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Well, I'm not sure whats really happening. If they tell the State of Florida, that they changed their articles, and didnt file with the SEC or FINRA, did it really happen? I've asked a couple people, and have been told it is not "official", until filed. I am not sure though. Its all my opinion,and guess work, at this point. GLTA
I agree completely. GLTY
What is shaping up? I cant find anything on FINRA or the SEC sites, that they have done anything, but release PRs. I am more than willing to play the PRs, but these people are not doing anything. IMO
AVGCF- All is Good. I hope:) I plan to keep adding. The northern part of the country, is comming apart, but many are wanting to stop it. ECOWAS wants to send troops, but again its the northern part of the country. I am hopeful, the corp is doing as they say. I've been watching the news, even the rebels, are drifting apart. GLTY
The RSI recently dropped to 60.61% from above the critical level of 70. This signals that COECF is no longer overbought and the internal strength of the stock appears to be waning
A $28 buy at .0014 brings it up. Sells over buys. Something seems to be afoot. IMO
Well that is not good news. Have to see if they can find another partner.
Avion Gold Corporation (TSX:AVR)(OTCQX:AVGCF) ("Avion" or the "Company") is pleased to announce that is has increased its production guidance to between 95,000 and 102,000 ounces of gold for 2012. The mill has delivered solid performance and the underground mining at Tabakoto has been a strong contributor with better than expected grades and recoveries and lower than planned dilution.
John Begeman, President and CEO of Avion stated "Management is pleased with how well the Tabakoto operations performed in the second quarter with higher than forecast grades and budgeted mill recoveries. As a result of this strong operational performance during the first half of 2012, Avion has increased its 2012 production guidance. As well, Avion is confident that in the improved business climate, it makes sense to re-start the mill capacity upgrade as soon as practical."
The Company is also pleased to report that the political situation in Mali has stabilized and as such the Canadian government has reduced its warning advisory by one level in the southern part of Mali, where the Tabakoto Mine is located. In spite of an occasionally challenging operating environment, Avion has continued to operate and produce gold during the coup in Mali thanks to strategic fuel and parts supply inventory levels. Operations at Tabakoto and exploration at Tabakoto and Kofi are proceeding in the normal course. With an interim government in place in Mali and elections promised within the year, stability has returned for the most part in the southern part of the county, leading to the reduction in travel advisories. Avion continues to receive its fuel shipments and supplies are arriving from outside of the country as the customs and imports offices work to rebuild their systems post coup.
The mill expansion, which was delayed when foreign contractors left site during the coup, is anticipated to resume in the latter part of 2012 or early 2013. The Company is negotiating with contractors and necessary parties to return to site as soon as possible, however it will take some time to be able to remobilize teams to the site to recommence the construction. All parts and supplies to complete the mill expansion have now arrived at site.
About Avion Gold Corporation
Avion is a Canadian-based gold mining company focused in West Africa that holds 80% of the Tabakoto and Segala gold projects in Mali. Gold production commenced at these projects in 2009 with approximately 51,290 ounces produced. 2010 production was 87,630 ounces of gold. 2011 production was 91,200 ounces of gold. The current mineral reserve estimate (as of January 1, 2012) of 6.91 million tonnes grading 3.73 g/t Au totaling 827,100 ounces of gold (proven and probable), for the Tabakoto project property, demonstrates several sources of excellent grade open pit and good grade underground mineral resources thus providing significant flexibility for Avion's future mining plans. The Company has developed an underground mine at the Tabakoto deposit, and is developing another underground mine at the Segala deposit. The Tabakoto project property also contains several producing open pit mines. Production sustainability will continue to be supported by exploration programs over an approximately 600 km2 exploration package that both surrounds and is near to the Company's existing mine infrastructure, and contains mineral resources on the Kofi property. Additionally, mineral resources have grown considerably at Avion's 1,600 km2 Hounde exploration property in Burkina Faso. Avion has a highly skilled management team, with a focus on growth and consolidation within West Africa.
Andrew Bradfield, P.Eng., the Chief Operating Officer of the Company, and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
Cautionary Notes
Certain information set forth in this press release contains "forward-looking statements", and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements which include the impact of the political and social conditions in Mali on the Company, management's assessment of Avion's targeted production, future plans, operations and mineral resource estimates and are based on Avion's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as "expects" "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Avion's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, those risks described in the annual information form of the Company. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Avion undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Contacts:
Avion Gold Corporation
Michael McAllister
Manager, Investor Relations
(416) 309-2134
info@aviongoldcorp.com
Twitter: @AviongoldAVR
Yes, I read it. Thanks. Scottrade shows 999,999 sitting on the ask.
The link to the OTC Board,under Recent News isn't working. The OTC has STOP - OTC Pink No Information. Thanks
Bought some more today.
Manipulation
Avion Board Thanks Shareholders for Overwhelming Support
Date : 06/26/2012 @ 7:41PM
Source : MarketWire Canada
Avion Gold Corporation (TSX:AVR)(OTCQX:AVGCF) ("Avion" or the "Company")
announced today that, at its annual shareholders' meeting the shareholders voted
overwhelmingly in support of the management nominees to the Board. Accordingly,
James Coleman QC, John Begeman, Bruce Humphrey, Lewis MacKenzie, Pierre
Pettigrew PC, John Vettese and Bernard Wilson have been elected as members of
the Board of Directors to represent shareholders' interests for the ensuing
year.
James Coleman QC, the Independent Chairman of the Board, stated, "The Board
expresses its appreciation to our shareholders for recognizing the dedication
and past success of Avion's continuing directors. The Board will continue to
implement Avion's strategic plan of expanding production in Mali once the
in-country political situation stabilizes, demonstrating the economic potential
of the Hounde Project in Burkina Faso and aggressively pursuing additional
growth opportunities whether organically or through acquisition."
Avion is pleased to note that rescheduling the AGM resulted in approximately 74%
of shareholders voting at the meeting. We believe that this significant
shareholder participation and support validates the work of the current Board
and management. We would also like to state that we have heard the concerns of
our shareholders and will, with management and the Board of Directors, work
toward strengthening and growing Avion.
The re-election of a majority of the incumbent directors is also consistent with
the recommendation of the leading proxy advisory firms. Institutional
Shareholder Services ("ISS") which noted in a report that Avion's total
shareholder return has consistently outperformed its peer group over the past
two to three years. ISS added that the recent decline in the Company's share
price is largely due to factors beyond management's control - notably, a
military coup in Mali which has delayed completion of a mill expansion project
at the Tabakoto mine. "It should be noted that the company's governance
structure has improved from last year", ISS added.
Biographical Information for New Directors
Bernard Wilson, FCA, ICD.D is a senior financial professional with a wide array
of working relationships with business executives in Canada, the United States
and internationally. In addition, Mr. Wilson is an advisor in corporate finance
and investment banking and has extensive experience in major financial
restructurings and advises on international trade and commerce issues. Mr.
Wilson was with PriceWaterhouseCoopers LLP for 40 years and was Vice Chairman at
retirement. Mr. Wilson is a recognized Canadian businessman having served in
numerous leadership roles, including Chairman of the Canadian Chamber of
Commerce - the largest business organization in Canada with 175,000 members;
Chairman of the Canadian Council for International Business - the organization
representing Canadian multinational companies at the OECD in Paris, the WTO in
Geneva and the UN in New York; Chairman of the International Chamber of Commerce
- Canada; and Member of the Canada/US Trade Committee. He received his Commerce
Degree from St Francis Xavier University and later his Doctor of Laws (Hons.).
He received his Chartered Accounting degree with PwC and later was awarded his
FCA from the CICA, a distinction which is limited to 3% of members. He also
completed postgraduate studies in Alternative Dispute Resolution at Harvard Law
School. Mr Wilson is also the Founder of the Institute of Corporate Directors'
formal directors education program, completed it and was the first Canadian to
be awarded the ICD.D accreditation. Given his credentials, Mr. Wilson is well
qualified to serve as the Chair of Avion's Audit Committee.
John Vettese is a corporate finance and mergers and acquisition lawyer and is
the Deputy Managing Partner of Cassels Brock & Blackwell LLP. He is also a
member of the firm's Executive Committee. He has acted and continues to act as
lead counsel for several companies in the mining sector. He has consistently
been recognized as one of the Best Lawyers in Canada in the area of Natural
Resource Law.
James Coleman stated, "We are pleased to welcome Bernie and John to the Board
and look forward to their contributions in expanding Avion's business and
further enhancing its corporate governance practices. The Board would like to
acknowledge and thank Stan Bharti and George Faught for their significant
contributions to the Company. Stan, who founded Avion and has been instrumental
in attracting the necessary capital to support operations, will remain involved
with Avion as the company remains a member of the Forbes & Manhattan Group of
Companies. Avion has benefited from George's wise counsel as an active board
member and Chair of the Audit Committee. He also showed his dedication to Avion
by resigning his role as an executive officer of another reporting issuer in
order to stay on the Avion Board. The Board expresses its gratitude to Mr.
Bharti and Mr. Faught for their significant contributions to the Company."
Cautionary Notes
Certain information set forth in this press release contains "forward-looking
statements", and "forward-looking information" under applicable securities laws.
Except for statements of historical fact, certain information contained herein
constitutes forward-looking statements. Some of the forward-looking statements
may be identified by words such as "expects" "anticipates", "believes",
"projects", "plans", and similar expressions. These statements are not
guarantees of future performance and undue reliance should not be placed on
them. Such forward-looking statements necessarily involve known and unknown
risks and uncertainties, which may cause Avion's actual performance and
financial results in future periods to differ materially from any projections of
future performance or results expressed or implied by such forward-looking
statements. These risks and uncertainties include, but are not limited to, those
risks described in the annual information form of the Company. There can be no
assurance that forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such
statements. Avion undertakes no obligation to update forward-looking statements
if circumstances or management's estimates or opinions should change except as
required by applicable securities laws. The reader is cautioned not to place
undue reliance on forward-looking statements.
We all need answers. Its a long way to the top
Hello, I just saw a commercial for Sun Drop(Green Bay area) on the t.v.. Seemed cheaply made, but wasnt bad. Are they starting to push this product? Thanks in advance
CanAm Coal Corp. (TSX VENTURE:COE)(OTCQX:COECF) ("CanAm" or the "Company") announces that, subject to regulatory approval, on June 1, 2012, it granted a total of 3.3 million options to directors, officers and employees of the Company and its affiliates to purchase common shares of the Company in accordance with the Company's stock option plan. The options expire ten years from the date of grant and will vest at a rate of one sixth every three months. All options have an exercise price of $0.14 per common share.
The Company has determined that there are exemptions available from the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of the options to directors, officers and employees of the Company (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than $2,500,000).
The Company is also pleased to announce that it has raised $100,000 through the exercise of 1 million options at an exercise price of $0.10. Proceeds will be used for general operating purposes.
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.
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.
SOURCE: CanAm Coal Corp.
CanAm Corporate Office:
Tim Bergen
CEO
403.262.3797 or Toll Free: 1.877.262.5888
tbergen@canamcoal.com
Brisco Capital Partners:
Scott Koyich
Partner
403.262.9888
scott@briscocapital.com
CanAm Coal Corp. (TSX VENTURE: COE)(OTCQX: COECF) ("CanAm" or the "Company") is pleased to announce that effective June 1, 2012, Mr. Scott Bolton has formally joined the Company as Chief Financial Officer. Concurrent with this appointment, Mr. Jos De Smedt, the former CFO has assumed the role of President and Chief Operating Officer. Mr. Tim Bergen continues in his role as Chief Executive Officer.
Mr. Bolton was formerly a Senior Partner and Canadian Energy Leader with PwC, based in Calgary. Scott brings considerable experience in a broad range of technical areas including business strategy, mergers and acquisitions, accounting and auditing, and valuations. A Chartered Accountant by training, Mr. Bolton worked for PwC for 27 years, including 15 years as a Partner.
"I am excited to join CanAm, a company that has transformed itself into a profitable coal producer and is poised for significant growth in the years to come. I am looking forward in working with the leadership team as we execute on our strategic plan to achieve an annual production target of 3 million tons in the next 3 to 5 years", said Scott Bolton.
.0008 up to plate. The buy 5000 @ .0013 was pretty funny
Avion Gold Corporation (TSX: AVR)(OTCQX: AVGCF) ("Avion" or the "Company") has won support from Institutional Shareholder Services ("ISS"), a leading proxy advisory firm, for its business strategy and moves to enhance its corporate governance.
ISS noted in a report, published ahead of Avion's rescheduled annual meeting on June 26, 2012, that Avion's total shareholder return has consistently outperformed its peer group over the past 2-3 years. It added that the recent decline in the Company's share price is largely due to factors beyond management's control - notably, a military coup in Mali which has delayed completion of a mill expansion project at the Tabakoto mine.
Avion postponed the annual shareholder meeting, originally scheduled for May 17, 2012, as a result of a low level of participation by shareholders and after it became apparent that two large minority shareholders were attempting to take control of the agenda at the last minute by putting forward their own slate of board nominees.
The ISS report also welcomed recent moves by Avion's board to strengthen governance practices. Among them:
-- The election of directors will no longer proceed by slate voting, but
rather by individual voting;
-- A minimum 75 per cent attendance requirement for board members;
-- A review to enhance board independence and address concerns about over-
boarding.
-- Several Avion board members have committed to scale back the number of
directorships they hold.
"It should be noted that the company's governance structure has improved from last year", ISS added.
ISS recommended a withhold vote on one current director, Stan Bharti, as he currently sits on the board of more than six public companies and his attendance record at Avion board meetings was less than 75% in 2011. However, Mr. Bharti has agreed not to seek re-election to the boards of two other companies and he is also reviewing his public company directorship commitments in an effort to further reduce his outside board positions. Mr. Bharti will also be covered by the new attendance requirement instituted by the Avion board and he has attended all three Avion board meetings held to date in 2012. The board of directors of Avion is fully behind Mr. Bharti's re-election as a director of Avion. Mr. Bharti, through Forbes & Manhattan, Inc., has been instrumental in helping to develop Avion from inception and, more recently, helping guide the Company through the coup in Mali by bringing together a highly qualified and experienced management team. Mr. Bharti has played an important role in developing Avion into the company it is today, and he is an integral part of the implementation of Avion's strategy going forward.
John Begeman, Avion's Chief Executive Officer, said: "ISS's findings confirm that we are on the right track both operationally and from a governance standpoint. We are confident that, once the situation in Mali stabilizes, we can move towards realizing our target of producing 200,000 ounces of gold a year."
VOTE YOUR BLUE PROXY BY MAIL OR FAX FOR IT TO BE RECEIVED BY THE DEADLINE.
PROXIES MUST BE RECEIVED NO LATER THAN JUNE 22, 2012 AT 10:00 A.M. (TORONTO
- EASTERN DAYLIGHT - TIME).
PLEASE ENSURE THAT YOU SIGN AND DATE THE BLUE PROXY.
FOR QUESTIONS ON VOTING YOUR BLUE PROXY CALL:
Telephone Toll Free: 1-866 229 8874.
Toll Free Fax: 1-866-545-5580
Outside North America Call Collect: 1-416-867-2272
Cautionary Notes
Certain information set forth in this press release contains "forward-looking statements", and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Some of the forward-looking statements may be identified by words such as "expects", "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Avion's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, those risks described in the annual information form of the Company. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Avion undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Contacts:
Media contact:
Kingsdale Communications Inc.
Bernard Simon
Vice-President
416 867 2304
bsimon@kingsdalecommunications.com
Avion Gold Corporation
Michael McAllister
Manager, Investor Relations
(416) 309-2134
info@aviongoldcorp.com
SOURCE: Avion Gold Corporation
mailto:bsimon@kingsdalecommunications.com
mailto:info@aviongoldcorp.com
There is a lot of info on the two of them. They do seem to make money. Is this the same couple?http://www.mlmlegal.com/legal-cases/YTBTravel_v_McLaughlin-2009.php
Ah, I see. At least this release says "they have formally signed", and not will sign. Have to see what can be found about the new couple.
In conjunction with this announcement and appointment of Kent and Kimberley McLaughlin TheARN management has confirmed they readily accepted the email resignation of Mr. Rex Powers dated March 30th, 2012.- I thought he never signed with the company?
2(nd) Quarter, 2012, Revisions of S&P/TSX Indices
S&P Canadian Index Services will make the following index changes as a result of the Quarterly S&P/TSX Composite Index review. These changes will be effective at the open on Monday, June 18, 2012:
S&P/TSX COMPOSITE INDEX
___________________________________________________________________
|ADDITIONS |
|___________________________________________________________________|
| | | | Live Composite GICS |
| | | | Sector |
|Issue Name |Symbol|60/Completion| Index |
|_______________________|______|_____________|______________________|
|Black Diamond Group | | | |
|Limited | BDI | Completion | Energy |
|_______________________|______|_____________|______________________|
|Enbridge Income Fund | | | |
|Holdings Inc. | ENF | Completion | |
|_______________________|______|_____________|______________________|
|Martinrea International| | | |
|Inc. | MRE | Completion |Consumer Discretionary|
|_______________________|______|_____________|______________________|
|Northern Property REIT |NPR.UN| Completion | REIT, Real Estate |
|_______________________|______|_____________|______________________|
|Poseidon Concepts Corp.| PSN | Completion | Energy |
|_______________________|______|_____________|______________________|
|Wajax Corporation | WJX | Completion | Industrials |
|_______________________|______|_____________|______________________|
____________________________________________________________________
|DELETIONS |
|____________________________________________________________________|
| | | | Live Composite GICS |
| | | | Sector |
|Issue Name |Symbol|60/Completion| Index |
|______________________|______|_____________|________________________|
|Avion Gold Corporation| AVR | Completion | Materials |
|______________________|______|_____________|________________________|
|Extorre Gold Mines | | | |
|Limited | XG | Completion | Materials |
|______________________|______|_____________|________________________|
|Golden Star Resources | | | |
|Ltd. | GSC | Completion | Materials |
|______________________|______|_____________|________________________|
|Great Basin Gold Ltd. | GBG | Completion | Materials |
|______________________|______|_____________|________________________|
|Guyana Goldfields Inc.| GUY | Completion | Materials |
|______________________|______|_____________|________________________|
|Jaguar Mining Inc. | JAG | Completion | Materials |
|______________________|______|_____________|________________________|
| | | |Materials, Div. Metals &|
|Mercator Minerals Ltd.| ML | Completion | Mining |
|______________________|______|_____________|________________________|
|Northern Dynasty | | |Materials, Div. Metals &|
|Minerals Ltd. | NDM | Completion | Mining |
|______________________|______|_____________|________________________|
|NuVista Energy Ltd. | NVA | Completion | Energy |
|______________________|______|_____________|________________________|
|Romarco Minerals Inc. | R | Completion | Materials |
|______________________|______|_____________|________________________|
Changes to the S&P/TSX Composite Index will also affect the S&P/TSX Capped Composite Index and the S&P/TSX Composite Equal Weight Index. Stocks added to or removed from the S&P/TSX Composite Index will also be added to or removed from the appropriate Global Industry Classification Standard (GICS) sector index.
S&P/TSX GLOBAL GOLD INDEX - JUNE 2012 - QUARTERLY REVIEW
ADDITIONS
Issue Name Symbol Exchange
Rainy River Resources Ltd. RR TSX
Tanzanian Royalty Exploration Corp. TNX TSX
DELETIONS
Issue Name Symbol Exchange
Exeter Resource Corporation XRA AMEX
Guyana Goldfields Inc. GUY TSX
International Tower Hill Mines Ltd. ITH TSX
Jaguar Mining Inc. JAG TSX
Orezone Gold Corporation ORE TSX
Teranga Gold Corporation TGZ TSX
Timmins Gold Corporation TMM TSX
S&P/TSX GLOBAL MINING INDEX - JUNE 2012 - QUARTERLY REVIEW
ADDITIONS
Issue Name Symbol Exchange
Orbite Aluminae Inc. ORT TSX
Rainy River Resources Ltd. RR TSX
Tanzanian Royalty Exploration Corp. TNX TSX
DELETIONS
Issue Name Symbol Exchange
Augusta Resource Corporation AZC TSX
Avalon Rare Metals Inc. AVL TSX
Baja Mining Corp. BAJ TSX
Cline Mining Corporation CMK TSX
Coalspur Mines Limited CPT TSX
Exeter Resource Corporation XRA AMEX
Guyana Goldfields Inc. GUY TSX
International Tower Hill Mines Ltd. ITH TSX
Jaguar Mining Inc. JAG TSX
James River Coal Company JRCC NASDAQ
Mercator Minerals Ltd. ML TSX
Mirabela Nickel Ltd. MNB TSX
Nevada Copper Corp. NCU TSX
Northern Dynasty Minerals Ltd. NDM TSX
Orezone Gold Corporation ORE TSX
Patriot Coal Corporation PCX NYSE
Scorpio Mining Corporation SPM TSX
Teranga Gold Corporation TGZ TSX
Timmins Gold Corp. TMM TSX
S&P/TSX GLOBAL BASE METALS INDEX - JUNE 2012 - QUARTERLY REVIEW
ADDITIONS
Issue Name Symbol Exchange
Orbite Aluminae Inc. ORT TSX
DELETIONS
Issue Name Symbol Exchange
Augusta Resource Corporation AZC TSX
Avalon Rare Metals Inc. AVL TSX
Baja Mining Corp. BAJ TSX
Cline Mining Corporation CMK TSX
Mercator Minerals Ltd. ML TSX
Mirabela Nickel Ltd. MNB TSX
Nevada Copper Corp. NCU TSX
Northern Dynasty Minerals Ltd. NDM TSX
S&P/TSX COMPOSITE DIVIDEND INDEX - JUNE 2012 - QUARTERLY REVIEW
ADDITIONS
Issue Name Symbol
Black Diamond Group Limited BDI
Enbridge Income Fund Holdings Inc. ENF
Northern Property REIT NPR.UN
Poseidon Concepts Corp. PSN
Savanna Energy Services Corp. SVY
Wajax Corporation WJX
S&P/TSX EQUITY INCOME INDEX - JUNE 2012 - QUARTERLY REVIEW
ADDITIONS
Issue Name Symbol
Enbridge Income Fund Holdings Inc. ENF
Nordion Inc. NDN
Northern Property REIT NPR.UN
Poseidon Concepts Corp. PSN
Royal Bank of Canada RY
Savanna Energy Services Corp. SVY
Wajax Corporation WJX
DELETIONS
Issue Name Symbol
CI Financial Corp. CIX
Corus Entertainment Inc. CJR.B
Emera Incorporated EMA
TELUS Corporation T
TransCanada Corporation TRP
S&P/TSX COMPOSITE HIGH BETA INDEX - JUNE 2012 - QUARTERLY REVIEW
ADDITIONS
Issue Name Symbol
Advantage Oil & Gas Ltd. AAV
Gabriel Resources Ltd. GBU
HudBay Minerals Inc. HBM
Lake Shore Gold Corp. LSG
NovaGold Resources Inc. NG
Poseidon Concepts Corp. PSN
Premier Gold Mines Limited PG
Trican Well Service Ltd. TCW
DELETIONS
Issue Name Symbol
Canadian Oil Sands Limited COS
Extorre Gold Mines Limited XG
Golden Star Resources Ltd. GSC
Jaguar Mining Inc. JAG
Mercator Minerals Ltd. ML
Nevsun Resources Ltd. NSU
Northern Dynasty Minerals Ltd. NDM
Silver Wheaton Corp. SLW
S&P/TSX COMPOSITE LOW VOLATILITY INDEX - JUNE 2012 - QUARTERLY
REVIEW
ADDITIONS
Issue Name Symbol
Cineplex Inc. CGX
Enbridge Inc. ENB
Fairfax Financial Holdings Limited FFH
Intact Financial Corporation IFC
Northern Property REIT NPR.UN
DELETIONS
Issue Name Symbol
Astral Media Inc. ACM.A
Bank of Nova Scotia BNS
Canadian National Railway Company CNR
Keyera Corp. KEY
Power Financial Corporation PWF
About S&P Indices S&P Indices, a leading brand of the McGraw-Hill Companies (NYSE:MHP), maintains a wide variety of investable and benchmark indices to meet an array of investor needs. Over $1.45 trillion is directly indexed to our indices, which includes the S&P 500, the world's most followed stock market index, the S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, the S&P Global BMI, an index with approximately 11,000 constituents, the S&P GSCI, the industry's most closely watched commodities index, and the S&P National AMT-Free Municipal Bond Index, the premier investable index for U.S. municipal bonds. For more information, please visit: www.standardandpoors.com/indices.
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To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/June2012/08/c7208.html
SOURCE: Standard & Poor's Canadian Index Operations
COECF-CanAm Coal Corp. (TSX VENTURE:COE)(OTCQX:COECF) ("CanAm" or the "Company") is pleased to provide an update on production and sales contracts for the fiscal year ended December 31, 2012.
The Company is estimating coal sales of between 450,000 to 550,000 tons for the 2012 fiscal year with a metallurgical/thermal coal mix of 20/80% respectively. This represents a 200,000 to 300,000 ton increase over 2011 estimated sales or the Company is forecasting to nearly double production in 2012. Up to 85% of this estimated 2012 production has been contracted for with a variety of customers including the Alabama Coal Cooperative and various industrial users. Sales contracts are for a minimum term of 3 years and some thermal coal production has been contracted for through 2017.
Pricing obtained by the Company for its high quality metallurgical and thermal coals has been extremely favorable and all prices are at higher levels than in 2011. On average, the estimated realized sales price for 2012 will be $100/ton with average price increases as follows:
-- Metallurgical coal: up 11%
-- Thermal coal - power customer: up 4%
-- Thermal coal - industrial customers: up 17%
"We are extremely pleased with our recently completed sales contracts as they provide us with both downside protection and earnings visibility for 2012 and beyond," said Tim Bergen, CEO of CanAm. "In addition, most of our contracts include cost inflation clauses which provide for additional protection in the event our major production cost components were to escalate in the next couple of years."
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.
For Further Information:
Forward-Looking Information and Statements
This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "could", "should", "can", "anticipate", "estimate", "expect", "believe", "will", "may", "project", "budget", "plan", "sustain", "continues", "strategy", "forecast", "potential", "projects", "grow", "take advantage", "well positioned" or similar words suggesting future outcomes. In particular, this press release contains forward-looking statements relating to future production at the RAC Mining LLC ("RAC") and Birmingham Coal & Coke ("BCC") mines. This forward looking information is based on management's estimates considering typical strip mining operations, equipment requirements and availability and typical permitting timelines.
In addition, forward-looking statements regarding the Company are based on certain key expectations and assumptions of the Company concerning anticipated financial performance, business prospects, strategies, the sufficiency of budgeted capital expenditures in carrying out planned activities, the availability and cost of services, the ability to obtain financing on acceptable terms, the actual results of exploration projects being equivalent to or better than estimated results in technical reports or prior exploration results, and future costs and expenses being based on historical costs and expenses, adjusted for inflation, all of which are subject to change based on market conditions and potential timing delays. Although management of the Company consider these assumptions to be reasonable based on information currently available to them, these assumptions may prove to be incorrect.
By their very nature, forward-looking statements involve inherent risks and uncertainties (both general and specific) and risks that forward-looking statements will not be achieved. Undue reliance should not be placed on forward-looking statements, as a number of important factors could cause the actual results to differ materially from the Company's beliefs, plans, objectives and expectations, including, among other things: general economic and market factors, including business competition, changes in government regulations or in tax laws; the early stage development of the Company and its projects; general political and social uncertainties; commodity prices; the actual results of current exploration and development or operational activities; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting the Company; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. These factors should not be considered exhaustive. Many of these risk factors are beyond the Company's control and each contributes to the possibility that the forward-looking statements will not occur or that actual results, performance or achievements may differ materially from those expressed or implied by such statements. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these risks, uncertainties and factors are interdependent and management's future course of action depends upon the Company's assessment of all information available at that time.
Forward-looking statements in respect of the future production of the RAC and BCC mines may be considered a financial outlook. These forward-looking statements were approved by management of the Company on January 12, 2012. The purpose of this information is to provide an operational update on the company's activities and strategies and this information may not be appropriate for other purposes.
The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this press release are made as of the date of this press release and the Company does not undertake and is not obligated to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless so required by 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 Corporate Office
Tim Bergen
CEO
403.262.3797 or Toll Free: 1.877.262.5888
tbergen@canamcoal.com
Brisco Capital Partners
Scott Koyich
Partner
403.262.9888
scott@briscocapital.com
More COECF MessagesLatest Canam Coal Corp (QX), COECF MessagesCanAm Coal Corp. (TSX VENTURE:COE)(OTCQX:COECF) ("CanAm" or the
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CanAm Coal Corp. (TSX VENTURE: COE)(OTCQX: COECF) ("CanAm"
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CanAm Coal Corp. (TSX VENTURE:COE) (OTCQX:COECF) ("CanAm" or
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CanAm Coal Corp. (TSX VENTURE: COE) (OTCQX: COECF)
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COECF's MACD is currently indicating a weak bullish
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The Volume Rate of Change is currently spiking.
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DAKAR, Senegal - African leaders will seek United Nations backing for military intervention in northern Mali, which for more than two months has been controlled by armed rebels and Islamic militants. The move comes amid citizen uprisings in the north as well as reported clashes among the armed groups themselves.
After weeks of meetings about how to deal with the takeover of northern Mali by armed groups, the military option is looking increasingly likely.
Following talks in Abidjan Thursday between the African Union, the United Nations and the regional bloc ECOWAS, regional leaders are set to formally request U.N. backing for a military intervention.
Following the Abidjan meeting, head of the ECOWAS commission Kadré Désiré Ouédraogo said ECOWAS was ready to provide troops for this mission, which will be costly and difficult given the hostile terrain. He says ECOWAS is counting on the contribution of the international community.
So to that end, he says, ECOWAS with the African Union’s support will introduce a request to the U.N. Security Council for a resolution that would provide a legal framework and international legitimacy to the action.
The latest rebellion by the National Movement for the Liberation of Azawad, or MNLA, was launched in January, with the stated aim of establishing an independent state in what is now northern Mali. But when MNLA forces seized Mali’s three northern regions in the chaotic days after a March 22 coup in Bamako, fighting alongside them were Islamist extremists seeking to impose a strict version of Islamic law throughout Mali.
With the reportedly better equipped Islamist fighters appearing to dominate throughout northern Mali, the international community is worried about the creation of a vast haven for al-Qaida in the Islamic Maghreb in the West African desert.
African leaders said at the Abidjan meeting that regional mediators would continue negotiations with actors in the north “except terrorist groups." But it could be tough to find MNLA members who might be suitable interlocutors, after recent talk of an alliance between MNLA and the Islamic faction, Ansar Dine.
It is increasingly unclear just what ECOWAS troops would find on the ground in northern Mali, should a military intervention go forward. Islamist fighters from a number of countries are said to be circulating in the region.
This resident of the northern city of Timbuktu, who did not want his name used, said just last night more foreigners arrived.
He says since Thursday evening around 4 p.m. local time, a number of heavily armed foreigners have arrived in Timbuktu, including Pakistanis, Chadians and Algerians. He says it is clear they are there to reinforce al-Qaida in the Islamic Maghreb. What is not clear, he says, is whether their arrival means they are bracing for a fight. He says the people are afraid and have no idea what the coming days have in store.
The African leaders’ step closer to military action comes amid reports of citizens' protests and clashes among armed groups in the north. MNLA and Ansar Dine forces reportedly clashed in the northern region of Kidal on Thursday night.
Residents of the north have demonstrated against the takeover by armed groups and the enforcement of a strict interpretation of Islamic law. The Timbuktu resident says Ansar Dine there this week declared a curfew, sparking further consternation among residents.
A number of Malian leaders continue to reject any external military intervention. But Mali’s army, routed from the north by the armed fighters earlier this year, is in disarray, with periodic intra-army clashes threatening stability in the capital, Bamako, since the coup d’état.
Voice of America
Yes, pretty strange. I wondered why if there HQ was in NY, why did they use the Florida Sunbiz to report amendments. It will be nice for them to move to the Florida sun, they've worked so hard for the shareholders. JMO
Anchor BanCorp Wisconsin Inc. (OTC Market:ABCW.PK) today announced a net loss available to common equity of $7.4 million, or $0.35 per common share, for the three months ended March 31, 2012. This compares to a net loss available to common equity of $21.7 million, or $1.02 per common share, and $15.3 million, or $0.72 per common share, for the three months ended March 31, 2011 and December 31, 2011, respectively. For the fiscal year ended March 31, 2012, net loss available to common equity was $50.4 million, compared to $54.5 million in the prior year.
Financial Highlights
•AnchorBank fsb (the "Bank) remains adequately capitalized for the seventh consecutive quarter.
•Net loss available to common equity decreased $7.9 million or 51.7 percent in the fourth quarter of fiscal 2012 compared to the preceding quarter ending December 31, 2011 and $14.3 million or 66.0 percent compared to the year ago quarter ending March 31, 2011.
•Non-performing loans decreased to $224.9 million at March 31, 2012 from $261.2 million in the preceding quarter. Net charge-offs, however increased by $8.5 million in the current quarter to $24.3 million, from $15.8 million in the preceding quarter ending December 31, 2011.
•Gross mortgage banking revenue totaled $7.8 million in the current quarter, an increase of $2.4 million, or 43.4 percent over $5.4 million in the preceding quarter.
•Total assets decreased by $272.1 million, or 8.9 percent to $2.8 billion at March 31, 2012, compared to $3.1 billion at December 31, 2011 as the Bank allowed high rate CD's to roll off or re-price at today's lower interest rates.
•Cost of funds declined to 1.72% in the quarter ending March 31, 2012 compared to 1.85% in the year ago quarter as the Bank aggressively managed deposit pricing.
•Service charges on deposits improved to $2.7 million in the current quarter compared to $2.5 million in the same quarter a year ago, contrasting a national trend of declining fee revenue in the banking industry as the Bank carefully managed fee based services.
Bank Capital Ratios
March 31, 2012
March 31, December 31, March 31, Increase (decrease) vs.
(Dollars in thousands) 2012 2011 2011 12/31/11 3/31/11
Tier 1 capital $125,894 $125,881 $145,807 $13 ($19,913)
Adjusted total assets 2,792,122 3,064,805 3,422,303 (272,683) (630,181)
Tier 1 leverage ratio 4.51% 4.11% 4.26% 0.40% 0.25%
Total risk-based capital $149,141 $150,518 $174,453 ($1,377) ($25,312)
Risk weighted assets 1,771,260 1,864,639 2,170,197 (93,379) (398,937)
Total risk-based capital ratio 8.42% 8.07% 8.04% 0.35% 0.38%
The Bank's Tier 1 leverage and total risk-based capital ratios of 4.51 percent and 8.42 percent at March 31, 2012, increased by 40 and 35 basis points, respectively compared to December 31, 2011. The ratios benefitted from a planned decrease in assets (adjusted total assets and risk weighted assets), and the muted impact on Tier 1 capital and risk-based capital of the lower net loss reported in the current quarter as compared to the past several quarters.
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. "We are encouraged by our seventh 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. "These are our highest reported capital ratios since June 2009," Bauer added.
The Corporation, as the holding company of the Bank, however continues to be burdened with significant senior debt and preferred stock obligations:
•The Corporation currently owes $116.3 million to various lenders led by U.S. Bank under its credit agreement that matures November 30, 2012. In addition, accrued but unpaid interest and fees totaling $41.0 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 twelve quarterly preferred stock dividend payments to the Treasury totaling $18.8 million, including interest.
•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 to assist in capital raising efforts to address its capital needs.
Financial Results
Financial results for the fourth quarter ended March 31, 2012, include:
•Net interest margin fell to 2.35 percent for the three months ended March 31, 2012, from 2.63 percent for the same period in the previous year. The decrease was primarily due to a 300 basis point rate increase on the $116.3 million Credit Agreement to 15 percent per annum effective in May 2011, and sales of higher yielding investment securities in September 2011.
•Provision for credit losses of $4.6 million decreased $5.6 million, or 54.8 percent from $10.2 million in the same period a year ago largely due to a lower required general allowance for losses on non-impaired loans attributable to improved credit metrics which are used in part to establish this reserve.
•Non-interest income totaled $13.0 million, up $5.9 million or 82.7 percent, compared to the same period in the previous year. The increase was primarily due to higher gains on sale of mortgage loans reflecting better execution in the sale of these instruments into the secondary market. Gains on sale of REO also contributed to this favorable variance as total net gains of $1.9 million in the current quarter ended March 31, 2012 were $1.6 million higher than reported in the year ago quarter.
•Total non-interest expense decreased by $8.4 million or 22.9 percent, compared to the comparable period a year ago largely due to lower loss provisions on repossessed property reflecting stabilizing real estate values; and recovery of previously recorded mortgage servicing rights impairment as market interest rates drifted higher at the end of March 2012.
Credit Quality
March 31, 2012
(Dollars in thousands) March 31, December 31, March 31, Increase (decrease) vs.
2012 2011 2011 12/31/11 3/31/11
Quarterly Financial Results
Provision for credit losses $4,601 $8,380 $10,178 ($3,779) ($5,577)
Net charge-offs 24,336 15,848 17,428 8,488 6,908
Key Metrics (at period end)
Loans 30 to 89 days past due 30,562 46,655 76,723 (16,093) (46,161)
Non-performing loans (NPL) 224,924 261,152 282,645 (36,228) (57,721)
Other real estate owned 88,841 86,925 90,707 1,916 (1,866)
Non-performing assets 313,765 348,077 373,352 (34,312) (59,587)
Allowance for loan loss to NPL 49.45% 50.13% 53.11% -0.68% -3.66%
Certain key credit related metrics continue to trend favorably as both loans 30 to 89 days past due and non-performing loans as of March 31, 2012 were lower compared to the preceding quarter and the year ago quarter. 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, the allowance for loan loss remains strong at just shy of 50 percent of non-performing loans at March 31, 2012. The level of non-performing assets (non-performing loans plus other real estate owned) has also improved as the March 31, 2012 balance of $313.8 million is $34.3 million and $59.6 million lower than the preceding quarter and year ago quarter reported amounts, respectively. Net charge-offs however, spiked $8.5 million over the preceding quarter to $24.3 million reflecting the uneven nature of this activity as several larger exposures moved to charge-off status in the current quarter.
Bauer added, "Although we are pleased to see some favorable credit trends, much work remains to be done regarding troubled loans and the disposition of foreclosed properties. We continue to work aggressively to resolve the issues that remain in the credit portfolios. The positive trends emerging on the credit front are partially offset as we continue to be negatively impacted by ongoing costs associated with carrying an elevated level of foreclosed properties on the Bank's balance sheet." Other real estate owned totaled $88.8 million at March 31, 2012, up from $86.9 million at December 31, 2011, but a decrease of $1.9 million compared to $90.7 million at March 31, 2011.
Mortgage Banking
For the Quarter Ending: March 31, 2012
(In thousands) March 31, December 31, March 31, Increase (decrease) vs.
2012 2011 2011 12/31/11 3/31/11
Gross revenue
Loan servicing income (loss), net ($507) ($1,571) $516 $1,064 ($1,023)
Credit enhancement income 4 5 43 (1) (39)
Gain on sale of mortgages 6,406 6,018 1,600 388 4,806
OMSR (impairment) / recovery 1,895 985 (52) 910 1,947
Residential mortgage banking revenue $7,798 $5,437 $2,107 $2,361 $5,691
Key Metrics
Origination volume (closed loans) $294,200 $405,000 $105,000 ($110,800) $189,200
Serviced loan portfolio 3,126,000 3,173,000 3,366,000 (47,000) (240,000)
Residential mortgage banking revenue totaled $7.8 million for the quarter ending March 31, 2012 compared to $5.4 million in the preceding quarter and $2.1 million in the year ago quarter. Residential mortgage origination volume slipped to $294.2 million in the current quarter from the recent high water mark of $405.0 million set in the preceding quarter, yet is well above the $219.7 million average origination volume over the past two years. Gain on sale of mortgages was strong again this quarter at $6.4 million compared to $6.0 million in the preceding quarter and $1.6 million in the year ago quarter reflecting healthy margins on sale of this product into the secondary market and effective hedging strategies.
Commenting on residential mortgage activity, Bauer added, "Residential mortgages have been a focus over the past several months as customer demand, sparked by lower mortgage rates, resulted in significantly higher revenues. It has also afforded us an opportunity to increase product penetration rates for existing customers as well as to offer other products and services to customers new to the Bank."
Retirement of Certain Directors
Donald Kropidlowski, Greg Larson, and Donald Parker, who have served as directors since 1995, 1992, and 1999, respectively, have announced their retirement effective June 30, 2012.
Bauer said, "Messrs. Kropidlowski, Larson and Parker have been very dedicated and supportive of our efforts to address our financial issues." Bauer also indicated that with two Board members now being elected by the U.S. Treasury ("Treasury") as a result of shares issued to it in connection with the Troubled Asset Relief Program in 2009, the Board of Directors is expected to reduce the size of the Board following the Annual Meeting from eleven to eight members with six members elected by the holders of common stock and two members by the Treasury.
About Anchor BanCorp Wisconsin Inc.
Anchor BanCorp Wisconsin Inc.'s stock is traded in the over-the-counter market under the symbol ABCW.PK. AnchorBank fsb (the "Bank"), the wholly owned subsidiary, has 57 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)
March 31,
2012 2011
(In thousands, except share data)
Assets
Cash and cash equivalents $ 242,980 $ 107,015
Investment securities available for sale, at fair value 242,299 523,289
Investment securities held to maturity, at amortized cost 20 27
Loans
Held for sale 39,332 7,538
Held for investment 2,058,008 2,520,367
Other real estate owned, net 88,841 90,707
Real estate held for development and sale 457 717
Premises and equipment, net 25,453 29,127
Federal Home Loan Bank stock--at cost 35,792 54,829
Mortgage servicing rights, net 22,156 24,961
Accrued interest receivable 12,075 16,353
Other assets 22,039 19,895
Total assets $ 2,789,452 $ 3,394,825
Liabilities and Stockholders' Deficit
Deposits
Non-interest bearing $ 264,751 $ 240,671
Interest bearing 2,000,164 2,458,762
Total deposits 2,264,915 2,699,433
Other borrowed funds 476,103 659,005
Accrued interest and fees payable 43,320 28,319
Accrued taxes, insurance and employee related expenses 6,385 6,609
Other liabilities 28,279 14,630
Total liabilities 2,819,002 3,407,996
Preferred stock, $0.10 par value, 5,000,000 shares authorized, 110,000 shares issued and outstanding; dividends in arrears of $18,785 at March 31, 2012 and $12,507 at March 31, 2011 96,421 89,008
Common stock, $0.10 par value, 100,000,000 shares authorized, 25,363,339 shares issued, 21,247,725 shares outstanding 2,536 2,536
Additional paid-in capital 110,402 111,513
Retained deficit (147,513) (103,362)
Accumulated other comprehensive income (loss) 132 (19,952)
Treasury stock (4,115,614 shares), at cost (90,259) (90,534)
Deferred compensation obligation (1,269) (2,380)
Total stockholders' deficit (29,550) (13,171)
Total liabilities and stockholders' deficit $ 2,789,452 $ 3,394,825
ANCHOR BANCORP WISCONSIN INC. AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
Three Months Ended Year Ended
March 31, March 31,
2012 2011 2012 2011
Interest income: (In thousands, except per share data)
Loans $ 26,559 $ 33,231 $ 116,929 $ 150,692
Investment securities and Federal Home Loan Bank stock 1,427 3,943 9,738 15,251
Interest-bearing deposits 177 66 584 520
Total interest income 28,163 37,240 127,251 166,463
Interest expense:
Deposits 4,870 8,607 24,963 48,626
Other borrowed funds 7,405 7,173 30,366 32,757
Total interest expense 12,275 15,780 55,329 81,383
Net interest income 15,888 21,460 71,922 85,080
Provision for credit losses 4,601 10,178 33,578 51,198
Net interest income after provision for credit losses 11,287 11,282 38,344 33,882
Non-interest income:
Net impairment losses on securities recognized in earnings (231) (78) (568) (440)
Loan servicing income (loss), net of amortization (507) 516 (832) 1,592
Credit enhancement income on mortgage loans sold 4 43 71 648
Service charges on deposits 2,672 2,544 11,339 12,317
Investment and insurance commissions 944 752 3,808 3,448
Net gain on sale of loans 6,406 1,600 17,591 17,764
Net gain on sale of investment securities 217 709 6,579 8,661
Net gain on sale of OREO 1,942 315 6,118 3,640
Net gain on sale of branches -- 2 -- 7,350
Other revenue from real estate partnership operations 64 (295) 222 92
Other 1,469 997 5,028 4,431
Total non-interest income 12,980 7,105 49,356 59,503
Non-interest expense:
Compensation and benefits 10,878 10,203 41,741 42,002
Occupancy 1,971 2,236 7,946 8,541
Furniture and equipment 1,358 1,536 5,989 6,559
Federal deposit insurance premiums 1,654 2,283 7,189 11,402
Data processing 1,603 1,559 6,259 6,540
Marketing 582 514 1,461 1,479
Expenses from real estate partnership operations 121 115 881 662
OREO operations - net expense 6,633 12,093 28,777 31,165
Mortgage servicing rights impairment (recovery) (1,895) 52 2,410 (97)
Legal services 1,315 1,333 4,892 7,978
Other professional fees 844 1,387 3,669 5,294
Other 3,156 3,309 13,214 12,874
Total non-interest expense 28,220 36,620 124,428 134,399
Loss before income taxes (3,953) (18,233) (36,728) (41,014)
Income tax expense -- 150 10 164
Net loss (3,953) (18,383) (36,738) (41,178)
Preferred stock dividends in arrears (1,591) (1,503) (6,278) (5,934)
Preferred stock discount accretion (1,844) (1,843) (7,413) (7,412)
Net loss available to common equity $ (7,388) $ (21,729) $ (50,429) $ (54,524)
Net loss $ (3,953) $ (18,383) $ (36,738) $ (41,178)
Reclassification adjustment for realized net gains recognized in income (217) (709) (6,579) (8,661)
Reclassification adjustment for unrealized credit related other-than-
temporary impairment losses recognized in income 98 70 194 432
Reclassification adjustment for realized credit losses recognized in income 123 -- 364 --
Change in net unrealized gains (losses) on available-for-sale securities (274) 921 26,105 (6,324)
Comprehensive loss $ (4,223) $ (18,101) $ (16,654) $ (55,731)
Loss per common share:
Basic $ (0.35) $ (1.02) $ (2.37) $ (2.57)
Diluted (0.35) (1.02) (2.37) (2.57)
ANCHOR BANCORP WISCONSIN INC. AND SUBSIDIARIES
Financial Highlights (1)
(Unaudited)
Three Months Ended Year Ended
March 31, March 31,
2012 2011 2012 2011
Yield on earning assets 4.17% 4.57% 4.34% 4.59%
Cost of funds 1.72 1.85 1.79 2.16
Interest rate spread 2.45 2.72 2.55 2.43
Net interest margin 2.35 2.63 2.45 2.35
Non-interest expense to average assets 3.89 4.22 3.96 3.50
Book value per common share (6.57) (5.80) (6.57) (5.80)
(1) Annualized when appropriate.
CONTACT: For more information, contact
Emily Campbell, VP - Marketing & Communications
(608) 252-1436
CanAm Coal Corp. (TSX VENTURE:COE)(OTCQX:COECF) ("CanAm" or the "Company") has filed its unaudited condensed consolidated financial statements and related management's discussion and analysis for the period ended March 31, 2012. As the Company has changed its year end to December 31 from January 31 in order to align year ends across all subsidiaries, the comparative prior year numbers presented in these financial statements are for April 30, 2011. Copies of these documents may be obtained via the SEDAR website or on the Company's website at www.canamcoal.com or on our Facebook page.
For the first quarter of fiscal 2012 ending March 31, 2012, the Company once again delivered year over year growth at all levels.
Highlights and key events for the quarter include:
-- Achieved coal sales of 67,153 tons, up from 30,655 tons in Q1 2011;
-- Generated revenue of $7.7 million, up from $3.2 million in Q1 2011;
-- Generated EBITDA of $1 million, up from $0.9 million in Q1 2011;
-- Generated cash flow from operations of $0.2 million, down from $0.8
million in Q1 2011
-- Invested $3.0 million in mine equipment and infrastructure, up from $0.4
million in Q1 2011
Tim Bergen, CanAm's CEO and Director commented: "Although we delivered year over year growth for all metrics, our first quarter was challenging but, during the quarter, we undertook several key steps to position our mines to run at or near productive capacity starting in the second half of this year while at the same time improve cost efficiency. Operationally, first quarter production was impacted by a number of planned and unplanned events. A planned mine reconfiguration/development at Bear Creek and a management realignment at Powhatan impacted Q1 production as these changes were put in place. Q1 was also impacted to a smaller degree by an operational incident at Gooden Creek, which resulted in damage to an excavator, which impacted production at this mine.
On the sales side, we continue to see strong demand and excellent pricing for our coal production. All of our 2012 planned production is contracted for and the outlook into 2013, 2014 and beyond looks positive. For Q1, we achieved a record average sales price of $114/ton. This speaks to the strength of our customer base, our geographic location, our market reputation and the quality of our coal. Our challenge is on the production side, which is being proactively remedied as opposed to the sales side where our outlook remains positive despite current market conditions.
As we move forward into Q2 and the remainder of the fiscal year, we expect to see production at our existing mines improve significantly as our operational changes take hold. This improvement combined with production due to come on from new mines is expected to result in a strong second half of the year."
Other highlights and significant events for the quarter include:
-- Concluded a number of off-take agreements with various customers which
resulted in 100% of estimated 2012 production being contracted for.
Average price increases in such contracts were between 4% to 17% as
compared to last year.
-- Achieved good progress on permitting a number of the new mines that are
slated to open in 2012 and 2013 including Old Union 2, Posey Mill 2,
Knight and Davis.
-- Consolidated all mine operations under one common structure in order to
drive operational efficiencies.
-- Renegotiated the reclamation bonding program in place for the BCC mines
resulting in the release of approximately $0.7 million of restricted
cash.
-- Appointed Scott Bolton, a senior partner with PricewaterhouseCoopers, as
the new CFO of the Company and Jos De Smedt, the current CFO, as the
President and COO. Both appointments are effective June 1, 2012.
Financial results for the three month period were as follows:
March 31, 2012 April 30, 2011
------------------ ------------------
Revenue $ 7,671,284 $ 3,233,121
Income from mining operations $ 32,220 $ 892,824
Other income (expenses) $ (1,359,143) $ (539,845)
Income (loss) before tax $ (1,326,923) $ 352,979
Net income (loss) $ (952,486) $ 227,604
EBITDA $ 972,564 $ 867,870
Coal sales and average sales prices (per ton) for the three month period were as follows:
Coal Sales (in tons) Average Sales Price ($/ton)
March 31, 2012 April 30, 2011 March 31, 2012 April 30, 2011
--------------------------------------------------------------
Metallurgical
coal 15,280 19,198 $ 151 $ 134
Thermal coal 51,873 11,457 $ 103 $ 84
--------------------------------------------------------------
Total 67,153 30,655 114 105
--------------------------------------------------------------
Coal sales for the three month period ended March 31, 2012 were 67,153 tons as compared to 30,655 tons in the prior year or coal sales more than doubled. The increase is mainly the result of the acquisition of a 50% ownership in BCC which was effective May 1, 2011.
Sales for the quarter were characterized by:
-- Contribution of 48,325 tons of coal sales from the Company's 50%
ownership in BCC's three operating mines, Bear Creek, Old Union and
Gooden Creek. All of BCC's mines produce high quality thermal coal.
Production for the quarter was below its expected level of some 60,000
tons per quarter due to mine reconfiguration and infrastructure
development at the Bear Creek mine resulting in 9,000 tons of lower
production for the quarter and a mine incident resulting in equipment
damage at the Gooden Creek mine which temporarily curtailed production
by about 2,000 tons at Gooden Creek. In the first quarter, BCC did not
broker any third party coal.
-- Coal sales at the Powhatan mine were 18,828 tons compared to 30,655 tons
in the prior year. Coal sales were lower as the Company executed on its
operational realignment strategy and brought the Powhatan mine
operations under the responsibility of the BCC team. This transition
necessarily reduced production at Powhatan as management changes were
instituted and operational changes were put in place. These changes were
successfully completed by the end of April. Coal sales were also
impacted by a lower than usual recovery rate on thermal coal.
-- The production shortfall from these factors impacted revenues by
approximately $2.5 million. This shortfall impacted our margin as our
mining cost structure has been established to deliver a higher
production level, which we expect to begin achieving in the remainder of
the year.
-- The mix of metallurgical/thermal coal for the first quarter at the
Powhatan mine was 80/20% as a result of a lower recovery rate on the
thermal coal as compared to 63/37% in the prior year. The Company's
target coal mix for the Powhatan mine is 60/40%.
The average sales price obtained during the quarter was $114/ton as compared to $105/ton in the prior year or an increase of 8.6%. Strong pricing for the quarter is the result of new long term off-take contracts signed by the Company towards the end of fiscal 2011 and in early 2012. Such contracts not only provide for annual price increases but some also provide cost inflation protection for labor, fuel and explosives. The new contracts are for a term of 3 years and therefore the Company has substantially sold its production through the end of 2014.
Mine operating results for the three month period were as follows:
Three Month Period Ended
March 31, 2012 April 30, 2011
----------------------------------------------
Metallurgical coal 15,280 19,198
Thermal coal 51,873 11,457
----------------------------------------------
Total 67,153 30,655
----------------------------------------------
Coal sales revenue 7,671,284 3,233,121
Income from mining operations 32,220 892,824
EBITDA 972,564 867,870
Coal sales (in tons) 67,153 30,655
Average coal price 114 105
Average cost of product sold 71 43
Average cost of royalties
transportation and other 21 24
Average income from mining 0 29
Average EBITDA 14 28
Notes:
- Averages are all presented on a per ton basis.
- EBITDA: Earnings Before Interest, Taxes, Depreciation and
Amortization equals income from mining operations plus
depreciation, depletion, amortization and accretion minus general
and administrative expenses. EBITDA is a supplemental measure that
is not presented in accordance with International Financial
Reporting Standards (IFRS). This non-IFRS measure may not be
comparable to the calculation of similarly titled measures
reported by other companies and should not be considered in
isolation, as an alternative to, or more meaningful than financial
measures calculated and reported in accordance with IFRS.
Revenue, Income and EBITDA
Revenue for the three month period more than doubled as compared to last year as a result of the increased production following the acquisition of a 50% ownership stake in BCC and improved pricing on both metallurgical and thermal coal. Production costs for the first quarter were on average $71/ton as compared to $43/ton in fiscal 2011 as a result of higher direct mining costs and increased operating expenses associated with reduced production levels. One-time mine reconfiguration/development at Bear Creek, a mine management transition at Powhatan and equipment damage following a mine incident at Gooden Creek also resulted in higher costs for the quarter. Both the Bear Creek and the Powhatan mine have returned to normal operating conditions in the second quarter. Royalties, transportation and other ("RTO") costs were on average $21/ton as compared to $24/ton in fiscal 2011 mainly as a result of the lower RTO costs at BCC. EBITDA was $972,564 as compared to $867,870 in fiscal 2011.
Other Income (Expenses)
Other expenses for the three month period ended March 31, 2012 were $1.3 million as compared to $0.5 in the prior year. The increase for the year was mainly the result of: higher general and administrative expenses as a result of the increased activity in the Company's operations and additional overhead following the acquisitions of BCC and RAC (+$230,000), interest and costs associated with the Company's 9.5% and 12% debenture (+$241,000), higher stock based compensation expenses (+$53,000) and higher equipment interest expense mainly as a result of the BCC acquisition (+$91,000). The increase was offset by a favourable impact of fluctuations in the US$/CDN$ foreign exchange (-$25,000).
The Company's overall financial position remained healthy as a result of the cash flow generated from mining operations, the renegotiation of the reclamation bonding program and additional funds generated from a private placement with the Company's new CFO. Cash on hand at March 31, 2012 was $2.1 million as compared to $2.6 million at December 31, 2011. In addition, the Company has $0.9 million in cash as security for reclamation bonds.
Outlook
Over the last three years, the Company has aggressively grown its production from 4,700 tons in 2009 to 256,000 tons in 2011. Likewise, EBITDA has grown from ($0.5) million in 2009 to $4.6 million in 2011. In order to continue on this growth path, the Company executed on a number of key activities in the latter part of 2011 and the first quarter of 2012:
-- Signed two new long term off-take contracts that secure significant off-
take of metallurgical and thermal coal through 2014;
-- Executed on its operational realignment strategy which resulted in the
BCC management team assuming direct responsibility for the Powhatan
mine. These changes are expected to bring operational and cost
efficiencies as well as improved production performance in future
quarters.
-- Achieved good progress on permitting a number of the new mines. Old
Union 2 and Posey Mill 2 are on track to open in the second half of this
year. As to the Davis and Knight mines, the Company has decided to
accelerate the permitting of the Knight mine to achieve production
starting in September 2012 due to a more favorable permitting and mine
development profile. The Company has slowed development of the Davis
mine, which is now expected to start production in 2013.
-- Continued an aggressive capital investment program in both equipment and
mine development to prepare for future production growth in the second
half of 2012 and beyond.
-- Strengthened its management team with the hiring of Mr. Scott Bolton as
CFO of CanAm and Mr. Eric Hallmark as controller of Alabama coal
operations.
On this basis, the Company remains confident that it will be able to significantly grow its production and sales for 2012 and beyond. Target production for 2012 is now estimated at 390,000 to 425,000 tons (previously 450,000 to 550,000 tons), up from 256,000 tons in 2011. The reduced target is the result of lower production from the Bear Creek mine (mine reconfiguration and development), from the Powhatan mine (mine transition to a new management team) and from the Gooden Creek mine (equipment failure). The deferral of the Davis mine into 2013 also contributes to the lower production target. These factors are partially offset by the acceleration of the start date of the Knight mine.
Further expansion and growth will continue to be pursued by either adding adjacent lands to our reserve portfolio or by pursuing accretive acquisitions with a focus on high quality thermal or metallurgical coal. The Company also has an option to purchase an additional 30% ownership in BCC within the next 2 years and the remaining 20% within 5 years. It is the Company's intention to exercise a portion of this option within the next 6 months.
In addition, the Company continues to pursue the development of the Buick Coal Property which holds significant coal resources, 188 million tons of indicated and 103 million tons of inferred coal resources, in Colorado, USA. In this context, CH2M HILL, an independent major engineering firm, has recently completed a study to identify alternative development opportunities for this resource and they recommended that the Company pursue two alternatives: the production of activated carbon or the gasification of the coal resource to produce liquid motor and/or jet fuels.
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, the exclusive rights to a proprietary Coal to Liquids technology which converts coal into liquid fuels (such as oil, jet fuel) at an economical cost with zero airborne emissions 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 press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "could", "should", "can", "anticipate", "estimate", "expect", "believe", "will", "may", "project", "budget", "plan", "sustain", "continues", "strategy", "forecast", "potential", "projects", "grow", "take advantage", "well positioned" or similar words suggesting future outcomes. In particular, this press release contains forward-looking statements relating to: the future production of the Powhatan mine; the permitting of the Davis mine; and the potential production at the Davis mine. This forward looking information is based on management's estimates considering typical strip mining operations, equipment requirements and availability and typical permitting timelines.
In addition, forward-looking statements regarding the Company are based on certain key expectations and assumptions of the Company concerning anticipated financial performance, business prospects, strategies, the sufficiency of budgeted capital expenditures in carrying out planned activities, the availability and cost of services, the ability to obtain financing on acceptable terms, the actual results of exploration projects being equivalent to or better than estimated results in technical reports or prior exploration results, and future costs and expenses being based on historical costs and expenses, adjusted for inflation, all of which are subject to change based on market conditions and potential timing delays. Although management of the Company consider these assumptions to be reasonable based on information currently available to them, these assumptions may prove to be incorrect.
By their very nature, forward-looking statements involve inherent risks and uncertainties (both general and specific) and risks that forward-looking statements will not be achieved. Undue reliance should not be placed on forward-looking statements, as a number of important factors could cause the actual results to differ materially from the Company's beliefs, plans, objectives and expectations, including, among other things: general economic and market factors, including business competition, changes in government regulations or in tax laws; the early stage development of the Company and its projects; general political and social uncertainties; commodity prices; the actual results of current exploration and development or operational activities; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting the Company; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. These factors should not be considered exhaustive. Many of these risk factors are beyond the Company's control and each contributes to the possibility that the forward-looking statements will not occur or that actual results, performance or achievements may differ materially from those expressed or implied by such statements. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these risks, uncertainties and factors are interdependent and management's future course of action depends upon the Company's assessment of all information available at that time.
Forward -looking statements in respect of the future production of the Powhatan and BCC mines may be considered a financial outlook. These forward-looking statements were approved by management of the Company on May 30, 2012. The purpose of this information is to provide an operational update on the company's activities and strategies and this information may not be appropriate for other purposes.
The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this press release are made as of the date of this press release and the Company does not undertake and is not obligated to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless so required by 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 Corporate Office:
Tim Bergen
Chief Executive Officer
403.262.3797
Toll Free: 1.877.262.5888
tbergen@canamcoal.com
Brisco Capital Partners:
Scott Koyich, Partner
403.262.9888
scott@briscocapital.com
I just noticed Jones Soda at a beer and liquor store. Havent watched this company in a while. But it was first time I had seen the product at a store. Just dropped in to see what was happening with it.
O.K. was only my opinion. Not trying to convince people to do anything. GLTY
AVGCF -I tend to agree.
Avion Gold Corporation (TSX:AVR)(OTCQX:AVGCF) ("Avion" or the "Company") is
pleased to announce results for an additional 75 holes drilled in 2012 in the
Vindaloo zone area, Hounde Project, Burkina Faso (see Figure 1). These
encouraging new drill hole intercepts demonstrate the following:
-- Gold-bearing Vindaloo zone has been traced for approximately 5.6
kilometres and is open along strike and to depth,
-- Gold mineralization has been identified within an approximate 4.5
kilometre wide by 9 kilometre long, open-ended structural corridor,
-- There is high potential for the discovery of additional mineralized
zones and,
-- There is a reasonable likelihood that additional mineral resources will
be defined.
The last round of drilling has returned the best result to date with an
exceptional near surface intercept of 2.96 g/t Au over 87.0 metres (see Figure
2), located at the northern end of the currently defined mineral resources. As
well, a new zone of mineralization, which returned 1.72 g/t Au over 45.0 metres,
was intersected approximately 100 metres north and east of the above intercept.
A summary of the better drill intercepts is presented below.
-- 1.50 g/t Au over 32.0 metres
-- 3.59 g/t Au over 19.0 metres
-- 31.27 g/t Au over 4.0 metres
-- 2.18 g/t Au over 31.0 metres
-- 3.01 g/t Au over 21.0 metres
-- 2.96 g/t Au over 87.0 metres
-- 2.45 g/t Au over 20.0 metres
-- 1.59 g/t Au over 57.0 metres
-- 1.72 g/t Au over 45.0 metres
-- 26.4 g/t Au over 4.0 metres
-- 34.5 g/t Au over 2.0 metres
John Begeman, President and CEO of Avion stated: "Avion is pleased to report
these new exploration results for the Hounde Project, which in management's
opinion, once again increases shareholder value. As well, the continued move
towards a constitutionally acceptable transitional Malian government, with a
goal of free elections within a year, is welcome news. Gold prices have remained
strong and are expected to strengthen further and I believe that in a year from
now the current delay in completing our Tabakoto mill upgrade will be a
non-issue."
The gold-bearing zones that define the Vindaloo zone, now including the Madras
and Madras NW zones (see Figure 2), have now been traced, by drilling, more or
less continuously for approximately 5.6 kilometres. Avion has now completed at
least one hole per 100 metres of strike along the defined mineralized trends.
The current mineral resource is defined as the southern 2.65 kilometres part of
the Vindaloo zone. Drilling, and the discovery of a new artisanal zone, located
to the south along strike of the mineral resource area could potentially add
another 3.7 kilometres of strike to the Vindaloo zone for a total of 9.3
kilometres.
A single hole drilled to validate a 2011 drill intercept of 12.4 g/t Au over 6.5
metres at the Vindaloo Far South zone (see Figure 2) returned two strong
intercepts of 25.6 g/t over 4.0 metres and 3.73 g/t Au over 8.0 metres. These
holes were drilled 1.7 kilometres south, along strike of the southern-most
Vindaloo zone hole. Additional drilling is planned in this area.
A new artisanal mining area, Soukou, has developed approximately 3.7 kilometres
south (see Figure 2), along strike of the southern end of the Vindaloo zone.
Currently the artisanal mining area is approximately 400 metres long by 150
metres wide and appears to consist of at least four lines of north-northeast
trending artisanal shafts. Drill holes have been planned in this area.
Another mineralized zone, Kari Sud, lies approximately 3.5 kilometres
east-northeast of the new artisanal area. A previous hole in this area returned
3.47 g/t Au over 18.0 metres.
A recent review of the Madras area indicates increasing artisanal mining
activity that suggests mineralized zones trending northerly, east-northeast and
north-northeast in an area approximately 400 metres long and 200 metres wide.
More drilling is planned in this area where a drill hole returned 2.53 g/t Au
over 18.3 metres.
A follow-up hole at the Nema target (previous intercept of 1.17 g/t Au over 7.5
metres) returned 3.28 g/t Au over 1.0 metre. This intersection is related to a
northeast trending IP chargeability anomaly that can be traced for approximately
1.75 kilometres before extending off of the surveyed area, both to the northeast
and to the southwest. More drilling is required in this area.
Don Dudek, Avion's Senior Vice President Exploration stated: "The new zones that
Avion intersected in the drilling and that Avion has not closed off the
mineralized trend, demonstrates that we are still very much in an exploration
stage and that there is a high likelihood that the Hounde property will return
more positive surprises in the future. The key now is to continue to increase
the mineralization footprint with the drilling we are doing."
The Vindaloo zones are hosted by an intensely sericite- and silica-altered mafic
intrusion and similarly-altered, intensely sheared and altered intermediate to
mafic volcanoclastics. The mineralization is often quartz stockwork-style and is
weakly to moderately pyritic. The entire mineralized package strikes
north-northeast and dips steeply to the west to vertical. Drilling along the
approximate 1.2 kilometre strike of the central core of the Vindaloo gold system
has defined a coherent gold-mineralized, apparently shallow south plunging zone
that has been traced at least to 300 metres depth. Along strike, both to the
north and south of the core of the Vindaloo zone, the gold mineralization can
vary from weak to quite strong over relatively short, generally vertical
distances, leading to nodes of higher grade mineralization connected by less
well gold mineralized zones.
In 2012, 124 holes totaling approximately 18,600 have been drilled on the Hounde
Property with just under 50% of the drill program completed. This program was
designed to define additional inferred mineral resources, in-fill drill where
necessary to support a Preliminary Economic Study (PEA) and continue to extend
the mineralized zones along strike. Approximately 60% of the assays submitted
for analysis have been received. Baseline work for the PEA is continuing with
potential water dam sites located, initial land ownership surveys completed and
on-going community relations work. A summary of all drill intercepts in attached
at the end of this press release.
Avion's 2012 US$ 12.4 million exploration program is continuing with 216 holes
totaling approximately 32,980 metres completed at the Hounde, Tabakoto and Kofi
properties. The Hounde Preliminary Economic Assessment has been initiated with
completion expected in Q4 2012 to allow for the reception of sufficient drill
data.
Avion's procedures for handling core have been presented in previous news
releases (See for e.g. Avion's News Release dated September 10, 2011). Assays
presented in the attached table have been capped at 30 g/t Au.
Don Dudek, P.Geo., the Senior Vice President, Exploration of the Company and a
qualified person under National Instrument 43-101, has reviewed and approved the
scientific and technical information in this press release.
Mining in Burkina Faso
The mining industry in Burkina Faso is growing at a rapid rate due to a
combination of a stable elected democratic government, excellent geology and a
competitive fiscal regime. Currently six gold mines are in production or
development in Burkina Faso (Essakane - IAMGOLD Corporation, Mana - SEMAFO,
Inata - Avocet Mining PLC, Youga - Endeavor Mining Corporation, Taparko - High
River Gold Mines Ltd., Kalsaka - Cluff Gold PLC). In 2012, it is expected that
Burkina Faso will become the fourth largest gold producing country in Africa.
The country has legislated low taxes with a corporate tax rate of 20% for mining
companies. The government is entitled to a 10% free carried interest and a
competitive 3-5% sliding royalty on gold production. Political and economic
protests that occurred back in the spring of 2011 did not materially affect
Avion's exploration program and no new issues of concern have since arisen.
Yes, that is true, cant go below zero,LOL. Cant speak about the other stocks. I dont follow them. I've only been following DHT for a while. Just going by charts. GLTY
Yes, thank you, I am aware. DHT closed below its 10 week simple moving average.
DHT is trading near its lower price channel band. This suggests that the stock price is low relative to the action over the last 14 week period.DHT closed below the trigger point for the Parabolic SAR and is currently registering a bearish signal. The current Significant Point, above which a reversal to the bullish side would occur, is 1.26.
The (OBV) presently offers a bearish signal. This is because the slope of the indicator is negative and suggests that there is a lack of buying interest.
The RSI, is currently at 19.43%, below the critical value of 30, which suggests that DHT is oversold. Although this does not necessarily mean that shares will rally, it is an indication that recent selling pressure is at a level that is not normally sustainable.
DHT's MACD is currently indicating a weak bullish signal. Although the MACD is trending above the signal line, the indicator is still below 0, which suggests that the underlying moving averages are bearish.Williams %R which is currently at -96.68%, below the critical value of -80, DHT may be oversold. While this does not signal that shares will begin to rally, it is unlikely that selling pressure can continue at this level.
Below are the three companies in the Oil & Gas Storage & Transportation industry with the highest forward earnings yields. Using projected earnings for the current fiscal year, the forward earnings yield is useful to compare a stock's return vs. owning a similar stock or other yield assets (e.g. bonds). Generally, the higher the earnings yield, the more undervalued the stock.DHT Maritime (NYSE:DHT) is highest with forward earnings yield of 21.2%. DHT Maritime, Inc. offers maritime shipping services. The Company owns and operates very large crude carriers and Aframax tankers. In the past 52 weeks, DHT Maritime share prices have been bracketed by a low of $0.60 and a high of $4.19 and are now at $0.62, 3% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 4% while the 200-day MA has slid 5%.
AVGCF closed below its 10 week simple moving average. This is generally considered to be an indication of a bearish trend.
AVGCF's recent volatility has been greater than normal. This is evidenced by the increased distance between the upper and lower bands that make up the price channel. Additionally, AVGCF is trading below its 14 week price channel. This means that the stock is trading at a new low for the period and the price channel will update to reflect that.
Monday, AVGCF closed below the trigger point for the Parabolic SAR and is currently registering a bearish signal. The current Significant Point, above which a reversal to the bullish side would occur, is 1.18.
The (OBV) presently offers a bearish signal. This is because the slope of the indicator is negative and suggests that there is a lack of buying interest.
The RSI, is currently at 12.86%, below the critical value of 30, which suggests that AVGCF is oversold. Although this does not necessarily mean that shares will rally, it is an indication that recent selling pressure is at a level that is not normally sustainable.
The MACD for AVGCF currently indicates a strong bearish signal for two reasons. First, the MACD is below the signal line, a 9-week moving average. Second, the MACD is below the critical level of 0, which implies that the underlying moving averages are trending lower..Williams %R which is currently at -99.18%, below the critical value of -80, AVGCF may be oversold. While this does not signal that shares will begin to rally, it is unlikely that selling pressure can continue at this level.
The +DI line is below the -DI line and the ADX is greater than 20. This is a bearish signal that indicates the stock is in a confirmed downtrend. S-trade
AQARF's recent volatility has been greater than normal. This is evidenced by the increased distance between the upper and lower bands that make up the price channel. Additionally, AQARF is trading near its lower price channel band. This suggests that the stock price is low relative to the action over the last 14 week period.
The (OBV) presently offers a bearish signal. This is because the slope of the indicator is negative and suggests that there is a lack of buying interest.
The RSI, is currently at 9.21%, below the critical value of 30, which suggests that AQARF is oversold. Although this does not necessarily mean that shares will rally, it is an indication that recent selling pressure is at a level that is not normally sustainable.
The MACD for AQARF currently indicates a strong bearish signal for two reasons. First, the MACD is below the signal line, a 9-week moving average. Second, the MACD is below the critical level of 0, which implies that the underlying moving averages are trending lower.(DMI)
The +DI line is below the -DI line and the ADX is greater than 20. This is a bearish signal that indicates the stock is in a confirmed downtrend..Williams %R which is currently at -90.00%, below the critical value of -80, AQARF may be oversold. While this does not signal that shares will begin to rally, it is unlikely that selling pressure can continue at this level.
COECF is trading above its 10 week simple moving average. This is considered to be the sign of a bullish trend. There is added weight to this indication because the moving average is rising and suggests that there has been buying interest.
COECF is trading within its price channel.
The On Balance Volume indicator (OBV) shows that longer term selling pressure has given way to near term accumulation.
The RSI recently dropped to 60.61% from above the critical level of 70. This signals that COECF is no longer overbought and the internal strength of the stock appears to be waning.
COECF's MACD is currently indicating a weak bullish signal. Although the MACD is trending above the signal line, the indicator is still below 0, which suggests that the underlying moving averages are bearish.(DMI)
The ADX is below 20 which signifies that COECF is not trending. Therefore the Bullish signal provided by the Directional Movement Index is not confirmed and it is too early to act solely based on this indicator..Williams %R recently dropped to -23.15% from above the critical level of -20. This signals that COECF is no longer overbought and the internal strength of the stock appears to be waning.