COM DEV USA, LLC, a subsidiary of COM DEV International Ltd. , announced that it has added Lockheed Martin Space Systems Company to its customer roster. It said: "While the first order placed by Lockheed Martin is small (under $1-million), it allows COM DEV USA to demonstrate its capabilities to Lockheed Martin in a tangible way. The contract includes design, space qualification, and production of high power, microwave flight hardware."
New Pacific Metals Corp. announced it has entered into an arm's length non-binding Memorandum of Understanding with Fujian Henyuan Mining Co., Ltd. to acquire a 75 per cent interest in the LMC silver-gold-lead-zinc Property, Fujian Province, China. The Property consists of an exploration permit for an area of 1.54 square kilometres and a 300 ton-per-day flotation mill plant. An area of 1.03 square kilometres has been approved for mining by the local government within the current exploration permit.
Porto Energy Corp. today announced its financial results for the quarter ended Nov. 30, 2011. The company recorded a net loss of $1,278,336, compared with $930,629 for the comparative period in 2010. The company is in the exploration phase of operations and therefore has no oil and natural gas producing properties generating revenues. The company's net losses for these periods were primarily generated from G&A expenses including salaries, office costs and travel costs in addition to professional fees and share-based payments.
Quetzal Energy Ltd. provided an operational update and budget for 2012. Its forecast cash balance at end of year is $1.15-million (U.S.)
Goldrush Resources Ltd. reported assay results from six of 18 core holes drilled as part of a larger 10,140 metre fill-in program which included 98 reverse circulation drill holes on the company's Ronguen Gold Deposit in Burkina Faso, West Africa. Highlights of the drilling results include: 6.92 g/t Au over 8.9 metres, including 12.8 g/t Au over 1.2 metres and 16.3 g/t Au over 1.0 metre, open up-hole in hole KGRC11-036; 1.90 g/t Au over 12.9 metres, in hole KGRC11-041; 1.30 g/t Au over 14.2 metres, including 1.99 g/t Au over 7.5 metres; and 1.12 g/t Au over 6.2 metres, in hole KGRC11-040.
Holloway Lodging Real Estate Investment Trust announced the following management changes: Felix Seiler has been appointed Chief Operating Officer of Holloway; Jane Rafuse has been appointed Chief Financial Officer of Holloway; Michael Rapps, Chairman of Holloway, will cease to act as Interim Chief Financial Officer. He will remain involved in the management of Holloway during a transition period.
Equitable Group Inc. reported its financial results for the three months ended Dec. 31, 2011, including solid earnings performance on strong growth in its conventional single family mortgage portfolio. Net interest income was $35.3-million (1.4 per cent NIM) compared to $34.8-million (1.4 per cent NIM) in the third quarter of 2011 and $32.8-million (1.6 per cent NIM) in the fourth quarter a year ago, and was higher in 2011 even with the $4.3-million of additional prepayment income in 2010, which is included in net interest income.
Wesdome Gold Mines Ltd. , which rose 3 per cent yesterday, reported "very encouraging" preliminary drilling results from its 100 per cent owned Eagle River Mine located 50 kilometres due west of Wawa, Ontario. A series of four holes on section 9400E has encountered strong mineralization extending 200 metres below current reserves limits. The deepest hole EU-639 cut 59.67 gAu/tonne over a corelength of 3.15 metres at a depth of about 1,000 metres.
Bellhaven Copper & Gold Inc. released the first drill results from the La Garrucha prospect at the La Mina Project in the Cauca Belt of Colombia. The Company drilled six core holes into this newly discovered porphyry gold-copper system. Four of the six holes encountered significant mineralization. Patrick Highsmith, Bellhaven's CEO, said: "It is early yet, but the La Garrucha system is enriched in gold relative to copper, and the grades are higher than average for porphyry gold-copper systems in the Americas."
PetroMagdalena Energy Corp. announced today that it has entered into a binding letter of intent with Interoil Colombia E&P Inc. in respect of a 50 per cent participation to farm in to the LLA-47 block located in the Llanos just south and on trend with the company's main Cubiro block and other producing blocks in the basin. Luciano Biondi, Chief Executive Officer of PMD, said: "This allows us to leverage our in-depth Cubiro experience to an exciting new block with the same geological and surface characteristics and logistical aspects."