Insolvent pulp and paper company Catalyst Paper posted a net loss of $974.0-million ($2.55 per common share) in 2011 due in large part to asset impairments on Canadian and Arizona-based operations, capital restructuring costs, a foreign exchange loss and fire-related outages at the Snowflake and Powell River mills. Net loss in 2010 was $396.9-million ($1.04 per common share).
PetroNova Inc announced an update on its Cusumbo 1 exploratory well located on the CPO-06 Block (in which PetroNova has 20 per cent working interest) in Colombia's Llanos Basin. "Although the high water content seen in this well is disappointing, we are encouraged by the fact that our assets and identified prospects in the Llanos Basin are surrounded by known producing fields," said Antonio Vincentelli, President and CEO.
Fibrek Inc. announced that it has filed its Directors' Circular reaffirming its previous recommendation that Fibrek shareholders TENDER to the offer to acquire all of the outstanding common shares of Fibrek made by Mercer International Inc. (MRI.U-T). Mercer also filed the take-over bid circular in connection with the Mercer Offer to Fibrek shareholders today. The consideration to be offered for each common share of Fibrek under the Mercer Offer will be, at each shareholder's option, (i) $1.30 in cash; (ii) 0.1540 of a share of Mercer common stock; or (iii) $0.54 in cash plus 0.0903 of a Mercer Share, subject to proration on the basis of a maximum of $70 million in cash and approximately 11.7 million Mercer Shares.
Tanzania Minerals Corp. , which is trading near year lows, announced the addition of three new gold licences to its extensive property portfolio in Tanzania. The new licences are located in the Musoma-Mara, Serengeti, and Siga-Mabale greenstone belts in the Lake Victoria area of northern Tanzania, and are all located in areas of known gold mineralization.
Transition Metals Corp. that was just 4 cents above year lows on Wednesday announced today that it has acquired by staking a 100 per cent interest in approximately 500 hectares covering the Mayflower gold deposit. Scott McLean, CEO, said: "The Mayflower is a deposit with excellent infrastructure, a limited history of exploration and production in an overlooked but easily accessible corner of a politically safe jurisdiction. Based on our interpretation of the structure and geology the property clearly has tremendous upside potential."
Geodrill Limited , a West African based drilling company, announced today its financial results for the three-month period ended Dec. 31, 2011. The company said its revenue rose to $20.9-million during the quarter from the previous year's $11.6-million. This resulted in net earnings of $1.2-million, erasing last year's loss of $586,000. The company also generated positive cash flows in the amount of $6.50-million compared to $1.71-million in fourth quarter 2010.
Forbes & Manhattan Coal Corp. announced today that it has made its final payment for the Slater Coal (Pty) Ltd. Stephan Theron, President and CEO of Forbes Coal, said: "The Company has made significant progress in expanding the operations at the Magdalena bituminous and Aviemore Anthracite mines over the past 18 months and we are very pleased with our progress to date."
Empire Industries Ltd. , which closed yesterday's session almost hitting year lows, announced today that it has divested its KWH Constructors and Somerset Engineering business units for $1.4-million. This divestiture is part of the company's plan to reduce its investment in domestic steel fabrication and erection outside of Alberta and to deploy more of its resources towards expanding its engineered products businesses.
Alexander Nubia International Inc. , an exploration and development company with diversified minerals projects in Egypt, announced today an initial NI-43-101 compliant resource estimate for its flagship Abu Marawat property. The Inferred Mineral Resource is 2.9-million tonnes at an average grade of 1.75 g/t Au, 29.3 g/t Ag, 0.77 per cent Cu and 1.15 per cent Zn, containing 162 thousand ounces Au, 2.7-million ounces Ag, 49-million lbs Cu, and 73-million lbs Zn.
U3O8 Corp. reports results from the final 32 holes completed in the resource drilling campaign on the Aricheng West structure in the Kurupung Batholith in Guyana. Dr. Richard Spencer, U3O8 Corp's President and CEO, said: "These infill drill results add to the mounting evidence that the Kurupung Project could host a large uranium system comparable in size to other albitite-hosted deposits such as Coles Hill in Virginia, Michelin in Labrador and Valhalla in Australia."