Gloyne, a mining engineer with over 25 years of experience, has held several senior management positions with major mining and mining service firms across the globe.

Most recently, he acted as general manager (GM) of operations with Australian iron ore company, Brockman Resources. He also worked as GM of operations with Moly Mines Ltd during that company's bankable feasibility study on the 20 million tonne-per-annum Spinifex Ridge molybdenum project.

Gloyne will specifically aid PMI as it moves toward the development of its flagship Obotan gold project in Ghana.
Earlier this year, PMI unveiled what it called "outstanding" results from its NI 43-101 compliant pre-feasibility study for its flagship Obotan gold project in Ghana, West Africa.

The study, which was done by GR Engineering Services Limited, outlined a post-tax net present value (NPV) of US$416.4 million, assuming a gold price of US$1,300 per ounce, a five percent discount rate and a contract mining scenario, the company said.

The internal rate of return (IRR) for the open pit design project was calculated at 31 percent after tax, with a 2.9 year payback period from the start of gold production.

Initial capital costs were estimated at US$183.5 million, excluding pre-strip mining costs of just over $68 million, for a project with an average annual gold production forecast of 205,600 ounces per year over an initial 11.2 year mine life.

Life-of-mine production was projected at 2.1 million recovered ounces of gold, at a cash cost of US$690.2 per ounce, including royalties of seven percent, refining costs and pre-strip mining.

The production scenario assumes a hard rock carbon-in-leach (CIL) plant capacity of 3.0 million tonnes of ore per year for 10 years, with capacity of up to 3.84 million tonnes per year for soft oxides.

PMI Gold said the strong economics of the project provide a solid base for the feasibility study that is already underway, and is targeted for completion by the end of June this year, paving the way for a development decision in the third quarter.

The company also said it is already on track to finish the next resource estimate update before the end of February, which will include the results of 28,800 metres of additional diamond drilling.

The West Africa-focused company has also recently added two multi-purpose reverse circulation diamond core drill rigs to the project, and one rotary air blast rig.

The Obotan Gold project resources are located on the company’s Abore, Abirem and Adubea concessions, within the northern 15 kilometres of the 70 kilometre strike length of contiguous concessions which the company holds in the Asankrangwa Gold Belt.

The property was previously operated by Resolute Mining, and closed in 2002, after producing a total of 730,000 ounces of gold at an average grade of 2.2 g/t, when the gold price averaged roughly US$350 an ounce.
Gloyne's appointment is effective March 12, 2012.

On the TSX-Venture Exchange, PMI shares rose 1.68 percent to $1.21, as of 2:27 pm EDT.

The group is buying the licences and property of Orezone Gold Corp’s (TSE:ORE) Sega project located approximately 20 kilometres by road north of Kalsaka.

The merged company will control about 900 square kilometres of exploration ground in Peru's Macusani Plateau uranium district.

Copper Fox Metals (CVE:CUU) Friday announced further assay results from four diamond drill holes as part of the 2011 drill program on the Schaft Creek deposit in British Columbia, as well as unveiled metallurgical testwork from the Paramount zone of the project.

Among the highlights, diamond drill hole (DDH) CF419-2011, located in the Liard zone, intersected 0.46 percent copper, 0.41 grams per tonne (g/t) gold, 0.043 percent molybdenum and 2.15 g/t silver (0.96 percent copper equivalent) over an interval of 110.8 metres starting at a core length of 10.2 metres.

Salazar Resources (CVE:SRL) has closed a non-brokered private financing in a move that gives Lundin Mining (TSE:LUN) a 15.4 percent stake in the junior miner, the company said.

Lundin Mining acquired the stake by taking up over 80 percent of the private placement financing. Salazar noted it has granted Lundin a non-dilutive right to participate in future equity financings to maintain their ownership percentage.

African Queen Mines (CVE:AQ) said Friday that it has now resolved and completed all details of the legal settlement process relating to a land dispute over certain areas of its Rongo Gold Fields project in southwest Kenya.

As at 2.25pm EDT, the Dow Jones Industrial Average was up 1.10% to 12,845.28, the S&P 500 was up 1.29% to 1,342.66 and the NASDAQ was 1.52% to 2,903.06.

The US created 243,000 jobs in January, according to the latest figures from the US Labor Bureau, with the unemployment rate easing down to 8.3 percent from 8.5 percent, the lowest since February 2009.

The 243,000 increase in payrolls was the most since April and exceeded all forecasts in a Bloomberg survey by a wide margin.

December jobs data was also revised up to 203,000 jobs and November payrolls revised up to 157,000.

In corporate news, Tyson Foods (NYSE:TSN) saw its stock rise over five percent Friday, following news of its first quarter results, which beat analysts' estimates, despite higher feed ingredient costs during the period.

For the three months that ended December 31, the meat processor posted $156 million, or $0.42 per share in profits, down 48 percent from $298 million, or $0.78 per share, a year ago.

Analysts, however, had only expected $0.33 per share in earnings, according to Thomson Reuters. Sales rose over nine percent to $8.33 billion, from $7.62 billion in the same period last year.

Clorox Co. (NYSE:CLX) posted better-than-expected second quarter earnings driven by price increases, despite the company’s continued struggle with rising commodity and transportation costs.

Spirit maker Beam (NYSE:BEAM) said Friday its fourth quarter profit jumped 10 percent driven by its Skinnygirl cocktail brands, and higher margins, despite lower than expected sales.

However, shares in the Estee Lauder Companies (NYSE:EL) sank by as much as 6% Friday, as the company's third quarter forecast was well below analysts' estimates.

Japan's Panasonic Corp. (NYSE:PC) Friday warned of a record annual $10.2 billion net loss for its fiscal 2011 year, due to restructuring charges and writedowns for its Sanyo Electric unit.

The Japanese electronics firm joins rivals Sony (NYSE:SNE) and Sharp as they struggle to fix their broken TV businesses and show they have not lost their way.

On the economic front, factory orders for December rose 1.1%, slightly below expectations.

Elsewhere, the January installment of the ISM Services Index hit 56.8, surpassing economists' expectations for 53.1, and up sharply from the prior month.

Commodities

In NYMEX futures trading, crude for March delivery rose 70 cents, or 0.7%, to $97.03 a barrel while gold futures for April delivery settled at $1,740.30 an ounce, down 1.1%.

Europe

European markets closed sharply higher today with shares in London leading the region. The FTSE 100 was up 1.81%, while Germany's DAX rose 1.67% and France's CAC 40 gained 1.52%.

The company makes centrifugal and reciprocating compressors, steam turbines and control panels for the oil and gas sector.

Dresser-Rand now expects operating income of between $253 and $258 million in 2011. That is down from its prior range of between $275 and $315 million.

The company said the revised guidance is due to a shortfall in new unit sales, which it expects to realize in 2012.

Shares fell 7.57 percent to $48.87 a piece Friday afternoon in New York.

"Our fourth quarter operating income is expected to be close to a record level, however, it will be lower than our earlier expectation due primarily to a shortfall in new unit revenues," chief executive Vincent Volpe said in a statement.

"While this result is disappointing, it should be noted that this is more a question of timing rather than project margin erosion or higher than anticipated fixed costs. Hence the earnings are displaced out of the period but are not lost to the company."

For the quarter, it foresees new unit sales of about $350 million, which would be roughly $200 million lower than its previous expectations, the company said.

The shipment shortfall was principally due to supply chain delays on major buyouts and client requests to defer deliveries to 2012.  The issues with major buyouts were principally related to timely receipt of motors and other drivers, the company said.

Bookings for last year totalled about $2.9 billion. The company noted, however, that new unit bookings of about $1.5 billion were at the low end of its prior guidance range of $1.5 to $1.7 billion amid many "major awards" that did not close in the fourth quarter as previously thought.

Looking ahead, the company also lowered its full-year 2012 operating guidance. It now expects operating income between $360 and $420 million, down from its prior range of $390 and $450 million.

The company said the strengthening of the U.S. greenback relative to the Euro will adversely impact operating income for 2012 by about $30 million.

The unsolicited offer would see Magma shareholders receive two Panoramic shares for every 17 Magma shares held.

The deal implies a value of A$0.149 (C$0.16) per Magma share, an 87 percent premium to Magma's February 2 closing price on the ASX of A$0.08 per share.

Still, Magma said it considers the offer to be highly "opportunistic". Its board of directors has advised shareholders to take no action at this time.

The company said it will provide further advice to shareholders once it receives and analyzes Panoramic's official bidder's statement.

Panoramic, which is Magma's second-largest shareholder with a 9.34 percent stake in the company, said its offer is subject to Magma not spinning off its West Australian gold projects.

Late last year, Magma announced its plans to do just that, turning the projects into a new gold-focused exploration company, to be named Greenstone Metals.

At that time, Magma said the proposed transaction will allow it to focus on developing its platinum-palladium-copper-nickel project in Thunder Bay, Ontario.  The company has roughly 850 square kilometres of claims in northwest Ontario in the northern part of the Proterozoic Midcontinent Rift, a prospective but under-explored region for nickel-copper-platinum group metals deposits.

The miner intends to transfer its Lake Grace, Griffins Find, Laura River, Roe and Mt. Jewell projects in West Australia to Greenstone.

An initial public offering for Greenstone is expected to be launched in the first half of 2012, subject to market conditions, Magma said. Capital raised in the IPO will fund the advancement of the prospective West Australian gold projects.

Magma will retain a significant equity ownership in Greenstone, it added.

Magma shares spiked 68.75 percent in Australia, to A$0.135 per share, while jumping more than 82 percent to $0.155 in Toronto.

Friday afternoon, shares were down 13 percent to $3.61.

For the quarter that ended December 31, net income was $10.9 million, or 9 cents per share, down from $12.5 million, or 10 cents per share, a year earlier.

Adjusted net income was 14 cents per share.

Revenue rose two percent to $185.1 million. For the quarter, analysts on average had expected earnings of 13 cents per share, on revenue of $178.7 million, according to Thomson Reuters.

Smart Technologies' president and CEO, Nancy Knowlton, said: "Despite the continuing difficult macro environment for education funding, the demand for our collaboration solutions is being driven by international markets for our core products, new product introductions and healthy sales growth in attachment products.

"In addition, we expect the momentum in our business segment to continue, as we leverage new channel relationships and our collaboration solutions continue to drive tangible business value for enterprises worldwide."

The company expects adjusted net income for 2012 to decrease 10 percent and revenue to be near the low end of its guidance of flat to down five percent.

Gross margin for the quarter was 43 percent, down from 48 percent last year.

Canada's mining sector contributed $36 billion to the national GDP in 2010, and employed 308,000 workers in mineral extraction, smelting, fabrication and manufacturing.

An additional 3,215 companies supplied engineering, geotechnical, environmental, financial and other services to mining operations, the industry body said.

In 2010, the value of Canadian mineral production rose by 31 percent and mineral exploration increased by 35 percent.

The industry exported $84.5 billion worth of metals, non-metals and coal in 2010, which accounts for 21.2 percent of Canada's total exports.

Mining Association of Canada president and CEO, Pierre Gratton, said: "Mining in Canada is playing a leading role in Canada's economic recovery. We are generating significant results, we are creating valuable new jobs and we are optimistic about the opportunities in the future.

"Working responsibly and co-operatively, we believe mining will be a good news story for Canada for years to come."

According to the association, Canada's mining industry plans to invest a further $139 billion in new projects nationwide over the next decade.

The success of these projects will depend on several factors including: an efficient regulatory process, sufficient human resources and improved infrastructure.

The Mining Association of Canada is the national organization for the Canadian mining industry. Its members account for most of Canada's production of base and precious metals, uranium, diamonds, metallurgical coal, mined oil sands and industrial minerals and are actively engaged in mineral exploration, mining, smelting, refining and semi-fabrication.

Friday, the latest data from Statistics Canada showed 2,300 net new jobs were added in January due to layoffs in construction and professional services, which offset some growth in manufacturing.

The unemployment rate also edged up to 7.6 percent from 7.5 percent - the highest since April 2011, said Statistics Canada.

Economists expected 23,100 new positions, with the jobless rate holding steady at 7.5 percent.

As of 1:15pm ET, the S&P/TSX Composite was up 30.79 points, or 0.25%, to 12,584.27, while the more junior S&P/TSX Venture Composite rose 7.51 points, or 0.45%, to 1,668.08.

The US created 243,000 jobs in January, according to the latest figures from the US Labor Bureau, with the unemployment rate easing down to 8.3 percent from 8.5 percent, the lowest since February 2009.

The 243,000 increase in payrolls was the most since April and exceeded all forecasts in a Bloomberg survey by a wide margin.

December jobs data was also revised up to 203,000 jobs and November payrolls revised up to 157,000.

Canada's economy, however, fared far worse in comparison, adding a slight 2,300 net new jobs in January due to layoffs in construction and professional serivces, which offset some growth in manufacturing.

The unemployment rate also edged up to 7.6% from 7.5% - the highest since April 2011, said Statistics Canada.
Economists expected 23,100 new positions, with the jobless rate holding steady at 7.5%.

Commodities were mixed, with gold for April down 0.97% to $1,742.20 an ounce, while silver futures fell more than 1.1% to $33.79 an ounce.

Crude oil for March delivery ticked higher by 90 cents to $97.26 an ounce, while base metal copper contract prices gained nearly 3.2% to $3.9 a pound.

Metals and mining, industrials and financials were the three biggest gainers in Toronto, followed closely by the energy sector. Infotech and telecom were in the red.

The gold sector was impacted as Kinross Gold (TSE:K), Goldcorp (TSE:G), and Barrick Gold (TSE:ABX) all fell 1.7%, 2.12% and 2.07%, respectively.

Copper heavyweight Teck Resources (TSE:TCK.B) rose 2.33% on the price of the base metal, while Cline Mining (TSE:CMK) shares increased around 5.4%.

In energy, Suncor Energy (TSE:SU) gained 1.1%, while Talisman Energy (TSE:TLM) advanced 2.8%.

Financials were higher by 0.81% as Manulife Financial (TSE:MFC) rallied over 4%, while Bank of Nova Scotia (TSE:BNS) edged higher by 0.56%.

BlackBerry maker Research In Motion (TSE:RIM) (NASDAQ:RIMM) lost 1.86% as the company was downgraded to "underperform" from hold at Jefferies, with its price target slashed to $15 from $17. The smartphone maker also said it will give its tablet, the BlackBerry PlayBook, out to Android developers in exchange for their apps.

In corporate news, Magma Metals (TSE:MMW)(ASX:MMW) shares rocketed more than 76% after it said Friday morning that Panoramic Resources (ASX:PAN) made clear a plan to acquire the company.

The proposed offer consideration is two Panoramic shares for every 17 Magma shares held, which implies a value of AUD 14.94 cents per Magma share.

The unsolicited offer, said Magma, appears opportunistic, and advised shareholders to take no action in response to the proposal.

Aircraft component maker Héroux-Devtek (TSE:HRX) said Friday third-quarter profit ballooned by 33.8 percent, spurred by strong demand for heavy equipment in its industrial products business.

The maker of landing gears and airframe components for both commercial and military aircraft said sales rose 8.8 percent to $93.4 million in the period. That is up from $85.8 million last year.

For the quarter that ended December 31, net income jumped 33.8 percent to $6.9 million, or 23 cents per share, compared to a year-prior profit of $5.2 million, or 17 cents per share.

Salazar Resources (CVE:SRL) has closed a non-brokered private financing in a move that gives Lundin Mining (TSE:LUN) a 15.4 percent stake in the junior miner, the company said.

Lundin Mining acquired the stake by taking up over 80 percent of the private placement financing. Salazar noted it has granted Lundin a non-dilutive right to participate in future equity financings to maintain their ownership percentage.

Macusani Yellowcake (CVE:YEL) said Friday it was buying Southern Andes Energy (CVE:SUR) for about $10.1 million worth of stock, in a friendly bid intended to consolidate the junior uranium explorers' properties.

The merged company will control about 900 square kilometres of exploration ground in Peru's Macusani Plateau uranium district.

Paper and paper product maker, Domtar (TSE:UFS)(NYSE:UFS) said Friday its fourth-quarter earnings dropped on weak pulp sales.

For the three months ended December 31, the company posted earnings of $61 million, or $1.63 per share, down 81 percent from $325 million, or $7.25 per share, a year ago.

Adjusted for certain one-time items, earnings fell ten percent to $93 million, or $2.43 per share. Analysts polled by Thomson Reuters had estimated $2.15 per share in profits.

Total sales for the quarter fell 0.3 percent to $1.37 billion. The company also said pulp prices were expected to remain under pressure in certain geographies.

Digital whiteboard maker Smart Technologies (TSE:SMA) said its quarterly net profit declined 13% on costs related to moving its Ottawa assembly operations, as well as lower gross margins. The company's shares plummeted more than 14.4% in Toronto.

US/Europe

The bulls were back in the US, as equities rallied on a much stronger than expected jobs report, with the Dow at a near four-year high. The Dow was lately up more than 1.1% at 12,850.84 with the Nasdaq and S&P 500 seeing even higher gains.

Tyson Foods (NYSE:TSN) saw its stock rise over five percent Friday, following news of its first quarter results, which beat analysts' estimates, despite higher feed ingredient costs during the period.

For the three months that ended December 31, the meat processor posted $156 million, or $0.42 per share in profits, down 48 percent from $298 million, or $0.78 per share, a year ago.

Analysts, however, had only expected $0.33 per share in earnings, according to Thomson Reuters. Sales rose over nine percent to $8.33 billion, from $7.62 billion in the same period last year.

Clorox Co. (NYSE:CLX) posted better-than-expected second quarter earnings driven by price increases, despite the company’s continued struggle with rising commodity and transportation costs.

Spirit maker Beam (NYSE:BEAM) said Friday its fourth quarter profit jumped 10 percent driven by its Skinnygirl cocktail brands, and higher margins, despite lower than expected sales.

However, shares in the Estee Lauder Companies (NYSE:EL) sank over six percent Friday, as the company's third quarter forecast was well below analysts' estimates.

European markets closed sharply higher today with shares in London leading the region. The FTSE 100 was up 1.81%, while Germany's DAX rose 1.67% and France's CAC 40 gained 1.52%.

The move will add 40,000 barrels per day of new production to Canada's largest oil sands development.

Imperial - part of Exxon Mobil Corp. (NYSE:XOM) - said the Nabiye project will tap into a further 280 million of reserves at the project. It will also include a 170-megawatt co-generation plant to produce steam and electricity and a facility to process the tar-like bitumen produced at the site.

The Cold Lake project currently produces about 160,000 barrels per day using thermal methods that involve steam being pumped into the ground to liquefy the bitumen deposits so they can be pumped to the surface.

The expansion is one of a number of multibillion-dollar projects aimed at boosting production from the region's oil sands, the world's third-largest natural crude reserve and the largest single source of US oil imports.

Imperial is Canada's second-biggest oil producer and refiner, and received regulatory approval for the expansion in 2004.

The company's shares were up 49 Canadian cents at C$47.49 by mid-morning Friday on the Toronto Stock Exchange.

For the three months that ended December 31, the company reported revenues jumped 18 percent to $32.1 million from $27 million a year ago.

The company posted a profit of $2.9 million, or seven cents per share, compared with a year ago loss of $802,000, or two-cent-per-share loss.

Analysts polled by Bloomberg expected a loss of one penny, on revenues of $31.4 million.

"The company’s drive and execution were evidenced this quarter by the release of new clinical and economic data, new products and best ever financial performance," chief executive Michael Minogue said in a statement.

"With Impella at an annual run rate of over $100 million and growing greater than 30 percent, we believe Abiomed is in just the early innings of our potential market and look forward to the future."

The Impella is a pump that pulls blood from the left ventricle through an inlet area near the tip, and expels blood from the catheter into the ascending aorta, used for patients that have heart failure.

Sales for the device worldwide rose 31 percent to $27.7 million in the quarter, from $21.2 million a year ago.

In the United States, Impella sales rose 30 percent to $25.5 million. An additional 37 hospitals in the U.S. purchased Impella 2.5 during the quarter, bringing the total to 605 Impella customer sites.

Total U.S. revenue of $29.6 million was up 17 percent from $25.3 million in the prior year, while revenue from outside the U.S. totaled $2.6 million, up 37 percent.

Gross margin nudged up slightly to 80.5 percent from 80 percent a year earlier.

For fiscal year 2012, the company raised the low end of its revenue guidance. It now expects sales to be to between $122 and $125 million, up from its prior forecast of $120 to $125 million.

Analysts polled by Bloomberg expect revenues of $123 million.

Abiomed, based in Massachusetts, makes medical devices that provide circulatory support to acute heart failure patients.

Shares rose 5.56 percent to $20.31 each Friday afternoon on the Nasdaq.

On the Nasdaq Exchange, Threshold shares skyrocketed 78.29 percent to $2.30, as of 12:10 pm EDT.

Under the terms of the agreement, Merck will receive co-development rights and exclusive global commercialization rights, and will provide Threshold with an option to co-commercialize the drug in the U.S.

In return, Threshold will receive an upfront payment of $25 million, and could receive up to $35 million in additional development milestones throughout 2012, including $20 million based on positive results from its randomized phase two trial in pancreatic cancer.

Total milestone payments will come in at $525 million, comprised of $280 million in regulatory and development milestones, and $245 million in sales-based milestones.

"We are excited by the new resources that our partnership is going to bring to the development of TH-302 and the expertise in clinical development and commercialization that Merck will contribute to this program," said Barry Selick, Threshold president and CEO.

"This collaboration provides Threshold a strong and committed partner with a shared vision for TH-302."

In the U.S., Threshold will have the primary responsibility for developing the drug in the soft tissue sarcoma indication. Sarcomas are a group of aggressive cancers of the connective tissue of the body, for which there are limited treatment options.

Soft tissue sarcomas are currently treated with surgery, chemotherapy and radiation.

It is estimated that 10,520 people were diagnosed with soft tissue sarcoma in the U.S. in 2010, with an estimate of 3,920 people dying from the disease, according to the American Cancer Society.

The companies will jointly develop the TH-302 drug in all other cancer indications, with Merck paying 70 percent of the global development costs.

Following FDA approval, Threshold will receive a tiered, double-digit sales royalty from the commercialization of TH-302. Threshold also retains the option to co-promote the drug in the U.S., earning up to 50 percent of U.S. profits, based on certain revenue tiers, it said.

Outside the U.S., Merck will be solely responsible for the commercialization of the drug, with Threshold to receive a tiered, double-digit sales royalty.

Head of Merck's global business development and strategy segment, Susan Jane Herbert, said: "The addition of TH-302 to our pipeline provides an important opportunity in several different tumor types to expand our oncology development program.

"Given the fact that pancreatic cancer is a very difficult to treat indication, successful Phase II results could represent an important upside for our company."

TH-302 is currently being investigated in a global phase three clinical trial in patients with soft tissue sarcoma, as well as a randomized phase two trial in patients with advanced pancreatic cancer.

The drug works by targeting hypoxia, the low oxygen condition found in microenvironments of most solid tumours, as well as the bone marrows of some hematologic malignancies.

Shares were up seven percent Friday morning to $1.46.

Among the highlights, diamond drill hole (DDH) CF419-2011, located in the Liard zone, intersected 0.46 percent copper, 0.41 grams per tonne (g/t) gold, 0.043 percent molybdenum and 2.15 g/t silver (0.96 percent copper equivalent) over an interval of 110.8 metres starting at a core length of 10.2 metres.

DDH CF419-2011 also intersected 0.55 percent copper, 0.20 g/t gold, 0.013 percent molybdenum and 1.88 g/t silver (0.76 percent copper equivalent) over an interval of 136.7 metres starting at a core length of 121.0 metres.

Meanwhile, hole DDH CF417-2011 returned 0.24 percent copper, 0.08 g/t gold and 1.27 g/t silver over a 21 metre interval, starting a core length of 399.0 metres.

DDH CF423-2011, located 650 metres west of the Liard zone of the Schaft Creek deposit, intersected three significant intervals of copper-silver mineralization. The mineralization in this hole is open along strike and at depth, the company said.

Copper Fox president, Elmer Stewart, said: "DDH CF419-2011 was drilled for geotechnical purposes in one of the proposed starter pits and intersected significant intervals of higher grade copper mineralization and of note, higher gold and molybdenum values closer to surface.

"The geotechnical holes DDH CF417-2011 and DDH CF423-2011 have intersected significant intervals of copper mineralization a considerable distance outside the current limits of the Schaft Creek deposit, which suggests a considerable amount of additional drilling is required to define the outer limits of the Schaft Creek deposit.

"Upon receipt of the assay results from the remaining seven diamond drill holes of the 2011 program, expected shortly, the company will initiate the preparation of an updated "Resource Estimate" to include the results of the 2011 program."

Copper Fox also reported Friday metallurgical testwork on composite samples of mineralization from the Paramount zone at Schaft Creek, which yielded an average recovery of 89 percent for copper, 64 percent for molybdenum, 73 percent for gold and 58 percent for silver to a bulk concentrate grading between 31 and 32 percent copper.

"The metallurgical test work results for the Paramount zone are very encouraging, showing a high percentage recovery for the various metals including silver," continued Stewart.

Copper Fox is a Canadian resource company working on the development of the Schaft Creek copper-gold-molybdenum-silver mineral deposit in British Columbia, one of the largest undeveloped mineral deposits in North America.

A feasibility study is being led by Tetra Tech WEI, on a minimum 120,000 tonne per day open pit mine, which is expected to be completed during the first quarter of 2012.

For the three months that ended January 1, 2012, the diversified consumer products company, which supplies products from batteries and home and garden products to shaving and personal care products, reported net income of $13.1 million, or 25 cents per share, compared to a net loss of $19.8 million, or a 39-cent-per-share loss, in the year ago quarter.

Adjusted for acquisition and integration charges, as well as restructuring costs and other items, earnings per share came in at 69 cents for the first quarter, beating the 61 cents expected by analysts polled by Thomson Reuters.

However, Spectrum Brands reported consolidated net sales of $848.8 million, a decrease of 1.4 percent compared with $861.1 million a year earlier. The most recent figure fell short of the $881 million in revenue analysts were looking for.

The company said the decline was driven by the timing of net sales, most notably in the global battery category, between the fourth quarter and first quarter versus a year ago, coupled with the elimination of certain "unprofitable" North American promotions, primarily in the small electrical appliances category.

Spectrum also said sales were hurt by $6.1 million of foreign exchange.

“Our lower net sales were a function of the timing of retailer orders between our fiscal fourth and fiscal first quarters this year versus last year and our decision to eliminate low margin North American appliance promotions in the holiday season,” said CEO Dave Lumley.

"We expect our revenue growth to accelerate in the second half of fiscal 2012 based upon distribution gains we have already secured."

In the global batteries and appliances unit, sales fell to $689.2 million versus $696.6 million a year ago, due to reduced North American and Latin American battery net sales, and slightly lower global personal care revenues, partially offset by increased European battery net sales.

Segment profits rose to $89.9 million, up from $79.4 million in the first quarter last year.

The pet supplies unit reported sales of $134.9 million, down 1.5 percent from a year earlier. Profits in the division were $13.2 million, essentially flat with earnings of $13.4 million in the prior year period.

Meanwhile, the home and garden unit saw sales of $24.7 million in the latest quarter, down 10.2 percent from the first quarter a year ago. This was primarily due to the timing of customer returns of lawn and garden control products, Spectrum said.

The first quarter of the fiscal year is generally a period of building inventory in advance of the unit's major selling season, which occurs in the spring and summer months. First quarter net sales for the home and garden segment are typically less than nine percent of full-year net sales.

The business recorded a narrower net loss of $6.4 million in the period, down from $7.5 million due to operating expense management and cost improvement initiatives, it said.

"With our solid first quarter reported today, we believe we are on target to deliver yet another year of measured growth and additional value creation in fiscal 2012,” continued Lumley.

"Our Spectrum Value Model is working effectively in a challenging environment marked by sluggish retail activity, tighter retail inventories, inflationary pressure, and rising commodity and Asian supply chain costs."

The company reaffirmed its outlook for improved full-year financial results, and expects fiscal 2012 net sales to increase at or above the rate of GDP. It also anticipates a profit in fiscal 2012 versus a net loss in the previous year.

Spectrum also said it is on track to deliver between $10 to $15 million in savings from the restructuring of its pet supplies division, expected to be fully realized by the end of fiscal 2012.

During the first quarter, the company repurchased 491,297 shares of its common stock for a total cost of $13.0 million.

Shares were up 3.4 percent Friday, to $30.39 as of 11:50am ET.

The maker of landing gears and airframe components for both commercial and military aircraft said sales rose 8.8 percent to $93.4 million in the period. That is up from $85.8 million last year.

For the quarter that ended December 31, net income jumped 33.8 percent to $6.9 million, or 23 cents per share, compared to a year-prior profit of $5.2 million, or 17 cents per share.

"Héroux-Devtek posted another solid performance in the third quarter, as sales rose for all product lines, profitability further increased and our financial position strengthened," chief executive Gilles Labbe said in a statement.

"During the quarter, we inaugurated our new manufacturing facility in Queretaro, Mexico. This strategic expansion further enhances our flexibility, value proposition to OEMs and overall competitiveness."

Revenues rose 5.3 percent to $83.6 million in its aerospace unit, due to higher sales for business jet programs, which more than offset lower sales from some military programs.

Landing gear sales rose 6.6 percent to $59 million, thanks to increased activity from some large commercial aircraft programs. Aerostructure product sales grew 2.6 percent to $24.5 million.

For the quarter, its industrial unit posted sales growth of a whopping 53.1 percent to $9.8 million, driven by more demand for heavy equipment in the mining sector, and higher sales to the power generation industry, the company said.

Héroux-Devtek also makes parts for power generation equipment and precision components for other industrial applications. About 70 percent of the company’s business comes from outside Canada, mainly in the United States.

The company has facilities in Montreal, Kitchener and Toronto as well as plants in Arlington, Texas; Springfield, Cleveland; and Cincinnati, Ohio, as well as in Mexico.

Lundin is a Canadian base metals mining company which has operations in Portugal, Spain, Sweden and Ireland. It produces copper, zinc, lead and nickel.

Salazar chief executive, Fredy Salazar, said: "Lundin Mining is world-renowned for their successes in identifying and advancing high quality mineral development projects through to production."

"We look forward to working with this experienced and highly regarded group. Salazar management believes the new interest and investment by Lundin, as well as Silvercorp's continued investment and support is a testament to the quality and potential of the El Domo project."

The merged company will control about 900 square kilometres of exploration ground in Peru's Macusani Plateau uranium district.

Macusani president and CEO, Peter Hooper, said: "By consolidating the land holdings in the Macusani uranium district, we are establishing ourselves as a highly prospective jurisdictional play in the growing Macusani district of Peru."

"Over the medium to long term, this transaction also provides us with the flexibility to consider other development scenarios within the district, including the construction of a larger production facility."

Under terms of the deal, Southern Andes shareholders will get 0.8 of a Macusani share for each share they hold in Southern Andes.

Southern Andes has also agreed as part of the deal to distribute all of its holdings in subsidiary Caracara Silver (TSE:CSV) to its own shareholders.

Upon completion, Macusani shareholders will own about 65 percent of the combined company, while Southern Andes shareholders will hold 35 percent.

Southern Andes president and CEO, Nick Tintor, added: "The proposed transaction provides our shareholders with the opportunity to participate in the growth potential of the combined exploration assets in the Macusani district and to realize the value of Southern Andes' investment in Caracara."

"This transaction will create a significant uranium exploration company with the management team and balance sheet to realize the full potential of the newly combined project portfolio."

The deal requires both shareholder and regulatory approvals.

The merged company will control about 900 square kilometres of exploration ground in Peru's Macusani Plateau uranium district.

Macusani president and CEO, Peter Hooper, said: "By consolidating the land holdings in the Macusani uranium district, we are establishing ourselves as a highly prospective jurisdictional play in the growing Macusani district of Peru."

"Over the medium to long term, this transaction also provides us with the flexibility to consider other development scenarios within the district, including the construction of a larger production facility."

Under terms of the deal, Southern Andes shareholders will get 0.8 of a Macusani share for each share they hold in Southern Andes.

Southern Andes has also agreed as part of the deal to distribute all of its holdings in subsidiary Caracara Silver (TSE:CSV) to its own shareholders.

Upon completion, Macusani shareholders will own about 65 percent of the combined company, while Southern Andes shareholders will hold 35 percent.

Southern Andes president and CEO, Nick Tintor, added: "The proposed transaction provides our shareholders with the opportunity to participate in the growth potential of the combined exploration assets in the Macusani district and to realize the value of Southern Andes' investment in Caracara."

"This transaction will create a significant uranium exploration company with the management team and balance sheet to realize the full potential of the newly combined project portfolio."

The deal requires both shareholder and regulatory approvals.

For the three months that ended December 31, the retail real estate investment trust (REIT) posted net earnings of $362.9 million, or $1.24 per share, up 67 percent from $217.9 million, or $0.74 per share, a year ago.

The company also posted funds from operations (FFO), a key metric for REITs, of $678.9 million, or $1.91 per share, up over six percent from the year-ago period.

Analysts had anticipated $1.90 per share in FFO, and $0.90 per share in earnings for the quarter.

Revenues rose 4.6 percent to $1.2 billion, from $1.1 billion a year ago. Analysts had expected $1.16 billion in sales.

"Our portfolio of high quality assets continues to demonstrate strength as our regional malls and Premium Outlets generated comparable property net operating income growth of 4.5% in the quarter," said CEO David Simon.

"Occupancy in the portfolio was 30 basis points higher than one year ago and our tenants reported a robust increase in sales of 10.7%.

"Given our results in 2011 and our current view of 2012, we are also pleased to announce an increase in our quarterly dividend to $0.95 per share from $0.90."

Revenues from minimum rent increased five percent to $706.1 million in the quarter, while overage rent rose 15 percent to $65.1 million.  Overage rent, included in leases for retail stores, is an amount paid based on gross sales, over the base rent.

Tenant reimbursements increased six percent to $315.9 million, and management fees were up two percent to $35.0 million.

During the fourth quarter and after, Simon said the company committed to several acquisitions and dispositions.

It exchanged its 50 percent ownership in six malls and one community centre with the Macerich Company, another REIT, for Macerich's 50 percent ownership in five malls and one community centre. Simon said it recorded a net gain during the quarter in relation to this deal.

It also disposed of its interests in Gwinnett Place, Factory Merchants Branson, and Crystal River Mall, as well as its 45 percent interest in Gallerie Commerciali Italia. It acquired an additional 25 percent interest in Del Amo Fashion Center, bringing its total ownership to 50 percent.

In the U.S., renovations and expansions are underway at 23 centres, Simon said, while internationally, it completed the 90,000-square-foot expansion of its 40 percent owned Ami Premium Outlets in Japan.

Simon also broke ground on the Busan Premium Outlets, of which it owns 50 percent, located in southeastern Korea.

For the full year, Simon posted net income of $1.02 billion, or $3.48 per share, up 67 percent. FFO for the full year rose 38 percent to $2.4 billion, or $6.89 per share. Revenues were up nine percent to $4.3 billion.

Looking forward, Simon said it expects FFO for the full year fiscal 2012 to be between $7.20 and $7.30 per share, with earnings in the range of $3.28 to $3.38 per share.

In New York, shares of the Indianapolis, Indiana-based company rose 0.72 percent to $138.44, as of 10:53 am EDT.

Gulf Keystone Petroleum (LON:GKP) has received permission to transfer its interest in the Hassi Ba Hamou permit in Algeria to BG Group and Sonatrach at no cost. 

The receipt of formal government approvals ends a process that began back in 2010.

It is part of a strategic exit from the country which will allow the company to concentrate on its world class oil assets in Kurdistan, the semi-autonomous region of Iraq.

Todd Kozel, company’s chief executive, said:  "We are pleased that with the HBH transfer we have made good progress towards achieving our goal of a gradual strategic exit from Algeria. 

“We are firmly focused on our operations spanning four exploration blocks in the Kurdistan Region of Iraq, including the Shaikan world-class discovery, where the 2012 and 2013 high impact drilling campaign is currently underway following excellent results achieved in 2011.”

The flagship Shaikan block is estimated to contain 8 billion barrels of crude calculated on a P90 basis – meaning the oil has a 90 per cent certainty of being produced.  The P10 value is 13.4 billion barrels, giving a mean figure of 10.5 billion barrels.

The last update was possibly one of the most encouraging so far as the company’s chief operating officer, John Gerstenlauer, said the Shaikan-4 may be the best well it has logged to date.

It achieved a flow rate of 4,970 barrels and 7 million standard cubic feet of gas a day from a thin zone at the bottom of the lower-lying Kurre Chine B formation.

The oil was a 39 degree API light crude, while the gas flowed at a wellhead pressure 1,101 PSI. 

In the Kurre Chine C, Shaikan-4 achieved a flow rate of 563 barrels a day and flowed 3.65 million cubic feet of gas. These were two of seven planned well tests.    

Isarene hosts the world class Ain Tsila gas field. 

The deal was first struck in April last year. Petroceltic says it is now owed over US$100 million from the deal and payment is due in the next 30 days.

"We are delighted to announce the completion of the Enel farmout and formally welcome our new partner to the Isarene Licence,” said chief executive Brian O'Cathain.

“Since announcement of the deal in April 2011 we have forged a valuable and co-operative working relationship with Enel and Sonatrach, culminating in the completion of the highly successful appraisal campaign. 

“We look forward to a long and successful relationship in this outstanding asset."

Under the terms of the deal, ENEL agreed to pay to US$36.75 million to Petroceltic. This gives the firm more than 24 per cent of all back costs incurred from 2005 until the end of the exploration period in April 2010. 

Additionally ENEL had to commit to funding 49 per cent of the costs associated with the recently completed six well appraisal drilling programme. These costs are capped to a maximum of US$145 million.

Furthermore, there is a further potential payment which is contingent up the outcome of future appraisal as well as future reserve volumes and production volumes. This could be worth as much as US$75 million for the company.

The company now retains a 56.625 per cent interest in the licence while Algeria’s national oil company Sonatrach owns 25 per cent and ENEL owns 18.375 per cent.

Earlier this week broker Daniel Stewart came out with a bullish assessment of Petroceltic. It says the firm has a well diversified asset base that has ‘game changing’ potential.

The bullish view is reflected in the broker’s punchy price target, set at 13.7p, which implies nearly 70 per cent upside from the current price of 8.2p a share.

The two drill holes were  a mile apart and had found two targets within a clearly identified porphyry system, containing copper, molybdenum and zinc, it added.

The drills encountered copper values in the range of 300-600 ppm, with zinc values greater than 200 ppm.

One hole showing visible molybdenite is being re-drilled after caving while there will be  further additional drilling to determine if economically viable higher grades are present.

David Newton, VANE’s chief executive, said: "These are encouraging results, showing a mineralised porphyry and confirming our geological theory that the porphyry systems that have been successfully discovered and mined at surface in this part of the US, also occur at depth.“

“Further drilling is required over the coming months to confirm whether this porphyry has economic potential. This successful drilling result at what is only our third project on this very favourable mineral trend gives us confidence of further exploration success in our remaining projects, " he added.

VANE added that the drill currently working at McGhee Peak will be moved to its next copper target once the re-drilling of hole MP-1 is completed as additional drill holes will require permitting. Permitting of the additional holes at McGhee Peak is underway.

VANE’s focus is the porphyry copper systems of the south-west US, and its targets on either side of the Arizona-New Mexico border. This is an area that is home to 60 per cent of all US production of the metal.

McGhee Peak is located on the Hillsboro-Chino-Tyrone-Bisbee porphyry mineral trend in southwest New Mexico.

Centamin is to take 67 million of the 161 million new shares to be issued and when added to its existing holding it will own 14.08 per cent of Nyota.

East Africa-focused Nyota said the £9.66 million raised would enable it to develop the Tulu Kapi gold project in Ethiopia between completion of the definitive feasibility study and before project finance.

Nyota added it would also be able to continue exploration on its Northern Block properties with the extra cash.

Richard Chase, Nyota’s chief executive, said he was delighted with the response from large shareholders to the cash call and also with Centamin’s involvement.

“The backing of an industry peer is encouraging, both for the prospects for Tulu Kapi and wider exploration within our Ethiopian assets and we greatly look forward to Centamin's ongoing support of our efforts in Ethiopia.” 

He also said he expects there to a number of cash calls from other exploration companies in the next four months and Nyota had to ensure it had enough money to carry out its objectives beyond this year.

The shares to be issued represent 25.19 per cent of the existing share capital. 

About 147 million will be issued to UK investors at 6p each, with the remaining 14 million sold Australian investors at A$0.089.

The takeover of Uranium miner Kalahari Minerals (LON:KAH) by Chinese state-owned Guangdong Nuclear (CGNPC-URC) has now been declared unconditional.

In a statement this morning, CGNPC-URC said all of the conditions of its 243.55 pence per share offer for Kalahari have now been satisfied or waived and urged Kalahari shareholders who have not yet accepted the offer to do so “without delay”.

Acceptances have so far been received for shares representing 89.5 percent of Kalahari’s share capital.

The offer, valuing the group at £630 million, was announced and recommended by Kalahari back in December and received the approval of Namibian regulators in January.

Kalahari’s main asset is a 42.5 per cent stake in Extract Resources (ASX:EXT, TSE:EXT), which is developing the Husab Uranium project in Namibia.

Extract received a mining licence at the start of December that will enable the project to move into its production phase, establishing Husab as one of the three largest Uranium mines in the world.

CGNPC-URC has made its offer in conjunction with CADFund, an equity investment fund, indirectly 100 per cent owned by China Development Bank Corporation.

Today’s drilling report included the results received by the company since the last drilling update on December 20, including the last drill hole on the La India vein set and nine drill holes on the America vein set totalling 2,331 metres.

Condor reported a wide high grade gold intercept on the India-California structure including 4.19 metres grading 6.94 grammes per tonne (g/t) from the California vein and an interval of 7.37 metres at 6.31 g/t gold from the India vein.

The company said the two veins are just 25 metres apart at this intercept, which “adds credibility” to the potential for open pit mining.

The most significant results came from the Natalia vein, which was intercepted in six out of nine drill holes and is open in both directions along strike. The grades reported form this vein included 4.22 g/t gold over eight metres.

Condor is currently working on determining the 2012 drill programme, which it hopes will help it hit its target of increasing the La India resource to two million ounces of gold.

The company also plans to convert inferred resources into the indicated category, define potential open pit targets and proceed with feasibility studies for a commercial mine.

Condor decided to pause drilling during January to reassess its exploration strategy following the larger than expected mineral resource of 1.62 million ounces at La India announced on December 30.

Last week, the company received data for 3D models used to interpret the resource and plan future drill programmes.

New targets generated by the 2011 drilling campaign and recommendations from a mine concept study by consultants SRK Consulting will be used to determine drill programmes for 2012.

Investors welcomed the report as shares in Condor rose four per cent to trade at 6.75 pence in early deals, valuing the company at £37.7million.

The Japanese electronics firm joins rivals Sony (NYSE:SNE) and Sharp as they struggle to fix their broken TV businesses and show they have not lost their way.

Together, Panasonic, Sony and Sharp Corp expect to lose $17 billion this year, highlighting the savaging of Japan's electronics industry by foreign rivals led by South Korea's Samsung Electronics, as well as weak demand and a strong yen.

With TVs becoming smart - linked to other devices like tablets and smartphones - an inability by Panasonic to win in the TV market risks hobbling sales across their wider consumer electronics line-up.

Panasonic trimmed its forecast for the number of flat-screen TVs it will sell by 1 million to 18 million sets for the year ending March.

The company, which is in the process of shedding 17,000 jobs by the end of March, also missed third-quarter market forecasts, diving to a loss of 197.6 billion yen from a profit a year earlier, much of the damage coming from the TV business.

The yen's strength against the dollar and euro, which erodes foreign earned income when repatriated to Japan, also hurt Panasonic, which gets just under half its sales from outside the country.

At a press briefing, Panasonic president Fumio Ohtsubo apologized for the unprecedented loss.

"I feel the responsibility for the huge amount," Ohtsubo said.

He gave no sign, however, that he would step aside to let someone else try to revamp the sprawling consumer electronics giant, as Sony's boss Howard Stringer has done.

Thursday, Sony warned of a bigger-than-expected annual loss as it announced that Kazuo Hirai will take over from Stringer as chief executive in April.

By 2015, annual global sales of liquid crystal TVs will contract by eight percent to $92 billion, forecasts flat panel industry research company DisplaySearch. Worse still, plasma sets, a market that Panasonic dominates, will shrink 38 percent to $7 billion.

Moody's Investors Service downgraded the debt ratings of Panasonic and Sony last month and retained a negative outlook for both, citing their continued TV losses.

It's not only TVs, though, that pose a risk to profits and are keeping investors away from Panasonic shares, analysts say.

Weighing on Panasonic's finances, and adding to 514 billion yen in restructuring costs, is a 250 billion yen goodwill writedown from the 2009 acquisition of Panasonic's rival Sanyo, bought as part of a strategy to focus more on business-to-business markets such as auto components and green technologies.

If that business performs poorly, analysts say there could be a need for a bigger write-off.

Ohtsubo said he had no regrets over buying Sanyo. The acquisition, he insisted, "provided clarity about the future course of Panasonic".

Panasonic does expect to make an operating profit - which excludes one off items such as restructuring charges - though this is now seen at just 30 billion yen, down from a previous 130 billion yen forecast.

In its previous year, Panasonic logged an operating profit of 305 billion yen.

The producer of Jim Beam whiskey, Courvoisier cognac, Canadian Club whiskey and Skinnygirl cocktails posted sales, excluding excise taxes, of $637.5 million, shy of analysts’ calls for $643 million.

For the fourth quarter that ended December 31, net income was $94.1 million, or 59 cents per share, up by more than 10 percent from a year-ago profit of $85.4 million, or 55 cents per share.

Excluding one-time items such as restructuring charges and asset impairments, adjusted earnings were 69 cents a share.

Analysts polled by Bloomberg forecasted earnings of 67 cents a share.

"2011 was an extraordinary year for Beam," said president and CEO Matt Shattock.

"We launched Beam as a leading standalone spirits company, while we continued to outperform our markets and prime our business for sustainable, profitable long-term growth."

Last year, Beam was renamed after the Fortune Brands conglomerate sold its golf unit and spun off its home and security business to create Fortune Brands Home & Security (NYSE:FBHS).

In North America, comparable net sales rose two percent in the quarter, hurt by a "significant" inventory reduction in Mexico in advance of its distributor transition in that market.

Sales for its "power brands" rose nine percent, which benefited from its namesake brand Jim Beam, as well as Teacher’s and Courvoisier.

The "rising star brands" unit saw sales climb 42 percent, driven by growth in Skinnygirl cocktails which it acquired last year, and Effen vodka, up 28 percent. Its Laphroaig brand, a single malt whiskey, saw sales rise 13 percent.

Gross margin rose to 57.2 percent from 56.6 percent a year earlier.

In December, Beam announced that it had acquired Irish whiskey producer Cooley Distillery for $95 million in a cash and stock deal.

Looking ahead to 2012, the company forecasted full year per share earnings before charges and gains to rise in the high-single digit range, against its 2011 base of $2.12. Analysts expected to see $2.41 per share for the year.

Beam’s stock closed Thursday at $53 each in New York.

In New York, shares of the Springdale, Arizona-based company gained 3.44 percent to $19.26, as of 8:18 am EDT.

For the three months that ended December 31, the meat processor posted $156 million, or $0.42 per share in profits, down 48 percent from $298 million, or $0.78 per share, a year ago.

Analysts, however, had only expected $0.33 per share in earnings, according to Thomson Reuters.

Sales rose over nine percent to $8.33 billion, from $7.62 billion in the same period last year.

Sales from the company's pork line rose 19.1 percent to $1.48 billion, mainly on a 2.6 percent rise in volume and a 16.1 percent increase in price. The segment's strong results helped to offset declining volumes in all other businesses.

In its chicken segment, Tyson reported a 5.5 percent rise in sales to $2.76 billion, as prices increased 11.3 percent, offsetting a 5.3 percent drop in volume.

In beef, sales rose 9.8 percent to $3.47 billion as prices jumped 19 percent, though volume fell 8.5 percent.

Prepared foods posted a 1.4 percent drop in volume, but an 8.4 percent rise in price, leading to a 6.8 percent increase in revenues, to $861 million.

"Even with higher feed ingredient costs, our chicken segment returned to profitability in the fiscal first quarter on improved pricing and execution," said president and CEO, Donnie Smith.

"Prepared Foods had a strong performance, and the Pork segment continued to produce outstanding results.

"Our beef segment is experiencing a rough patch as a result of challenging market fundamentals. Although we are still outperforming industry indexes, if current conditions continue, our beef results will be pressured in our second quarter.

"Our Q1 results demonstrate that we are competitive and that our multi-protein, multi-channel, multi-national business puts us in a position to deliver sustainable earnings over time."

Gross profit margins, however, fell to 5.9 percent from 9.8 percent a year earlier.

Looking forward, Tyson said it continues to expect full year fiscal 2012 sales to exceed $34 billion, as it continues to institute price increases related to the decline in the domestic availability of protein.

The 243,000 increase in payrolls was the most since April and exceeded all forecasts in a Bloomberg survey.

The average hourly wages rose 0.2 percent to $23.29 while the average workweek was unchanged at 34.5 hours.

December jobs data was revised up to 203,000 jobs and November payrolls revised up to 157,000.

Job growth in January was widespread in the private sector, with large employment gains in professional and business services, leisure and hospitality, and manufacturing, the Labour Department said Friday.

Markets reacted positively to the news. As at 8.45am EDT, the Dow was trading up 102 points, or 0.81%, at 12,768 ,the S&P 500 was 0.89% higher at 1,334.50 and the NASDAQ climbed 25.00 points, or 1.00%, to 2,517.

In late November last year, African Queen said that, together with its joint venture (JV) partner, Abba Mining, it had reached a settlement agreement related to its land dispute with Linear Metals Corp (TSE:LRM), and Linear's JV partner, B&M Mining, earlier this year.

In February of 2011, African Queen and Abba filed for a prohibition order, claiming that the 15-square kilometre area covered by Linear and B&M's Special License No. 214, is also covered by their own Special License No. 287, which African Queen and Abba had received in January.

The area that was in question covers the Kamwango prospect in the Rongo area of the Migori mining district in Kenya.

Under the terms of the settlement agreement, B&M remains the beneficial owner of the license No. 214, covering the area of 15 square kilometers in the Rongo area, subject to a one percent net smelter royalty (NSR) payable to African Queen, and a one percent NSR payable to Abba.

Abba, meanwhile, remains the beneficial owner of the license No. 287, which roughly covers 97-square kilometres surrounding the No. 214 area.

The area reserved to Abba, and thereby African Queen, includes the target known as Odundu, while the area reserved to B&M includes the target known as Kamwango.

The High Court of Kenya in Kisumu has now issued orders effectuating the settlement and ending the litigation, African Queen said.

In addition, as part of the agreement, African Queen said it has now furnished Linear with all of its technical information related to Special License No. 214, and has therefore received the sum of U.S.$150,000 in cash, plus 949,658 shares of Linear common stock as consideration.

A final payment of $150,000 is due in 12 months from Linear, African Queen added.

"We are delighted that legal details of the Rongo settlement are now complete and are looking forward to commencing our core drilling program at Odundu in the near future," said African Queen CEO, Irwin Olian.

At the end of 2011, the company said that after completing a review of its portfolio of exploration properties, it has established plans to develop two gold projects in Ghana and Kenya, while abandoning plans for two diamond properties in Africa.

In order to prioritize its projects for development in 2012, as well as to build shareholder value, African Queen said it will begin core drilling programs at its Noyem-Nyanfoman gold project in Ghana, and at the Odundo target on its Rongo project in Kenya.

However, its Tsau diamond project in Botswana and its Namibian diamond project did not survive the chopping block.

Last month, it had inked a contract for a core drilling program at its Noyem-Nyanfoman project, after legal settlements in the region cleared the way for accelerated exploration and development. An initial 2,000 metre program is planned, slated to begin later in February.

African Queen Mines is an exploratory resource company with diversified mineral properties in Southern, East and West Africa. In Kenya, it has approximately 850 square kilometres under license for gold and metals, and a further 737 square kilometres of gold and other minerals licenses under agreements with two other companies.

Wynn is the world's third-largest casino company, as measured by revenue.

For the quarter that ended December 31, quarterly earnings rose to $190.5 million, or $1.52 per share, from $114.2 million, or 91 cents per share, in the 2010 period.

Revenue climbed nine percent to $1.34 billion from $1.24 billion a year earlier.

Excluding items, Wynn's net income totalled $1.55 per share, beating the average analyst forecast for $1.28 per share, according to FactSet.

However, revenue came in shy of the nearly $1.36 billion that analysts were expecting.

Much of the increase was due to a nine percent jump in revenue at Wynn's properties in China, Wynn Macau and Wynn Encore Macau, which generate the majority of the casino operator's earnings.

Customers spent $1.3 billion at its Macau slots, up 12 per cent year-over-year. And the company made more than expected from both its VIP table and mass market table games.

In Las Vegas, revenue rose seven percent to $348.4 million on a stronger take from table games and increased room, food and beverage and retail revenue. In Las Vegas, the company operates the Wynn Las Vegas and Encore Las Vegas resorts.

Investors remain worried about a possible slowdown in the growth of Wynn's Macau operations in China as well as an ongoing dispute between chief executive Steve Wynn and major shareholder Kazuo Okada.

In January, Kazuo Okada sued the casino operator in a Nevada court seeking an order allowing him to see the company's financial records.

In a conference call with investors, chief executive Steve Wynn cast the lawsuit as a ploy by Okada to distract from other problems Okada is having with a casino development in the Philippines.

For all of 2011, Wynn earned $613.4 million, or $4.88 per share, on revenue of $5.27 billion, compared with net income of $160.1 million, or $1.29 per share, on revenue of $4.18 billion in 2010.

Analysts on average had forecast earnings of $5.32 per share, and revenue of $5.29 billion for 2011, according to FactSet.

Research in Motion (NASDAQ:RIMM)(TSE:RIM) shares slumped 3% premarket after the Blackberry maker said it will give its PlayBook tablet out to Android developers in exchange for their apps.

Digital network equipment maker Acme Packet (NASDAQ:APKT) reported fourth-quarter results below analysts' expectations as its customers scaled back on spending and delayed orders.

Fourth-quarter net income fell 40% to $8.7 million, or 12 cents per share, from $14.5 million, or 21 cents, a year earlier.

Adjusted earnings of 26 cents per share missed the average estimate of 28 cents in a Bloomberg survey. Revenue rose 18% to $83 million, compared with a projection of $85.7 million.

Edwards Lifesciences (NYSE:EW) beat estimates with its fourth-quarter profits, but gave current-quarter guidance below Street consensus.

Excluding items, adjusted earnings for the quarter was rose to $73 million or $0.62 per share from $65.6 million or $0.55 per share a year ago.

On average, 24 analysts polled by Thomson Reuters expected earnings of $0.59 per share for the quarter.

Sales for the quarter improved 9.6% to $490 million from $392 million last year. Analysts expected revenues of $446.94 million for the quarter.

Edwards sees first-quarter adjusted earnings of $0.47 to $0.49 per share and revenues of $440 to $460 million. Analysts currently expect earnings of $0.55 per share and revenues of $466.87 million for the quarter.

Vertex Pharmaceuticals (NASDAQ:VRTX) posted fourth-quarter profit of 86 cents per share, well above estimates of 70 cents. 
Revenue also beat consensus by a wide margin.

Digital River (NASDAQ:DRIV) reported quarterly profit of 45 cents per share, excluding certain items, well above estimates of 33 cents. 

The company's current quarter guidance was short of estimates, but that, at least so far, has been shrugged off by investors.

On the economic front, US non-farm payroll data for January is due for release at 8.30am EDT with economists looking for non-farm payroll growth of 125,000 and the unemployment rate remaining steady at 8.5%.

Later Friday, the ISM index is expected to come in at 53.1 following December’s 52.6, while factory orders are forecast to post a 1.5% rise after a 1.8% increase in November.

Commodities

In NYMEX futures trading, oil for March delivery added 67 cents to $97.03 a barrel while gold futures for April delivery gained $3.00 to $1,762.30 an ounce.

Europe

European stocks rose in morning trading with the FTSE 100, DAX and France's CAC 40 all added around 0.4%.

Pan Asia chief executive officer Alan Hopkins said recently, “The terrific progress on the TCM project is building a good platform for 2012 and the coming six months hold much potential.”

TCM has a JORC Resource of 114.6 million tonnes, with an overall exploration target of 200 million tonnes over the next 24 months.

Pan Asia expects to deliver a final Feasibility Study in the first half of 2012.

The most recent highlights from Thaduna and Green Dragon included:

- 37 metres at 2.61% copper from 111 metres, including 10 metres at 7.53% copper; and
- 62 metres at 2.19% copper from 125 metres, including 32 metres at 3.10% copper.

The outcome of these discoveries is that they support a conceptual target of deeper primary mineralisation.

The company has now been granted a trading halt by the ASX pending the release of a proposed capital raising announcement.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Tuesday 7 February.