$ keyJohn Foxx/Getty Images
Inside the Market's roundup of some of the Canadian small caps making news and on the move today. This post will be updated through the morning.
Newstrike Capital Inc. said an independent technical report on its Ana Paula project in Mexico showed that it is a "robust, high margin, rapid payback, 8.2-year open pit mining project that benefits from high gold grades with a low strip ratio."
Shares of Newstrike were up 8 per cent in TSX Venture exchange trading this afternoon.
-
Primero Mining Corp. provided an operational and exploration update on the company's recently acquired Black Fox Complex as well as a revision to its corporate production and cost guidance. The company said it now expects to produce between 220,000 and 240,000 gold equivalent ounces at $675 to $725 cash costs per ounce in 2014. This represents a modest decrease in production and a modest increase in costs compared to previous estimates.
Desjardins Securities analyst Michael Parkin commented, "The guidance revisions are slight, as production guidance fell by just 2.1 per cent and cash costs increased 3.7 per cent. With management expecting to get underground throughput to the goal of 1,000 tpd in mid-2015, combined with the future expansion at San Dimas, Primero still exhibits a solid growth profile. The stock has already fallen 21 per cent over the last month, likely due to the challenges of underground throughput and open pit grades at Black Fox, so continued selling today could present a buying opportunity as the 2 per cent drop in production guidance pales in comparison to our estimated 22.5 per cent GEO production increase to 2015 from 2014." He maintained a "buy" rating and $9.50 (Canadian) price target.
-
Taseko Mines Ltd. announced proven and probable reserves of 84 million tonnes grading 0.50 per cent niobium at its 100 per cent-owned Aley Niobium project.
Russell Hallbauer, President and CEO of Taseko, commented, "In 2007, we acquired the Aley project for $5.4 million and after only six years and $30 million of exploration and development work, we have proven up a project with an $860 million net present value (NPV). The substantial shareholder value that has been created by this work has yet to be realized in the Company's equity. While we advance the project through the environmental assessment phase we will continue to optimize technical aspects to further improve the economics. The relatively low capital cost, strong operating margins and favourable operating jurisdiction make Aley another ideal growth project for Taseko."
-
Golden Star Resources Ltd. said a preliminary economic assessment on the development of an underground mining operation at its Wassa mine in Ghana showed "exceptionally strong results."
-
Licensing company Wi-Lan Inc. announced that one of its subsidiaries has entered into a license agreement with Wincor Nixdorf International GmBH and Wincor Nixdorf Inc. The licensed patents relate to networking capabilities of non-standard devices.
-
In analyst actions on small-cap stocks today:
TD Securities upgraded Northern Blizzard Resources Inc. to "buy" from "hold" and with unchanged price target of $21.50 (Canadian), citing the stock's 8 per cent decline last week.
RBC Dominion Securities downgraded DHX Media to "sector perform" from "outperform" and raised its price target to $8 (Canadian) from $7.50. Canaccord Genuity raised its target to $9.50 from $7.60 and maintained a "buy" rating.
Beacon Securities initiated coverage on Canamax Energy with a "buy" rating and $2.20 (Canadian) price target.
-
Victory Nickel Inc. has announced the consolidation of its common shares on the basis of one post-consolidation common share for 10 pre-consolidation common shares. The consolidation was approved at the annual and special meeting of the company's shareholders held on May 29, 2014. Any fractional shares remaining after giving effect to the consolidation will be rounded up to the nearest whole number of post-Consolidation common shares.
It is anticipated that the shares will commence trading on the TSX on a consolidated basis on Sept. 17, 2014, subject to meeting the customary requirements of the TSX.
-
Niko Resources Ltd. announced that three of its current directors, C.J. (Jim) Cummings, Stewart Gossen and Conrad P. Kathol, have resigned effective immediately. The company also disclosed that Tim Henry has resigned as vice president, General Counsel and corporate secretary in order to pursue other opportunities.
-
Teranga Gold Corp. said it is on track to meet the lower end of its full-year production guidance of 220,000 to 240,000 ounces of gold, including third-quarter production of 50,000 to 55,000 ounces. The company said it anticipates a strong fourth quarter with 75,000 to 80,000 ounces produced with a significant contribution from softer, high-grade Masato ore.
-
Ivanhoe Energy Inc. said that its chief financial officer, Greg Phaneuf, is leaving the company to accept a role with another company. Mr. Phaneuf's resignation is effective Oct. 10, 2014 and he will continue in the role until that date to assist the company with the transition to a new CFO.
-
Atna Resources Ltd. announced results of its technical report that provides an updated resource estimate and mine plan for its Pinson underground project and the results of a positive pre-feasibility study for the Mag open pit project at Pinson, located in Nevada.
"Both projects, the Pinson Underground and the Mag Open Pit demonstrate positive economic results that will withstand downside pressures in gold price and increased capital and operating costs. The technical report supports increasing the rate of production at Pinson Underground where mining began three months ago," commented CEO James Hesketh.
-
Klondex Mines Ltd. announced the discovery of a third mineralized structure in the West Zone at its Fire Creek project that was excluded from the initial Preliminary Economic Assessment that was released earlier this year.
-
PC Gold Inc. has entered into a mineral claim purchase agreement with Metalcorp Ltd. to purchase 28 mining claims totalling 5,600 hectares located adjacent to the company's Pickle Crow gold project in the Patricia Mining Division, Ontario. The acquisition of these claims brings PC Gold's holding to 20,354 hectares in the Pickle Lake Gold camp.
PC Gold will purchase the claims with 6,000,000 common shares and $65,000 in cash.
-