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A look at Canadian issues moving on early news

Mediterranean Resources Ltd. (MNR-T) announced that after undertaking extensive due diligence it has decided not to proceed with its previously announced transaction to acquire all of the issued and outstanding shares of Golden Touch Resources Australia Pty Ltd. MNR touched year lows yesterday.

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Alder Resources Ltd. (ALR-X), which fell 5 per cent closer to year lows yesterday, announced today resource estimate for the Rosita Copper-Gold-Silver Porphyry/Skarn Project. The inferred resource estimate totals 7.95 million tonnes, at an average grade of 0.62 per cent copper, 0.46 grams per tonne gold and 9.2 g/t silver with an overall copper equivalent grade of 1.01 per cent.

Amorfix Life Sciences Ltd. (AMF-T) today reported its financial results for the three months ended March 31, 2012. The company reported a net loss from operations of $702,317 or $0.01 per share compared to net loss of $799,778 or $0.02 per share last year. Revenue for services and sales was nil, as compared to $24,953 in the comparative period.

Superior Copper Corp. (SPC-X) has entered into an agreement to acquire the Pall Mall Property located in Ryan Townships near Batchawana Bay. The Pall Mall Property covers three unpatented mineral claims over 176 hectares on the south border of the Batchawana Copper Project within the Keweenawan Group of the Proterozoic Southern Province of the Canadian Shield.

Jaguar Mining Inc. (JAG-T) – which fell nearly 6 per cent and closer to a year low $1.20 yesterday on the TSX but then rose 4 per cent in U.S. after hours – named John Andrews as interim chief executive officer, pending the appointment of a permanent CEO.

Connacher Oil and Gas Limited (CLL-T), which lost 9 per cent on Thursday, provided a personnel and operational update. Effective July 1, 2012, Greg Pollard will assume the role of chief financial officer. Connacher said its strategic review process is ongoing. Stakeholders will be advised of material developments as they occur.

COM DEV International Ltd. (CDV-T) announced that it has been awarded three significant contracts to deliver hardware for commercial and military communications satellites. The total expected value of the three contracts is more than $14-million.

Taiga Building Products Ltd. (TBL-T) said net its loss for the fourth quarter was $1.5-million compared to a loss of $2-million in the same quarter last year. It has decided not to declare and pay the first instalment payment of its semi-annual dividend policy with respect to the 2012 fiscal year’s net earnings. The decision regarding the second instalment payment with respect to the 2012 fiscal year’s net earnings will be announced in early January 2013.

Nautilus Minerals Inc (NUS-T), which fell 13 per cent and nearer to a year low 92 cents yesterday, expects to resolve an ownership dispute with Papua New Guinea over its Solwara 1 underwater mine after the country’s national elections, Reuters reported. Nautilus also reportedly said it expects to have a financing plan in place within the next month to fund construction of the project’s support vessel.

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