A line worker pulls out bad bottles of beer at Brick Brewing Co. in Kitchener, Ont.J.P. MOCZULSKI/The Globe and Mail
Brick Brewing Co. Limited , Ontario's publicly held brewery, announced today its financial results for the third quarter ended October 30, 2011. The brewery said that during the quarter, its net income dropped to $85,000 from the previous year's $230,000, even as revenues rise $7.9 million from $7.1 million in the corresponding quarter of 2010. George Croft, President and CEO, said: "Market conditions have remained challenging and input cost pressures continue. We are focused on minimizing the impact of these variables through consistent improvement in production processes and related efficiency."
Teranga Gold Corporation reported that due to delayed access to high grade zones, production for the quarter ended December will be impacted. As a result, the company expects production to be between 130,000 and 135,000 ounces of gold and total cash costs of $875-$925 per ounce compared to previous guidance of $850-$875 per ounce for CY2011. Production for the quarter and calendar year ended December 31, 2011 were budgeted at 45,000 ounces and 140,000 ounces of gold, respectively. The previous higher production estimate for the quarter was based on the projection that mining activity would move into higher grade zones in the pit in November and particularly December. It said: "The delay in accessing the higher grade area is due to lower than planned drill and loading availability for the quarter. Management has focused on the issues and has ordered three new drill rigs; two are scheduled to be on site this month with a third arriving in the first quarter next year. In addition, focus has been put on increasing the capital spare inventory to improve availability in both the mine and the mill."
Redzone Resources Corp. , which is trading near a year low 23 cents, reported that it has filed its unaudited condensed interim consolidated financial statements for the three and six months ended October 31, 2011 and the related management's discussion and analysis. The company reports a net loss for the three and six months ended October 31, 2011 of $0.3 million and $0.7 million, respectively, compared with $0.2 million and $0.6 million for the comparative periods in 2010. As of October 31, 2011, the company had working capital of $2.7 million, including cash of $2.8 million. With this funding in place, the company is in a financial position to continue its current exploration strategy on the Lara Property. The company commenced with a drill program at the Lara Property, located in the porphyry copper belt of Peru located approximately 400 km southeast of Lima, to test the large porphyry system identified last year through IP and magnetic surveying. The company expects to complete the drilling program by the end of December 2011 and prepare an updated NI 43-101 by the end of its fiscal year, April 30, 2012.
Commerce Resources Corp. reported the results for an additional 11 drill holes completed during the summer/fall exploration program at the Ashram Rare Earth Element Deposit at the Eldor Project in northern Quebec. A total of 33 drill holes were completed with assays pending for 18. It said the summer, fall program continued to return lengthy intersections of REE mineralization, including several lying outside of the area used to calculate the initial NI 43-101 resource estimate. Highlights are as follows: Drill Hole EC11-064: 491.05 metres of 2.04 per cent Total Rare Earth Oxides; Drill Hole EC11-068: 218.74 metres of 2.20 per cent TREO; Drill Hole EC11-059: 123.41 metres of 2.47 per cent TREO. The rare earth mineralized footprint at Ashram now extends approximately 700 metres along strike, over 500 metres across, and to depths exceeding 600 metres. Mineralization remains open to the north, south, at depth, and is not fully constrained to the west and east.
CMQ Resources Inc. , which is trading close to a year low 7 cents, reported drill results for the seven-hole reverse circulation drilling program conducted in October 2011 at the Red Canyon sediment-hosted gold project in Eureka County, Nevada. The project is being explored under an 'Exploration Agreement with Option to Form Joint Venture' with Miranda U.S.A., Inc. . Montezuma Mines Inc., a wholly owned subsidiary of CMQ, completed a 5,650-foot (1,722-meter) seven-hole program.
Augen Capital Corp. , which is trading near a year low 4 cents, announced a new business direction for 2012 and beyond. The company said it has begun actively seeking business opportunities in the mineral resource sector of Colombia. As part of that effort it has formed a subsidiary called Seven Stars Coal Corporation through which it plans to operate in Colombia. The initial round of financing for Seven Stars has successfully raised $740,000 of capital. It said: "At this time Augen is pleased to inform its investors that Seven Stars has acquired its first property of approximately 1,500 hectares, which is known to host metallurgical coal. Based upon extensive research conducted on each property prior to each acquisition, the company intends to enter the coal industry in Colombia in conjunction with experienced local partners. In addition, the company is pleased to announce that it has signed a memorandum of understanding with a strong local partner that has extensive production experience."
Altima Resources Ltd. , which closed yesterday at a year low of 3 cents, reported that the BLZ et al DD Rainbow 13-11-111-05W6M well was drilled to a total depth of 1,732 meters and abandoned. Testing indicated the hydrocarbons encountered were not commercial at the subject location. Altima and its partners control oil and gas rights on 3,040 acres in the Rainbow B2B pool area. Further evaluation and a technical review of the area will be conducted to determine if additional offset drilling is warranted.
Acadian Energy Inc. announced that following its press release dated December 6, 2011 announcing the revocation of the cease trade orders issued by the British Columbia Securities Commission and the Ontario Securities Commission, the corporation's shares will be reinstated for trading on the TSX Venture Exchange Inc., effective as of market opening on December 8, 2011.
Golden Minerals Company announced additional assay results from its drilling program at the Yaxtche deposit on the El Quevar project, located in the Salta Province in northwestern Argentina. The Colorado-based company said recent infill drilling at the west Yaxtche deposit continues to intersect high grade silver with relatively wide intercepts. Jeffrey Clevenger, President and CEO, said: "This further suggests that the Yaxtche deposit may be amenable to bulk mining, which data from the current infill drilling program is designed to support."
Canadian silver producer Alexo Resource Corp. , which edged off almost 1 per cent on Wednesday, announced today the interim results from its 2011 drilling program at the Bermingham property. The company said previously discovered zones of silver mineralization at Bermingham have been confirmed and expanded, with intercepts ranging up to 22.2 meters true width within a complex structural zone. Alexco President and CEO Clynt Nauman noted, "...we certainly understand the positive implications of this important discovery, which will clearly require continuation of dedicated and focused drilling efforts in 2012."