Grande Cache Coal Corporation provided an update with respect to its previously announced plan of arrangement with 1629835 Alberta Ltd. Grande Cache Coal, which was the most actively traded on the TSX yesterday and closed down nearly 6 per cent at $9.35, said it has no reason to believe that there is any merit to the allegations made in a report recently issued by Jonestown Research in respect of Winsway and has been assured by Winsway that the report is entirely without merit. Grande Cache Coal continues to work with Winsway and Marubeni Corporation to complete the Arrangement.
Connacher Oil and Gas Limited , which rose 3 per cent on Thursday, today announced its future plans. The company said its Board of Directors has initiated a process to review its business plan and to identify, examine and consider all strategies available to the company, both near and long term, in order to prudently determine the optimal course of action for the company. Goldman Sachs has been engaged to assist the Board of Directors in connection with this strategic review.
OceanaGold Corporation , which gained 1.5 per cent yesterday on the TSX, released its fourth quarter report for the quarter ended 31 Dec. 2011. Fourth quarter gold production was up 11 per cent on the previous quarter to 65,750 ounces bringing the total for fiscal year 2011 to 252,499 ounces. Fiscal year 2012 production guidance has been set at 230,000 to 250,000 ounces of gold at cash costs of $900 (U.S.) to $980 per ounce (assumes NZD/USD exchange rate of $0.80). With the start of production at Didipio, preliminary FY2013 production guidance is estimated to be 300,000 to 350,000 ounces of gold at cash costs of less than $500 per ounce (net of copper credits).
Fibrek Inc. announced that a hearing before the administrative tribunal with statutory jurisdiction in securities law and regulatory matters in the Province of Qubec, will be held on Feb. 1, 2, 3, 7 and 8, 2012 to consider the application filed by AbitibiBowater Inc. (Resolute Forest Products) and one of its affiliates for an order to cease trade Fibrek's shareholder rights plan, which was adopted on Dec. 19, 2011. Fibrek is preparing its submissions to the BDR to oppose Abitibi's application, which follows Abitibi's hostile insider bid for all of Fibrek's outstanding shares launched on Dec. 15, 2011.
Colorado Resources Ltd. announced it has received results from the 2011 exploration program completed on its 11,324 hectare Hit Property located approximately 27 kilometres north of Princeton, B.C. It reported Hit trench sampling returns values up to 11.9 g/t Au and 154.0 g/t Ag Over 0.75m. Colorado this week also announced that it has received the final results from its 2011 exploration program and planning is underway for an expanded 2012 exploration program on its Oro Property, MacMillan Pass, Yukon.
Compliance Energy Corporation reported the assay results of 17 diamond drill holes from the company's drilling program at NIC project, approximately 10 kilometres southwest of Port Alice, British Columbia. Highlights of the 2011 drilling program include hole NICS-04 which returned an intercept of 0.747 per cent Cu (copper) and 0.213 g/t Au (gold) over 18.4 metres including 2.532 per cent Cu and 0.666 g/t Au over 4.4 metres.
Maker of major airframe structures Avcorp Industries Inc. announced late Thursday the delivery of the first F-35 Carrier Variant Outboard Wing production unit intended for in-service operation. Avcorp President and CEO Mark Van Rooij said: "This first delivery marks a critical milestone for the Company, our suppliers, the F35 Program and the Canadian Aerospace Industry here in lower mainland. The Outboard Wing is regarded as one of the most complex assemblies that the Canadian aerospace industry contributes to the F-35 program."
Mitec Telecom Inc. , which closed yesterday's session touching ayear low $0.005, announced today that it has signed a letter of intent for a combination with Optiway Inc. Jeffrey Mandel, President and CEO of Mitec, said: "The combination of Mitec, a TSX listed company with Optiway, a privately held Israeli company, has the potential to result in a successful global company with strong patented intellectual property, engineering capability, sales and marketing reach and capital market experience."
Abitex Resources Inc. announced today summary results of a preliminary economic assessment for the Lavoie uranium-gold deposit. Yves J. Rougerie, President and CEO of Abitex, said: "The results of this PEA confirm the robust nature of the resource at the Lavoie project and its excellent potential return on investment at this early stage of development and evaluation. These results support our view that the Lavoie project is a viable project with very good upside."
Entertainment solutions provider Amaya Gaming Group Inc. today announced that it has entered into a development and licensing agreement with a subsidiary of Australia-based gaming company Aristocrat Leisure Limited. The company said the 3-year agreement allows Amaya, through its wholly owned subsidiary Chartwell Technology, to adapt a number of Aristocrat gaming titles for use in online and video lottery terminal applications.
Guerrero Exploration Inc. announced it has now successfully staked an additional 42,682 hectares of highly prospective land known as the Cibola property in the Guerrero Gold Belt.