Bioniche Life Sciences Inc. , a research-based, technology-driven Canadian biopharmaceutical company that closed Wednesday near two year lows, announced that it has entered into two distribution agreements to expand its product offerings in North America. No finacial details were provided. The first agreement is with MedTrade Products Limited, a U.K.-based company.
The agreement provides a number of equine and companion animal health products based on MedTrade's CeloxTM technology for exclusive distribution by Bioniche in Canada. The second agreement is with Mueller Medical International LLC, a U.S.-based company. The agreement provides an equine product - Equine Gastrafate - for exclusive distribution in Canada and the U.S. by Bioniche.
Perseus Mining Limited released an updated resource estimate for the Edikan Gold Mine in Ghana, West Africa. Highlights include: 954,000oz increase in Measured and Indicated mineral resources at EGM; M&I mineral resources at EGM now 143.9Mt, containing 5.3Moz of gold; Perseus's total M&I mineral resources increased to 184.5Mt containing 6.7Moz of gold; Perseus's total Inferred mineral resources increased 76,000oz to 76.9Mt containing 2.3Moz of gold; maiden Resource estimate has been declared for the Bokitsi deposit; drilling is continuing on deposits the subject of the upgrade, assays results for 50 holes pending; revised reserve estimate based on the new resource models expected to be completed in March 2012.
Perseus's current Reserve base stands at 3.9Moz of gold; Esuajah North resource upgrade will be completed in March 2012 following completion of a large drilling program; further resource upgrades at EGM planned for 2012; upcoming resource upgrade at Company's Cote d'Ivoire projects planned for June Quarter 2012.
Aurora Oil & Gas Limited provided an update to its independent proved and probable reserves estimate for the Company's working interests in the Sugarkane Field with an effective date of Oct. 31, 2011. It announced a 150 per cent increase in proved reserves. Key points include: the Reserves Report continues to demonstrate the rapid transition of the Company's reserves in to the 1P and 2P categories; at the effective date of the Reserves Report, Ryder Scott considers that 65 wells (9 of which are farmout wells) are in the PDP category, 749 future well locations can be considered proved undeveloped and 125 future well locations are in the probable reserves category; the Reserves Report utilizes four type curves across the Aurora acreage and they are broadly consistent with those provided previously.
Rusoro Mining Ltd. , which is trading near a year low 9 cents, reported the 90-day period fixed by the Nationalization Decree No. 8413 to negotiate the compensation due to Rusoro and the terms of the migration of Rusoro's mining assets to a Mixed Enterprise to be controlled by the Venezuelan Government and which expired on Dec. 15, 2011 has been extended by decree No. 8683 for another 90 days, to March 14, 2012.
Armtec Infrastructure Inc. , which gained 10 per cent yesterday, announced it has been awarded a contract, valued at approximately $32-million, with Bechtel Canada Co., who is acting as the agent for Rio Tinto Alcan, to supply precast components for the Kitimat Modernization Project. Manufacturing of these elements is expected to be completed over a two year time frame and is scheduled to get underway early in 2012.
Wildcat Silver Corporation announced the results for eight additional holes completed on the Company's Hermosa property located in Santa Cruz County, Arizona. Results continue to support the expansion and upgrading of the current Hermosa resource. The Company is also announcing that it now expects to issue its updated resource estimate and preliminary economic assessment for the Hermosa project in early 2012.
Highlights include: HDS-214, located in the east central portion of the Hermosa ore body, demonstrates significant silver and manganese mineralization. This hole encountered three intervals with the upper interval returning 9.1 metres of 395.2 g/t silver, 8.46 per cent manganese, 0.15 per cent zinc, 2.96 per cent lead and 0.22 per cent copper; HDS-216, also located in the east central portion of the Hermosa ore body, returned 10.7 metres of 310.0 g/t silver, 10.81 per cent manganese, 0.17 per cent zinc, 4.36 per cent lead and 0.19 per cent copper; HDS-203, located in the northeast central portion of the Hermosa ore body, encountered three intervals of mineralization. The middle zone returned an extensive interval of 35.1 metres of 160.4 g/t silver, 12.45 per cent manganese, 4.52 per cent zinc, 2.79 per cent lead and 0.26 per cent copper. The Company continues to drill on the Hermosa property and remains focused on expanding the size and upgrading the quality of the current resource. Wildcat's current cash position remains strong and the Company expects it will be sufficient to fund its planned activities through 2012.
Riva Gold Corporation , which closed Wednesday near a year low of 32.5 cents, announced that the Board of Directors has approved the sale of the Company's subsidiaries, assets and properties thereby concluding its focus on mineral exploration in Guyana. The Company said its current objective is to minimize cash outflow as it is aware that there are other exploration opportunities in other jurisdictions which could be a better use of the Company resources. Riva's four subsidiaries have been sold to the Pereira Group for $50,000 (U.S.). In addition, the Company has identified opportunities to sell certain of its assets and properties locally in Guyana for approximately $445,000 (U.S.), of which $360,000 has been received with the majority of the remaining expected to be received by year end. Riva forecasts its cash position to be approximately $8.8-million (CAN) at Dec. 31, 2011.