbox is now scheduled for delivery in January, 2012, and will provide added reliability and redundancy. Silver concentrate sales have resumed on a spot basis. Spot silver concentrate sales are expected to continue through the second quarter of 2012 until long-term contracts are finalized. Several potential silver concentrate buyers, including smelters, have expressed interest and are analyzing samples. Long-term silver concentrate negotiations are expected to conclude second quarter 2012, in-line with seasonal re-negotiation talks. Zinc concentrate sales have continued as projected.