Stock movers for the week of September 30, 2013:
On Monday,
Trevali Mining Corp. (
TSX: T.TV,
Stock Forum) was up 4.8% to 88 cents. The stock is reacting to news of the company’s commissioning progress update for its Santander mine in Peru. Both mill throughput and head-grades have steadily increased to the nameplate 2,000-tonne-per-day design capacity during the month of September for the zinc-lead-silver mine. Metallurgical recovery has also significantly increased during the month as the processing plant operators continue to familiarize themselves with the plant and mine feed characteristics. "With nameplate capacity already achieved, our operations team will continue to further improve mill performance and metal recoveries,” said Dr. Mark Cruise, President and CEO.
Brazilian Gold Corp. (
TSX: V.BGC,
Stock Forum) rose 5.6% to 10 cents before closing unchanged at nine cents as investors assessed the news that the exploration and development company had entered into an arrangement agreement, whereby
Brazil Resources Inc. (
TSX: V.BRI,
Stock Forum) will acquire all of the outstanding common shares of Brazilian Gold by way of plan of arrangement. Brazilian Gold shareholders will receive 0.172 common shares of Brazil Resources for each Brazilian Gold common share, representing a premium of approximately 38.9% based on the volume weighted average price of each company’s shares for the 30 preceding trading days. Total aggregate consideration under the arrangement is approximately $13.5 million.
On Tuesday,
Rambler Metals & Mining Plc. (TSX: V.RAB,
Stock Forum) climbed 2.6% to 40 cents as investors assessed the news that approximately 7,800 wet metric tonnes of copper concentrate has been shipped to international markets from the mining and development company’s bulk storage facility in Goodyear's Cove, NL Canada. The company's own sampling estimates an average grade of 30% copper, 6.5 grams per tonne gold and 30 grams per tonne silver. This is the fourth shipment as part of the off-take agreement with Transamine Trading SA and brings the total to approximately 26,000 wet metric tonnes since first concentrate production in late May 2012.
Trevali Mining Corp. (
TSX: T.TV,
Stock Forum) rose 1.2% to 87 cents after the zinc-focused base metals mining company announced that concentrate trucking has commenced from its Santander Zinc-Lead-Silver Mine to the Port of Callao in Lima, Peru. The company currently has approximately 4,000 tonnes of zinc and 1,000 tonnes of lead-silver concentrates stored in its on-site warehouses.
On Wednesday,
Confederation Minerals Ltd. (
TSX: V.CFM,
Stock Forum) rose 18.2% to 26 cents after the exploration and development company announced assay results from the final four holes of the 2013 summer drilling program at their Newman Todd gold project in the Red Lake District, northern Ontario. The highlights included 1.5 meters of 5.13 grams per tonne gold and 0.5 meters of 20.0 grams per tonne gold, as well as 10.0 meters grading 7.43 grams per tonne gold, including 0.5 meters at 128.0 grams per tonne gold, and 6.0 meters grading 4.57 grams per tonne gold including 0.5 meters at 49.10 grams per tonne gold.
Paladin Energy Ltd. (
TSX: T.PDN,
Stock Forum) climbed 8.5% to 51 cents as investors assessed the news of that uranium production company’s cash cost cuts for full year 2014 are forecast to total US$23 million. Corporate overhead and exploration costs will be cut by US$10.8 million, a 24% reduction over full year 2013. As well, discretionary capital expenditure has been reduced by US$12.4 million, with the majority of those cuts coming during full year 2015. Board and management base salaries will be cut by 10%.
In Thursday trading,
Nautilus Minerals Inc. (
TSX: T.NUS,
Stock Forum) was up 50.1% to 55 cents. The stock is reacting to news that the ocean floor explorer had received a favourable arbitration decision. The arbitrator's award included a declaration that the Independent State of Papua New Guinea was in breach of the State Equity Option Agreement signed by the parties in March 2011 in failing to complete the purchase of a 30% interest in the Solwara 1 project on Nov. 7, 2011. The judge has ordered that the State comply with its obligations under the agreement to complete the purchase of the 30% interest in the Solwara 1 project and pay 30% of all project expenditure incurred to date within a reasonable time after the award. Nautilus has today issued the State with a notice requiring completion to occur on Oct. 23, 2013. Nautilus estimates the total amount payable by the State at completion to be approximately US$118 million. Nautilus looks forward to bringing the Solwara 1 project into production and will work with the State in order to move the project forward in light of the arbitrator's award. The Solwara 1 project invloves Nautilus extracting Seafloor Massive Sulphide (SMS) systems on a commercial scale.
Golden Star Resources Ltd. (
TSX: T.GSC,
Stock Forum) climbed 12.1% to 46.5 cents as investors assessed the news of the mining company’s preliminary production results for its Bogoso/Prestea and Wassa/HBB operations, located in Ghana, West Africa, for the three month period ended Sept. 30, 2013. In the third quarter of 2013, the company sold a total of 88,915 ounces of gold at an average realized price of US$1,329 per ounce. Third quarter production marks three consecutive quarters of consolidated production growth for Golden Star. Bogoso/Prestea operations sold 44,085 ounces of gold for the third quarter and Wassa/HBB operations sold 44,830 ounces of gold for the third quarter. Year-to-date, the company has sold 255,366 ounces of gold.
And, on Friday
Minera IRL Ltd. (
TSX: T.IRL,
Stock Forum) climbed 22.5% to 30 cents as investors assessed the news that the exploration and development company is in discussions with LionGold Corp Ltd. (LGC), the largest gold company listed in Southeast Asia, which may or may not lead to an offer being made for the company. In addition, LGC and Minera are in discussions regarding a potential private placement under which LGC would agree (subject to certain conditions) to subscribe for up to US$ 10 million of the share capital of the Company in two tranches. LGC is required, by not later than 5.00 p.m. on Nov. 1, 2013, to either announce a firm intention to make an offer for Minera or announce that it does not intend to make an offer.
Balmoral Resources Ltd. (
TSX: T.BAR,
Stock Forum) lost 10.2% to 39.5 cents after the exploration company announced a non-brokered private placement of flow-through common shares and units to eligible investors to raise aggregate gross proceeds of up to $5.0 million. The offering will be comprised of units at an issue price of $0.425 per unit and/or flow-through-shares at an issue price of $0.475 per flow-through share, subject to a maximum of $3.0 million in gross proceeds from the issuance of flow-through shares. The net proceeds raised from the offering will be used by the company for further exploration of its Detour Gold Trend project, located in the Abitibi greenstone belt, and other property assets located in the Province of Quebec, for general working capital and other corporate purposes.
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