Timmins Gold Corp. , which rose 2 cents yesterday, provided an operational update, saying gold recoveries were "improving" this quarter at its San Francisco Mine. It said improvements have been realized in gold recoveries for the months of October and November, 2011. Gold placed on the heap leach pads for October was 11,966 ounces (464,007 tonnes at a grade of 0.802 grams per tonne) and 6,618 ounces were extracted from the leach pads. Gold placed on the heap leach pads for November was 9,972 ounces (413,165 tonnes at a grade of 0.751 grams per tonne) and 6,990 ounces were extracted from the leach pads.
Stroud Resources Ltd. , which eased 1 cent yesterday to edge back towards a year low of 6 cents, announced the latest results from its drill program at the Santo Domingo project in central Mexico. It said drill results continue to be "very encouraging", with DDH #42 intersecting the "up dip" extension of the mineralization encountered in DDH #11. The distance between the two mineralized intersections is approximately 175 metres. Stroud said it intercepted 26.0 Metres of 88.46 g/t Silver and 0.11 g/t Gold Including 8.0 Metres of 231.24 g/t Silver and 0.19 g/t Gold.
Storm Resources Ltd. announced the closing of the previously announced acquisition of 150 Boe per day in the Mica area of north eastern British Columbia. Production comprises approximately 70 per cent light oil (38 degrees API) and natural gas liquids and 30 per cent natural gas. The effective aquisition date is Sept. 1, 2011 and the net purchase price at closing amounted to $15.4-million, including adjustments. The purchase price was financed from existing cash resources and an expanded credit facility.
There are seven producing wells on the property with an average annual decline of 6 per cent and the working interest being acquired is 100 per cent. The drilling of six infill wells and the initiation of a waterflood could potentially lift production to 450 Boe per day. Future development capital associated with this activity is estimated to be $12.6-million. In providing an operations update, Storm Resources said in the Horn River Basin, completion operations on the second horizontal well (40 per cent working interest) began Nov. 12th and were suspended Nov. 29th following an unexpected operational problem. After the first fracture stimulation was pumped, the bridge plug required to isolate the first interval became stuck in the horizontal section while it was being moved into position. The bridge plug was retrieved; however, the delay resulted in the expiry of the window of availability for the fracturing crew.
Porto Energy Corp. , a company focused on oil and gas exploration, appraisal and development in Portugal that is trading close to a year low of 21 cents, announced that following the completion of its analysis of the 65 meters of conventional core and 430 meters of open hole logs, the ALJ-4 re-entry well in the Aljubarrota-3 concession encountered promising reservoir properties and gas shows. However, it was not able to sustain economic production levels due to water encroachment and, therefore, the company has elected to plug and abandon the well. It said: "The water had high concentrations of salt, approximately 175 thousand parts-per-million, indicating the origin of the water encroachment is most likely the salt pack below the bottom of the well and is being introduced by a nearby fault that is approximately 300 meters away. Prior to the completion of the Basal Brenha, the company confirmed that the Upper Brenha tight gas section is water free but wellbore limitations prevented completion of this interval."
Cobra Venture Corporation announced that, subject to regulatory body and shareholder approval, the Corporation has agreed to sell all of its freehold mineral and royalty interests in the Province of Saskatchewan for an amount of $5,250,000, subject to usual industry adjustments, effective as of Jan. 1, 2012. The Corporation is expected to call a special meeting of shareholders of the Corporation in early 2012 to consider, and if deemed fit, to approve this sale transaction which is anticipated to close on or about Feb. 1, 2012.
Excellon Resources Inc. , which was just about 4 cents above a year low $0.465 at yesterday's close, may make gains today after announcing that its production for November at Platosa has exceeded targets. Jeremy Wyeth, President and CEO states: "We are further encouraged by the November production results as this fits in with our overall plan of achieving our annual silver production targets for 2011 ... Two months into the fourth quarter, we have already exceeded third quarter silver production."
Aeroquest International , which is trading near a year low 9.5 cents, said today that its Huntsville, Alabama subsidiary, Aeroquest Optimal Inc. has been sold to Magnolia River Services, Inc. of Hartselle, Alabama effective immediately. The total purchase price for the transaction was $1.2-million (U.S.) paid at closing. Bob Motz, President and CEO of Aeroquest, said: "This transaction represents excellent value to both the Aeroquest and Magnolia companies ... it provides Aeroquest with additional capital to invest in its core businesses so that we can continue to provide leading edge technology to our customer base."
ProSep Inc. , dedicated to providing process solutions to the oil and gas industry, today announced it was awarded a $1.4-million contract to supply M-I Swaco, a Schlumberger Company, with a proprietary CTour produced water treatment system, for installation on an offshore platform operating on the Norwegian Continental Shelf. The company, which closed Thursday near a year low of 4 cents, said Ctour has been field tested and installed on 25 offshore platforms in the North Sea and now treats almost 2mbpd of produced water, allowing producers to meet the world's strictest overboard discharge regulation.
Robotic surgical technologies developer Titan Medical Inc. said late Thursday that it has completed prototypes of the pre-production surgeon console and video tower, and beta patient cart of its Amadeus Composer platform. The pre-production versions of the surgeon console and video tower are in the final phases of development and the company said it plans to move forward to final design for manufacture and testing. The Amadeus Composer is a next generation surgical system that has a uniquely designed external robot and flexible instruments which allow surgeons to overcome constraints of surgical procedures in small to medium spaces, the company added.
Southern Hemisphere Mining Limited reported today further highly encouraging results from resource drilling at its Llahuin Copper project, putting it on track to complete a maiden JORC compliant resource estimate for the Project in the first quarter of 2012. The company said this is expected to lay the foundations for the commencement of a scoping study.
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