PROACTIVE CANADIAN NEWS SUMMARY: Rogers, Husky Energy, CIC Energy, Feronia, Atacama Pacific Gold, Latin American Minerals, Fission Energy, Snipp Interactive and others
Canadian corporate news Tuesday
In the corporate world on the Toronto Stock Exchange Tuesday, telcomm giant Rogers Communications (TSE:RCI, NYSE:RCI) reported second quarter adjusted operating profits slightly above market consensus, supported by what the company called “exceptionally strong margins” in both the wireless and cable businesses.
For the three months to end-June 2012, Rogers made adjusted operating profit of C$1.276 billion, or 91 cents a share, beating the market consensus of 86 cents for the period.
The figures compared to C$1.244 billion, or 86 cents, a year earlier.
In the oil and gas sector on Tuesday, Husky Energy’s (TSE:HSE) second quarter earnings were hit as lower crude prices and maintenance shutdowns took a toll.
Husky, which has oil and gas assets in Canada and Southeast Asia as well as refineries in British Columbia and Ohio, saw underlying earnings dip 32 per cent to C$445 million in the three months to June.
Planned shut-downs at SeaRose and Terra Nova in the Atlantic saw production in the quarter fall to 281,900 barrels of oil equivalent per day compared to 311,600 barrels a year ago.
CIC Energy (TSE:ELC) saw its shares rise Tuesday, a day after it said it has agreed to be bought by Jindal Steel and Power in an all cash transaction of $2.00 per share.
Shares increased over 13 per cent to $1.78 Tuesday afternoon.
Meanwhile, Thundermin Resources (TSE:THR) launched a 2,000 metre diamond drill program on the Stirling zinc-lead copper-silver and gold property, in Nova Scotia.
Moving on the junior exchange, crude palm oil producer Feronia (CVE:FRN) announced Tuesday the completion of the first tranche of its brokered private placement for a total of $4.8 million in proceeds.
Junior explorer Atacama Pacific Gold (CVE:ATM) was given a buy recommendation from Mine2Capital on Monday, with the research firm citing a "very large and simple metallurgy" asset.
Atacama's flagship Cerro Maricunga gold project is strategically located within the highly prospective Maricunga Mineral Belt, from which more than 100 million ounces of gold has been mined and/or discovered to date.
Elsewhere in the mining sector, iron ore, vanadium and titanium miner PacificOre Mining Corp. (CVE:PC) (OTCQX:APAFF) Tuesday announced an outline of the first planned drill program on the Lac Dore project, which has now been presented by the company's geological consultants.
PacificOre and its subsidiary Prestige Mining Corp. said the drilling program at Lac Dore has been designed to first drill six holes - close to six of the historic holes - in order to confirm geological and mineralogical context as well as the thickness and grade of the mineralization intersected in the past.
Castle Peak Mining (CVE:CAP) said Tuesday that it has amended the terms of its previously announced private placement offering, raising the total amount to up to $2.5 million. The offering will now consist of up to 14.7 million units at a price of 17 cents each.
Millrock Resources (CVE:MRO) said Tuesday that drilling has begun at its Council project on the Seward Peninsula in western Alaska.
Exploration at the Council project will target sediment-hosted vein gold deposits and the program consists of six holes totaling around 1,000 metres.
Latin American Minerals (CVE:LAT)(OTCQX:LATNF) unveiled Tuesday drill results from its Tacuru target, part of the X-Mile gold trend at Paso Yobai in Paraguay. Highlights from the most recent drilling results include 22.0 metres at 4.2 grams per tonne (g/t) gold, including 5.69 metres of 11.24 g/t beginning at surface in hole DDH-BT-08.
SilverCrest Mines (CVE:SVL) received coverage from Stonecap Securities Tuesday, maintaining an "outperform" rating and a one-year target price of $3.75 - up considerably from the current trading price of $1.84 per share.
Uranium explorer Fission Energy Corp (CVE:FIS) (OTCQX:FSSIF) Tuesday announced that assay results from its joint venture Patterson Lake South (PLS) property in Saskatchewan's Athabasca Basin have revealed evidence that the source of a high grade Uranium boulder field may be nearby.
Abzu Gold (CVE:ABS, OTCQX:ABZUF) has received a strong endorsement for its Nangodi gold project in Ghana after it secured a strategic partner that will assume operational management of Nangodi and invest C$2.5 million in the company.
Abzu told investors it signed a strategic investment proposal with Stonehouse Construction Pte Ltd, less than a week after announcing a placing to raise up to C$3 million for Nangodi and other projects in Ghana.
Meanwhile, in oil and gas news, Transeuro Energy (CVE:TSU) reported that testing operations on the Karl-101 well have been temporary delayed to mobilise additional equipment into Ukraine to eliminate water production in one of the intervals.
The company added that it decided not to report the flow rates tested to date as they “are not considered reliable indications of the well performance that may occur once the water is shut off”.
In the junior technology industry, mobile marketing services provider Snipp Interactive (CVE:SPN) announced Tuesday a new mobile event information and advertising solution that will make its debut at Bisnow Media's national Data Center Investment Conference & Expo in Washington, D.C. on July 24-25.
