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Canadian issues that are moving on early news

Great Canadian Gaming Corporation, which lost 9 cents yesterday, announced today the preliminary results of its offer to purchase up to 10 million of its common shares at $10.00 per share under its substantial issuer bid. The normal course issuer bid, which was suspended with the announcement of the Issuer Bid, is expected to resume on or about Aug. 17, 2012.

Caza Oil & Gas, Inc. has commenced drilling on its Copperline Bone Spring Prospect in Lea County, New Mexico. The well will be drilled to a total vertical depth of approximately 11,500 feet with a total measured depth of approximately 15,730 feet.

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Tamarack Valley Energy Ltd. reported a net income of $564,724, or $0.02 per diluted share, for the second quarter of 2012. Revenues were $7.9-million. In the same period last year, net income was $234,835, or $0.01 per diluted share, on revenues of $3.4-million.

Aveda Transportation and Energy Services reported second-quarter 2012 net loss of $770,000, or $0.10 per share, on revenues of $17.8-million. In the same period last year, net loss was $1.1-million, or $0.19 per share, on revenues of $14-million.

Reitmans (Canada) Limited announced that it encountered problems with its newly-installed warehouse management systems at its distribution centre, which caused temporary disruptions in the receiving and shipping of merchandise to stores. It said these issues have adversely impacted sales in August and will have an adverse impact on sales and margins for the third quarter. Reitmans believes that the situation has now been resolved and the distribution centre is operating properly at this time.

Western Wind Energy Corp said second-quarter net earnings increased to $2.38-million or a positive $0.04 per share, compared to a net loss of $1.23-million or a negative $0.02 per share a year earlier. For the three months ended June 30, 2012, operating revenues increased by 1276 per cent to $14.4-million.

Endeavour Mining Corporation announced that it has received the official decree from the government of Cote d'Ivoire granting its Ivorian subsidiary the mining permit for its 85 per cent-owned Agbaou Gold Project, which is under construction and on track to begin production in first quarter 2014.

Danier Leather Inc. said net loss during the fourth quarter of fiscal 2012 was $2.1-million ($0.45 per diluted share) compared with a net loss of $0.2-million ($0.04 per diluted share) during the fourth quarter last year. Total company sales during the fourth quarter, which consisted of a 14-week period compared with a 13-week period last year, increased by 3 per cent to $27.5-million. Comparable store sales increased by 6 per cent.

Novik Inc., which eased 2 cents to 30 cents yesterday in moving away from near a year high 37 cents, said net earnings for the second quarter amounted to $562,000 compared with a level of $460,000 for the same quarter of the previous fiscal year on better management of production costs, procurement strategies and new product introductions to the market. But revenues fell.

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