NEWS BEHIND THE RATINGS
NioGold Mining Corporation (VEN NOX)
NioGold and Aurizon Commence Drilling on the Marban Block Property
As reported on July 6, Aurizon can earn a 50% interest in the Marban Block property, subject to underlying royalties, by:
-
Incurring expenditures of C$20 million over three years, of which a minimum of C$5.0 million is a firm commitment to be spent in the first year;
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completing an updated NI 43-101 compliant mineral resource estimate;
-
making a resource payment equal to the sum of C$30 (or C$40 if the price of gold is then above US$1,560) multiplied by 50% of the number of total gold ounces in the Measured and Indicated resource categories plus C$20 (or C$30 if the price of gold is then above US$1,560) multiplied by 50% of the number of total gold ounces in the Inferred resource category.
Biovail (TSX/NY BVF) Valeant Pharmaceuticals International (NY VRX)
UPDATE - Valeant, Biovail to cut 25 pct jobs of combined co
"Over $300 million of cost synergies have been identified and we expect to realize well north of $200 million in 2011," Valeant Chief Executive J. Michael Pearson said in a letter to the employees.
"The rest will be captured in 2012," Pearson, who will be heading the new company, added. The companies have a combined workforce of about 4,400.
Garda World Security Corporation (TSX GW)
Garda Announces Net Income of $5.3 Million for the Second Quarter
Net income up 31.0%, at $5.3 million or $0.17 per share compared to $4.0
million or $0.13 per share in Q2 2010
-- Major multi-year contract wins in the Canadian and US Cash Logistics
markets
First Gold Exploration Inc (VEN EFG)
First Gold Continues to Expand the Mineralized Zones
The table below shows the results for holes LR-10-59 and LR-10-61 to LR-10-68 drilled to test the extension of the zones to the east. All these holes intersected mineralized zones over consistent thicknesses. These positive results demonstrate the continuity and consistency of the lithium, tantalum, rubidium, beryllium, gallium and cesium values.
Royal Bank of Canada (TSX/NY RY)
ROYAL BANK OF CANADA REPORTS THIRD QUARTER 2010 RESULTS
- Net income of $1,276 million (down from $1,561 million) - Diluted earnings per share (EPS) of $.84 (down from $1.05)
National Bank Financial Group (TSX NA)
National Bank of Canada Releases its Results for the Third Quarter of 2010
Net income of $271 million in the third
quarter of fiscal 2010 compared
to net income of $303 million in the third quarter of
2009;
-- Diluted earnings per share of $1.56 for the third quarter of 2010
compared to diluted earnings per share of $1.78 for the same
quarter of
2009;
Canadian Imperial Bank of Commerce (TSX/NY CM)
UPDATE - CIBC profit tops estimates, pushes shares higher
Strong branch-banking revenues and a sharp reduction in provisions to cover bad loans helped drive profit up to C$640 million ($603 million), or C$1.53 a share, from C$434 million, or C$1.02 a share, a year earlier, CIBC said on Wednesday.
Scotiabank (TSX/NY BNS)
Scotiabank reports third quarter earnings of over $1 billion
Earnings per share (diluted) of $0.98 compared to $0.87
- Net income of $1.06 billion, versus $931 million
BMO Financial Group (TSX/NY BMO)
BMO Financial Group Reports Solid Results for its Third Quarter, Earning $669 Million of Net Income
Net income of $669 million, up $112 million from a year ago - EPS(1) of $1.13 and cash EPS(2) of $1.14, both up $0.16 from a year ago
TD Bank Financial Group (TSX/NY TD)
TD Bank Financial Group Reports Third Quarter 2010 Results
Reported diluted earnings per share were $1.29, compared with $1.01. - Adjusted diluted earnings per share were $1.43, compared with $1.47. - Reported net income was $1,177 million, compared with $912 million. - Adjusted net income was $1,304 million, compared with $1,303 million.
Laurentian Bank of Canada (TSX LB)
UPDATE - Laurentian Bank profit rises on higher margins
Laurentian, Canada's No. 7 bank, earned C$30.1 million ($28.7 million), or C$1.13 a share, in the three months ended July 31.
That compared with a profit of C$28.7 million, or C$1.08 a share, in the year-before period.
Canadian Western Bank (TSX CWB)
CWB reports record financial results
Third quarter net income increased 62% to $46.6 million compared to the same quarter last year while diluted earnings per common share increased 55% to $0.59.
Goldcorp (TSX/NY G/GG) Andean Resources (TSX AND)
UPDATE - Canada's Goldcorp to buy Andean for $3.4 bln
Goldcorp (G.TO) agreed to buy Argentina-focused gold miner Andean Resources AND.AX AND.TO for C$3.6 billion ($3.4 billion), trumping a competing offer from fellow Canadian miner Eldorado Gold Corp
Gran Tierra Energy Inc (TSX GTE)
Gran Tierra Energy Establishes Initial Exploration & Production Position in Brazil
"This farm-in opportunity presents Gran Tierra Energy with a solid entry-point into Brazil, with new light oil reserves, production and exploration upside, including near-term drilling opportunities," said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy. "Gran Tierra Energy continues to evaluate additional exploration and production opportunities in Brazil, with the intention of expanding our presence in Brazil's growing oil and gas sector."
First Quantum Minerals Ltd (TSX FM)
First Quantum believes that any purported withdrawal of the Frontier permit is contrary to the Mining Code and RDC law, amounts to an expropriation of First Quantum's property, and was initiated against First Quantum as retribution for the commencement of arbitration relating to the Kolwezi Project, which was reported to have been acquired by London based ENRC on August 19, 2010. Frontier's operations employed approximately 1500 workers and it was the largest tax payer in the RDC in 2009.
Coastal Energy Company (VEN CEN)
Coastal Energy Announces Second Quarter 2010 Financial Results
-- Average total Company production of 9,814 boe/d; including average
offshore production of 7,914 bbl/d
-- EBITDAX of $29.9 million, or $0.27 per fully diluted share
-- Net income of $8.6 million, or $0.08 per fully diluted share
-- Drilling of the first three development wells at the Bua Ban field
Wild Stream Exploration Inc (VEN WSX)
Increased P+P reserves (see June 29, 2010 press release) by 122% to 10.7
million boe at June 30, 2010 from 4.8 million boe reported at December
31, 2009.
-- Increased 2010 quarterly average production by 53 per cent to 1,744
boe/d (87 per cent crude oil) from 1,142 boe/d in the first quarter of
2010.
-- Increased funds from operations to $5.6 million an increase of 43% from
$3.9 million reported in the first quarter of 2010.
-- Achieved strong second quarter 2010 operating netbacks of $37.77 per
boe.
-- Reduced second quarter operating costs by 15% to $13.20/boe from the
$15.46 reported in the first quarter of 2010.
-- Substantially added to the Company's undeveloped land base in our core
areas with the addition of approximately 21 net sections.
-- Reduced G&A by 38% in the second quarter of 2010 to $2.42/boe compared
to the first quarter of 2010.
Timmins Gold Corp (VEN TMM)
Highlights of the assays received from the most current round of drilling completed in May and June include12.19 meters of 4.39 gpt gold in Hole TF-651 and 13.72 meters of 3.88 gpt gold in Hole TF-649 (which were drilled approximately 150 meters to the southwest of the San Francisco pit limit) and 10.67 meters of 6.39 gpt gold in Hole TF-725 and 4.57 meters of 3.46 gpt gold in Hole TF-728 in an area inside the north portion of the current pit limit. These results indicate the potential for expansion of the open pit beyond its current projected limit and indicates that the potential exists to increase the ultimate gold resource contained within the deposit.
Timmins Gold Corp.: 11,319 Ounces of Gold Sold in Initial Quarter of Production
Potash Corporation of Saskatchewan (TSX/NY POT) BHP Billiton Limited (NY BHP)
SEC charges 2 with insider trading on BHP-Potash
The Securities and Exchange Commission said Tuesday that Juan Jose Fernandez Garcia and Luis Martin Caro Sanchez made illegal profits totaling $1.1 million by betting that Potash's stock price would rise. Garcia was the head of research at Banco Santander SA, which is advising BHP on the deal.
North American Gem Inc (VEN NAG)
North American Gem Inc. Shipping Coal
further to its news release dated August 4th announcing the commencement of mining at the North American Gem #2 Mine, it has now begun to ship and sell the coal. Kentucky Mine Partners LLC (KMP) is performing the mining operations.
H&R Real Estate Investment Trust (TSX HR.UN)
H&R Reports Second Quarter Results; Increases Monthly Distributions
For the 6 months ended June 30, 2010, FFO and AFFO were
each reduced by a
one-time, non-recurring loss of $38.8 million on early repayment of the
Fairfax non-convertible debentures in February 2010. Excluding this one-time
debenture repayment loss, FFO and AFFO for the 6 months ended June 30, 2010
would have been $0.71 and $0.72 respectively per Stapled Unit.
Chartwell Seniors Housing Real Estate Investment Trust (TSX CSH.UN)
Chartwell Announces Strong Second Quarter 2010 Results
Same property net operating income ("NOI") increased $1.2 million or 3.1% for the quarter ended June 30, 2010 compared to the same period last year. For the first six months of 2010, same property NOI increased $3.2 million or 4.2% compared to the same period last year. The implementation of rental rate increases on renewal and turnover, increased ancillary revenues, reduced utility expenses and targeted cost reductions were partially offset by a slight decrease in occupancy in the period. Same property occupancy was 90.0% in the second quarter of 2010, a 0.1 percentage point decline from the second quarter of last year.
Chartwell REIT Appoints New Director
Alange Energy Corp (VEN ALE)
Alange Energy Discovers Shallow, Non-Conventional 41 Degree API Oil in Pajarito-1X at Carbonera
"This discovery could lead to an important development of shallow non-conventional ultra light oil. Although the type of reservoir has low energy, a small spacing well pattern and proper pumping equipment could deliver important value, as in fields like Ancon in Ecuador and Sardinata in Colombia, which is also in the Catatumbo Basin. As well, supplementary recovery could be possible."
Heli Electronics Corp (OTCBB HELI)
Heli Electronics Corp. Releases Second Quarter 2010 Financial Results
The company reported revenue of $24,852,753 for the three months ended June 30, 2010. This is a 226.3% or $17,235,567 increase over its Q2 2009 revenue of $7,617,186. For the six months ended June 30, 2010, Heli reported revenue of $43,693,579, an increase of $29,670,279, or 211.6% over the prior year’s first six months.
Heli’s net income also saw a significant increase in the most recent quarter. In the three months ended June 30, 2010, Heli’s net income was $1,983,512, a 225.7% increase, or $1,374,484 over its second quarter 2009 net income of $609,028. For the six months ended June 30, 2010, Heli reported net income of $3,509,287, an increase of 232.3%, or $2,453,189 over six months ended June 30, 2009, with results of $1,056,098. Additionally, Heli’s operating income saw an increase of 226.1% to $2,648,384. For the six months ended June 30, 2010, Heli reported earnings per dilu ted share at $0.02. For the second quarter alone, Heli reported earnings of $0.01 per diluted share.
Potash Corporation of Saskatchewan (TSX/NY POT) BHP Billiton Limited (NY BHP)
BHP Billiton would acquire PotashCorp for US$130 per share in cash. PotashCorp's Board of Directors thoroughly reviewed BHP Billiton's unsolicited proposal with the assistance of its independent financial and legal advisors and concluded that the proposal is grossly inadequate and it is not in the best interests of its shareholders for PotashCorp to enter into discussions with BHP Billiton.
PotashCorp Adopts Shareholder Rights Plan
Celtic Exploration Ltd (TSX CLT)
Celtic Reports Significant Gains in Production, Revenue and Earnings in the Second Quarter of 2010
Drilled 8 (5.8 net working interest) wells during the quarter resulting in an overall success rate of 100%; - Increased average daily production by 65% to 18,029 BOE per day, up from 10,909 BOE per day in the second quarter of 2009; - Received an average price of $35.20 ($34.87 before hedging) per BOE, down 12% from $39.78 ($30.88 before hedging) per BOE in the second quarter of 2009 and recorded an operating netback of $22.75 per BOE, down 1% from $23.06 per BOE in the corresponding quarter of 2009; and - Generated $34.1 million in funds from operations for the three month period ended June 30, 2010, up 71% from $20.0 million in the same quarter of the previous year. Reported funds from operations per share, diluted, of $0.37, an increase of 61% from $0.23 per share in the second quarter of the previous year.
Agrium Inc (TSX/NY AGU)
Agrium foresees robust fertilizer demand from farmers in ...
It earned $3.20 a diluted share for the second quarter ended June 30, compared with earnings of $370 million, or $2.35 a share, for the same quarter of 2009.
Net sales in the quarter rose to nearly $4.4 billion from $4.1 billion, said the company, which reports in U.S. dollars.
Aug 01 to 15
these stocks have surpassed the previous period's HIGH
added ABX AEM AFN AGI
Alange Energy Corp (VEN ALE)
Revised: Alange Energy Announces 82% Increase of 2P Net Reserves in Cubiro
The combined proved plus probable ("2P") reserves for this block increased by 2.11 million barrels of oil ("MMbbl"), or 82%, compared to those reported in December 2009, which amounts to a gross (before royalties) total to the Company of 4.68 million barrels of oil ("MMbbl"), having a total net present value ("NPV") (10% discount, before tax) of US$146.7 million. The Report also reflects a 54% increase in gross proven reserves ("1P") to a total of 2.56 MMbbl.
Gran Tierra Energy Inc (TSX GTE)
Gran Tierra Energy Inc. Announces Second Quarter 2010 Results
Net income of $17.4 million or $0.07 per share basic and diluted, compared to net loss of $28.2 million or $0.12 per share basic and diluted in the same period in 2009
- Cash and cash equivalents were $293.2 million at June 30, 2010 compared to $270.8 million at December 31, 2009. Gran Tierra Energy remains debt free
La Mancha Resources (TSX LMA)
La Mancha Posts Record Quarterly Net Earnings as Gold Production Rises More Than 50%
-- Net earnings of $8.0 million
-- Cash flow from operating activities of $18.7 million
-- Corporate debt gets fully repaid while cash position remains strong at
$19.7 million
-- Record quarterly gold production of 42,857 ounces, up 54% year over
year
-- Successful start-up of the White Foil mine operation with 5,959 ounces
of gold produced during the quarter
IGM Financial Inc (TSX IGM)
IGM Financial Inc. Reports Second Quarter Earnings
Net earnings available to common shareholders for the three months ended June 30, 2010 were $179.1 million compared to $144.5 million in 2009. Earnings per share were 68 cents compared to 55 cents in 2009, an increase of 23.6%.
Total assets under management at June 30, 2010 were $115.7 billion. This compared with total assets under management of $109.6 billion at June 30, 2009, an increase of 5.5%.
Wajax Income Fund (TSX WJX.UN)
Wajax Announces a 24% Increase in Second Quarter 2010 Earnings and Declares Special Distributions
Consolidated net earnings in the quarter of $12.2 million, or $0.74 per
unit, increased 24% from the $9.8 million, or $0.59 per unit, recorded
last year. The increase in earnings is attributable to higher revenues
and margins in all three businesses.
The $0.15 per unit regular monthly distribution and the $0.20 per unit special monthly distribution will be paid on September 20, October 20 and November 22 to unitholders of record on August 31, September 30 and October 29 respectively.
TELUS Corporation (TSX/NY T/TU)
TELUS Reports Second Quarter 2010 Results
Reported net income and EPS for the second quarter were $296 million and 92 cents, respectively, representing year-over-year increases of 21 and 19 per cent. When excluding for positive income tax-related adjustments, normalized net income and EPS were $286 million and 89 cents, respectively, increases of 27 and 25 per cent. Second quarter results included favourable income tax-related adjustments of approximately $10 million or three cents per share compared to $18 million or six cents in the same period a year ago.
Over the 12 month period, total customer connections increased by 288,000, driven by a 6.5 per cent increase in wireless subscribers and 98 per cent growth in TELUS TV customers, partially offset by continued declines in landline connections.
Manitoba Telecom Services Inc (TSX MBT)
UPDATE - Manitoba Telecom posts lower Q2 profit, cuts dividend
For the second quarter, net income was C$28.2 million ($27.73 million), or 44 Canadian cents a share, compared with C$30.1 million, or 47 Canadian cents a share, a year ago.
Flint Energy Services (TSX FES)
Flint Energy Services Ltd. Announces Second Quarter Earnings
Revenues for the three month period ending June 30, 2010 were $459.2 million, up $35.0 million from Q2 2009. Revenues for the six month period ending June 30, 2010 were $980.5, up $26.1 million from the comparable period last year. - Net earnings for the second quarter 2010 were $8.2 million, up $4.4 million from Q2 2009 earnings of $3.8 million. Earnings per share were $0.18 for the quarter compared to $0.08 in the second quarter of 2009. For the six month period ending June 30, 2010, net earnings were $25.9 million, up $3.6 million from the same period in 2009. Fully diluted earnings per share for the six month period were $0.56, compared to $0.48 for the same period in 2009.
Canadian Real Estate Investment Trust (TSX REF.UN)
Canadian Real Estate Investment Trust Announces Second Quarter 2010 Results
reported Funds from Operations (FFO) of $0.597 per Unit. This represents a 4% improvement ($0.025 per-unit increase) over the three months ended June 30, 2009.
Breakwater Resources Ltd (TSX BWR)
Breakwater Resources Ltd.'s Second Quarter 2010 Financial And Operating Results
realized net earnings of $24.6 million or $0.35 per share in the second quarter of 2010 compared with a net loss of $4.5 million or $0.07 per share in the second quarter of 2009.
Cash and cash equivalents increased to $76.0 million at June 30, 2010, up by $10.3 million from March 31, 2010.
Biovail Corporation (TSX/NY BVF)
Biovail Reports Second-Quarter 2010 Financial Results
Total revenues for the three months ended June 30, 2010 were $238.8 million, compared with $193.5 million for the second quarter of 2009, an increase of 23%. Total revenues for the six months ended June 30, 2010 were $458.4 million, compared with $366.9 million for the first six months of 2009. Second-quarter 2010 net income, in accordance with United States Generally Accepted Accounting Principles (GAAP), was $34.0 million compared with $24.1 million for the corresponding 2009 period, an increase of 41%. Net income for the first half of 2010 was $30.8 million, compared with $63.1 million in the same period a year earlier. On a per-share basis, Biovail recorded GAAP diluted earnings per share (EPS) of $0.21 for the second quarter of 2010, compared with $0.15 for the second quarter of 2009, an increase of 40%. In the first half of 2010, GAAP EPS were $0.19, compared with EPS of $0.40 for the first half of 2009.
Avion Gold Corporation (VEN AVR)
Avion Gold Produces 8,770 Ounces in July 2010
In July 2010, Avion processed 59,800 tonnes of ore at an average grade of 4.84 g/t Au, with a 94.3% mill recovery, for gold production of 8,770 ounces. Third quarter production remains forecast to be approximately 20,000 ounces of gold.
Commenting on the production results, Mr. Andrew Bradfield, Avion's Chief Operating Officer, stated: "In June and July, Segala pit ore was supplemented with high grade ore from a small pit mined within the existing Tabakoto open pit. Production from this small Tabakoto pit is now completed. Avion continues on track to produce between 75,000 and 85,000 ounces of gold in 2010".
Avion Extends Vindaloo Zone to Depth and Along Strike at Hounde, Burkina Faso
Avion has intersected gold mineralization in each of nine holes that were designed to extend the Vindaloo zone both along strike and to double the depth of the previously defined zone (see Figure 2). These holes tested a 500 metre strike length of the zone, which is still open along strike and to depth. A summary of significant new intercepts is as follows:
Alamos Gold Inc (TSX AGI)
Alamos Gold Reports Q2 2010 Financial Results and Provides Mulatos Exploration Update
- Revenues of $47.5 million on gold sales of 39,688 ounces. - Reported earnings of $12.1 million, or $0.11 per share. - Reported Adjusted Earnings of $17.2 million, or $0.15 per share. - Operating cash flows after working capital changes totalled $20.9 million, or $0.18 per share. - Cash operating costs of $283 per ounce of gold sold ($275 YTD). - Total cash costs of $341 per ounce of gold sold ($328 YTD). - Cash and short-term investment balances of $175.7 million as at June 30, 2010. - Continued to obtain positive drill assays at San Carlos, including the highest grade-thickness intercepts ever in the San Carlos zone with infill drill holes 10SC120 and 10SC109 returning 29.0 metres grading 15.02 g/t Au and 37.5 m grading 11.61 g/t Au, respectively. - Paid an inaugural dividend of $0.03 per share.
Eldorado Gold Corporation (TSX/NY ELD/EGO)
Eldorado Gold Corporation: Q2, 2010 Financial and Operating Results
Produced 167,940 ounces of gold at an average cash operating cost of $
357 per ounce (total cash cost $410 per ounce)
Reported record earnings of $0.11 per share
Generated $92.3 million of cash or $0.17 per share from operating
activities before changes in non-cash working capital
Kinross Gold Corporation (TSX/NY K/KGC)
Kinross Reports 2010 Second Quarter Results
Revenue for the quarter was $696.6 million, compared with $598.1 million
in the second quarter of 2009, an increase of 16%. The average realized
gold price for the quarter was $1,158 per ounce sold, compared with $915
per ounce sold in Q2 2009, an increase of 27%.
Cost of sales per gold equivalent ounce(2) was $496 for Q2, an increase
of 14% compared with Q2 2009. Cost of sales per gold ounce on a by-
product basis was $459 in Q2 compared with $382 for the same period last
year.
Adjusted operating cash flow(4) was $271.4 million, or $0.39 per share,
compared with $227.1 million, or $0.33 per share, in Q2 2009, an
increase of 20% in adjusted operating cash flow.
Adjusted net earnings(4) were $113.1 million, or $0.16 per share,
compared with $84.3 million, or $0.12 per share, in Q2 2009, an increase
of 34% in adjusted net earnings. Reported net earnings were $103.8
million, or $0.15 per share, compared with $19.3 million, or $0.03 per
share, in Q2 2009.
Alange Energy Corp (VEN ALE)
Alange Energy announces successful Cerrito-1 well workover, advancing its Catatumbo Basin gas plan
Upon completion of testing, the well produced an average of 1.2 MMCFD of gas and 54 barrels per day of water, with a 32/64" choke, on natural flow, with wellhead pressure of 500 PSI. The incorporation of the production of Cerrito-1 will increase the total gas production of the Cerrito block to 1.6 MMCFD.
Daylight Energy Ltd (TSX DAY)
Record production volumes during Q2 2010 of 42,273 barrels of oil equivalent ("boe") per day highlight another strong quarter for Daylight representing year over year production growth of 83% and an increase of 6% over Q1 2010.
Daylight declared a $0.05 per share per month dividend for each of the
three months July, August and September 2010.
BioExx Specialty Proteins Ltd (TSX BXI)
BioExx Produces Near Isolate Quality Protein In First Commercial Scale Production
is very pleased to announce that it has successfully produced protein with a purity level of 82.5% from its first protein production run at its Saskatoon plant. The protein was produced from seed pressed in the BioExx crush plant and meal extracted in the BioExx pilot plant and then loaded into the full-scale extractors, with final processing in the full-scale protein plant. The results of this first protein are excellent considering that this was the first time this equipment has been used through to final protein production. The purity also compares favourably to the first run at each of the two established third-party pilot plant facilities BioExx has used in the past months.
Domtar Corporation (TSX/NY UFS)
Domtar Corporation reports preliminary second quarter 2010 financial results
reported net earnings of $31 million ($0.71 per share) for the second quarter of 2010 compared to net earnings of $58 million ($1.34 per share) for the first quarter of 2010 and net earnings of $48 million ($1.12 per share) for the second quarter of 2009. Sales for the second quarter of 2010 amounted to $1.5 billion. Excluding items listed below, the Company had earnings before items(1) of $116 million ($2.67 per share) for the second quarter of 2010 compared to earnings before items(1) of $69 million ($1.59 per share) for the first quarter of 2010 and a loss before items(1) of $33 million ($0.77 per share) for the second quarter of 2009.
Canadian Utilities Limited (TSX CU)
Canadian Utilities Reports Second Quarter Earnings Up $3.0 Million to $76.2 Million
reported earnings of $76.2 million ($0.60 per share) for the three months ended June 30, 2010, compared to $73.2 million ($0.58 per share) for the same period in 2009. Adjusted Earnings (1) in the second quarter were $76.3 million ($0.61 per share), compared to $73.5 million ($0.59 per share) in 2009.
Brookfield Properties Corporation (TSX/NY BPO)
Brookfield Properties Reports Second Quarter 2010 Results
Funds from operations (“FFO”) was $209 million or $0.40 per diluted share for the three months ended June 30, 2010, compared with $123 million or $0.32 per diluted share during the same period in 2009. The results include a realized gain of $53 million, or $0.10 per diluted share, related to an investment return.
Commercial property net operating income for the second quarter of 2010 was $180 million, compared with $162 million during the second quarter of 2009. Residential property net operating income for the second quarter of 2010 was $33 million, compared with $13 million during the second quarter of 2009.
Brookfield’s managed portfolio occupancy rate finished the quarter at 94.8%, consistent with the previous quarter.
Kinross Gold Corporation (TSX/NY K/KGC) Red Back Mining Inc (TSX RBI)
announced that their respective boards of directors have unanimously approved a friendly merger through a plan of arrangement, whereby Kinross will acquire all of the outstanding common shares of Red Back that Kinross does not already own. The total value of the proposed transaction is approximately US$7.1 billion, on a fully-diluted basis.
Red Back Reports Strong Operating Results
Total gold production of 106,362 oz (year-to-date: 202,522 oz).
-- Average realized gold price of $1,215 per oz (year-to-date: $1,167 per
oz).
-- Profit from mining operations of $54.3 million (year-to-date: $97.9
million).
-- Cash flow from operations of $68.0 million (year to date: $120.9
million).
-- Cash flow from operations per share of $0.27 (year to date: $0.50).
-- Net income of $21.9 million (year-to-date: $55.1 million).
-- Earnings per share adjusted for non-cash stock based compensation of
$0.18 (year to date: $0.33).
-- Cash operating costs of $481 per oz (year-to-date: $476 per oz).
-- CAD $600 million private placement from Kinross Gold Corporation.
-- Commencement of decline development and initial underground reserve at
Paboase of 920,000 oz.
Bell Aliant Regional Communications Income Fund (TSX BA.UN)
Bell
Aliant reports second quarter 2010 results
Operating expense reductions of $21 million from Q2 2009 mitigate revenue
declines of $31 million - NAS declines improve 26 per cent over Q2 2009 -
FibreOP(TM) expansion continues on plan with strong IPTV and Internet bundle
performance
Agnico-Eagle Mines Limited (TSX/NY AEM)
Agnico-Eagle reports Q2 2010 results; record quarterly revenue, net income and gold production
reported a record quarterly net income of $100.4 million, or $0.64 per share, for the second quarter of 2010. This result includes a non-cash foreign currency translation gain of $17.4 million, or $0.11 per share, as well as a one-time tax recovery of $21.2 million, or $0.14 per share. The result also includes non-cash stock-based compensation expense of $8.1 million, or $0.05 per share. In the second quarter of 2009, the Company reported net income of $1.2 million, or $0.01 per share. A 116% increase in gold production and a 151% increase in gross mine profit over the second quarter of 2009 contributed to the record financial and operating quarter.
Gold Bullion Development Corp (VEN GBB)
"We are thrilled with the way this large project is coming together and we are eagerly anticipating additional drill results," stated Gold Bullion President and CEO Frank Basa. "We're drilling for structure and we're finding it consistently throughout the entire east-northeast area, and early drill results from within the Preliminary Block Model are very encouraging with long intersections of mineralization. Our 30,000 tonne bulk sample in 2007 graded 1.62 g/t Au and has given us a high degree of confidence in terms of what our grade would be in the event this potentially large deposit were to go into production. In a deposit of this nature, the mill grade often significantly exceeds the drill core grade as was demonstrated by our bulk sample. We're in a strong financial position and we're looking forward to a very busy and exciting summer, fall and winter at Granada. We are planning an even larger Phase 3 program to immediately follow Phase 2 which is already approximately 60% complete."
Canadian Pacific Railway Limited (TSX/NY CP)
Canadian Pacific announces second-quarter results
announced second-quarter net income of $166.6 million. Diluted earnings per share were $0.98, up 23 per cent from $0.80 in the second-quarter 2009 which included a $0.41 per share gain from an asset sale.
Total revenues were up 20 per cent to $1.23 billion
CGI Group Inc (TSX/NY GIB.A/GIB)
CGI reports strong margin and EPS growth in Q3-F2010
Revenue of $901.6 million, up 0.7% on a constant currency basis; - Bookings of $838 million; - Adjusted EBIT of $124.5 million, up 10.0%; - Adjusted EBIT margin of 13.8%, up from 11.9% - Earnings of $85.9 million, up 12.0%; - Earnings margin of 9.5%, up from 8.1%; - Diluted EPS of 30 cents, up 20%; - Cash from operating activities of $102.8 million; - Backlog of $11.4 billion.
Teck Resources Limited (TSX/NY TCK.B/TCK)
Teck Reports Second Quarter Results for 2010
quarterly earnings of $260 million, or $0.44 per share, for the second quarter of 2010. Our operating profit before depreciation was approximately $1.0 billion and EBITDA was $844 million in the second quarter.
Don Lindsay, President and CEO said, "During the quarter we eliminated the outstanding balance of our term bank loan and have now repaid the US$9.8 billion bank debt related to the Fording acquisition in less than 18 months, just over two years ahead of schedule.
Veeco Instruments Inc (NSDQ VECO)
VEECO Announces Record Second Quarter 2010 Financial Results
Second quarter revenue was $253 million, a new record for Veeco, an increase of approximately 250% from last year and 55% sequentially. All three of our businesses, LED & Solar, Data Storage and Metrology, continue to execute extremely well, with sequential improvements in revenue and EBITA. Of particular note, our LED & Solar revenues were $186 million, with approximately $175 million in MOCVD. We shipped 81 MOCVD systems, quadrupling shipments since the third quarter of last year and remained on track with our commitments to customers. EBITA was a record $68.4 million, or 27% of sales, resulting in record quarterly GAAP EPS of $1.20 per share and non-GAAP EPS of $1.01 per share. Veeco’s balance sheet performance was also excellent – we generated approximately $67 million in cash from operations during the second quarter.
Fluor Corporation (NY FLR)
Fluor Reports Record New Awards of $9.3 Billion, Boosting Backlog to $30.2 Billion
Net earnings attributable to Fluor were $157 million, or $0.87 per diluted share, compared with $169 million or $0.93 per diluted share for the same period last year. Segment profit for the quarter was $262 million, compared with $309 million in the second quarter of 2009, driven mainly by strength in Industrial & Infrastructure and Power which was offset by lower results in Oil & Gas.
Volterra Semiconductor Corporation (NSDQ VLTR)
Volterra Reports Record Second Quarter Revenue and Income
Net revenue for the second quarter of 2010 was $40.2 million, a 77% increase from $22.8 million in the second quarter of 2009, and an 11% increase from $36.3 million in the first quarter of 2010. GAAP net income was $9.0 million, or $0.34 per share (diluted), a 738% increase from $1.1 million, or $0.04 per share (diluted) in the second quarter of 2009, and a 17% increase from $7.7 million, or $0.30 per share (diluted), in the first quarter of 2010.
Local.com Corporation (NSDQ LOCM)
Local.com Reports Second Quarter 2010 Financial Results
Second quarter 2010 GAAP net income was $1.2 million or $0.07 per diluted share, compared to the first quarter GAAP 2010 net income of $134,000 or $0.01 per diluted share.
• Cash – On June 30, 2010, the company’s cash balance was $15.0 million. During the second quarter of 2010 the company increased cash by approximately $4.1 million after using $2.7 million in cash during the quarter to finance two customer subscriber base acquisitions.
• Debt – On June 30, 2010 the company had borrowings of $3.0 million outstanding under its $30 million revolving line of credit.
Integrated Device Technology, Inc (NSDQ IDTI)
IDT Reports Fiscal Q1 2011 Financial Results
GAAP net income for the fiscal first quarter of 2011 was $10.4 million or $0.06 per diluted share, versus a GAAP net loss of $14.1 million or a loss of approximately $0.09 per diluted share in the same period one year ago. Fiscal first quarter 2011 GAAP results include $5.8 million in acquisition and divestiture related charges, $4.7 million in stock-based compensation and $2.3 million in restructuring related costs.
“Our secular growth story is beginning to materialize in fiscal 2011. We are defending and growing our core businesses while expanding our content in customers’ systems with new analog-intensive mixed signal solutions to achieve higher growth rates. In addition, gross margin reached its highest level in four years, reflecting improved product mix and enabling us to deliver stronger than anticipated operating margins.”
Momenta Pharmaceuticals (NSDQ MNTA)
Momenta Pharmaceuticals Announces FDA Approval for First Generic Lovenox(R)
announced that the U.S. Food and Drug Administration has granted marketing approval of the Abbreviated New Drug Application (ANDA) for enoxaparin sodium for injection filed by Sandoz. Developed under a collaboration agreement between Momenta and Sandoz, this product has been designated therapeutically equivalent to the reference-listed drug, Lovenox(R), which is marketed by Sanofi-Aventis.
Alange Energy Corp (VEN ALE)
Alange announces spud of first exploration well in Topoyaco
Luis E. Giusti, the Company's Chief Executive Officer, commented: "As a result of the additional seismic studies we undertook, we now have significantly more detailed information and a better understanding of the geology of the block. With the spudding of Topoyaco-1 and committed funds for two more exploration wells, we anticipate promising development prospects in the near term."
it has confirmed success in appraisal well Copa-2 that was completed in the Carbonera C7 formation, and is producing 1350 barrels per day of clean 40.1 degrees API oil with 2% BS&W, on natural flow with a 20/64" choke. A decision has been made to immediately install an electro-submersible pump, with the pump simulation yielding 1,800 barrels per day of production at 28 Hz of frequency and with bottom hole pressure of 1840 psia.
West Fraser Timber (TSX WFT)
West Fraser Announces Second Quarter Results
reported earnings after discontinued operations of $63 million or $1.46 per share on sales of $772 million in the second quarter of 2010 and earnings after discontinued operations of $83 million or $1.91 per share, on sales of $1.5 billion for the first half of 2010.
Canfor Pulp Income Fund (TSX CFX.UN)
Canfor Pulp Income Fund Announces Record Second Quarter 2010 Results
The Partnership reported record sales of $247.6 million and net income of $43.1 million, or $0.60 per unit, for the quarter ended June 30, 2010. The Partnership generated record EBITDA of $63.7 million in the quarter. The Fund reported net income of $22.1 million, representing the Fund's share of the Partnership's net income and a future income tax recovery of $0.7 million.
In the quarter, the Partnership generated adjusted distributable cash of $62.5 million, or $0.88 per unit, and the Partnership and the Fund declared distributions of $0.52 per unit.
CN (TSX/NY CNR/CNI)
Company raises 2010 financial guidance on strong first-half results, expectation of continued economic recovery
Norbord Inc (TSX NBD)
Norbord Reports Second Quarter 2010 Results
Achieved positive EBITDA of $71 million, a $62 million improvement vs. Q1 2010 - Recorded positive earnings of $37 million, EPS of $0.85 - Increased North American OSB shipments 35% vs. Q1 2010 - Extended maturity of bank lines and added seventh bank to group
Shoppers Drug Mart (TSX SC)
UPDATE - Shoppers Drug profit rises, outlook cloudy
For the second quarter ended June 19, earnings rose to C$144.6 million ($137.7 million), or 66 Canadian cents a share, from C$136 million, or 63 Canadian cents a share, a year earlier.
Same-store sales, or sales at stores opened more than one year, increased 2.7 percent.
Sees full-year 2010 EPS between C$2.66 and C$2.72
Cameco Corp (TSX/NY CCO/CCJ)
Cameco Corp. (NYSE:CCJ) is a “Buy”
Cameco’s world-class assets have among the lowest costs in the industry. Ore grades at its McArthur River mine, for instance, are 100 times the world average. That means it can produce more than 18 million pounds per year by mining only 150–200 tonnes of ore per day.
BCGold Corp (VEN BCG) Kestrel Gold Inc (VEN KGC)
BCGold Corp. and Kestrel Gold Inc. Commence Drill Program at Toe Property, Yukon
An 800 metre diamond drill program, operated by BCGold Corp., will test up to four Minto-type, coincidental geochemical and geophysical anomalies for near-surface copper-gold mineralization.
The $350,000 drill program will be funded by Kestrel Gold Inc. as part of the first year's commitments under its property option agreement with BCGold Corp. By the terms of the agreement, Kestrel Gold Inc. can earn up to a 70% interest in BCGold Corp.'s 100% owned Toe Property over a four year period
First Gold Exploration Inc (VEN EFG)
The Company is receiving laboratory results every day now, having recently submitted samples from over 30 holes; these results will be released in the coming weeks. The Company is also pleased to report that more than 87 holes have been drilled to date, and that the mineralized zones have been intersected in every hole and appears to thicken going east.
U.S. Silver Corporation (VEN USA)
U.S. Silver Announces Q2 2010 Production
Second quarter 2010 production was 36,709 ounces short of the 600,000 ounce target. Both production and costs were adversely affected by the contractor fatality announced on June 21 and the ensuing investigation by the Mine Safety Health Administration (MSHA). Un-audited cash cost per silver ounce produced, net of by-product credits, totaled $12.78 for Q2-2010 and $12.68 for the six months ended June 30, 2010.
Production for the remainder of the year is anticipated to average approximately 250,000 ounces per month. Total targeted production in 2010 is 2.7 million ounces of silver, 5.9 million pounds of lead and 1.5 million pounds of copper. Cash costs are expected to decline with this increased production in the second half of 2010."
Andean Resources (TSX AND)
Andean Defines Wide Bonanza-Grade Mineralization at Mariana Central
MDD-1025: 8.5m of 46.1 g/t Au and 157 g/t Ag from 105.3m
MDD-1028: 8.65m of 33.3 g/t Au and 460 g/t Ag from 149.5m and
10.1m of 143.0 g/t Au and 1219 g/t Ag from 188.4m
MDD-1049: 2.6m of 54.6 g/t Au and 42 g/t Ag from 161.2m and
10.6m of 44.5 g/t Au and 97 g/t Ag from 170.3m
MDD-1050: 9.0m of 127.1 g/t Au and 272 g/t Ag from 168.0m
MDD-1051: 7.0m of 52.0 g/t Au and 240 g/t Ag from 119.0m
MDD-1054: 3.5m of 17.7 g/t Au and 51 g/t Ag from 102.0m
MDD-1056: 2.0m of 36.0 g/t Au and 1172 g/t Ag from 178 and
14.5m of 55.3 g/t Au and 618 g/t Ag from 181.5
MDD-1057: 15.3m of 21.1 g/t Au and 72 g/t Ag from 165.4m
MDD-1058: 9.2m of 34.9 g/t Au and 414 g/t Ag from 122.1m
Dorato Resources Inc (VEN DRI)
"Results for all Phase II drill holes to date show a 100% hit rate in terms of significant gold intercepts, which demonstrates the continuity potential of the gold-bearing zones being drilled. Drill hole TAR-020 is notable as it tests the gold system at depth and adds a significant level of confidence to ongoing drilling," stated Keith Henderson, Dorato's President and CEO. "Even though the Taricori Zone represents only a small portion of an extensive and prospective land position, the project increasingly represents an anchor on which the project pipeline can be further developed."
First Quantum Minerals (TSX FM)
reported second quarter production of 85,400 tonnes of copper and 51,400 ounces of gold.
Halliburton (NY HAL)
Halliburton Announces Second Quarter Earnings of $0.52 Per Diluted Share from Continuing Operations
Net income for the second quarter of 2010 was $480 million, or $0.53 per diluted share. This compares to net income for the first quarter of 2010 of $206 million, or $0.23 per diluted share.
Consolidated revenue in the second quarter of 2010 was $4.4 billion, compared to $3.8 billion in the first quarter of 2010.
Blue Note Mining Inc (VEN BNT) First Gold Exploration Inc (VEN EFG)
Blue Note Mining signs binding agreement with First Gold to acquire 100% of Croinor gold project
Under the terms of the Agreement, Blue Note will make cash payments to First Gold consisting of a non-refundable C$100,000 in five equal monthly installments until December 31, 2010, and C$2,250,000 to be paid upon the closing of the transaction, which is expected to occur as soon as financing is arranged, but no later than December 31, 2010. The Agreement includes First Gold's 71% ownership in the Matchi-Manitou property and is subject to TSX Venture Exchange and other regulatory approvals.
In addition, it provides for a share issuance of 17.5 million Blue Note common shares to be held in escrow, for release at a rate of 500,000 shares per month over 35 months from the date of closing. First Gold shall have the right, at its discretion, to maintain a 13.67% equity ownership in the capitalization of Blue Note by participating in future private placements or any business combinations thereof.
GOLDCORP INC (TSX/NY G/GG)
Goldcorp Supports Thompson Creek Acquisition of Terrane Metals
Goldcorp controls 58% of the outstanding shares of Terrane through its ownership of 240 million preferred shares and 27.3 million common shares. In conjunction with the Thompson Creek acquisition of Terrane, Goldcorp has agreed to vote its securities in support of the Thompson Creek acquisition. Upon completion of the transaction, Goldcorp will receive proceeds of C$240.5 million in cash and 13.9 million Thompson Creek common shares representing approximately 8% of the outstanding shares.
Genworth MI Canada Inc (TSX MIC)
Shareholders wishing to accept the proposed bid will have the opportunity to tender, pursuant to a Dutch auction process, the number of shares they wish at a price they select, within a range of not less than C$24.00 per share and not more than C$28.00 per share. Alternatively, shareholders may make a proportionate tender that will allow them to maintain their current proportionate share ownership in the Company following the completion of the bid.
Gammon Gold Inc (TSX/NY GAM/GRS)
For the second quarter the Ocampo mine reported steadily
improving productivity. In the quarter the Ocampo mine produced 24,963
gold ounces and 1,066,998 silver ounces, or 44,363 gold equivalent
ounces using the Company's long-term gold-to-silver ratio of 55:1
(41,362 gold equivalent ounces, using the realized gold-to-silver
ratio of 65:1).
- Utilizing Ocampo's silver revenues as a by-product cost
credit, second quarter total cash costs were negative $43 per gold
ounce.
Total cash costs in the second quarter at Ocampo were $427
per gold equivalent ounce using the Company's long-term gold-to-silver
ratio of 55:1 ($459 per gold equivalent ounce, using the realized
gold-to-silver ratio of 65:1).
Corus Entertainment Inc (TSX CJR.B)
Corus Entertainment announces fiscal 2010 third quarter results
Consolidated segment profit increases 20% in the third quarter - Consolidated revenues increase 12% in the third quarter, with Television specialty ad growth of 14% and Radio revenue growth of 9% - Basic earnings per share of $0.39 for the quarter compared to a loss of $1.81 last year
Corus Entertainment declares monthly dividend for Class A and B shareholders
Corus Entertainment announces its intention to voluntarily delist from the NYSE
ALIMENTATION COUCHE-TARD INC (TSX ATD.B)
Alimentation Couche-Tard announces its fourth quarter and fiscal 2010 results
- Fourth quarter net earnings of $68.8 million, or $0.37 per share on a
diluted basis, an increase of $30.8 million or 81.1%.
- Same-store merchandise sales up 3.2% in the United States and 6.9% in
Canada.
Daylight Energy Ltd (TSX DAY)
Field estimates during Q2 2010 indicate that Daylight achieved record production of 42,250 boe per day during the quarter, an increase of approximately 6% over Q1 2010 volumes. This increase includes the production volumes associated with the acquisition of West Energy Ltd. ("West") effective May 12, 2010 and the impact of our successful capital program through the first half of 2010. In spite of unusually wet conditions in Daylight's key Pembina property, the Corporation is pleased to announce that drilling and completion operations are now underway at four locations for light oil horizontal multi-stage frac wells.
Avion Gold Corporation (VEN AVR)
This strong zone of gold mineralization returned gold grades up to 21.77 g/t Au over 21.0 metres. The strongest Dioulafoundou mineralization has been traced for approximately 400 metres along strike and to 170 metres depth (Figure 2). The highest gold grades were intersected along the western half of this zone. The entire zone is open to depth.
John Begeman, President and CEO, commented: "These open pit resources have the potential to provide low cost, high grade feed for the Tabakoto Mill as Avion transitions from open pit to underground mining. In anticipation of the outcome of this resource estimate, Avion has applied for and received all necessary environmental permits, constructed a water diversion ditch, commenced construction of an access road and construction of a perimeter fence. Once these activities are completed, Avion will be able to commence development of the Dioulafoundou resource."
Aecon Group Inc (TSX ARE)
"It was just over 10 years ago that we made our investment in DEC and began construction on the Cross Israel Highway" said Scott Balfour, President of Aecon Group Inc. "The monetization of this equity investment is expected to generate net after tax cash proceeds of between $65 and $70 million for Aecon and an after tax gain of approximately $30 million. These gains, which are in addition to the profits Aecon earned from its role in the construction of the project, highlight the merits of our strategy to participate in select public/private partnership projects as both developer and contractor."
North American potash inventories dip in June
also
UPDATE 1-Yara posts strong Q2 as promising season starts
Yara to go after M&A opportunities
* Analysts say smaller acquisition strategy likely
* Q2 EBITDA hits record 6.59 bln crowns vs 6.0 bln avg fcast
Astral Media Inc (TSX ACM.A)
Astral delivers solid third quarter results
n the third quarter, consolidated revenues reached $253.6 million, a 9% increase from the $232.5 million reported last year for the same period. EBITDA1 grew 4% in the third quarter to $84.9 million from $81.8 million for the same period last year.Consolidated net earnings for the third quarter increased 9% over the same quarter last year, rising to $48.5 million ($0.86 per share) from $44.3 million ($0.79 per share). Cash flow from operations5 for the third quarter increased 10% to $64.6 million from $58.6 million for the same period last year.
Alamos Gold Inc (TSX AGI)
Gold production in the second quarter was approximately 8% below production in the first quarter of 2010 and 9% less than production in the second quarter of 2009. Lower production in the second quarter of 2010 is attributable to two factors: increased solution percolation time due to the height of the heap leach pad, and drought conditions that reduced solution flow during the last half of June.
Coastal Energy Company (VEN CEN)
Coastal Energy Announces Operations Update
The Bua Ban A-01, A-02 and A-05 wells have been completed using electric submersible pumps ("ESPs") and tied into production facilities. Combined production from the three wells is averaging 3,000 bopd. The oil being produced is sweet and has API gravity of 30 degrees.
NuVista Energy Ltd (TSX NVA)
NuVista Energy Ltd.-Wapiti Montney Well Test Results
NuVista's first Montney horizontal well in the Wapiti operating area was drilled at 9-22-68-8W6M in the first quarter of 2010 and was completed in late June with multi-stage water based fracture stimulations over 11 intervals. The final test rate for the well, over an eight hour period, was 10 mmcf per day of burnable formation gas at 1,100 psi wellhead flowing pressure with flowing pressures increasing during the test. The well was also producing approximately 250 bbls per day of free condensate. Analysis of the gas stream suggests the formation gas is also liquids-rich bringing total anticipated liquid yields from the well to approximately 50 bbls per mmcf (including the free condensate). The tie-in of this well is currently underway with an anticipated on-stream date of September 1, 2010. The H2S concentration in the gas stream during the production test was 4.5%.
Pengrowth Energy Trust (TSX PGF.UN)
Pengrowth Energy Trust Announces Strategic Acquisition of Monterey Exploration Ltd.
Pengrowth has been a shareholder of Monterey since 2006 and currently owns 8,990,642 common shares of Monterey, which represents approximately 18 percent of the fully diluted outstanding common shares. Monterey has been a successful developer of gas reserves from the Montney formation in the Groundbirch area of northeast British Columbia where it holds 19.0 net sections of prospective lands.
Canaco Resources Inc (VEN CAN)
is pleased to announce new gold results of 37 metres at 12.45 g/t Au, including 23m at 19.14 g/t Au (MGZD066), from Magambazi, at the Company's Handeni Gold Project in the Handeni region of the United Republic of Tanzania.
Salazar Resources Ltd (VEN SRL)
Salazar Intersects 7.9 m of 3.5 g/t Gold; 240 g/t Silver; 4.6% Copper; and 3.7% Zinc
Mr. Fredy Salazar states, "These drill results at the El Domo anomaly continue to show high grades of base metals with strong gold and silver values. We continue to extend the mineralized zone and prove up what we believe is a significant discovery adding significant tonnage to first of what could be many polymetallic mineralized bodies on the Curipamba project."
CSX Corporation (NY CSX)
CSX Announces Second Quarter Earnings
announced second quarter earnings from continuing operations of $414 million, or $1.07 per share, versus $282 million, or $0.71 per share, in the same period last year. This represents a 51 percent year-over-year improvement in earnings per share from continuing operations.
BCGold Corp (VEN BCG)
BCGold Corp. Earns 100% Interest in Minto/Carmacks Copper-Gold Properties, Yukon
"By securing an immediate 100% interest in the Properties, BCGold Corp. improves its position to negotiate near-term option agreements and 2010 work commitments with suitable partners," stated Brian P. Fowler, P.Geo., President and CEO of BCGold Corp. "This further enhances the possibility of a 2010 copper-gold discovery for the BCGold Corp. shareholder, in addition to drill programs scheduled to commence on 3 of the Properties (Toe, Pepper and WS) later this month."
BCGold Corp (VEN BCG)
BCGold Corp. Extends High-Grade Gold Shoot at Engineer Gold Mine Property, B.C.
Drill hole BCGE10-01 intersected coarse visible gold in two stringer veins, between depths of 176.7 metres and 177.66 metres, which averaged 22.32 grams/tonne (g/t) (0.65 oz/ton ) gold and 7.94 g/t (0.23 oz/ton) silver over 0.96 metres (3.15 feet).
Avion Gold Corporation (VEN AVR)
announces second quarter 2010 production of approximately 22,210 ounces of gold from its Tabakoto/Segala operations in Mali, West Africa. This is a 102% increase in gold production over the second quarter of 2009, when 10,992 ounces of gold was produced, and a 42% increase in production over Q1 2010 where 15,710 ounces of gold was produced. Year to date gold production for 2010 is 37,920 ounces.
In June, 2010, Avion processed 60,000 tonnes of ore at an average grade of 4.85 g/t Au, with a 95.9% mill recovery, for gold production of 8,960 ounces. During the second quarter of 2010 the Company milled 183,100 tonnes of ore at an average grade of 3.95 g/t Au, with a 95.8% mill recovery, compared to second quarter of 2009 production of 182,600 tonnes of ore processed at an average grade of 1.99 g/t Au, with a 93.7% mill recovery. 2010 second quarter production was also markedly better than during the first quarter where some non-recurring plant mechanical and open pit production problems prevented optimum gold production.
Avion continues to demonstrate its ability to meet its stated targets and is on track to produce between 75,000 and 85,000 ounces of gold in 2010".
The Company has received its Environmental Permit to mine the Dioulafoundou Deposit. Preparations for mining, such as a stream diversion, fencing around the deposit, and access road construction are well underway, and the Company plans to commence mining the deposit beginning in mid-October this year, after the upcoming rainy season.
Richelieu Hardware (TSX RCH)
UPDATE - Richelieu Hardware posts profit gain, announces deal
Richelieu posted net earnings of C$11.5 million, or 53 Canadian cents a share, for the second quarter ended May 31, compared with C$7.3 million, or 33 Canadian cents, for the same period a year ago.
The Canadian specialty hardware distributor will acquire Connecticut-based Raybern Company, Inc., a privately held distributor of decorative and other finishing products for the commercial woodworking industry. It did not disclose the terms.
It also said it was acquiring three other unnamed distributors, two in Canada and one in the United States, with total sales of about C$50 million.
COGECO (TSX CGO)
COGECO Reports Third Quarter 2010 Results
Revenue increased by 4.6% to reach $330.9 million, and by 5.5% to $988
million, respectively
For the third quarter, net income amounted to $10.7 million, virtually
identical to the comparable period of the previous fiscal year. However,
net income in the third quarter of the prior year included an
unfavourable income tax adjustment of $2 million related to the
utilization of pre-acquisition tax losses in the indirect cable
subsidiary, Cabovisao - Televisao por Cabo, S.A. ("Cabovisao"), and a
$3.5 million favourable reduction of withholding and stamp tax
contingent liabilities, also in Cabovisao, both net of non-controlling
interest. Excluding the two preceding adjustments, third quarter net
income progressed by $1.6 million, or 17.3% when compared to the
adjusted net income(1) of $9.2 million in the third quarter of fiscal
2009.
Cogeco Cable (TSX CCA)
Revenue increased by 4.5% to reach $319.3 million, and by 5.2% to reach
$957.1 million;
For the third quarter, net income amounted to $31.2 million compared to
$32.5 million for the same period of the previous fiscal year. Net
income in the third quarter of the prior fiscal year included a $10.9
million favourable reduction of Cabovisao - Televisao por Cabo, S.A.
("Cabovisao") withholding and stamp tax contingent liabilities and an
unfavourable income tax adjustment of $6.1 million related to the
utilization of pre-acquisition tax losses in Cabovisao. Excluding the
two preceding adjustments, third quarter net income progressed by $3.5
million, or 12.7% when compared to the adjusted net income(1) of $27.7
million in the third quarter of fiscal 2009.
WestJet (TSX WJA)
WestJet reports a 19 per cent increase in June traffic
results with a load factor of 78.2 per cent. Revenue passenger miles (RPMs) or traffic increased 19.0 per cent year over year, and capacity, measured in available seat miles (ASMs), grew 10.9 per cent over the same period. The airline flew an additional 139,000 guests in June 2010 compared to June 2009.
Northgate Minerals Corporation (TSX/AMEX NXG)
is pleased to report that Hole YD10-198, located west of the Young-Davidson orebody, intersected 3.46 grams per tonne (g/t) gold over 79.5 metres (m) (estimated true thickness is 53.5m).
The Jean Coutu Group (PJC) (TSX PJC.A)
The Jean Coutu Group - First Quarter Fiscal Year 2011 Results
Revenues increased by 3.8% and OIBA increased by 8.3% during the first
quarter of fiscal year 2011 compared with the same period last year.
For the first quarter ended May 29, 2010, net earnings amounted to $43.2 million ($0.18 per share) compared with $10.3 million ($0.04 per share) for the first quarter ended May 30, 2009.
Taseko Mines Limited (TSX/NY TGB/TKO)
Panel Findings Consistent With Taseko Expectations and In-Line With Provincial Approval
On key environmental factors the Panel findings were entirely consistent with those of the Province, both concluding there are no significant environmental effects to air or water quality, no risk to fish in the Taseko River and no risk to human health associated with the project. Of the 24 potential environmental impacts identified in the conclusion section of the report, the Panel concluded 22 had no significant effect. Just two have a significant environmental effect - the loss of Fish Lake and its associated habitat, and the cumulative effects of human activity on grizzly bear, even though the mine itself has no significant effect on the grizzly population.
Teck Resources Limited (TSX/NY TCK.B/TCK)
Teck Reports Serious Incident at Greenhills
an explosion occurred in the coal dryer at Teck's Greenhills coal mine near Elkford British Columbia today at approximately 3.15 p.m. All employees, visitors and contractors have been accounted for. Four employees have been treated for minor smoke inhalation. Teck has mobilized teams to control a brush fire triggered by the explosion. The cause of the accident is not known at this time. Damage to the dryer building is extensive. It is expected to be several days before the damage can be fully assessed and the extent of the interruption of production at Greenhills can be estimated.
EXFO Inc (TSX/NSDQ EXF/EXFO)
EXFO Reports Record Sales and Bookings for Third Quarter of Fiscal 2010
Sales increased 44.9% to US$63.2 million in the third quarter of fiscal 2010 from US$43.6 million in the third quarter of 2009 and 16.8% from US$54.1 million in the second quarter of 2010.
Net bookings improved 58.2% to US$63.6 million in the third quarter of fiscal 2010 from US$40.2 million in the same period last year and 10.0% from US$57.8 million in the second quarter of 2010.
GAAP net earnings in the third quarter of fiscal 2010 totaled US$0.2 million, or US$0.00 per diluted share, compared to a net loss of US$23.3 million, or US$0.39 per share, in the same period last year and net earnings of US$1.2 million, or US$0.02 per diluted share, in the second quarter of fiscal 2010.
Gammon Gold Inc (TSX/NY GAM/GRS)
Gammon Gold Provides Updated Ocampo Production and Cash Cost Outlook for 2010
In 2010, at Ocampo, the Company expects to produce 100,000 to 110,000 ounces of gold and 4.40 to 4.95 million ounces of silver, or 180,000 to 200,000 gold equivalent ounces, using a gold-to-silver ratio of 55:1. Total cash costs for 2010 are expected to be $425 to $450 per gold equivalent ounce using the same gold-to-silver ratio of 55:1.
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