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Tembec operations in Senneterre Que. The company reported a loss of $17-million in the latest quarter, largely due to maintenance upgrades at a B.C. mill.

Jacques Boissinot/The Canadian Press/Jacques Boissinot/The Canadian Press

Galway Resources Ltd. , which dropped 10 per cent yesterday, today announced complete assay results from three diamond drill holes and partial results from another four holes at its Vetas gold-silver project, host of the El Volcan gold-silver mine that has been in operation over 400 years and is the largest mine in the California-Vetas-Surata gold region. The company also announced that a third diamond drill rig is scheduled to arrive at Vetas later this week, which will target extensions on Galway's side of the common border to CB Gold's discovery of 7.57 grams per tonne gold (g/t Au) over 114.98 meters in what appears to be the same stockwork zone that Galway initially discovered through extensive sampling and geophysical exploration programs in late 2010 and early 2011.

Wallbridge Mining Company Limited moved closer to a year low of 15.5 cents on Monday in losing 8 per cent and closing at 17.5 cents. But it might find some support around these levels based on a 50 day and 200 day SMA of 18 cents and 17 cents respectively. Today, the company announced that it has received the metal balance results of its Broken Hammer bulk sample program. It currently holds a 98.5 per cent interest in the Broken Hammer Property while Xstrata Nickel retains a 1.5 per cent carried interest with some buy back provisions.

Canadian forest products maker Tembec Inc fell 4 per cent and touched a day low $2.50 yesterday, taking it closer to a year low $2.12 after it said late in the trading day that it will sell some of its non-core assets to a private company for $13-million. Around 260,000 TMB shares changed hands yesterday, double the average volume for the previous 30 days. However, the stock might find some buyers at current levels as its 50 day and 200 day SMA stand at $2.55 and $2.54 respectively.

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Dynacor Gold Mines Inc. , which closed yesterday shy of its 50 and 200 day averages, announced today a further increase in its production capacity at its 100 per cent owned Acari ore processing plant in Peru after the addition of a tertiary conical crusher upstream from the ball mills. The company also said that during the month of October, it has reached an all-time record gold production of 4,255 ounces and produced 7,708 ounces of silver as a by-product.

Magma Metals Limited , which touched a year low 10 cents at yesterday's close, announced today that it intends to spin-out its West Australian gold projects in a new gold focused exploration company, to be named Greenstone Metals Limited, subject to completion of commercial and legal agreements and relevant approvals.

The company said its decision to transfer its Lake Grace, Griffins Find, Laura River, Roe and Mt Jewell projects to Greenstone will allow the Company to focus all its resources on progressing the Thunder Bay North platinum-palladium-copper-nickel project in Ontario towards development.

Novus Energy Inc. announced today its unaudited condensed interim financial results for the third quarter 2011. The company said that during the quarter, it posted a net income of $3.46-million, representing a material increase over the comparative 3-month period loss of $4.81-million in 2010. Revenues also increased to $14.79-million by 143 per cent from the previous year's $6.16-million while the funds flow from operations climbed 288 per cent to $7.93-million.

Ryan Gold Corp. reported today initial anomalous gold-in-soil values of between 100 ppb and 1,392 ppb from the reconnaissance soil program conducted on the Kilo prospect in the Kluane project area during the 2011 exploration season. The company said that with the very encouraging soil results both on, and surrounding, the Kilo Prospect, an additional 220 claims totalling 4,598 hectares have been staked to augment its land position.

Strongbow Exploration Inc. , which has been trading near a year low of 8.5 cents, announced today the results from recent exploration programs at its wholly owned Piltz Mountain and Mons Creek properties in the Chilcotin region of south central British Columbia. The company said it has discovered mineralization at both Piltz Mountain and Mons Creek, which underscores the prospective nature of the Plateau Gold and Copper Belt.

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