TSX/TSX-V News: Rare Element Resources, Miranda, Selwyn Resources and more
For the fiscal third quarter ended March 31, Rare Element posted a total operating loss of US$5.3 million compared to US$2.0 million a year earlier.
Net loss for the period was US$5.3 million against US$1.6 million in 2011, or a loss of 12 cents versus 4 cents last time.
Dorel Industries (TSE:DII.B) reported fiscal first-quarter earnings dropped Friday, lagging behind analyst estimates, and also said it remains cautious about its outlook due to uncertain economic conditions.
Net income slumped to $29.2 million, 91 cents per fully diluted share, on $621.1 million in revenue for the January-March period.
Domtar Corp (TSE:UFS) announced Friday the $61 million acquisition of EAM Corp, a privately-held manufacturer of high quality absorbent composite solutions, from Kinderhook Industries.
Enerplus Corp (TSE:ERF) Friday reported a loss in its first quarter, and the Canadian company said is prepared to reduce spending and sell assets to "maintain a strong financial position."
For the period ended March 31, Enerplus posted a net loss of C$33.8 million, or 18 cents per share, compared with a profit of C$29.5 million, or 17 cents per share a year earlier.
Miranda Technologies (TSE:MT) said fiscal first-quarter profit slumped due to higher share-based compensation costs and expenses from its strategic review initiative, which masked a seven percent rise in revenue.
Net earnings were $928,000, or four cents per share, on $42.4 million in revenue for the first three months of the year.
Prophecy Coal Corp. (TSE:PCY) issued a statement late Thursday clarifying previous disclosures related to a feasibility study of a proposed mine-mouth power plant near its its Chandgana coal deposit in Mongolia.
Highlights from the newly announced drill results include hole DON-233, which intersected 27.85 metres true thickness, grading 6.09 percent zinc and 1.87 percent lead, including 10.87 metres grading 8.95 percent zinc and 2.62 percent lead.
Kermode Resources (CVE:KLM) announced Thursday it has entered into a property option and joint venture with privately-owned Blue Ridge Gold LLC, to acquire up to a 100 percent interest in the Eastgate gold property in Nevada.