Silvercorp Metals Inc. , which recovered from being down near the $6 mark to close up 4 per cent yesterday, announced the company has retained two internationally recognized independent consulting firms to prepare updated NI 43-101 reports on four of its properties. AMC Mining Consultants (Canada) Ltd., which is already nearing completion of a pre-feasibility study on the company's GC Project in Guangdong Province, has also been retained to prepare updated NI 43-101 technical reports for the company's Ying Property (including the SGX mine) in Henan Province and the BYP Project in Hunan Province.
The company has also retained Golder Associates Limited, to update the Silvertip NI 43-101 technical report. It said: "The company, by using these internationally recognized firms in 2012 to update its technical reports, intends to ensure that there is brand name verification of its resource and reserve estimates; which helps alleviate any concerns that may linger from the anonymous third party allegations circulated in 2011. Also these new independent technical reports will take into account additional exploration and development work completed on the respective properties over the last fiscal year, including the 186,627 meters of underground and surface drilling completed at the company's properties." It added: "The release of the first updated NI 43-101 report will be the GC Project pre-feasibility study (currently being prepared by AMC) which is expected in January 2012. Work on the remaining NI 43-101 reports will commence in January 2012 with planned completion dates within 120 days of commencement."
RuggedCom Inc. , a provider of rugged communications networking solutions designed for mission-critical applications in harsh environments, announced that the Toronto Stock Exchange determined on Dec. 29, 2011, in accordance with its rules, to defer its consideration of the acceptance for filing of RCM's Shareholder Rights Plan until the appropriate securities commission has had the opportunity to consider whether it will initiate proceedings under securities laws with respect to the Rights Plan. It said the deferral does not affect the operation of the Rights Plan which remains effective in accordance with its terms.
Western Wind Energy Corp. announced that it has signed a Module Supply Agreement with a leading international, multi-billion dollar photo voltaic panel manufacturer for 42 MW DC (30 MW AC) for its Yabucoa Project located in Puerto Rico. The panels have been delivered and Western Wind Energy has taken ownership and possession of the panels, prior to the Dec. 31st, 2011 year-end therefore, qualifying and exceeding the minimum 5 per cent safe harbor provision of Section 1603 of the American Recovery Re-Investment Act.
This transaction enables Western Wind Energy to be eligible for the 30 per cent US Federal Tax Free Cash Grant which is estimated to be approximately $45-million (U.S). In addition to the $45-million tax-free cash grant, Western Wind also qualifies for an additional $64-million of Puerto Rican investment tax credits, which are both marketable and monetize-able. These two sums total $109-million of additional benefit that is over and above the plus $100-million Western Wind has received and will be receiving for the Kingman and Windstar Projects, respectively. The Module Supply Agreement was secured by a $12-million loan that will be repaid with the project finance proceeds led by Rabobank. There is a finder's fee of 5 per cent payable to the finder of this transaction, payable in either cash or shares, in both cases, not exceeding $600,000.
Yukon-Nevada Gold Corp. , which dropped 2 per cent to close near a year low of 23.5 cents on Thursday, presented an overview of the work completed at Jerritt Canyon since the facility reopened in 2009. Jerritt Canyon is located 50 miles north of Elko, Nevada and is operated by Queenstake Resources USA Ltd., a wholly owned subsidiary of the company. The review covers the areas of: Environmental Compliance; New Tailings Facility Construction; Plant Upgrades; Plant Winterization; Fleet Renewal; Underground Mine Re-start; Open Pit Re-start; Exploration and Safety.
MDC Partners Inc. , which rose 1 per cent on Thursday, announced that its Board of Directors has declared a cash dividend of $0.14 per share on all of its outstanding Class A shares and Class B shares. The dividend will be payable on or about Feb. 27, 2012 to shareholders of record at the close of business on Feb. 15, 2012.
Advanced Explorations Inc. , which fell 8.5 per cent to near a year low 26 cents on Thursday, announced that its option agreement with 7th Sea Holding Company, LLC has been terminated. Both companies had been in extended discussions as to an amended agreement but were unable to reach mutually satisfactory terms. AEI said it is in the process of restructuring its project portfolio to ensure "highest priority opportunities are fully supported". AEI's first priority remains the development of its key Roche Bay and Tuktu projects and its focus on the Melville Peninsula.
Roca Mines Inc. released its financial results for the year ended Aug. 31, 2011. It recorded production revenues of $1.77-million and a net loss of $23,66-million compared to revenues of $17.65-million and a net loss of $14.24-million for fiscal 2010. In the current year, the company milled less than 15 per cent of 2010 throughput and wrote off $1.52-million (2010 - $11.58-million) in future income tax assets. Management considered the property, plant and equipment associated with the MAX Molybdenum mine to be impaired and wrote-off a total of $17.4-million in associated costs down to the plant and equipment's estimated net recoverable amount as at Aug. 31, 2011.
CaNickel Mining Ltd. , which is trading near year lows, announced that due to the current unfavourable nickel price, mining operations at its Bucko Lake Mine will be scaled down in order to reduce operation cost and preserve capital to complete the paste backfill plant construction and tailings facility expansion. The effect of the reduction in operations will be to reduce ore production from current 600-700 tonnes per day to 400-500 tonnes per day and this is expected to reduce the company's cash burn from $2.7-million per month to approximately $1.7-million per month and to be able to generate positive cash flow from the mine operations.
The period of reduced operations is uncertain at this time. The company also announced that it has entered into an agreement with Luckyup Investment Limited, a third party based in Hong Kong, to increase its one year term debt facility from $15-million (U.S.) to $25-million. The debt facility bears an interest rate of 12 per cent per annum. The company intends to carry out a feasibility study to review the feasibility of upgrading existing mill circuit and flotation facility to 1,300 tonnes per day as well as commencing a study on optimizing mining methods. This later study will focus on stoping method, production sequence and schedule to mitigate ore contamination from hydraulically backfilled stopes to increase productivity and to reduce production costs. It is expected that these studies will be completed in 2012 and exact completion time for the mill upgrade is uncertain at this time.
Forent Energy Ltd. , which closed yesterday's session $0.035 above year lows, announced today that it has successfully completed a best efforts private placement of over 17 million common shares at a price of $0.14 per share for total gross proceeds of $2.4-million. The funds from the offering will be used to drill on the company's Alton Block in Nova Scotia starting in mid-January.
Marquee Energy Ltd. , that was just 8 cents above a year low $1.22 at yesterday's close, announced today that it has closed its private placement of common shares. The company said it has issued 588,236 common shares on a flow-through basis at a price of $1.70 for gross proceeds of approximately $1-million.
CanAm Coal Corp. , which was slightly above a year low 12 cents at yesterday's close, announced today that for the third quarter that ended Oct. 31, 2011, it has generated revenue of $8.7-million compared to $1.2-million last year. It was also able to top the $19-million in revenue for nine months of fiscal 2012 as compared to $3.8-million last year. It ended the quarter, however, with a deeper net loss of $497,764 compared to the previous year's $342,647.
Northcore Technologies Inc. , which provides enterprise level software products and services, announced today the contract renewal of a strategic client. The company said the client is an industry leader in the field of material handling and has been an early adopter of the Northcore holistic remarketing toolset. Amit Monga, CEO of Northcore Technologies, said: "Our strong relationships with existing clients help to underscore the ongoing benefits of our Asset Management platform."
TVI Pacific Inc. , which is trading just above a year low 3 cents, announced today that its Philippine operating affiliate, TVI Resource Development (Phils.), Inc., completed its 26th shipment of copper concentrate produced at the Canatuan mine on Dec. 27, 2011. The company said it expects to earn gross revenue of approximately $11.1-million (U.S.) from MRI for this shipment (pending final assay and price adjustments).Report Typo/Error
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