BRENDAN MCDERMID
Ainsworth Lumber Co. Ltd. today said for the fourth quarter of 2011 it recorded net income from continuing operations of $1.7-million, compared to $2.8-million in the fourth quarter of 2010. Sales increased 26 per cent to $69.5-million due to a reduction in downtime taken by three active mills from 11 weeks in 2010 to five weeks in 2011. Adjusted EBITDA for the fourth quarter was $2.7-million compared to adjusted EBITDA of negative $1.8-million in the same quarter last year.
Surge Energy Inc. , which rose 3.5 per cent yesterday to close in on a year high $10.50, announced a "significant" increase in 2011 year-end reserves and provided an operational update. It said: "As a result of the company's very successful first quarter 2012 drilling program and the Jan. 6, 2012 closing of the private company acquisition, Surge is on track to meet or exceed management's 2012 production exit rate of 11,000 boe per day (77 percent oil and NGLs)."
Ur-Energy Inc. has issued a mineral resource update for the company's Lost Creek Property. The updated resource estimate results in notable increases of all three categories of mineral resources (Measured, Indicated and Inferred) at the Lost Creek Property. This result does not yet include an evaluation of the property interests recently acquired and announced on Feb. 29, 2012. The Company anticipates a further update of the mineral resource estimate and the economic analysis of the Lost Creek Property in respect of these new property interests
Porto Energy Corp., announced that it has entered into a definitive joint venture agreement to jointly evaluate the unconventional resource potential of the Lower Jurassic (Lias) stratigraphic interval within Porto's concessions in Portugal. Porto will retain operatorship of the Company's concessions and the joint venture. The area to be jointly evaluated is approximately 450,000 acres. The Lias stratigraphic interval is being pursued as an unconventional resource throughout Europe.
Marathon Gold Corporation , which was 7 cents above year lows at yesterday's close, today announced the results of 12 drill holes from the 2012 drilling campaign at the Leprechaun Gold Deposit in Valentine Lake, Newfoundland. Drilling revealed several new discoveries of new high-grade gold intercepts, which demonstrate that the Leprechaun Gold Deposit is expanding down-dip.
North American Tungsten today announced record net income of $6.6-million or $0.03 earnings per share and EBITDA of $10.5-million for its first quarter ending Dec. 31, 2011. This compares to a loss of $4.4-million and negative EBITDA of $3.7-million for the first quarter of 2010. Stephen Leahy, Chairman and CEO, commented: "We believe we have the foundation in place to achieve operating and financial targets for the foreseeable future."
Colombian Mines Corporation announced today that subject to regulatory approval, Teck Resources Limited TCK.B-T and the company have entered into an agreement with a value of $15.5-million to Colombian Mines and its shareholders. Teck will make a $1,000,110 "good faith" strategic investment in Colombian Mines by means of a non brokered private placement. Colombian Mines CEO Robert Carrington said: "As far as I am aware this is the largest joint venture for a gold property in recent years in Colombia."
Mountain Lake Resources Inc. today announced the latest batch of 2012 drill results from the Leprechaun Gold Deposit area of the Valentine Lake Property in Central Newfoundland. New intercepts confirm extension of the Main Zone mineralization down dip from the current resource boundary.
Sprott Resource Lending Corp. today reported its financial results for the three and twelve months ended December 31, 2011. For the quarter ended December 31, 2011, the Company recorded net income of $4.0-million compared to the quarter ended December 31, 2010 where the Company had a net loss of $19.0-million. For the year ended December 31, 2011, the Company had net income of $2.5-million versus a net loss of $36.1-million for the previous year ended December 31, 2010.