TORONTO (SHfn) – NEMI Northern Energy & Mining (TSX: T.NNE.A, Stock Forum) shares jumped 15% to 78 cents on Tuesday after the micro cap miner said it has agreed to align its interests with Anglo American to maximize the value for NEMI's shareholders in a proposed sale of the Peace River Coal Limited Partnership (PRC). NEMI believes that a controlled sales process led by Anglo American will maximize the sales price and as such, maximize the value of NEMI's minority interest in PRC. PRC is held as to a 74.83% interest by Anglo American, 12.18% by NEMI, and 12.99% by Hillsborough Resources.
As well, shares of Hodgins Auctioneers (TSX: V.HA, Stock Forum) moved up 27% to 14 cents as the provider of professional auction services announced the signing of an arm's length letter of intent to purchase 100% of the outstanding shares of Bingo Management (BML) for an aggregate purchase price of $520,000, payable through the issuance of 6.5 million common shares in the capital of Hodgins to the shareholders of BML at a deemed issuance price of eight cents per share. BML is a Canadian controlled private corporation holding worldwide distribution rights for a patented internal control and management system for bingo halls.
High River Gold Mines (TSX: T.HRG, Stock Forum), meanwhile, reported its financial results and operational highlights for fiscal year 2009. Net gold revenue was $363.3 million, an increase of 100% from 2008, while its net loss was $9.8 million, or two cent a share, compared with a net loss of $57.4 million, or 16 cents a share, in 2008. Cash flow from operations was $125.5 million, up from $25.6 million last year. High River Gold stock popped as much as 13% to 86 cents.
Shares of Vero Energy (TSX: T.VRO, Stock Forum) surged 10% to $6.98 after the oil and gas producer/explorer announced drilling and operating results for the first quarter of 2010. The company added “significant” production at the end of the first quarter, exiting at an estimated 9,800 boed (80% natural gas). All wells drilled during the quarter were producing, other than one well that finished drilling on March 31 and is currently being completed, and two oil wells that had not recovered all of the completion fluid by quarter end.
And, Novadx Ventures (TSX: V.NDX, Stock Forum) Tuesday reported announced that its wholly-owned subsidiary MCoal Corporation has begun coal mining operations at the Rosa Coal Mine in Alabama. Once mined, MCoal's metallurgical coal is being washed under contract at a nearby coal washing facility and initial production will be sold at a price of $150 per ton to a coking coal facility located about 43 miles from the Rosa Coal Mine. This price is higher than the base price of $139/ton used in MCoal's Phase 1 Rosa Mine economic analysis contained in a NI 43-101 report dated March 18, 2010. Novadx shares climbed as much as 10% to 39 cents.
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