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Market: TSX
Sector: General Mining
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TSX News: Formation Metals, Corvus Gold, Nevsun, Bell Aliant and more

7th Feb 2012, 4:20 pm by Proactiveinvestors
TSX News: Formation Metals, Corvus Gold, Nevsun, Bell Aliant and more

Formation Metals (TSE:FCO) said Tuesday that Union Bank has taken over as lead arranger for the company's US$77.7 million credit facility, to be used for the development of its Idaho cobalt project.

A portion of the proceeds from the sale of the bonds will be used to finance the development of Formation's Idaho cobalt project, with the remaining funds held in trust in the company's construction account.

Brazil-focused Horizonte Minerals (TSE:HZM, LON:HZM) has completed the purchase of two nickel prospects adjacent to its key project at Araguaia. Horizonte entered into definitive agreements to buy 100 per cent of the Vila Oito and Floresta nickel laterite projects in July last year.

Corvus Gold (TSE:KOR) (OTCQX:CORVF) unveiled Tuesday drill results from 2011 on its LMS property in Alaska. The drilling was completed by First Star Resources last year, before the property was returned 100 percent to Corvus.

Newer results include hole LM-11-42, which intercepted 1.8 metres at 2.7 g/t gold and 17.7 g/t silver in the black breccia, and hole LM-11-43, which returned 1.8 metres at 2.7 g/t gold and 41.7 g/t silver in the black breccia.

Nevsun Resources (TSE:NSU) said Tuesday it expects gold production from its Bisha mine in Eritrea, East Africa in 2012 to be around half of what it initially anticipated due to over-estimations of the oxide gold resource.

The gold producer said it expects to produce between 190,000 to 210,000 ounces from its Bisha mine in Eritrea. This is about half of what the company was previously expecting, and falls short of the 379,000 ounces of gold produced a year ago.

Orvana Minerals Corp. (TSE:ORV) unveiled Tuesday results from a feasibility study on its Copperwood copper project in Upper Peninsula, Michigan, USA.

The study, which looked at a 13-year underground mining operation that uses conventional drill-and-blast methods, estimated that at the lowest modeled copper price of $2.50 a pound, and a silver price of $17.50 an ounce, net present value at an eight percent discount rate amount of $30.8 million.

After-tax internal rate of return was calculated at 11 percent, with a payback period of 6.2 years.

Bell Aliant (TSE:BA) reported its fourth quarter results and its 2012 forecast on Tuesday, beating analysts' estimates.
For the latest fourth quarter, Bell Aliant posted earnings of $80 million, or $0.35 per share. Adjusted for certain items, earnings rose to $0.42 per share, beating analysts' 37-cents per share estimate.

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