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PROACTIVE CANADIAN NEWS SUMMARY: EMED Mining, Orosur, Minera IRL, Curis Resources, TransCanada, BlackBerry, Celeste Mining, TNR Gold Corp., and more
Toronto’s main market turned lower late Tuesday, as materials and mining stocks weighed on the index.
The turmoil in Cyprus may have cooled somewhat now the 8.5-billion-euro bailout has concluded – but those with bank deposits in the cash-strapped nation are still up in arms about losses.
In return for a helping hand, the EU dipped into the bank accounts of those with more than 100,000 euros, leaving them with massive losses. It affected not only British expats but also UK listed companies with accounts there.
EMED Mining (LON:EMED) (TSE:EMD) is one such company. It held 210,000 euros in a Cypriot current account to pay for local expenses as it hunts for copper and zinc at the Klirou project.
It warned investors amidst the uncertainty of the bailout and its terms of the potential for 270,000 euros of one-off levies that were initially proposed by the authorities.
Based on the banks’ restructuring, it will now cost the company just 110,000 euros, which has been set aside to cover losses of a local bank. It said its other deposits are not at risk.
“The Global Financial Crisis of 2008 and the subsequent international banking crises, including the current Cyprus situation, have not affected the smooth functioning of the company’s administration in any of its jurisdictions, including Cyprus where we employ a small team of highly professional staff for accounting, treasury and compliance,” a statement from EMED read.
Elsewhere in metals and mining news, Orosur Mining (LON:OMI) (TSE:OMI) has re-jigged the strategy for its San Gregorio mine in Uruguay and will now focus on generating cash rather than maximizing production. The miner, which last month announced chief executive David Fowler was stepping down, said that even though production at the mine remains on schedule, operational issues had continued to emerge that were incurring extra expense.
Minera IRL (LON:MIRL) (TSE:IRL) has revealed positive underground drilling results from the Ollachea project in Peru. Each of the three completed holes encountered potentially ore grade gold mineralization, the company said. The results include a 20 metre intersection grading 4.48 grams per tonne (g/t), 11 metres at 5.47 g/t and 9 metres at 5.45 g/t.
Jennings Capital’s Kwong-Mun Achong Low liked the look of Minera IRL‘s first set of underground drill results, as the analyst maintained his buy rating and 12-month target price of $1.50 per share.
South American Silver Corp. (TSE:SAC) (OTCQX:SOHAF) surged 25% after it announced that intersected 12.19 grams per tonne (g/t) gold over 3.7 metres at the Escalones copper-gold project in Chile.
Curis Resources (TSE:CUV) gained over 10% after it said that a recent vote by the town council in Florence, Arizona has allowed the company to continue preparations for the start of operations of a phase 1 production test facility for its Florence copper project. The vote of the town council, at a meeting held on April 1, rescinded a town ordinance concerning the use and storage of sulfuric acid within town limits.
On the energy front, TransCanada Corp. (TSE:TRP) shares gained 0.73% as the company begins to seek firm commitments for new pipeline capacity to move oil from Western Canada to Eastern Canada. The Energy East Pipeline project will involve 3,000 kilometres of existing natural gas pipeline, converted to carry crude, and 1,400 kilometres of new pipeline that could stretch as far as New Brunswick.
Stifel Nicolaus analysts have reiterated their buy rating for Artek Exploration (TSE:RTK), but have increased their price target for the Western Canada-focused junior oil and gas company to $4.75 from $4.25 previously, on a potential update in capital and operating guidance for the remainder of 2013.
In other corporate news, BlackBerry (TSE:BB) continued to make strides Tuesday, gaining for a second session, lately up 0.2% after announcing a surprise fourth quarter profit at the end of last week. The Canada-based smartphone maker’s 12-month target was also raised to $13 by the Societe Generale Cross Asset Research on Tuesday.
Agrium (TSE:AGU) (NYSE:AGU), meanwhile, was down 1.3%, as hedge fund Jana Partners continued to press on the company to halt its “vote buying scheme”. Jana released a statement yesterday that said Agrium was using shareholder money to pay brokers and investment advisers for votes for the company’s slate of directors. The deadline for the proxy vote is April 5.
Turning to the junior resource sector, Seafield Resources (CVE:SFF) on Tuesday unveiled an updated NI 43-101 resource estimate for its Miraflores breccia deposit in Colombia, increasing the mineral resources in the measured category by 10.2 million tonnes.
The company said the updated estimate “significantly increases” the geological confidence in the model by increasing the mineral resources in the measured category from 28.5 million tonnes to 38.7 million tonnes and by delineating a greater number of high grade veins at Miraflores.
Celeste Mining Corp. (CVE:C) has revealed more strong drill results from the underground drilling program at its South Crofty tin project in the U.K., showing wide intercepts of disseminated mineralization in the Dolcoath section. Highlights include 9 metres at 0.72% tin equivalent in the South Entral Lode, including 4 metres at 1.35% tin equivalent, and 17.52 metres at 0.42% tin equivalent in the Dolcoath Main Lode, including 2 metres at 0.91% tin equivalent
LNG Energy (CVE:LNG) has said its subsidiaries have inked a farm-in agreement with Heritage Oil Plc in Papua New Guinea. In exchange for an 80 percent interest in the PPL 319 and PRL 13 licenses, Heritage will make a cash payment of US$4 million, fund the acquisition of a minimum of 100 km of seismic within the license areas and fund the drilling of one exploration well in PPL 319 to a depth sufficient to test identified exploration targets.
TNR Gold Corp. (CVE:TNR) told investors Tuesday that results released last week from McEwen Mining Inc. (NYSE:MUX) (TSE:MUX) showed high grade copper intercepts on the northern part of the Los Azules property are on an area in which the junior explorer holds a 25% back-in right.
Castle Peak Mining (CVE:CAP) says it is seeking to move toward small-scale development at the high grade Apankrah target area in the southern Ashanti belt of Ghana in West Africa. The company is now working to complete a preliminary resource estimate on the project, expected in the coming weeks.
Jennings Capital analyst Ken Chernin has maintained his buy rating and 12-month target price of C$1.70 per share on Almonty Industries (CVE:AII) after the company entered into an option agreement to acquire a 51 percent interest in the Valtreixal tungsten-tin project for a total of $1.4 million. The company also has the option to acquire the remaining 49% stake for an additional $2 million.
Story by ProactiveInvestors
2013-04-02 13:01:05
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