Canadian issues that are moving on early news
Petro One Energy Corp., which lost 7 per cent yesterday, announced today that it has signed a farm-out and royalty agreement with a senior oil company on its 100 per cent-controlled J10 property. The agreement calls for the farmee to drill an earning horizontal well in the Frobisher or Midale formation by March 31, 2013.
Riverstone Resources Inc. announced the results from sixteen diamond core drill holes on the 90 per cent-owned Goulagou II Deposit at Karma Gold Project. Mineralization at Goulagou extends over 2,500 metres east-west and to as much as 250 metres in depth in localized areas of deeper drilling.
Geomega Resources Inc., which rose 4 per cent yesterday, announced today that it has signed a letter of intent with Innovation Metals Corp. for the processing of a quantity of neodymium-rich concentrate in Becancour, Quebec, derived from the company’s Montreal rare-earth element project.
Gentor Resources Inc. recently completed a program of 19 diamond drill holes with an aggregate length of 2,156.70 metres at the Hacimeter VMS Project. The company said initial results from the first seven holes have provided highly encouraging copper intersections of massive sulphides and stringer zone mineralisation.
Scorpio Gold Corporation reported second-quarter net earnings of $2.2-million compared to $4.1-million in the first quarter. Revenues were $12.5-million compared to $12.9-million in the first quarter. No analyst estimates were available for comparison.
Endeavour Mining Corporation said it has received “encouraging” final drill results from core and reverse circulation drilling on the Ouare gold deposit in Burkina Faso.
Olympia Financial Group Inc. said second-quarter total revenue increased 2 per cent to $10.32-million compared to the same quarter of the previous year. Earnings from operations (before income tax) decreased 17 per cent to $1.87-million. Earnings before income tax decreased 13 per cent to $1.99-million, and total interest of $1.33-million remained unchanged.
Dalmac Energy Inc. said net income for the fourth quarter increased 109 per cent to $686,000 from $329,000 in the fourth quarter of 2011. It posted record fourth-quarter revenues of $11-million, record annual revenues of $35.7-million and a record annual net income of $2.6-million ($0.13 per share).
McVicar Industries Inc., which is trading near a year-low 27 cents, announced a delay in the filing of its second quarter financial statement and MD&A due to the departure of its chief financial officer. McVicar anticipates being able to complete and file the second-quarter Statements and MD&A “shortly but in any event not later than September 30, 2012.” It named an acting CFO.
Medwell Capital Corp., which is trading near a year-low 4 cents, said consolidated net loss from continuing operations of the corporation for the second quarter was $0.8-million or $0.01 per share compared with a consolidated net loss from continuing operations of $6.8-million or $0.07 per share for the same period in the previous year.