Kinross has been trying for a year to exit Ecuador and divest the Fruta del Norte deposit after clashing with the local government on the economic terms of the project.
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.
Calloway Real Estate Investment Trust has announced the appointment of Peter Sweeney as chief financial officer. Mr. Sweeney most recently served as CFO of Allied Properties Real Estate Investment Trust, and will take over from interim CFO Mario Calabrese.
Desjardins Securities analyst Michael Markidis calls the appointment "slightly positive", noting Mr. Sweeney's experience in the financial industry. He describes Calloway as one of Desjardins' preferred retail REITs, and maintains his "buy" rating and $30 (Canadian) price target.
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TSO Inc., which makes sterilization technology for medical devices in the health-care industry, announced that it has submitted to U.S. authorities revised labeling for its sterilizer and is now finalizing labeling for accessory devices.
"We have tangible evidence that progress is being made towards final clearance of the new system and the Company will update accordingly as new developments occur," a statement from the company said.
Shares in the company were up 10 per cent in mid-afternoon trading, one of the top advancers on the TSX.
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Canadian drugmaker Tekmira Pharmaceuticals Corp. said late Tuesday it has begun limited manufacturing of a therapeutic targeting the Ebola-Guinea virus.
The pharmaceutical company said that the new drug, part of its TKM-Ebola program, would be available by early December but did not specify how many doses it was making.
Shares in the company were up about 7 per cent in mid-afternoon TSX trading Wednesday.
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True Gold Mining Inc. has announced that its North Kao deposit in Burkino Faso will generate an additional $118-million in after-tax free cash flow to the Karma Gold Project.
The announcement was welcomed by analysts at RBC Capital Markets. "The completion of the PEA for the North Kao deposit at Karma is, in our view, value accretive and adds 310koz to Karma's production profile towards the end of the mine's life with the potential to bring these ounces in earlier as additional drilling is completed," the analysts say, in a research note. They retain their "outperform"recommendation and are raising their target price to $0.70 cents from $0.60 cents. The analyst consensus price target is $0.64 cents, according to Thomson Reuters.
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Fortress Minerals Corp. has entered into a definitive share purchase agreement to purchase a 100 per cent interest in the Fruta del Norte Gold Project located in Ecuador from Kinross Gold Corporation for $240-million (U.S.). Subject to shareholder approval, Fortress will change its name to Lundin Gold Inc.
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Athabasca Minerals Inc. announced its third-quarter results, with profit per share rising to 4.9 cents from 3.8 cents a year ago and revenue jumping to $9.326-million from $5.575-million.
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Corvus Gold Inc. announced the first mineral resource estimate for its non-core, 100 per cent owned, LMS project in Alaska. The LMS project is currently a non-core asset for Corvus, and no immediate, internally funded exploration is scheduled at this time.
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DragonWave Inc., a supplier of packet microwave radio systems for mobile and access networks, announced it has received follow-on purchase orders for Horizon Compact+ from a major Indian telecom and broadband service provider. Terms were not disclosed.
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Columbus Copper Corporation says it has entered into an agreement regarding the sale of its Bursa and Kavaklitepe properties in Turkey to Teck Resources Ltd. for $1-million (U.S.).