North American Energy Partners Inc. , which rose nearly 4 per cent yesterday, announced overnight it has been recently awarded two new contracts totaling approximately $128-million. The first of these new contracts has been awarded by the Joslyn North Mine Project for the initial earthworks at the Project site north of Fort McMurray. The work, to be completed over a period of about 12 months commencing November 2011, involves clearing the site and establishing access (roads, drainage etc.) in preparation for the planned future construction of the mine and extraction facility.
The second contract is for work at the Mt. Milligan Copper/Gold Project in northern British Columbia and covers the erection of more than 7,000 tonnes of structural steel as well as the installation of cladding, insulated roofing panels, cranes and lighting for new mill concentrator facilities at the mine. Work on this contract will begin in November 2011 and is targeted to be completed by Fall 2012. The work will be carried out by a combination of NAEP personnel and specialized subcontractors.
Great Western Minerals Group Ltd. reported today its financial results for the third quarter of 2011.
The company said it ended the quarter with a net loss of $3.9-million, up sharply from the previous year's $1.1-million loss. This is despite the rise in revenues from $3.4-million to $4.2-million. Consolidated cash balance was $5.3-million compared to $1.9-million as of the third quarter of 2010.
Sulliden Gold Corporation Ltd. today reported the initial assay results from the North Corridor exploration program that began in late August, as well as continued positive results from the Central Corridor on its Shahuindo property in northern Peru. Stephane Amireault, Vice President of Exploration for Sulliden reportedly commented: "The North Corridor represents a large exploration target on the Shahuindo property and we are pleased with the initial results in which every drill hole has intersected gold and silver mineralization. We believe the results to date represent a successful start to the exploration of this new target."
Rusoro Mining Ltd. , which is trading near a year low of 9 cents, today announced its financial results for the three months ended Sept. 30, 2011. The company said it ended the quarter with a net loss of $1.7-million, erasing year-ago profit of $6.4-million. Revenues were also weaker during the quarter at $30-million, compared to last year's $42.7-million, due to a lower amount of ounces of gold sold which more than offset the increase in the realized price of gold.
Canadian leader in the loyalty industry The Futura Loyalty Group Inc. announced today that for the three months ended Sept. 30, 2011, its net loss edged lower to $429,333 from $454,079 during the comparable period in 2010. This was after revenues increased by 35 per cent to $505,556 versus $373,604 during the corresponding period in 2010. The company said the main driver of revenue continues to be increased issuance of branded loyalty reward currency.
Highland Park SA announced that it has acquired an aggregate of around 7.1 million units of Rockridge Capital Corp. , which closed Tuesday near a year low of 26 cents, at a price of $0.64 per Unit pursuant to a private placement. Each Unit is comprised of one common share of Rockridge and one transferable Share purchase warrant. Each Warrant entitles the holder to purchase one Share of Rockridge at a price of $0.80 per Share until Jan. 13, 2013.
The Private Placement closed on July 13, 2011 and 756,738 Units were held in escrow until Aug. 26, 2011 pending the receipt of TSX Venture Exchange approvals, as required by the TSX Venture Exchange. Prior to the Private Placement Highland Park did not own any Shares or Warrants. The Shares of Rockridge owned by Highland Park represent 11.19 per cent of the near 63 million Shares currently issued and outstanding. Assuming the exercise of the Warrants, Highland Park would own around 14.1 million Shares, or 20.1 per cent of the issued and outstanding Shares, assuming no other options, warrants or convertible securities of Rockridge are exercised or converted and no other Shares are otherwise issued by Rockridge.
Kenai Resources Ltd. , which has been trading near a year low of 8 cents, provided an update on drilling at the Sao Chico gold project in north central Brazil. It said high grade gold assay results have been received from the independent lab for four core holes. Two strongly mineralized gold zones have been encountered from the results of 16 core holes that have now been completed over a strike length of 500 meters, for a total of approximately 2,200 meters so far drilled in the first phase 3,000 meter program. Sulphides have been encountered to a downhole depth so far of 186 meters or 158 vertical meters. Mineralization is open at depth and along strike. It said the initial exploration target is for a potential high grade deposit in the range of 1.1 million to 2.2 million tonnes.
Reliable Energy Ltd. provided an operations update in which it reported that net oil production is currently 1,100 bopd, an increase of almost 31 per cent from the third-quarter exit rate, while average quarterly production to date in the fourth quarter is 988 bopd, compared with 679 bopd in the third quarter, an increase of 46 per cent. To date, the company said it has completed the drilling of all 11 (8.3 net) horizontal wells that comprised the second half of its 2011 drilling program with 2 (1.5 net) horizontal wells currently awaiting completion operations. Reliable has also participated in the drilling of 2 (0.3 net) non-operated wells in the Kirkella area that are now awaiting completion operations which are expected during December 2011.
Lexam VG Gold Inc. announced positive exploration results at the Fuller property including 4.23 grams per tonne gold over 30.6 metres. It said recent drilling has indicated a near surface, gold mineralized porphyry target located adjacent to the established Fuller Deposit gold resource.
Mood Media Corporation announced the deployment of its media technology and Direct License music program across 150 Maxway store locations. The media specialist said the Direct License music program allows big box retail groups to broadcast music at affordable rates. Mood CEO and Chairman, Lorne Abony, said: "We have the world's largest Direct License music catalog and it allows us to offer good quality music to large retail stores, who otherwise would be silent."
Mawson Resources Limited announced today that it anticipates undertaking a spin-out of its Peruvian assets that would reorganize the business and capital structure of Mawson into 2 separate public companies to allow Mawson to focus on the development of its flagship Rompas property in Finland. Dr. Graham Carman was named as the new subsidiary's President and CEO.
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