Bioniche Life Sciences Inc. , a research-based, technology-driven Canadian biopharmaceutical company that closed Wednesday near two year lows, announced that it has entered into two distribution agreements to expand its product offerings in North America. No finacial details were provided. The first agreement is with MedTrade Products Limited, a U.K.-based company.
The agreement provides a number of equine and companion animal health products based on MedTrade's CeloxTM technology for exclusive distribution by Bioniche in Canada. The second agreement is with Mueller Medical International LLC, a U.S.-based company. The agreement provides an equine product - Equine Gastrafate - for exclusive distribution in Canada and the U.S. by Bioniche.
Perseus Mining Limited released an updated resource estimate for the Edikan Gold Mine in Ghana, West Africa. Highlights include: 954,000oz increase in Measured and Indicated mineral resources at EGM; M&I mineral resources at EGM now 143.9Mt, containing 5.3Moz of gold; Perseus's total M&I mineral resources increased to 184.5Mt containing 6.7Moz of gold; Perseus's total Inferred mineral resources increased 76,000oz to 76.9Mt containing 2.3Moz of gold; maiden Resource estimate has been declared for the Bokitsi deposit; drilling is continuing on deposits the subject of the upgrade, assays results for 50 holes pending; revised reserve estimate based on the new resource models expected to be completed in March 2012.
Perseus's current Reserve base stands at 3.9Moz of gold; Esuajah North resource upgrade will be completed in March 2012 following completion of a large drilling program; further resource upgrades at EGM planned for 2012; upcoming resource upgrade at Company's Cote d'Ivoire projects planned for June Quarter 2012.
Aurora Oil & Gas Limited provided an update to its independent proved and probable reserves estimate for the Company's working interests in the Sugarkane Field with an effective date of Oct. 31, 2011. It announced a 150 per cent increase in proved reserves. Key points include: the Reserves Report continues to demonstrate the rapid transition of the Company's reserves in to the 1P and 2P categories; at the effective date of the Reserves Report, Ryder Scott considers that 65 wells (9 of which are farmout wells) are in the PDP category, 749 future well locations can be considered proved undeveloped and 125 future well locations are in the probable reserves category; the Reserves Report utilizes four type curves across the Aurora acreage and they are broadly consistent with those provided previously.
Rusoro Mining Ltd. , which is trading near a year low 9 cents, reported the 90-day period fixed by the Nationalization Decree No. 8413 to negotiate the compensation due to Rusoro and the terms of the migration of Rusoro's mining assets to a Mixed Enterprise to be controlled by the Venezuelan Government and which expired on Dec. 15, 2011 has been extended by decree No. 8683 for another 90 days, to March 14, 2012.
Armtec Infrastructure Inc. , which gained 10 per cent yesterday, announced it has been awarded a contract, valued at approximately $32-million, with Bechtel Canada Co., who is acting as the agent for Rio Tinto Alcan, to supply precast components for the Kitimat Modernization Project. Manufacturing of these elements is expected to be completed over a two year time frame and is scheduled to get underway early in 2012.
Wildcat Silver Corporation announced the results for eight additional holes completed on the Company's Hermosa property located in Santa Cruz County, Arizona. Results continue to support the expansion and upgrading of the current Hermosa resource. The Company is also announcing that it now expects to issue its updated resource estimate and preliminary economic assessment for the Hermosa project in early 2012.
Highlights include: HDS-214, located in the east central portion of the Hermosa ore body, demonstrates significant silver and manganese mineralization. This hole encountered three intervals with the upper interval returning 9.1 metres of 395.2 g/t silver, 8.46 per cent manganese, 0.15 per cent zinc, 2.96 per cent lead and 0.22 per cent copper; HDS-216, also located in the east central portion of the Hermosa ore body, returned 10.7 metres of 310.0 g/t silver, 10.81 per cent manganese, 0.17 per cent zinc, 4.36 per cent lead and 0.19 per cent copper; HDS-203, located in the northeast central portion of the Hermosa ore body, encountered three intervals of mineralization. The middle zone returned an extensive interval of 35.1 metres of 160.4 g/t silver, 12.45 per cent manganese, 4.52 per cent zinc, 2.79 per cent lead and 0.26 per cent copper. The Company continues to drill on the Hermosa property and remains focused on expanding the size and upgrading the quality of the current resource. Wildcat's current cash position remains strong and the Company expects it will be sufficient to fund its planned activities through 2012.
Riva Gold Corporation , which closed Wednesday near a year low of 32.5 cents, announced that the Board of Directors has approved the sale of the Company's subsidiaries, assets and properties thereby concluding its focus on mineral exploration in Guyana. The Company said its current objective is to minimize cash outflow as it is aware that there are other exploration opportunities in other jurisdictions which could be a better use of the Company resources. Riva's four subsidiaries have been sold to the Pereira Group for $50,000 (U.S.). In addition, the Company has identified opportunities to sell certain of its assets and properties locally in Guyana for approximately $445,000 (U.S.), of which $360,000 has been received with the majority of the remaining expected to be received by year end. Riva forecasts its cash position to be approximately $8.8-million (CAN) at Dec. 31, 2011.
SGX Resources Inc. , which dropped 5.5 per cent on Wednesday, announced that it has completed the acquisition of five mineral claims located in the Porcupine Mining Division, District of Cochrane, Ontario from Randall Salo. The consideration paid by SGX to Salo for the Salo Mineral Claims is 100,000 common shares of SGX and $10,000 in cash. The Salo Mineral Claims are also subject to a 2 per cent net smelter royalty in favor of Salo. SGX also announced that it has completed the acquisition of four mineral claims located in Sothman township in the Porcupine Mining Division, District of Cochrane, Ontario from Daryl Bremner. The consideration paid by SGX to Bremner for the Bremner Mineral Claims is 120,000 common shares of SGX and $2,000 in cash. The Bremner Mineral Claims are also subject to a 2 per cent net smelter royalty in favor of Bremner.
Almaden Minerals Ltd. reported results from exploration programs, regional and project specific, carried out by the Company outside on its 100 per cent owned Tuligtic project. In 2011 the Company was primarily focussed on an expanded drill program at the Ixtaca gold-silver zone of the Tuligtic project where 86 holes were drilled for a total of 31,016.64 meters. Despite the focus at Tuligtic the Company continues to prospect for new projects and has also been advancing other projects already in Almaden's large property portfolio.
Avatar Energy Ltd. , which is trading near to a year low 12.5 cents, announced that it has entered into a joint venture agreement with a major Pembina Cardium player to jointly develop its east Pembina acreage. It anticipates spudding the first joint well in the first quarter of 2012. Avatar also provided an update on its previously announced non-brokered private placement financing. It said aggregate gross proceeds from the financing will be approximately $174,500 subject to final acceptance by the TSX Venture Exchange.
ProSep Inc. , a company that provides process solutions to the oil and gas industry, announced today that it has recently secured various contracts with existing customers amounting to $2-million. The company said the contracts are for the design and supply of new equipment including a produced water treatment system valued at $0.7-million and additional parts and change orders related to two different gas treatment projects. Jacques L. Drouin, President and CEO, said: "These recent contract awards bring our year-to-date total orders signed to $48 million, twice last year's orders."
Battery manufacturer Electrovaya Inc. announced late Wednesday its financial results for the fourth quarter ended Sept. 30, 2011. The company said it ended the quarter with a net loss of $399,000 compared to the previous year's $501,000. This was after revenues rose to $2.6-million from $1.7-million in the same period last year.
Colabor Group Inc. , distributor of food and non-food products, said today that it has signed an agreement to purchase the assets of Viandes Decarie Inc., a leading wholesaler and distributor of meat and meat products. The company said this transaction, its second in less than 12 months in the "center of the plate" meal solutions category, will enable it to broaden its product offering and expand its customer base. Gilles C. Lachance, Colabor President and Chief Executive Office, said: "This transaction will further enhance our offering in a growth niche and will allow us to increase our sales to existing customers while penetrating the specialty butcher market."
Residential landlord Killam Properties , which is trading near a year high $11.59, announced today the expansion of its Ontario apartment portfolio with the purchase of a 25 per cent ownership interest in the newly constructed 180 Mill Road Apartments, a 127-unit complex in downtown London, Ontario. The company said the purchase price of 180 Mill Road was $33.3-million ($262,200 per suite), with its 25 per cent ownership interest being $8.325-million.
Lupaka Gold Corp. announced today that it has received assay results on five additional drill holes from the ongoing drilling program being carried out this year on its Crucero Gold Project in southern Peru. The company said the most northerly hole, DDH-50 reported 42 meters grading 1.92 g/t including an intercept of 17.0 meters at 3.31 g/t at a true depth of 75 meters from surface. This is significant because it indicates a continuation of strong mineralization to the north of the previously reported A-1 Zone gold envelope.