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How much over the spot price, are they planning on selling, their gold? Thanks
I'd be a buyer, if I had some free money. Stuck in anonther one for now. GLTY
Brionor Resources Inc. ("Brionor" or the "Company") (TSX VENTURE: BNR) is pleased to announce that its shareholders approved, at the annual and special meeting of shareholders (the "Meeting") held in Toronto on December 12, 2012, the sale of the Company's Pitt Gold project to Xmet Inc. ("Xmet") (TSX VENTURE: XME) (see press release of the Company dated May 16 and October 1st, 2012 for more information on the transaction). At the Meeting, the shareholders also reconfirmed the mandate of Lewis Lawrick, Robert Ayotte, John McBride, Michael J. Byron and Robert Leckie as directors of the Company. Furthermore, the mandate of parker simone was confirmed as auditors of the Company for the financial year ending August 31, 2013 and the shareholders approved the conversion of the Company's stock option plan into a 10% rolling plan.
The Company also announces that it has agreed to extend the deadline to complete the transaction with Xmet to April 30, 2013 as the amended and restated asset purchase agreement executed by the parties on September 27, 2012 contemplated a closing of the transaction at the latest on December 17, 2012. As previously disclosed, the completion of the transaction is subject to a number of conditions, including but not limited to, the exercise of Xmet's option to purchase a 75% interest in the Duquesne-Ottoman project, the acquisition from Cliffton Star Inc. of its 100% interest in a series of mineral claims known as the Duquesne Mine and both parties obtaining all necessary approvals, including the required regulatory approvals.
Lew Lawrick, President and CEO of Brionor commented: "The shareholders of the Company have approved by an overwhelming majority the decision of the board of directors to sell the Pitt Gold Project and we wish to thank them for their support. We feel this transaction is in the best interest of the Company and its shareholders, and we look forward to completing the transaction with Xmet and focusing on other ventures."
Brionor is a junior mining exploration company with a portfolio of exploration projects in Quebec.
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential mineralization) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure by the parties to complete the Transaction, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, changes in world gold markets or markets for other commodities, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Brionor Resources Inc.
Lewis Lawrick
President & CEO
647-478-5307
Brionor Resources Inc.
Robert Ayotte
Executive Chairman
450-441-9177
RTRAF dropped below its 10 week simple moving average at 0.97 and is now at 0.90. Lets hope it dosent go to low.
Barely a bounce on P metals, after Fed announcement.
I would if I could also. Money tied up. Good for you though
COECF-
CanAm Coal Corp. (TSX VENTURE:COE) (OTCQX:COECF) ("CanAm" or the "Company") held its Annual General and Special Meeting of Shareholders (the "AGM") on November 30, 2012 and is pleased to announce that all of the resolutions put forth at the AGM were approved with all resolutions receiving greater than 99% of the votes received for the resolution. The six members of the board of directors elected at the meeting are Jonathan Legg, Timothy J. Bergen, Robert G. Power, Timothy Nakaska, Steve Somerville and Jos De Smedt. Information concerning the directors who were elected at the meeting and the matters that were approved by shareholders at the meeting can be found in CanAm's information circular dated October 23, 2012 and can be viewed on SEDAR.
At the meeting, management also provided an investor update and the corporate presentation is posted on the Company's website at www.canamcoal.com.
About CanAm Coal Corp.
CanAm is a coal producer and development company focused on growth through the acquisition, exploration and development of coal resources and resource-related technologies. CanAm's main activities and assets include its operating coal mines in Alabama and the Buick Coal Project which holds significant coal resources, 188 million indicated and 103 million inferred resources, in Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2, 2007). Other coal and related opportunities continue to be evaluated on an ongoing basis.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT: CanAm Corporate Office Jos De Smedt President & CEO 403.262.3797 or Toll Free: 1.877.262.5888 jdesmedt@canamcoal.com www.canamcoal.com
Brisco Capital Partners Scott Koyich Partner 403.262.9888 scott@briscocapital.com
SOURCE: CanAm Coal Corp
Volume has been steadily increasing the past 90 days (especially this past week) in this little known US public company's stock as they ramp up for a major launch of their made-in-the-USA gold bullion vending machines to service a market that has exploded to over $75 Billion in 2011!!!
www.pmxgold.com
Symbol: PMXO
3 month range: $.05-$.27
24 month range: $.04-$.70
Shares outstanding: 71mm
Management & 10% Holders: 38mm
Free Trading: 26.7mm
Countdown to Launch of New Gold Bullion Vending Machine
Although the company has been extremely tight lipped regarding product development and launch dates, a recent statement from Transmedia Group points to a domestic unveiling of PMXO's new and improved state-of-the art gold vending machines as a prelude to the launch of PMX Gold's International Operations.
Transmedia (headed by Thomas Madden, former VP and Assistant to the President at NBC and Director of PR at ABC) is the Public Relations machine which organized the mainstream media blitz that surrounding PMXO's initial test marketing which catapulted the stock to $.65 per share in late 2010. The event was viewed in literally hundreds of television markets by millions of people with onsite video interviews form AP International, Bloomberg Financial, CNN, CNN Money, Fox National News, Fox Business News, MSNBC and the Wall Street Journal Online.
Market Drivers
1. An underserved, exploding market with huge potential.
Demand for physical gold bullion products has skyrocketed to an incredible $75 Billion in 2011, a whopping increase of over 1200% since 2005. Amazingly, it's still hard for the average person in the United States to buy gold bullion directly at point of sale. PMX Gold's new gold bullion vending machines offer a unique solution and incredible opportunity for investors. Even a small percentage penetration of this market could result in huge cash flow and revenues.
By combining instant delivery of uniquely branded, certified pure gold products and real time pricing with credibility and transparency of a US Public Company, PMX Gold is addressing the rapidly exploding retail gold bullion market like no others and is uniquely positioned to become a leader in the industry. It's not just about gold bullion vending; it's creating a gold currency that makes investment in gold accessible to the common man.
2. Corporate History; Business Model
PMX Gold (a wholly owned subsidiary of PMX Communities, Inc.) test marketed the first gold bullion vending machine in the USA December 17, 2010. Despite numerous operational limitations of the imported terminal (which operated in a cash-only mode) PMXO sold nearly $270,000 in gold through one machine in roughly 2.5 months!
Since that time PMX Gold has accomplished the following crucial milestones:
•acquired intellectual property to stake their claim in this multi-billion dollar industry
•inked an agreement with an international vending manufacturer for PMXGold's new dispensing terminals
•created a recognized PMXO Gold Bullion brand by having a leading US mint develop PMXO's custom .9999 fine signature bars and coins
•initiated a "Countdown to Launch" for deployment of their new and improved PMX Gold Dispensing Terminals.
PMXO's business model is simple and scalable: a fleet of well placed gold dispensing terminals in secure, upscale locations (first in the US and later as part of a global footprint). These low overhead, highly efficient units are designed to integrate seamlessly with PMX Gold's online sales store, much the same as Chase and Bank of America are implementing sophisticated ATMs in place of retail branches to increase market penetration while lowering operational costs.
3. Management
Strong new management came into the company earlier this year with a mission to deliver PMX Gold's New and Improved state-of-the-art Gold Vending Machines and signature line of Gold Bullion products poured by a leading US Mint. Take a look at management (particularly the Managing Director that has focused on the operations side of the company) and also take note of form 4s filed by the company's CEO/CFO.
4. Stock Data
a. insider buying, executive salaries waived:
New management has not taken any salary or been issued any stock since they started work in the Spring of this year; the CEO/CFO has actually been buying stock since last December (see Form 4's on Edgar).
b. recent capital funding in line with current market valuations:
A read of last year's 10K and subsequent 8K's and 10Q's shows that the vast majority of debt on the company's books was converted at the end of 2011 into equity at $.08 per share (restricted shares) with warrants to buy more restricted stock at $.20 and $.25 subject to certain expirations. These are the same terms that the company gave to direct investors of the company's stock in a private placement last year; prior to that in early 2011 the company sold restricted stock at $.10 per share.
Since that time new funding for development has come into the company as short term loans from management, founding shareholders and new investors. For full details here please consult PMXO's SEC filings or ask a company officer.
c. float decreased:
Approximately 9 million shares were returned to the company's treasury by departing management and only 1 million shares were issued to a non-management consultant so far this year.
d. market interest, trading volume:
Generally it is said that volume precedes price movement. While there is no guarantee here that this is the case, November's volume has increased steadily over the past 90 days with November's volume exceeding all levels in the company's trading history:
Month Open High Low Close Change Volume
11/30/12 0.0900 0.1500 0.0650 0.0700 -0.0200 1,025,590
10/31/12 0.1500 0.1500 0.0510 0.0900 -0.1100 422,594
09/28/12 0.0700 0.2700 0.0575 0.2000 -0.1300 168,994
08/31/12 0.0900 0.0900 0.0510 0.0700 -0.0200 168,650
(Data source Track Data)
Wall Street Profit Search Coverage
Wall Street Profit Search has begun to mail the first 50,000 copies of our November/December market letter featuring PMX Gold to both subscribers and targeted potential investors. All copies are expected to be delivered by December 15. Additional printing runs may be scheduled, along with follow-up coverage which may include an analyst report(s) and news notifications.
To access complete trading data and read the full report please go to www.wallstreetprofitsearch.com/feature/PMXO/
Please be advised that we are a for profit financial news letter and market awareness company and we receive compensation for our work; for full disclosure please read below or access the important disclosure area of our website at www.wallstreetprofitsearch.com
To become a subscriber and receive first press alerts of all of our recommendations please access the market subscription area of our website at www.wallstreetprofitsearch.com.
Summary and Conclusion
There is obviously quite a bit of time, money and required execution of the company's business plan between where PMX Gold currently sits and successfully deploying and managing a significant fleet of gold dispensing terminals. The company's limited test marketing certainly does not guarantee market acceptance to the extent needed to consistently achieve profitable sales levels. And finally, we are talking about a development stage company that is highly speculative with the normal risks and going concern issues associated with an investment of this nature. However, keep in mind the following:
When PMXO test marketed just one imported terminal the event was viewed in literally hundreds of television markets, with onsite video interviews from AP International, Bloomberg Financial, CNN, CNN Money, Fox National News, Fox Business News, MSNBC and the Wall Street Journal Online.
Result: the stock quickly climbed to a high of $.65 per share. So with a pending rollout of PMX Gold'd new and improveed gold dispensing terminals and signature gold products, PMXO stock could be ready to shine!
Please feel free to contact us by phone or email if you have any questions.
www.wallstreetprofitsearch.com
wallstreetprofitsearch1@gmail.com
888-495-3074
RTRAF
ROMARCO MINERALS INC. (TSX: R) (the "Company") is pleased to provide an update of recent activities at the Haile Gold Mine and Kershaw Mineral Laboratories ("KML"), a wholly-owned subsidiary of Romarco. In parallel to permitting the Haile Gold Mine project, the Company has been proactively completing several other items necessary to get the site prepared for construction and operations. All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise stated.
Permitting Status
The Company continues its ongoing dialogue and weekly meetings with the US Army Corps of Engineers ("Corps"), the lead agency responsible for the Environmental Impact Statement ("EIS"), its third-party contractor, cooperating agencies and other interested parties, and significant progress has been made. In a news release dated October 25, 2012 and a conference call held October 25, 2012, the Company noted that two cooperating agencies, the State of South Carolina Department of Health and Environmental Control ("DHEC") and the Environmental Protection Agency ("EPA") are completing their review of the hydrology model on Haile. This review, with the participation of the Company's team and consultants, is continuing and follow-up meetings are being scheduled in connection with this activity.
Once the review and discussions have been concluded, the Corps has indicated it will make adjustments to the EIS schedule, as appropriate, on its hailegoldmineeis.com website.
Lancaster County Council Meetings
The Lancaster County Council rezoned an additional 3,081 acres of the Haile Gold Mine property from Rural Residential/Intense Agricultural to Heavy Industrial. The Council previously rezoned 1,778 acres of land from Rural Residential/Intense Agricultural to Heavy Industrial in 2009. As the project and the Company's land position grew, additional rezoning was necessary and today the rezoning actions have been completed for the proposed mine plan. Lancaster County regulations for rezoning Haile Gold Mine for heavy industrial use required petitioning the Lancaster County Planning Commission to rezone the remaining Haile project area, public notice by way of newspaper, US mail notification to potentially affected neighbours, public notice sign posting, one hearing and three individual formal readings and final vote by the Planning Commission, three individual readings by Lancaster County Council and a final favourable Council vote.
During phase one archeology work conducted on the Haile Gold Mine site, an abandoned cemetery from the late 1800s - early 1900s was discovered within the project boundary. The Company worked with the Sand Hill Baptist Church of Kershaw, who graciously agreed to provide a respectful and final resting place in an area adjoining an existing cemetery. Haile then completed the State of South Carolina requirements for relocating a cemetery, which included posting a notice in the local newspaper for 30 days to relocate the graves. At the end of the 30-day notice period, the Lancaster County Council held a public hearing and favourably voted in formal session to approve the cemetery relocation. The Company contracted the relocation to RS Webb & Associates, an archeology consulting firm that specializes in such work. RS Webb & Associates has successfully relocated 48 gravesites in compliance with state regulations. This project has now been completed.
Kathy Sistare, Chairwoman Lancaster County Council commented:
Lancaster County is proud to count the Haile Gold Mine as one of our
leading corporate citizens.As Chairwoman of County Council, I see
firsthand the many benefits that Haile Gold Mine, Inc. and their
outstanding staff bring to Lancaster. Obviously they bring jobs to
the community but they also make a conscious effort to buy locally and
support the economies of Lancaster County and the Town of
Kershaw.They are also engaged in numerous philanthropic efforts,
ranging from the Haile Gold Mine Playground in the Town of Kershaw to
memberships in the Chamber of Commerce, Economic Development
Corporation, United Way, and school booster clubs.
On any complex project, close communication and a good working
relationship is crucial to success.The management team of Haile Gold
Mine certainly exhibit these qualities.During 2012 we rezoned a large
number of parcels to include them in the Haile Gold Mine
operation.The Haile Gold Mine staff worked closely with the Planning
staff throughout this process.Their fine work is also displayed in
non-governmental areas as well.As part of one recent land
acquisition, they had to relocate a number of graves in an abandoned
cemetery.The Haile Gold Mine staff worked closely with the local
faith community to respectfully and reverently relocate these graves
after working with the Historical Commission to determine there were no
family members remaining in the area.The receiving church allowed
Haile Gold Mine to enhance the church cemetery as a suitable final
resting place.They installed a suitable marker when there had not
even been a single headstone at the prior site. The Haile Gold Mine
staff worked closely with our Historical Commission, our Coroners
Office, and the appropriate state agencies, going the extra mile to do
the right thing for these departed residents.
The caring and concern to do the right thing is exhibited by the Haile
Gold Mine staff in their business dealings, work in the community, and
concern for the environment.
Diane Garrett, President and CEO, stated: "As the Company continues to move through the permit process there are dozens of other items being completed which are necessary to commence construction and operations. Our team is working diligently to ensure these items are completed efficiently and on a schedule that coincides with the overall project progress. Providing an update on these activities allows our shareholders to get a glimpse of the types of activities that our team has been able to successfully conclude. As part of its on-going cash conservation efforts, the Company is pleased to report that its November 30, 2012 cash balance stood at $67 million - nearly $3.5 million ahead of the Company's most recent 2012 forecast. Limited drilling continues to be performed at Haile and regionally in addition to permit related drilling activities. The detailed engineering design work is nearing 75% complete which has been the Company's goal for year end."
Kershaw Mineral Lab
KML has successfully passed the accreditation process and numerous round-robin tests over an 18-month period to receive its ISO/IEC 17025 accreditation from the Standards Council of Canada. The Toronto Stock Exchange - Ontario Securities Commission (TSC-OSC) Mineral Task Force recommends in its "Setting New Standards" report that mineral exploration companies use only ISO/IEC 17025 accredited laboratories. The Company is currently considering taking on clients and performing third-party assays for other mining companies. The current plan is to continue to have all Romarco ore assays reported to the public completed by third party, independent assay laboratories as has been the practice in the past. At the present time, KML is preforming assays for the Company and ore holes are then verified by a third-party laboratory before the results are released to the public. Also, KML is proactively conducting metallurgical test work with the goal of improving upon silver recoveries. In the Company's National Instrument 43-101 Technical Report dated March 13, 2012, silver recoveries were reported as 50% and provide an approximate $16/oz by-product credit assuming $18/oz silver.
Jim Arnold, Sr. VP and COO commented: "Certification of our lab is particularly noteworthy because it is so much work and the standards are so high. It is rare that an operations lab shoots for these standards and more rare that they attain them. I'm proud of our team and the quality of work they do. This is one more in a long line of accomplishments that show that the Haile team aims for and achieves the very best in everything they do."
Equipment
The Company anticipates its Ball and SAG mills will arrive on site early in 2013. Currently, these mills are in route from India and Germany respectively and are scheduled to arrive during December 2012 at the ports of Wilmington, NC and Charleston, SC, respectively.
In early November, the Hitachi shovel arrived from Japan. The local dealer, Flint Equipment Company ("Flint") is storing the shovel in Savannah, GA. In the current agreement with Flint, the Company will take delivery of the shovel not later than February 2013 and the final payment will be approximately $2 million.
As previously announced, the Catepillar mobile mine fleet is currently being held in South Carolina by the local dealer, Blanchard Machinery Company ("BMC"). In the current agreement with BMC, the Company will take delivery of this equipment upon the final payment of approximately $28 million on or before September 30, 2013.
About Romarco Minerals Inc.
Romarco Minerals Inc. is a gold development company focused on production primarily in the US. The Company has completed a positive Feasibility study and is continuing exploration drilling and permitting for its flagship project, the Haile Gold Mine in South Carolina.
I dont have a big problem with some dilution, if it is for production. Everything seems to be going well, 1center posted about locals being o.k. with the mine. Just seems to be a matter of time, eh?
I suppose it all depends on why they would do it. But I would prefer to look at the "I would say that Romarco could be a takeover target for a mid-tier producer or even a senior, based on the quality of the asset and the location. Once the EIS issue has been resolved, probably next year, then we think it will be a very attractive stock to own." What are your thoughts on it?
Mon, Dec 03, 2012 11:23 - Xmet, Inc. (XMTTF: OTC Link) released their Management Discussion and Analysis concerning Xmet MD&A Q3 2012. To read the complete report, please visit: https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=95821.
Yes,I agree. Its been a long time, since I've talked to anyone at the company. May have to give a call. Any questions you want asked?
U.S. gold coins set for strongest November sales in 14 years
November sales of U.S. American Eagle gold coins are set to be the strongest in 14 years as uncertainty surrounding the U.S. fiscal crisis and the presidential election triggered safe-haven buying, dealers said.
Occasional sharp price swings during early and late November also boosted bullion coin buying by investors and speculators alike, coin dealers said.
"There is a huge influx of new high-net-worth individuals that are buying a lot of gold, and they are taking physical possession of it," said David Beahm, vice president of Blanchard & Co, one of the largest U.S. retail coin and bullion dealers.
Investors have so far this month bought 131,000 ounces of American Eagles produced by the U.S. Mint, more than tripled last year's November sales and marked the strongest November since 1998, data from the Mint's website shows.
November marked the second consecutive monthly rise after a dismal performance earlier this year. In October, the Mint sold 59,000 ounces versus 50,000 ounce in the same period last year.
"This quarter is shaping up to be one of the best since the last quarter of 2008," Beahm said.
Dealers also reported coin blanks buying by the U.S. Mint as it was set to mint the 2013 American Eagle coins.
The Mint typically shuts its 2012 coin production in early December so it can start minting next year's which are usually highly sought after by coin dealers and collectors.
American Eagle silver coin sales in November rose to 3.135 million ounces, more than double last year's sales at 1.384 million. It was, however, slightly below October's at 3.153 million ounces.
Political uncertainty due to a heated U.S. presidential race and $600 billion automatic cuts in government spending and tax increases early next year have boosted gold investment, analysts said.
Even though a recession resulting from the so-called fiscal cliff could severely undermine gold's inflation-hedge appeal, it is also likely to trigger a flight to quality investment such as gold amid economic uncertainty, trader said.
American Eagle gold coin sales tend to be highly seasonal, with the strongest performance at the start of the year as investors seek the newest edition. Sales are usually the lowest in the summer months and tend to pick up again in September in tandem with the start of the Indian wedding season and the lunar new year between January and February.
(Reuters)- 11-30-2012
Gold has taken a good hit last couple days.
I think the results of the election were positive for gold. Obama's reelection removed the threat that Federal Reserve Chairman Ben Bernanke would be leaving anytime soon and the monetary policy would change. That's a terrible thing for the economy, but it's very positive for gold.
CanAm Announces Appointment of Jos De Smedt as Chief Executive Officer
..CALGARY, ALBERTA--(Marketwire - Nov 30, 2012) - CanAm Coal Corp. (TSX VENTURE:COE)(COECF) ("CanAm" or the "Company") is pleased to announce the appointment of Jos De Smedt as Chief Executive Officer of the Company. Jos replaces Tim Bergen who, as announced in October, took the decision to step down as CEO in order to assume the role of Vice Chairman of the Board responsible for business development. Jos'' appointment to President and Chief Executive Officer is effective immediately.
Commenting on Mr. De Smedt''s appointment, Jon Legg, Chairman of the Board noted: "Jos De Smedt and Tim Bergen have proven to be outstanding partners over the last several years, as we have grown the Company consistently in our goal to achieve 1 million tons of production, with a high degree of margin certainty. Over the next several years, the Company is fully focused on executional excellence and consistently delivering results that will allow the Company to grow organically and ultimately through further acquisitions. With Tim''s decision to assume a non-executive role focusing primarily on strategy; we are delighted to announce Jos as the new CEO. Jos'' leadership skills and operational excellence are proven both at CanAm and in his previous roles at IBM and PwC. He has consistently managed complexity and volatility in an optimal manner and we are delighted that Jos will lead our Company as we execute on the next phase of our strategy, to differentiate ourselves through consistently accretive earnings and shareholder value."
About CanAm Coal Corp.
CanAm is a coal producer and development company focused on growth through the acquisition, exploration and development of coal resources and resource-related technologies. CanAm''s main activities and assets include its four operating coal mines in Alabama and the Buick Coal Project which holds significant coal resources, 188 million indicated and 103 million inferred resources, in Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert County, Colorado, USA", dated October 26, 2007 and filed on SEDAR on November 2, 2007). Other coal and related opportunities continue to be evaluated on an ongoing basis.
Forward-Looking Information and Statements
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company''s disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
..Contact:.
.CanAm Corporate Office
Jos De Smedt
President & CEO
403.262.3797 or Toll Free: 1.877.262.5888
jdesmedt@canamcoal.com
Brisco Capital Partners
Scott Koyich
Partner
403.262.9888
scott@briscocapital.com
.
....
CanAm Announces Record Q3 Financial Results and Triples Q3 EBITDA
Highlights for the quarter include:
-- Coal sales at the Powhatan mine of 33,332 tons, an all-time high;
-- Coal sales at the BCC mines of 124,568 tons, the highest since Q1 of
2008;
-- EBITDA of $3.3 million, up 90% over last year and triple Q2;
-- Cash flow from operations of $2.9 million, up 244% over last year and
five-times Q2;
-- Acquired an additional 30% interest in BCC for $11.5 million, financed
by debentures;
-- Raised $13.1 million through a 4 year, unsecured debenture through a
private placement;
-- Obtained the Old Union 2 mine permit covering 1,108 minable acres with
an estimated 1.3 million tons of recoverable coal per the NI 43-101
report dated May 2011. Production commenced in Q4;
-- Acquired 133 acres of surface mining rights, on top of the 574 acres
acquired in the period April to June 2012;
-- Added Steve Somerville, former President of BMO Capital, to the Board of
Directors.
Commenting on the quarter, Company President Jos De Smedt noted "This was a breakthrough quarter for CanAm Coal. Not only did we close an additional 30% acquisition of BCC, we made significant progress in improving operating efficiency at our mines resulting in record production, EBITDA and operating cash flow. The hard work of our team paid off and the operational improvements achieved at our mines in the quarter, coupled with improved mining conditions, resulted in higher production levels and a significantly lower cost structure. We also received our Old Union 2 permit in August and our Knight Mine permit subsequent to quarter end. While there is more work ahead, we are pleased with our performance and look forward to further improvement in the fourth quarter and into 2013".
Time to buy :)
COECF-CanAm Coal: On Target to Produce 1 Million Tons in 2013
Calgary based CanAm Coal Corp (TSX-V: COE) is an active coal producer with four operating mines in Alabama. Since late-2009, the management team has been executing a three to five year strategy to increase annual production to between 1-3 million tons through the acquisition, exploration and development of coal resources. As a result, the company has experienced extraordinary growth in recent years. In 2011, CanAm's coal sales multiplied five times, from 48,361 tons in 2010, to 256,221 tons, while, in 2012, it projects to sell between 450,000-550,000 tons, twice the sales of 2011.
Impressively, the company has sold up to 85% of its estimated production for 2012 in long term contracts, which generally last a minimum of three years. However, despite these positive developments, the stock price has remained stagnant, due, in large part, to a lack of exposure and a tough environment for natural resource stocks, particularly small caps. Nevertheless, through thick and thin, CanAm's business continues to thrive, which suggests shares in this undervalued company have strong upward potential when market conditions improve.
The On Balance Volume indicator is bearish signal. The slope of the indicator is negative, and suggests that there is a lack of buying interest. AQARF dropped below its 10 week simple moving average at 0.19 and is now at 0.17. We could use some good news, I'm suprised Hudbay still has it on their site. Who knows, maybe they will take another look, I believe they are selling some other claim. JMO
XMTTF
Brionor Resources Inc. ("Brionor" or the "Company") (TSX VENTURE: BNR) announces the mailing to its shareholders of the Information Circular prepared in connection with the Annual and Special Meeting of Shareholders to be held in Toronto on December 12, 2012 (the "Meeting"). One of the purposes of the Meeting is to obtain shareholder approval in connection with the Corporation's previously announced transaction with Xmet Inc. ("Xmet") relating to the sale of Brionor's 100% interest in the Pitt Gold Project to Xmet (see the Corporation's press release dated October 1st, 2012 for more information on the transaction).
At the Meeting, the Corporation will also be soliciting the approval of its shareholders in connection with an amendment to the Corporation's stock option plan (the "Plan") approved by the Board of Directors prior to the mailing of the Information Circular. Under the current Plan, 3,581,246 common shares are reserved for issuance following the exercise of previously granted stock options. The amendment proposes to convert the Plan into a 10% rolling stock option plan.
A copy of the Corporation's Information Circular and of the amended and restated asset purchase agreement between the Corporation and Xmet will be filed shortly on SEDAR (www.sedar.com).
Brionor is a junior mining exploration company with a portfolio of exploration projects in Quebec.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Brionor Resources Inc.
Lewis Lawrick, President & CEO
647-478-5307
Brionor Resources Inc.
Robert Ayotte, Executive Chairman
450-441-9177
info@brionor.com
CanAm Coal Corp. (TSX VENTURE: COE) (OTCQX: COECF) ("CanAm" or the "Company") is pleased to report that the Company's subsidiary, Birmingham Coal & Coke ("BCC"), was issued permit # 3970 by the Alabama Surface Mining Commission ("ASMC") for the Knight Mine. This permit is a 5 year surface mining permit covering a total of 178 acres. The Knight Mine is adjacent to the Bear Creek Mine and, with most infrastructure already in place, the Company is targeting an early December 2012 production startup. Annual productive capacity at the Knight mine is forecasted at 180,000 tons per annum.
The coal at the Knight mine is considered to have the same qualities/characteristics as the coal that is currently being mined from the existing Bear Creek mine. On average, the proximate analysis has indicated 12% ash, 0.7% sulfur and 11,500 BTU/lb. These average values are consistent with the assays reported from drilling; mine face sampling and product deliveries. (See NI 43-101 report dated July 2011 on www.sedar.com).
"We are excited about our new Knight Mine permit as it will allows us to further expand our mining operations, increase our production of high quality thermal coal and continue to meet our customer commitments", said Tom Lewis, Vice President of BCC. "This is our second new permit in the last 3 months; the Old Union II permit was obtained in August 2012, and we are expecting to receive our Posey Mill II permit in the next couple of weeks."
The Company is also announcing that it will release its full financial results for the nine month period ending September 30, 2012 on November 29, 2012.
About CanAm Coal Corp.
CanAm is a coal producer and development company focused on growth through the acquisition, exploration and development of coal resources and resource-related technologies. CanAm's main activities and assets include its coal operations in Alabama and the Buick Coal Project which holds significant coal resources, 188 million indicated and 103 million inferred resources, in Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2, 2007). Other coal and related opportunities continue to be evaluated on an ongoing basis.
Forward-Looking Information and Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
CanAm Coal Corp.
Jos De Smedt
President & COO
403.262.3797 or Toll Free: 1.877.262.5888
jdesmedt@canamcoal.com
Brisco Capital Partners
Scott Koyich
Partner
403.262.9888
scott@briscocapital.com
Sorry, 1 center, I'm not aware of any of any. I dont have PM.
Anchor Bancorp, the holding company for Anchor Bank, has reported net loss available to common equity of $12.05 million, or $0.57 loss per share, for the second quarter ended September 30, 2012, compared to net loss available to common equity of $19.59 million, or $0.92 loss per share, for the same quarter ended September 30, 2011.
Net interest income for the second quarter ended September 30, 2012 was $16.06 million, compared to $18.5 million for the same quarter ended September 30, 2011.
Net loss available to common equity for the six months ended September 30, 2012 was $15.47 million, or $0.73 loss per share, compared to net loss available to common equity of $27.75 million, or $1.31 loss per share, for the same period ended September 30, 2011.
Net interest income for the six months ended September 30, 2012 was $32.46 million, compared to $40.02 million for the same period ended September 30, 2011.
Chris Bauer, president and CEO of the Corporation and the Bank, said: "We are pleased to report our ninth consecutive quarter of capital ratios above the threshold to be considered adequately capitalized. This is the first time since March of 2009 that our total risk-based capital ratio at the Bank has exceeded 9%.
"The improvement in Bank capital ratios is primarily due to the tremendous effort expended to resolve issues in the credit portfolios and the resultant decrease in assets. We have recently developed and are implementing strategies to increase Bank profitability by slowing asset runoff to improve our net interest margin."
Anchor BanCorp Wisconsin Inc. (OTC Market:ABCW) today announced a net loss available to common equity of $12.1 million, or $0.57 per common share, for the three months ended September 30, 2012. This compares to a net loss available to common equity of $3.4 million, or $0.16 per common share and $19.6 million, or $0.92 per common share, for the three months ended June 30, 2012 and September 30, 2011, respectively.
Financial Highlights
-- AnchorBank, fsb (the "Bank) remains adequately capitalized1 for the
ninth consecutive quarter.
-- Tier 1 leverage and total risk-based capital ratios of 4.63 percent and
9.07 percent increased 7 and 9 basis points, respectively, during the
quarter and 47 and 92 basis points, respectively, over the past twelve
months.
-- Total assets fell during the past six months, decreasing by $124.0
million or 4.4 percent to $2.7 billion at September 30, 2012.
-- Non-performing loans decreased to $156.5 million at September 30, 2012
from $224.9 million at March 31, 2012 and $256.5 million at September
30, 2011.
-- Net charge-offs increased, by $6.9 million in the current quarter to
$14.8 million from $7.9 million in the quarter ending June 30, 2012.
-- Gross return on mortgage banking totaled $4.5 million in the current
quarter, an increase of $0.3 million, or 7.5 percent, from $4.2 million
in the preceding quarter; and $5.1 million higher than the $0.6 million
loss for the same period a year ago.
-- Cost of funds declined to 1.49 percent in the quarter ending September
30, 2012 compared to 1.84 percent in the year ago quarter as the Bank
continued to judiciously manage deposit pricing.
-- Deposit mix improved as lower cost checking, savings, money market and
escrow funds represent 62.5 percent of total deposits at September 30,
2012, up from 57.2 percent at March 31, 2012.
______________________________
1 Under regulatory requirements, a bank must have a tier 1 leverage ratio of 4.0 percent or greater and a total risk-based capital ratio of 8.0 percent or greater to be considered adequately capitalized.
Bank Capital Ratios
September 30, 2012
Increase (decrease)
Sep. 30, Jun. 30, Sep. 30, vs.
----------------------
(Dollars in thousands) 2012 2012 2011 6/30/12 9/30/11
---------- ---------- ---------- ---------- ----------
Tier 1 capital $123,567 $127,026 $133,307 ($3,459) ($9,740)
Adjusted total assets 2,667,036 2,783,319 3,200,704 (116,283) (533,668)
Tier 1 leverage ratio 4.63% 4.56% 4.16% 0.07% 0.47%
Total risk-based capital $144,366 $148,738 $159,125 ($4,372) ($14,759)
Risk weighted assets 1,592,099 1,656,451 1,952,984 (64,352) (360,885)
Total risk-based capital
ratio 9.07% 8.98% 8.15% 0.09% 0.92%
Ref: Bank quarterly net
income (loss) ($3,710) $913 ($11,193) ($4,623) $7,483
The Bank's tier 1 and total risk-based capital ratios of 4.63 percent and 9.07 percent at September 30, 2012, increased by 7 and 9 basis points, respectively, compared to June 30, 2012. The ratios benefitted from a planned decrease in adjusted total assets, primarily loans held for investment, and risk-weighted assets during the quarter. Risk-weighted assets of $1.6 billion at September 30, 2012 decreased $64.4 million during the quarter reflecting a $60.3 million decrease in 100 percent risk-weighted assets primarily due to a reduction in loans in this category at quarter end. Under regulatory requirements, a bank must have a tier 1 leverage ratio of 4.0 percent or greater and a total risk-based capital ratio of 8.0 percent or greater to be considered adequately capitalized.
While the Bank reported higher capital ratios, the Corporation, as the holding company of the Bank, continues to be burdened with significant senior debt and preferred stock obligations:
-- The Corporation currently owes $116.3 million of loan principal to
various lenders led by U.S. Bank under a credit agreement that matures
November 30, 2012. In addition, accrued but unpaid interest and fees
totaling $50.6 million associated with this obligation are also due and
payable at maturity.
-- The Corporation issued $110 million in preferred stock in January 2009
to the United States Treasury pursuant to the Treasury's Capital
Purchase Program ("CPP"). As permitted under the CPP program, the
Corporation has deferred 14 quarterly preferred stock dividend payments
to the Treasury; which has resulted in total unpaid dividends of $22.0
million, including compounding.
-- While the Bank has substantial liquidity, it is currently precluded by
its regulators from paying dividends to the Corporation for purposes of
repayment of the foregoing obligations.
The Corporation continues to work with Sandler O'Neill & Partners, L.P. as its financial advisor in efforts to address its capital needs.
Financial Results
Financial results for the second quarter ended September 30, 2012, include:
-- Net interest margin fell slightly to 2.44 percent for the three months
ended September 30, 2012, from 2.47 percent for the same period in the
previous year. Interest income decreased $7.0 million or 21.1 percent
for the three months ended September 30, 2012, as compared to the same
period in the prior year. This change was primarily due to a decline in
average balances in the loan and investment security portfolios and the
unfavorable impact of an increase in lower yielding interest-earning
deposits. Interest expense decreased $4.5 million or 31.1 percent for
the three months ended September 30, 2012, as compared to the same
period in the prior year, due to a planned reduction in certificate of
deposit average balances and the rate paid on these accounts.
-- The provision for credit losses decreased $11.8 million to $5.4 million
for the three months ended September 30, 2012 compared to $17.1 million
in the same period in the previous year. The improvement was largely due
to a lower required allowance for losses on impaired loans, reflecting
the relatively steady quarter-over-quarter decrease in non-performing
loans since June 2010.
-- Non-interest income totaled $13.1 million, down $3.4 million or 20.6
percent, compared to the same period in the previous year. The decrease
was primarily due to smaller net gains on the sale of investment
securities and lower loan servicing income, partially offset by higher
net gain on sale of residential mortgage loans.
-- Total non-interest expense decreased by $1.5 million or 4.3 percent, to
$32.5 million from $34.0 million in the same period in 2011. The
improvement was primarily due to a $3.0 million decrease in mortgage
servicing rights impairment, falling to $2.1 million in the current
quarter compared to $5.1 million in the three months ending September
30, 2011. Impairment in the prior year quarter reflected a sharp drop in
market interest rates as the 10-year Treasury rate fell 126 basis points
during that three month period a year ago causing a spike in mortgage
refinance activity. Improved results attributable to mortgage servicing
rights were partially offset by an increase in OREO expense of $2.3
million largely due to higher provisions for loss on repossessed
property in the current year period.
"We are pleased to report our ninth consecutive quarter of capital ratios above the threshold to be considered adequately capitalized," stated Chris Bauer, President and Chief Executive Officer of the Corporation and the Bank. "This is the first time since March of 2009 that our total risk-based capital ratio at the Bank has exceeded 9 percent. The improvement in Bank capital ratios is primarily due to the tremendous effort expended to resolve issues in the credit portfolios and the resultant decrease in assets. We have recently developed and are implementing strategies to increase Bank profitability by slowing asset runoff to improve our net interest margin," Bauer added.
Credit Quality
September 30, 2012
Increase (decrease)
(Dollars in thousands) Sep. 30, Jun. 30, Sep. 30, vs.
---------------------
2012 2012 2011 6/30/12 9/30/11
-------- -------- -------- ---------- ---------
Quarterly Financial Results
Provision for credit losses $5,351 ($1,716) $17,115 $7,067 ($11,764)
Net charge-offs 14,827 7,935 17,608 6,892 (2,781)
Key Metrics (at period end)
Loans 30 to 89 days past due 29,354 39,843 70,927 (10,489) (41,573)
Non-performing loans (NPL) 156,543 188,987 256,502 (32,444) (99,959)
Other real estate owned 94,918 83,955 92,970 10,963 1,948
Non-performing assets 251,461 272,942 349,472 (21,481) (98,011)
Allowance for loan loss to NPL 57.93% 53.17% 53.94% 4.76% 3.99%
Certain key credit related metrics continue to trend favorably with loans 30 to 89 days past due falling to $29.4 million as of September 30, 2012 from $39.8 million at June 30, 2012 and $70.9 million at September 30, 2011. Non-performing loans of $156.5 million at September 30, 2012 were significantly lower than the preceding quarter and the year ago quarter, decreasing $32.4 million and $100.0 million, respectively. The impact of these trends contributed significantly to the lower provision for credit losses in the current quarter. Despite the decrease in provision for credit losses in the current quarter compared to the prior year quarter, the allowance for loan loss remains strong at 57.93 percent of non-performing loans at September 30, 2012. Running counter to these favorable variances, both net charge-offs and other real estate owned increased during the quarter reflecting the somewhat irregular timing of the financial statement impacts during execution of the resolution process for non-performing loans.
Mortgage Banking
For the Quarter Ending:
------------------------------- September 30, 2012
Increase (decrease)
(In thousands) Sep. 30, Jun. 30, Sep. 30, vs.
----------------------
2012 2012 2011 6/30/12 9/30/11
--------- --------- --------- ---------- ----------
Loan servicing income (loss), net ($590) ($406) $488 ($184) ($1,078)
Gain on sale of mortgages 7,176 5,836 4,010 1,340 3,166
OMSR (impairment) / recovery (2,100) (1,257) (5,069) (843) 2,969
--------- --------- --------- ---------- ----------
Residential mortgage banking
gross returns $4,486 $4,173 ($571) $313 $5,057
========= ========= ========= ========== ==========
Key Metrics
Origination volume (closed loans) $285,800 $258,500 $189,100 $27,300 $96,700
Serviced loan portfolio 3,034,000 3,095,000 3,212,000 (61,000) (178,000)
Gross returns on residential mortgage banking totaled $4.5 million for the quarter ending September 30, 2012 compared to $4.2 million in the preceding quarter and ($0.6) million in the year ago quarter. Higher returns in the quarter ending September 30, 2012 were largely due to an increase in gain on sale of mortgages over both comparable periods reflecting wider margins on the sale of production into the secondary market and the execution of effective hedging strategies. OMSR (impairment) / recovery quarterly results are highly sensitive to changes in mortgage market interest rates and reflected a sharp drop in rates during the quarter ending September 30, 2011, with more moderate rate decreases during the current and preceding quarters in 2012. Loan servicing results also reflected the impact of lower interest rates as OMSR amortization expense has increased as rates have fallen during these reporting periods. Residential mortgage origination volume rose to $285.8 million in the current quarter compared to $258.5 million in the preceding quarter and $189.1 million in the year ago quarter as historically low interest rates have continued to fuel customer demand for this product.
About Anchor BanCorp Wisconsin Inc.
Anchor BanCorp Wisconsin Inc.'s stock is traded in the over-the-counter market under the symbol ABCW. AnchorBank, fsb (the "Bank"), the wholly owned subsidiary, has 55 offices. All are located in Wisconsin.
Forward-Looking Statements
This news release contains certain forward-looking statements, as that term is defined in the U.S. federal securities laws. In the normal course of business, we, in an effort to help keep our shareholders and the public informed about our operations, may from time to time issue or make certain statements, either in writing or orally, that are or contain forward-looking statements. Generally, these statements relate to business plans or strategies, projected or anticipated benefits from acquisitions or dispositions made by or to be made by us, projections involving anticipated revenues, earnings, liquidity, profitability or other aspects of operating results or other future developments in our affairs or the industry in which we conduct business. Although we believe that the anticipated results or other expectations reflected in our forward-looking statements are based on reasonable assumptions, we can give no assurance that those results or expectations will be attained. You should not put undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date they are made and we undertake no obligation to update them in light of new information or future events, except to the extent required by federal securities laws. Please refer to our Annual Report for the fiscal year ending March 31, 2012 on Form 10-K, as filed with the Securities and Exchange Commission, for a more comprehensive discussion of forward-looking statements and the risks and uncertainties associated with our business.
ANCHOR BANCORP WISCONSIN INC. AND SUBSIDIARIES
Consolidated Balance Sheets
------------------------------------------------------------
(Unaudited)
September
30, March 31,
2012 2012
------------ ------------
(In thousands, except
share data)
Assets
Cash and cash equivalents $ 331,679 $ 242,980
Investment securities available
for sale, at fair value 241,776 242,299
Investment securities held to
maturity, at amortized cost -- 20
Loans
Held for sale 34,274 39,332
Held for investment 1,859,473 2,057,744
Other real estate owned, net 94,918 88,841
Premises and equipment, net 25,552 25,453
Federal Home Loan Bank
stock---at cost 25,630 35,792
Mortgage servicing rights, net 18,526 22,156
Accrued interest receivable 10,878 12,075
Other assets 22,749 22,760
------------ ------------
Total assets $ 2,665,455 $ 2,789,452
============ ============
Liabilities and Stockholders'
Deficit
Deposits
Non-interest bearing $ 300,181 $ 280,931
Interest bearing 1,844,229 1,983,970
------------ ------------
Total deposits 2,144,410 2,264,901
Other borrowed funds 467,293 476,103
Accrued interest and fees
payable 52,382 43,327
Accrued taxes, insurance and
employee related expenses 7,550 6,385
Other liabilities 29,859 28,286
------------ ------------
Total liabilities 2,701,494 2,819,002
------------ ------------
Preferred stock, $0.10 par
value, 5,000,000 shares
authorized, 110,000 shares
issued and outstanding;
dividends in arrears of $22,029
at September 30, 2012 and
$18,785 at March 31, 2012 100,137 96,421
Common stock, $0.10 par value,
100,000,000 shares authorized,
25,363,339 shares issued at
September 30, 2012 and March
31, 2012 2,536 2,536
Additional paid-in capital 110,402 110,402
Retained deficit (159,739) (147,513)
Accumulated other comprehensive
income 2,153 132
Treasury stock (4,116,114 shares
at September 30, 2012 and
4,115,614 shares at March 31,
2012), at cost (90,259) (90,259)
Deferred compensation obligation (1,269) (1,269)
------------ ------------
Total stockholders' deficit (36,039) (29,550)
------------ ------------
Total liabilities and
stockholders' deficit $ 2,665,455 $ 2,789,452
============ ============
ANCHOR BANCORP WISCONSIN INC. AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Loss
---------------------------------------------------------------------------------
(Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
------------------------ ------------------------
2012 2011 2012 2011
----------- ----------- ----------- -----------
Interest income (In thousands, except per share data)
Loans $ 24,314 $ 29,937 $ 49,602 $ 62,046
Investment securities and
Federal Home Loan Bank
stock 1,535 2,960 3,084 6,916
Interest-earning deposits 196 98 350 150
----------- ----------- ----------- -----------
Total interest income 26,045 32,995 53,036 69,112
Interest expense
Deposits 2,956 6,727 6,547 14,046
Other borrowed funds 7,030 7,768 14,031 15,046
----------- ----------- ----------- -----------
Total interest expense 9,986 14,495 20,578 29,092
----------- ----------- ----------- -----------
Net interest income 16,059 18,500 32,458 40,020
Provision for credit losses 5,351 17,115 3,635 20,597
----------- ----------- ----------- -----------
Net interest income after
provision for credit
losses 10,708 1,385 28,823 19,423
Non-interest income
Net impairment losses on
securities recognized in
earnings (146) (123) (210) (182)
Loan servicing income
(loss), net of amortization (590) 488 (996) 1,295
Service charges on deposits 2,693 2,754 5,375 5,354
Investment and insurance
commissions 958 917 1,990 1,954
Net gain on sale of loans 7,176 4,010 13,012 5,203
Net gain on sale of
investment securities 11 5,206 73 6,342
Net gain on sale of OREO 1,600 1,659 4,772 2,904
Other 1,354 1,525 2,538 2,646
----------- ----------- ----------- -----------
Total non-interest income 13,056 16,436 26,554 25,516
Non-interest expense
Compensation and benefits 10,036 9,749 20,506 19,826
Occupancy 1,929 1,925 3,762 3,905
Furniture and equipment 1,346 1,531 2,858 2,992
Federal deposit insurance
premiums 1,561 1,774 3,125 3,707
Data processing 1,639 1,608 3,024 2,991
Marketing 365 429 613 734
OREO expense, net 8,110 5,823 15,122 14,600
Mortgage servicing rights
impairment 2,100 5,069 3,357 5,290
Legal services 1,415 1,328 3,013 2,281
Other professional fees 565 756 1,208 1,774
Other 3,454 3,990 7,490 7,745
----------- ----------- ----------- -----------
Total non-interest
expense 32,520 33,982 64,078 65,845
----------- ----------- ----------- -----------
Loss before income taxes (8,756) (16,161) (8,701) (20,906)
Income tax expense (benefit) (191) -- (191) 10
----------- ----------- ----------- -----------
Net loss (8,565) (16,161) (8,510) (20,916)
Preferred stock dividends in
arrears (1,634) (1,579) (3,244) (3,115)
Preferred stock discount
accretion (1,853) (1,853) (3,716) (3,716)
----------- ----------- ----------- -----------
Net loss available to
common equity $ (12,052) $ (19,593) $ (15,470) $ (27,747)
=========== =========== =========== ===========
Net loss $ (8,565) $ (16,161) $ (8,510) $ (20,916)
Reclassification adjustment
for realized net gains
recognized in income (11) (5,206) (73) (6,342)
Reclassification adjustment
for credit related
other-than-temporary
impairment, net 146 123 210 182
Change in net unrealized
gains (losses) on
available-for-sale
securities 899 12,825 1,884 26,838
----------- ----------- ----------- -----------
Comprehensive loss $ (7,531) $ (8,419) $ (6,489) $ (238)
=========== =========== =========== ===========
Loss per common share:
Basic $ (0.57) $ (0.92) $ (0.73) $ (1.31)
Diluted (0.57) (0.92) (0.73) (1.31)
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Anchor BanCorp Wisconsin Inc.
CONTACT: Emily Campb
Thank you, for looking into it. However many shares you have IMO does't matter. I've been in for a while and just picked up 275000.
Thank you Sir. Asher is a pennys worst cource. Is it not May when they come due? Thank You
Don't plan on this being a "life changer", penny stocks are the big gamble.
RTRAF- Picked up 500 @ .93
XMTTF
Gold discovery rates are decreasing even as exploration spending in the industry reached a record $8 billion last year, according to Jamie Sokalsky, chief executive officer of Barrick Gold Corp., the world’s largest producer.
There were three discoveries last year, compared with 11 in 1991, and none of those can be described as “supergiant,” or holding more than 20 million ounces, Sokalsky said at a conference in Hong Kong. Breakeven costs were rising, he said today, predicting gold’s bull market shows no signs of ending.
Gold is poised for a 12th annual gain, driven by increased investor and central-bank purchases as governments around the world boost stimulus to revive their economies. Global gold mine output may increase 0.7 percent in 2013, the slowest pace since 2008, according to Barclays Plc, which forecasts that total physical supply may shrink 0.4 percent next year. A further rally may not spur much higher output, he told the conference.
“I don’t see a surge in gold production if we saw a gold price of $3,000,” Sokalsky said. “At a higher gold price, we’d still be experiencing the same challenges. I’d suggest there’d be very limited response to that higher gold price.”
Gold for immediate delivery, which climbed to a record $1,921.15 an ounce on Sept. 6, 2011, traded at $1,725.97 at 6:02 p.m. in Hong Kong after rising 10 percent this year. The run of annual gains is the best performance since at least 1920.
‘Getting Harder’
“It’s getting harder to find large deposits and to get those deposits into production takes at least twice as long as it might have taken a decade ago,” Sokalsky said yesterday in an interview. “We’re not going to see new mines coming in as fast as we thought to replace old mines that are closing.”
World gold-mine production may increase to 2,672 metric tons next year from an estimated 2,652 tons in 2012, according to data from Barclays in a Nov. 8 report. Global scrap supply may decline to 1,636 tons from 1,671 tons, reducing total supply to 4,308 tons in 2013 from 4,323 tons, according to Barclays.
“Getting mines permitted, dealing with the government and the communities, environmental issues, all of that takes so much longer,” said Sokalsky, who took over as CEO in June after his predecessor Aaron Regent was fired. “It also costs multitudes more to build a mine and to finance that.”
Barrick reported third-quarter earnings on Nov. 1 that missed analysts’ estimates after mining costs increased more than expected and production fell. Shares (ABX) of the Toronto-based company have declined 22 percent this year.
Bloomberg.com
RTRAF
-General Interest-
Gold Industry Facing Mine Discovery Challenge, Barrick Says
Gold discovery rates are decreasing even as exploration spending in the industry reached a record $8 billion last year, according to Jamie Sokalsky, chief executive officer of Barrick Gold Corp., the world’s largest producer.
There were three discoveries last year, compared with 11 in 1991, and none of those can be described as “supergiant,” or holding more than 20 million ounces, Sokalsky said at a conference in Hong Kong. Breakeven costs were rising, he said today, predicting gold’s bull market shows no signs of ending.
Gold is poised for a 12th annual gain, driven by increased investor and central-bank purchases as governments around the world boost stimulus to revive their economies. Global gold mine output may increase 0.7 percent in 2013, the slowest pace since 2008, according to Barclays Plc, which forecasts that total physical supply may shrink 0.4 percent next year. A further rally may not spur much higher output, he told the conference.
“I don’t see a surge in gold production if we saw a gold price of $3,000,” Sokalsky said. “At a higher gold price, we’d still be experiencing the same challenges. I’d suggest there’d be very limited response to that higher gold price.”
Gold for immediate delivery, which climbed to a record $1,921.15 an ounce on Sept. 6, 2011, traded at $1,725.97 at 6:02 p.m. in Hong Kong after rising 10 percent this year. The run of annual gains is the best performance since at least 1920.
‘Getting Harder’
“It’s getting harder to find large deposits and to get those deposits into production takes at least twice as long as it might have taken a decade ago,” Sokalsky said yesterday in an interview. “We’re not going to see new mines coming in as fast as we thought to replace old mines that are closing.”
World gold-mine production may increase to 2,672 metric tons next year from an estimated 2,652 tons in 2012, according to data from Barclays in a Nov. 8 report. Global scrap supply may decline to 1,636 tons from 1,671 tons, reducing total supply to 4,308 tons in 2013 from 4,323 tons, according to Barclays.
“Getting mines permitted, dealing with the government and the communities, environmental issues, all of that takes so much longer,” said Sokalsky, who took over as CEO in June after his predecessor Aaron Regent was fired. “It also costs multitudes more to build a mine and to finance that.”
Barrick reported third-quarter earnings on Nov. 1 that missed analysts’ estimates after mining costs increased more than expected and production fell. Shares (ABX) of the Toronto-based company have declined 22 percent this year.
To contact the reporter on this story: Glenys Sim in Singapore at gsim4@bloomberg.net
To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net
XMTTF
Xmet's Next Event
Hard Asset San Francisco
November 16 & 17, 2012
Event Location:
The San Francisco Marriott Marquis
55 Fourth Street
San Francisco, CA 94103
Direct Phone: 506-474-2009
Toll Free Phone: 800-266-9432
The San Francisco Hard Assets Investment Conference provides a unique forum for U.S. based individual and institutional investors and mining stakeholders to learn from top analysts, economists, and newsletter publishers on the most exciting opportunities in hard asset investments. The conference features two full days of presentations from analysts, forecasters, metals mining experts, public exploration companies, and newsletter editors who address metal pricing trends, newest development projects, projected metals demand, and many other important data points providing today’s investor with the knowledge and confidence to integrate non-financial hard assets into their portfolio to position their portfolios for sustainable growth.
RTRAF- I agree a matter of time.
XMTTF Management Team
Alex Stewart, B.A., J.D. » Executive Chairman
A retired corporate/securities lawyer, CEO of Minerx Inc. (www.minerx.com), President of RTO Zarex Ltd., and a director of Everton Resources Inc. with over 35 years experience in the financial and public markets, including directorships, corporate finance and legal advisory roles for companies trading on NASDAQ, NYSE, DAX, TSX, TSX-V and their predecessors. Selected former clients include Biovail Corporation, Longines-Wittnauer Watch Co., Westinghouse Electric Co. and Treats Inc.
Charles Beaudry, M.Sc., P. Geo., géo » President & CEO
A seasoned mining executive with over 30 years experience in project generation, business development, exploration geochemistry and hands on project management including as Country Manager in Brazil for Noranda Inc. from 1996 to 2001. Charles has been involved in a number of deposit discoveries with Noranda/Falconbridge. Charles has worked for Agip Canada Inc., Aur Resources Inc. and Noranda/Falconbridge. Until recently he was General Manager for New Opportunities for IamGold where he head the world-wide search for new acquisition opportunities and established a new exploration office in Colombia. He is a Qualified Person for purposes of news releases and 43-101 technical reports.
Bill Yeomans, B.Sc., P.Geo. » VP Exploration & Acquisitions
A gold exploration professional with over 25 years of field experience in all stages of gold exploration, development and production throughout the Americas and in Asia. In his career, Bill has worked for BHP World Discovery Group, StrataGold Corp., Migrate Mining, Aur Resources Inc., Canamax Resources, Shell Minerals and most recently for IamGold where he sourced and evaluated advanced gold projects throughout the Americas. His strengths include project evaluation, geochemical and geophysical analysis, supervision of field exploration projects and management of mining camps. Bill is a Qualified Person for purposes of news releases and 43-101 technical reports.
Stephen Stewart, MBA, MSc. » VP Corporate Development
With over ten years of experience in investments and finance Stephen has been involved with numerous businesses in the mining and real estate space. He has held several roles with RTO Zarex and Oxford Properties/OMERS and specializes in asset valuation, strategic planning, cost management and has excellent understanding of capital markets. Stephen holds a Bachelor of Arts from the University of Western Ontario, a Master of Business Administration from the University of Toronto and a Master of Science from the University of Florida.
Kirk Boyd » CFO
Mr. Boyd has served as a director and Chief Financial Officer of various reporting issuers listed on the TSX Venture Exchange. Mr. Boyd is also the principal of Kirk Boyd & Associates, a consulting company providing executive services and specializing in strategic planning, corporate restructuring and financial management.
Xmet Inc. Retains Renmark Financial Communications Inc.
Xmet Inc. ("Xmet" or the "Company") (TSX VENTURE: XME)(OTCQX: XMTTF) is pleased to announce that it has retained the services of Renmark Financial Communications Inc. to handle its investor relations activities.
"We are pleased to announce that we have selected Renmark to reinforce Xmet's profile in the financial community and enhance the visibility of our projects, specifically in our Duquesne District consolidation project on the Quebec side of Porcupine-Destor fault. We choose Renmark because its standards and methodologies fit best with the message we wish to communicate to the investing public," noted Charles Beaudry, President and CEO of Xmet Inc.
In consideration of the services to be provided, Xmet Inc. has agreed to a monthly agreement with a retainer of $7,000 to Renmark Financial Communications Inc.
Renmark Financial Communications Inc. does not have any interest, directly or indirectly, in Xmet Inc. or its securities, or any right or intent to acquire such an interest.
About Xmet Inc.
Xmet is gold exploration company focused on consolidating the Duquesne Mining District located along the Porcupine-Destor fault in the Abitibi region of Quebec. Building on its successful exploration on the Duquesne-Ottoman Property where Xmet took a small historic resource and in 18 months expanded that into a NI43-101 compliant 853,000 inferred gold ounces in 4.1 million tonnes grading 6.36 g/t Au, the company has signed agreements with its adjacent neighbors that will add 355,000 ounces of indicated gold resource in 2.0 million tonnes at 5.9 g/t Au and a further 380,000 gold ounces of inferred resources in 2.6 million tonnes at 4.4 g/t Au. This transaction will allow Xmet to take control of over 8 kilometres of strike on the Porcupine-Destor fault and open the immediate exploration potential to significantly add ounces by exploring the boundary zones between the properties and the extensions around the old shaft on the Duquesne mine property.
Mr. Charles Beaudry, P.Geo., Xmet's President, COO and Director, is the designated Qualified Person responsible for this release.
For the latest updates, news releases and events, please follow Xmet Inc. on Facebook and Twitter.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Xmet Inc.
Charles Beaudry
President and CEO
(416) 644-6588
cbeaudry@xmet.ca
Xmet is gold exploration company focused on consolidating the Duquesne Mining District located along the Porcupine-Destor fault in the Abitibi region of Quebec. Building on its successful exploration on the Duquesne-Ottoman Property where Xmet took a small historic resource and in 18 months expanded that into a NI43-101 compliant 853,000 inferred gold ounces in 4.1 million tonnes grading 6.36 g/t Au, the company has signed agreements with its adjacent neighbors that will add 355,000 ounces of indicated gold resource in 2.0 million tonnes at 5.9 g/t Au and a further 380,000 gold ounces of inferred resources in 2.6 million tonnes at 4.4 g/t Au. This transaction will allow Xmet to take control of over 8 kilometres of strike on the Porcupine-Destor fault and open the immediate exploration potential to significantly add ounces by exploring the boundary zones between the properties and the extensions around the old shaft on the Duquesne mine property.
Xmet extends its agreement to purchase Brionor’s Pitt Gold Project’s 100,000oz. Inferred and 156,000oz. Indicated Au
Toronto ON – October 1, 2012 - Xmet Inc. (“Xmet” or the “Company”) (TSXV-XME, OTCQX-XMTTF) is pleased to announce that it has extended the closing date for its purchase of the Pitt Gold Project from Brionor Resources Inc. (“Brionor”) to December 17, 2012. Xmet requested the extension of the Pitt Gold acquisition so that it will close concurrently with Xmet’s acquisition of Clifton Star Inc.’s (“Clifton Star”) Duquesne Mine property, announced in a news release dated September 20th, 2012. Xmet’s acquisitions of the 100% owned Pitt Gold and Duquesne Mine properties will consolidate all of the Duquesne District’s NI 43-101 compliant and contiguous gold resources to 1,233,000 ounces inferred and 355,000 ounces indicated. Please refer the Table below for the total resource details on Xmet’s Duquesne District.
RESOURCE TABLE FOR THE DUQUESNE DISTRICT CONSOLIDATION
Indicated Ounces
Inferred Ounces
Tonnes
Grade
Ounces
Tonnes
Grade
Ounces
Xmet's Duquesne-Ottoman
4,171,000
6.36
853,000
Clifton Star's Duquesne Mine
1,860,000
3.33
199,000
1,560,000
5.58
280,000
Brionor's Pitt Resource
600,000
7.83
156,000
476,000
6.91
100,000
355,000
1,233,000
NI 43-101 technical reports for Xmet’s Duquesne Ottoman, Clifton Star’s Duquesne Mine property and Brionor’s Pitt Gold Project are available under their respective corporate profiles at www.sedar.com. To the best of the Xmet’s knowledge, information, and belief, there is no new material scientific or technical information that would make the disclosure of the mineral resources, mineral reserves or results of a preliminary economic assessment set forth in the Technical Report published by Brionor inaccurate or misleading.
The Pitt Gold resource aligns with Xmet’s Stinger Zone where Xmet has delineated a substantial gold resource. The intervening area has been insufficiently drill tested, mainly due to drill permitting complexity related to positioning of drill collars, an issue that will be solved by the purchase of the Pitt Gold Project. Between the Pitt and Stinger zones there are over 900 metres of strike along this horizon and at depth that are open for additional exploration and discovery. With the completion of the acquisition of the Pitt Gold Project, drill permitting issues will be largely eliminated and this target area will be a focus of our exploration in the near future.
In exchange for 100% ownership of the Pitt Gold Project, Xmet has agreed to issue Brionor a maximum of 10.56% of its outstanding shares after Xmet has exercised its option from Globex and completed the concurrent Duquesne Mine acquisition from Clifton Star. Completion of the
Transaction is subject to a number of conditions, including but not limited to, the exercise of
Xmet’s option to purchase a minimum 75% interest in Duquesne-Ottoman Project (see Xmet’s
press release dated March 5, 2012), obtaining any necessary approvals, as well as the
acceptance of the TSX Venture Exchange (the “Exchange”).
About Xmet Inc.
Xmet is a gold exploration company focused on advanced projects in existing mining camps in
Canada where exploration and mining costs are minimized and where previous and historic
producing mines make for much easier permitting and minimizes community and First Nations
social community risks. Xmet’s flagship project, the Duquesne-Ottoman property, which covers
an area of 928.6 hectares, is located approximately 30 kilometres north of the city of Rouyn-
Noranda and 10 kilometres east of the village of Duparquet within the townships of Duparquet
and Destor in the Province of Quebec.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release. Mr. Charles Beaudry, P.Geo., Xmet’s President, COO and Director, is the designated Qualified
Person responsible for this release.
Certain information in this press release may contain forward-looking statements. This information is
based on current expectations that are subject to significant risks and uncertainties that are difficult to
predict. Actual results might differ materially from results suggested in any forward-looking statements.
Xmet assumes no obligation to update the forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward looking-statements unless and until required by
securities laws applicable to Xmet. Additional information identifying risks and uncertainties is contained
in filings by Xmet with Canadian securities regulators, which filings are available under Xmet’s profile at
www.sedar.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be
any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The
securities have not been registered under the United States Securities Act of 1933, as amended, and may
not be offered or sold in the United States absent registration or an applicable exemption from the
registration requirements.
For the latest updates, news releases and events, please follow Xmet Inc. on Facebook and
Twitter. Or for further information, please contact:
Charles Beaudry, President and COO
Phone (416) 644-6588
E-mail: cbeaudry@xmet.ca
Or
Stephen Stewart, VP Corporate Development
Phone (416) 644-6588
E-mail: sstewart@xmet.ca
Xmet Receives Results of Geomet Study on Duquesne-Ottoman; High Metallurgical Recoveries Expected
Toronto ON – November 7, 2012 - Xmet Inc. (“Xmet” or the “Company”) (TSXV-XME, OTCQX-XMTTF) is pleased to report the results of a mineralogical study (Geomet Study) carried out by Terra Mineralogical Services Inc. on samples collected from the mineralized zones on the Duquesne-Ottoman Property.
“We are very pleased with the results of this study because it indicates that the gold mineralization at Duquesne-Ottoman occurs as free gold and is not associated with arsenic, nor is it refractory”, commented Charles Beaudry, the President and CEO of Xmet, adding that “the gold occurs mainly at grain boundaries so it may be easily liberated by a moderate fine primary grind. We also have the option of floating and regrinding the sulphides to increase our overall recoveries. The great thing about these conclusions is that they come from the study of 35 polished sections made from samples collected throughout the mineralized zones. Conventional metallurgical testing will be done as the project advances but already we have some idea of our expected gold recoveries and where we could get improvements. Our next goal is to bring the Duquesne District project to a Preliminary Economic Assessment, and this Geomet Study assists us in the conceptualization of the resource processing methodology.”
According to the study, the main gold carrier in samples is native gold with silver also present and occurs mainly in electrum and in silver-telluride minerals. Locally the silver-telluride minerals occur as coarse grains (“nuggets”) but otherwise the gold as well as the silver is fine grained (between 2.6 to 4.6 microns). Although generally fine grained, the gold occurs at grain boundaries over 90% of the time which suggest that metallurgical recoveries should be excellent provided sufficient grinding is applied to the ore. The study also found a small amount of mercury telluride mineral grains. This will be the subject of more study as the project develops.
Two process routes are suggested by the results. Whole ore cyanide leach after grinding to 55 to 60 microns or alternatively a coarser grind followed by flotation of sulphides and regrinding of sulphides to 8 to 10 microns and cyanidation of the sulphides to liberate some of the gold that occur encapsulated within sulphides mineral grains followed by cyanidation of the sulphides.
Quality Assurance and Quality Control
Sampling of drill cores was carried out on site by Terra Mineralogical Services Inc. with the assistance of Xmet geologists. Approximately two inch drill core samples were collected from each of 35 selected intervals from 13 diamond drill holes that intersected one or another of the Fox, Liz, Shaft or South Shaft Zones. Polished thin sections were prepared, and the entire surface of each section was scanned to identify gold-bearing minerals and associated gangue
phases.
These results are based on solid data but remain predictions that need to be followed and confirmed by metallurgical testing. More test work is planned for the coming year that will investigate some of the questions raised by this study.
About Xmet Inc.
Xmet is gold exploration company focused on consolidating the Duquesne Mining District located along the Porcupine-Destor fault in the Abitibi region of Quebec. Building on its successful exploration on the Duquesne-Ottoman Property where Xmet took a small historic resource and in 18 months expanded that into a NI43-101 compliant 853,000 inferred gold ounces in 4.1 million tonnes grading 6.36 g/t Au, the company has signed agreements with its adjacent neighbors that will add 355,000 ounces of indicated gold resource in 2.0 million tonnes at 5.9 g/t Au and a further 380,000 gold ounces of inferred resources in 2.6 million tonnes at 4.4 g/t Au. This transaction will allow Xmet to take control of over 8 kilometres of strike on the Porcupine-Destor fault and open the immediate exploration potential to significantly add ounces by exploring the boundary zones between the properties and the extensions around the old shaft on the Duquesne mine property.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Mr.Giovanni Di Prisco, Ph.D., P.Geo., Principal of Terra Mineralogical Services Inc. and consulting geologist, is the designated Qualified Person responsible for this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Xmet assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Xmet. Additional information identifying risks and uncertainties is contained in filings by Xmet with Canadian securities regulators, which filings are available under Xmet’s profile at www.sedar.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
For the latest updates, news releases and events, please follow Xmet Inc. on Facebook and Twitter. Or for further information, please contact:
Charles Beaudry, President and COO
Phone (416) 644-6588
E-mail: cbeaudry@xmet.
Common Shares Issued 60.4M
Stock Options 5.6M
Warrants 22.8M
Fully Diluted 88.8M
Xmet has no debt
Other Properties
Recently acquired 100% owned properties.
Grasset Property: 7,133 hectares along
Detour-Sunday Lake deformation zone with
historic drill intersections of 0.93 g/t Au
over 1.83m and 0.5% Cu over 1.0m within
property limits.
Authier Property: 5,693 hectares along major
shear zone with historic drill intersections
of 5.1 g/t Au over 4.8m and 4.1 g/t Au over
0.8m along strike on adjacent properties.