High River Gold Mines Ltd. , which rose 2 cents yesterday, last night reported its financial results and operational highlights for the three-month period ended Sept. 30, 2011. Highlights included: net gold revenue of $111.5-million, an increase of 11 per cent from $100.8-million in third quarter 2010. Net income of $41.3-million ($0.05 per share) compared to a net income of $24.0-million ($0.03 per share) in third quarter 2010. Cash flow from operations of $23.1-million, compared to $26.3-million. Cash and cash equivalents at $150-million increased from $125.6-million. Working capital at $296-million increased from $205-million. Current and long term debt at $22.7-million increased from $22.1-million.
EACOM Timber Corporation , which has been trading near a year low of 7 cents, announced its third-quarter results for the three-month period ended Sept. 30, 2011. The company said its operating results are significantly affected by lumber prices and the CAN$/US$ exchange rate. For the quarter ended Sept. 30, 2011, compared to the same quarter last year, higher lumber prices, somewhat offset by a stronger Canadian dollar, translated into an improved EBITDA.
The company recorded for the quarter a negative EBITDA of $4,004 ($6,088 in the third quarter of 2010). The net loss and comprehensive loss attributable to shareholders for the quarter amounted to $564 or $0.00 per common share ($9,054 or $0.02 per common share in the third quarter of 2010). It said this improvement is primarily attributable to better operating results, a gain of $4,339 on the sale of the Big River mill and a $2,940 recovery of income taxes as a result of the acquisition of the remaining one-third interest in the Elk Lake sawmill. On June 30, 2010, EACOM completed the acquisition of the Domtar forest products business, which transformed the company from a lumber trading to a lumber manufacturing, marketing and distribution business capable of producing approximately 900 million board feet annually.
Kallisto Energy Corp. , which has been trading near a year low of 11 cents, last night announced that its eighth Pembina, Alberta horizontal Cardium oil well has been drilled, completed, flow-tested and is awaiting tie-in of gas conservation lines to allow the well to be placed on production. It said the well, located at 5-34-047-03 W5M, commenced drilling on Oct. 19, 2011. Completion operations, which included an 18-stage energized water fracture stimulation, were completed on Nov. 6, 2012. The cost of drilling and completing the well is expected to be approximately $2.25 -million. Kallisto has a 30 per cent working interest in this well. Kallisto's ninth well on its Pembina lands is expected to spud before the end of 2011.
In other news, the company submitted an application on Sept. 2, 2011, to the Energy Resources Conservation Board to drill a well at 11-26-027-01 W5M to test the Lower Manville formation. A company has filed an objection to Kallisto's license application. The ERCB has notified the company that it will hold a public hearing into the drilling application commencing on Jan. 10, 2012. Company management is confident that it will be successful in its application and expects to drill the well in first quarter 2012. Should this well be successful, management anticipates completing an expanded 3D seismic program on its lands to identify additional drilling locations.
BioteQ Environmental Technologies Inc. , involved in the treatment of industrial waste water, said it has secured a contract from an international mining customer to provide detailed design and engineering services for a planned 1,800 cubic meter per hour water treatment system. Under the terms of the contract, valued at approximately $1.4 -million, work will commence immediately and will conclude in approximately six months, it said. BQE had been trading near a year low of 23 cents.
OPTI Canada Inc. announced that the Minister of Industry, under the Investment Canada Act, has approved the proposed acquisition of OPTI by indirect wholly-owned subsidiaries of CNOOC Limited upon determination that the transaction is likely to be of net benefit to Canada. Completion of the acquisition remains conditional on satisfaction of other customary conditions. Subject to the satisfaction or waiver of all conditions precedent, it is anticipated that the acquisition will be completed prior to Dec. 1, 2011.
Azure Dynamics Corporation , developer and producer of hybrid electric and electric components and powertrain systems for commercial vehicles, announced today the newest electrified commercial vehicle product on the market. The company and Ford Motor Corporation said that the Transit Connect Electric wagon, which offers seating for five passengers with added convenience and comfort plus all the benefits associated with an electrified powertrain, is now available in North America and will soon be available in Europe. AZD has been trading near a year low of 8.5 cents.
Forbes & Manhattan Coal Corp. , which closed yesterday's session just 3 cents above a year low $1.47, announced today that it has secured a 230-million rand (approximately $30 -million CAN) loan facility, which will be used to further the company's expansion plans, from Investec Limited, an international investment and private banking group. The company said the loan facility consists of a 5-year senior secured amortising term loan facility of up to 200-million rand (approximately $25 -million CAN) and a revolving loan facility of up to 30-million rand (approximately $5 -million CAN).
Innovative motion technology company D-Box Technologies Inc. , which has been trading near a year low of 33.5 cents, announced today that it has entered into a new deal with Premier Cinemas. The company said it will equip Temple Premiere Cinema 16 in Temple, Texas with 22 D-BOX MFX Seats by the end of November. President and CEO of D-BOX Technologies, Claude Mc Master, said "Premiere has been a long-time supporter of our motion technology and continues to aid in our expansion in and around Texas."
Wallbridge Mining Company Limited , with a year low of 15.5 cents, reported today that it has entered into an Option agreement with 4763 NWT Ltd. to acquire a 100 per cent interest in the Booth River property in Nunavut. The company said the property includes 300 square kilometers of claims covering the Booth River intrusive complex where it has identified a number of high priority airborne conductors associated with nickel, copper and platinum group element mineralization.
Horizonte Minerals , which has been trading near a year low of 21 cents, announced today positive results from seven holes of a ten hole first phase 3,000 meter diamond drilling programme on the Falcao gold project located in the southern part of the Carajas District, Northern Brazil. Horizonte CEO Jeremy Martin said the results "are highly encouraging, highlighting not only the presence of several target zones within the main anomaly but also determining the controls and style of mineralization.Report Typo/Error
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