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New Western Gas Corporation (NWTR) Announces Its Authorization to Proceed With the Drilling and Completion of the Farwell 34-D4 Well, the First of an Announced Three Well Drilling Program on Its Fredonia Gas Prospect
IRVINE, Calif., Jan. 28, 2014 (GLOBE NEWSWIRE) -- Today New Western Gas Corporation, a wholly owned subsidiary of New Western Energy Corp. (NWTR), an independent energy company engaged in the acquisition, exploration, development, and production of oil, gas and other minerals in North America, announced its authorization to proceed with the drilling and completion of the Farwell 34-D4 well, the first well of a planned three well development program on its Fredonia Gas Prospect. The Fredonia Gas Prospect is located in the central portion of the Cherokee Basin Structural Province, which extends over much of southeastern Kansas. This maturely explored basin is best known for its oil and gas production from shallow Pennsylvanian aged Coal and Sandstone reservoirs.
This announced drilling of the first off-set Proved Undeveloped well site location ("PUD" location), is part of New Western Energy's continuing development of its coal gas program known as the "Fredonia Gas Prospect". The Fredonia Gas Prospect contains in total 9 existing coal gas producing wells (four of which have multiple potential undeveloped coal gas reservoirs behind pipe) and 9 undeveloped coal gas direct off-set PUD drilling locations. New Western Gas Corporation will continue with the development of these direct off-set PUD drilling locations through this announced three well drilling program, as well as continuing with its previously announced recompletions of existing behind pipe undeveloped coal gas reservoirs over the next several months in order to quickly bring additional natural gas production online.
Javan Khazali, President and CEO of New Western Energy Corporation, stated, "We are encouraged by the success of the recompletion operations we have performed on the Fredonia Gas Prospect to date and we are even more excited about starting this direct off-set drilling program. The Farwell 34-D4 well will be the first of a planned three well drilling program that will not only allow us to bring on new gas production from this direct offset well location, but will allow us to gather additional information about the coal gas potential of our existing behind pipe coal gas reservoirs as we gather and analyze further information that will be gained through the drilling and completion of this well."
Based upon the recently prepared Estimate of Reserves prepared by Lee Keeling And Associates Inc., the Fredonia Gas Prospect contains approximately 1,185,530 MCF of proven remaining recoverable gas reserves.
About New Western Energy Corp.
New Western Energy Corp. is an independent energy company engaged in the acquisition, development, production, and exploration of oil, gas and minerals primarily in North America. To learn more about the Company, visit: www.newwesternenergy.com.
Altima (ARH.V) Announces Drilling and Pipeline Construction at Chambers, Alberta With Whistler Oil and Gas Pty. Ltd.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 21, 2014) - Altima Resources Ltd. (TSX VENTURE:ARH)(PINKSHEETS:ARSLF)(FRANKFURT:AKC) announces that together with its joint venture partner Whistler Oil and Gas Pty. Ltd. ("Whistler") (see Dec.13/13 press release), Altima and Whistler have licensed two new vertical wells in the Chambers-Ferrier area project, Alberta, Canada.
The 5-35-41-11 W5M well and 9-35-41-11 W5M well (the "Wells") are offsets to the 15-35-41-11 W5M well that Altima drilled with Whistler and placed on stream on September 3, 2013 (see Sept.5/13 press release). The Wells will be drilled vertically to an approximate depth of 3,100 meters, and are expected to encounter multiple prospective horizons, including the productive zones in the 15-35 well.
Production from the Wells will flow through a 1.4 km pipeline to be constructed from the 5-35 well and tie into Altima's existing 6.4 km pipeline that connects to the Baytex compressor station located at 4-4-42-10 W5M. From the Baytex compressor, gas and liquids will be routed through the Keyera North Strachan Gas Gathering System to the sales point at the Keyera deep cut gas facility located at 11-35-37-9 W5M.
Rick Switzer, President and CEO of Altima, confirmed that construction of the drilling leases and access road will commence the last week of January, with spud of the 5-35 well targeted for the first week of February. The 9-35 well is anticipated to be drilled immediately after rig release of the 5-35 well.
Mr. Switzer commented: "We are very pleased with our ongoing relationship with Whistler Oil and Gas Pty. Ltd. Last year we drilled the 15-35 well with Whistler and followed up with the 50/50 purchase of six additional sections adjacent and to the north of section 35. We also will construct the new pipeline under the earning arrangement with Whistler, and barring logistical or weather delay anticipate the new wells will be on production in Q2 2014."
Richard Switzer, CEO, President and a Certified Professional Geologist, is the Qualified Person under National Instrument 51-101 responsible for preparing and reviewing the data contained in this press release.
ON BEHALF OF THE BOARD
Joe DeVries, Director
NWTR Going International With 9 Acquisitions In 5 Years
Over the past year I have published several articles suggesting oil and gas companies of all sizes that investors should consider when trying to capitalize on the U.S. oil boom. As many of you already know, the United States is on pace to become the largest producer of oil in the world by 2015. Every single one of my oil and gas recommendations from 2013 are up nicely with two having gained as much as 40% and 50%. With that being said, I want to provide an in-depth look into perhaps the most unknown oil and gas company that I've mentioned that has the potential for a big year.
New Western Energy (OTCBB: OTCQB:NWTR) has projects in Kansas, Oklahoma, Texas and Pennsylvania totaling 195 wells holding potential reserves over 20 million BOE. A method of valuing oil and gas companies is the ratio of market capitalization to proven reserves. In a report conducted by Zacks Investment Research, they chose to value New Western Energy at the median value $6.0 per barrel of oil equivalent when comparing similar small oil companies' valuation ratios and figures. Given an estimated reserve of 20.2 million barrels of oil, this implies a market capitalization of $125 million, nearly nine times greater than currently listed. In concluding their research report, Zacks Investment Research determined that a fair equity value for New Western Energy based on this ratio would be about 809% higher than its current share price and has an Outperform rating on the stock.
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Too few investors are familiar with the name New Western Energy . You would think that a company with 8 successful acquisitions since 2009 that continues to increase production revenue and expand their lease portfolio would be getting more attention. Perhaps the company is undiscovered because there has been a history of losses that negatively impacted the ability to achieve business objectives. New Western needed additional funding to expand its drilling program which it received through a positive private placement in November, 2013. Without such additional capital the company will not be able to meet its objectives on a sustainable positive net free cash flow. However, things are quickly changing as the company continues to push forward expanding its portfolio. In fact, New Western Energy just announced a Letter of Intent to acquire Legend Oil and Gas Ltd. for what would be their 9th acquisition in the past five years. The acquisition would immediately add about 135 BOE/d or about $1.06 million per quarter with the potential to play in on about 110-150 BOE/d from shut properties with proven reserves. A deal would also expand New Western's lease portfolio into the exploding oil and gas area of Alberta, Canada as well as British Columbia. The northern Alberta reserve is the 3rd largest deposit in the world.
According to Javan Khazali, President of New Western Energy, "The strategic acquisition of Legend Oil not only increases our holdings in Kansas but also allows us to diversify our geographic portfolio outside of the U.S. and into the diverse energy region of Western Canada. From an operating strategy point of view, we will immediately accelerate revenue growth through our combined production rate while having opportunities to aggressively develop oil & gas properties in historically proven zones in the near term. We are extremely excited to join forces with the Legend Oil management team that has shown in-depth technical expertise and tremendous exploration and operation capabilities. We expect this value creation to reflect on our strong post -- transaction balance sheet with substantial increase in pro forma liquidity that will further enable us to continue organic growth and fund future acquisitions."
"The acquisition of Legend Oil by New Western creates a combined entity which substantially benefits the shareholders of both companies. The significant access to capital by New Western led by its President and CEO; Javan Khazali and the production assets and technical strengths of the Legend management team will create a larger production and revenue base as well as enhancing the management of the combined entities. We are excited about the potential for growth this business combination will afford in 2014 and beyond," said Marshall Diamond-Goldberg President/CEO of Legend Oil and Gas Ltd.
Completion of the acquisition will be subject to the negotiation and execution of a binding agreement and the satisfaction of a number of conditions, including, but not limited to each of New Western Energy and Legend Oil being satisfied with the results of their respective due diligence investigations.
This deal makes perfect sense for New Western Energy as risk is low with a potential high reward. Not only does it increase the company's lease holdings in Kansas, their core lease area, but it expands their portfolio into the oil and gas-rich lands of Canada. Legend Oil's 100% interest in the Piqua Project in Kansas will add 1,040 acres with 44 wells currently producing 18 BOPD to New Western's already 3,050 acre Kansas holdings. In 2011, an engineering evaluation of the Piqua Project determined there to be 97,461 barrels of proven reserves for a $2.6 million value when using a 10% discount for price volatility. Legend's maintained a 100% drill success rate here while managing a $25/barrel operating expense.
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Still, the most attractive part of this deal for New Western is establishing a footprint in Canada. Legend's 100% interest in the Berwyn/Grimshaw Project produces about 17 BOE/d while varying interests in locations of the 3,046 acre Medicine River Project yield about 45 BOE/d currently for the company. Legend Oil and Gas also owns a horizontal well completed in the Pekisko formation that, although has been shut, could still potentially produce 20-30 BOE/d once reactivated. Additional percent interests are also owned in the Leduc formation gas well. The well tested at 3.0 MMCF/d (million cubic feet per day) with 30-40 BOE/d per 1 MMCF for total potential of 90-120 BOE/d.
Berwyn/Grimshaw:
Medicine River:
Legend also owns anywhere from 9%-25% interest depending on the block on the 5,500 acre Clarke Lake property. This is a prolific gas producing property with gas wells with reserves ranging from 80+ BCF of gas. Suncor, a $52 billion energy company, has four producing wells on this very same property. In addition, Legend owns a small percent interest in the Wildmere property producing 24 BOE/d.
Clarke Lake:
Wildmere:
Along with its joint venture partner, Legend Oil and Gas owns a 40% interest in the 6,400 acre Joarcam property. This area has produced 55 million barrels of light oil to date and would enable New Western Energy to make its mark in eastern Alberta, Canada. This property currently produces about 1,000 BOE/d. Legend Oil and Gas also produces approximately 50 BOE/d of mainly oil from four minor properties in Alberta and B.C. Some are small interest properties, such as Fort St. John and Boundary Lake. Others, such as Inga B.C., are high interest properties with development potential. Inga carries a 90% working interest in ¾ section of land currently developed with one well producing over 11 BOPD.
Joarcam:
Inga:
I am impressed with New Western management's ability to evaluate risk and identify acquisitions greatly beneficial to the company's production operation. Their strong due diligence practice can be seen through the quality of deals they have conducted in the past five years. They have been able to keep costs low while maximizing existing wells and going after proven reserves. Management's mindset reminds me of Occidental Petroleum, a $75 billion giant, that has been known to say is in the "oil recovery" business not the "oil discovery" business. This helps keep costs low and implement an effective risk management system.
This strategy has worked brilliantly thus far for New Western Energy as they have successfully completed 8 acquisitions in the past five years. As long as the company is able to secure the necessary capital, there is no reason to believe management will slow down. The Legend Oil and Gas deal would not only be their 9th successful acquisition but will also enable New Western to make its mark in Canada. I may be getting slightly ahead of myself, but if management keeps this pace, they could develop a portfolio and asset base that would qualify for an up-listing.
Although I am very optimistic about the future of New Western Energy, it is a micro-cap and investing in micro-cap companies can be risky. If the history of losses continue it will have a negative impact on the company's ability to achieve business objectives. Additional funding would be needed to expand its drilling program. However, according to Zack's Investment Research, New Western Energy should be in the clear and is expected to produce positive numbers for shareholders down the road. It appears this small company has made it over a crucial hump thanks to a talented management team and can now begin to pick up speed
IntelGenx Grants Stock Options
SAINT LAURENT, Quebec, Jan. 9, 2014 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp. ("IntelGenx", or the "Company") (IGX.V) (IGXT) announced today that the Company's board of directors granted options to acquire 120,000 common shares under the 2006 Stock Option Plan, as amended. The options were granted to the President and Chief Executive Officer, Dr. Rajiv Khosla in accordance with his employment agreement.
The options have an exercise price of CAD$0.60 and expire on January 1, 2019. The options granted to Mr. Khosla vest on December 31, 2016
Highbank (TSX VENTURE:HBK) Responds to Notice of Work (NoW) Permit Application for its Swamp Point North Aggregate Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 30, 2013) - Highbank Resources Ltd. (TSX VENTURE:HBK)(FRANKFURT:V7O) (the "Company") -
Further to our news release of December 6, 2013, the Company is pleased to report that with the assistance of Micon International Limited and other technical consultants, we are forwarding to the Ministry of Energy and Mines ("MEM") our comments and expanded information as requested from the MEM's review and future expectations for our aggregate project in regards to the Mines Act permitting.
In particular we have requested further explanation and the reasoning behind the Regional Director of MEM, Smithers' decision to establish and refer this project to a Mine Development Review Committee ("MDRC").
The Company would like to thank all the investors and shareholders for your confidence and patience during the past year and in particular throughout this permitting process.
Other
The Company is now an Associate Member in the BC Stone, Sand and Gravel Association. Management will be attending the next meeting to be held on January 16, 2014 in Vancouver. Of particular interest on the agenda at this meeting will be the Minister of Energy and Mines - Bill Bennett; a presentation from Eddy Taje - Senior Inspector for the MEM; as well as Stewart Guy who will be updating the delegates on the Aggregate Policy for B.C.
On behalf of the Board of Directors of HIGHBANK RESOURCES LTD
Red Eagle Mining (TSX VENTURE:RD) Completes $4,166,666 Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 23, 2013) - Red Eagle Mining Corporation (TSX VENTURE:RD) (OTCQX:RDEMF) is pleased to announce that Liberty Metals & Mining Holdings LLC ("LMM"), a subsidiary of Liberty Mutual Insurance, has completed the purchase of a 1% net smelter royalty (the "Royalty") on a portion of Red Eagle Mining's Santa Rosa Gold Project for $4,166,666. This is in addition to the 2% net smelter royalty purchased by LMM on October 22, 2012 on the same mineral Concessions. For a period of two years from the date of first gold production, Red Eagle Mining may repurchase 1% of the Royalty for $8,333,333. The Royalty does not apply to the mineral Concessions acquired from Grupo de Bullet on October 25, 2012 for a 1.5% net smelter royalty on those particular Concessions.
Separately, Mr. Noel Dunn has stepped down as a director of Red Eagle Mining following his departure from LMM. Mr. Dunn joined the Red Eagle Mining Board as LMM's nominee director in connection with LMM's acquisition of a 19.9% interest in Red Eagle Mining on October 22, 2012. LMM will nominate a replacement in due course. Red Eagle Mining's Board would like to thank Mr. Dunn for his contribution over the past year and wish him all the best with his future endeavours.
Altima Enters (TSX VENTURE:ARH) - (PINKSHEETS:ARSLF) Into Amending Agreement for the Drilling of the 05-35-41-11 W5M and the 09-35-41-11 W5M Wells to Be Drilled at Chambers-Ferrier, Alberta
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 13, 2013) - Altima Resources Ltd. (TSX VENTURE:ARH)(PINKSHEETS:ARSLF)(FRANKFURT:AKC) announces that it has entered into an Amending Agreement (the "Amending Agreement") to the Participation and Joint Venture Agreement (the "JV Agreement") with Whistler Oil and Gas Pty. Ltd. ("Whistler") (see News Release dated January 24, 2013).
The JV Agreement provides that Whistler was granted the right to earn a 50% working interest (the "Working Interest") in three (3) conventional vertical wells (the "Future Wells") to be drilled on the Company's currently held oil and gas leases located in the Chambers-Ferrier area of the Western Canada Sedimentary Basin ("WCSB"), Alberta (the "Project").
The Amending Agreement provides that Whistler has agreed to invest additional funds estimated to be $7,000,000 (the "Additional Investment") for the drilling of the 05-35-41-11 W5M and the 09-35-41-11 W5M vertical wells. Of the Additional Investment, $1,000,000 (which was payable on execution of the Amending Agreement) will be a refundable deposit, with the balance $6,000,000 being due and payable on or before January 17, 2014. The parties have agreed that in the event an anticipated financing for Whistler's participation on January 4, 2014 does not occur, Whistler has the right to notify Altima that it is unable to complete the Additional Investment. Altima will then be free to either drill the wells for its own interest or to find an alternative partner to complete the drilling of the wells. Upon completion of either of these arrangements, Altima will reimburse Whistler for the funds advanced.
Pursuant to the Amending Agreement, Whistler has agreed to pay from its Investment 100% of the Drilling, Completion and Equipping costs (as those terms are defined in CAPL-2007) of each Future Well drilled in the Project to earn its 50% Working Interest, provided that Whistler shall receive 60% of the net revenue from the 15-35-41-11 W5M well, and 75% of the net revenue from the 05-35-41-11 W5M and the 09-35-41-11 W5M wells, until it has recovered 100% of its Initial Investment in the 15-35-41-11 W5M, the 05-35-41-11 W5M and the 09-35-41-11 W5M wells.
Upon Whistler having earned a 50% Working Interest in the 15-35-41-11 W5M well, the 05-35-41-11 W5M well, and the 09-35-41-11 well, Altima has agreed to deliver such documentation as is required to transfer to Whistler an undivided 50% Working Interest these three wells and a 50% working interest in Section 35-41-11 W5M upon the three wells being completed for production.
ON BEHALF OF THE BOARD
Joe DeVries, Director
Altima Enters (TSX VENTURE:ARH)(PINKSHEETS:ARSLF Into Amending Agreement for the Drilling of the 05-35-41-11 W5M and the 09-35-41-11 W5M Wells to Be Drilled at Chambers-Ferrier, Alberta
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 13, 2013) - Altima Resources Ltd. (TSX VENTURE:ARH)(PINKSHEETS:ARSLF)(FRANKFURT:AKC) announces that it has entered into an Amending Agreement (the "Amending Agreement") to the Participation and Joint Venture Agreement (the "JV Agreement") with Whistler Oil and Gas Pty. Ltd. ("Whistler") (see News Release dated January 24, 2013).
The JV Agreement provides that Whistler was granted the right to earn a 50% working interest (the "Working Interest") in three (3) conventional vertical wells (the "Future Wells") to be drilled on the Company's currently held oil and gas leases located in the Chambers-Ferrier area of the Western Canada Sedimentary Basin ("WCSB"), Alberta (the "Project").
The Amending Agreement provides that Whistler has agreed to invest additional funds estimated to be $7,000,000 (the "Additional Investment") for the drilling of the 05-35-41-11 W5M and the 09-35-41-11 W5M vertical wells. Of the Additional Investment, $1,000,000 (which was payable on execution of the Amending Agreement) will be a refundable deposit, with the balance $6,000,000 being due and payable on or before January 17, 2014. The parties have agreed that in the event an anticipated financing for Whistler's participation on January 4, 2014 does not occur, Whistler has the right to notify Altima that it is unable to complete the Additional Investment. Altima will then be free to either drill the wells for its own interest or to find an alternative partner to complete the drilling of the wells. Upon completion of either of these arrangements, Altima will reimburse Whistler for the funds advanced.
Pursuant to the Amending Agreement, Whistler has agreed to pay from its Investment 100% of the Drilling, Completion and Equipping costs (as those terms are defined in CAPL-2007) of each Future Well drilled in the Project to earn its 50% Working Interest, provided that Whistler shall receive 60% of the net revenue from the 15-35-41-11 W5M well, and 75% of the net revenue from the 05-35-41-11 W5M and the 09-35-41-11 W5M wells, until it has recovered 100% of its Initial Investment in the 15-35-41-11 W5M, the 05-35-41-11 W5M and the 09-35-41-11 W5M wells.
Upon Whistler having earned a 50% Working Interest in the 15-35-41-11 W5M well, the 05-35-41-11 W5M well, and the 09-35-41-11 well, Altima has agreed to deliver such documentation as is required to transfer to Whistler an undivided 50% Working Interest these three wells and a 50% working interest in Section 35-41-11 W5M upon the three wells being completed for production.
ON BEHALF OF THE BOARD
Joe DeVries, Director
IntelGenx (IGXT) Announces Public Offering of $3,500,000 of Common Stock
SAINT LAURENT, Quebec, Dec. 12, 2013 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp. (IGXT) (IGX.V) ("IntelGenx"), a drug delivery company focused on the development of novel oral rapidly disintegrating delivery systems including its proprietary VersaFilm(TM) technology, as well as oral controlled-release products, announced today that it has entered into definitive agreements with institutional investors to purchase approximately $3.5 million of securities in a registered public offering. IntelGenx has agreed to sell to institutional investors an aggregate of 7,920,346 shares of its common stock at $0.4419 per share. Additionally, investors will receive warrants to purchase up to 7,920,346 shares of common stock at an exercise price of $0.5646 per share for a term of five years.
The gross proceeds of the offering are expected to be approximately $3.5 million. Net proceeds, after deducting the placement agent's fee and other estimated offering expenses payable by IntelGenx, are expected to be approximately $3.14 million.
IntelGenx intends to use proceeds from the offering for capital investment in VersaFilm(TM) manufacturing equipment, manufacturing facility improvements and general corporate purposes.
H.C. Wainwright & Co., LLC acted as the exclusive placement agent for the transaction.
The offering is expected to close on or about December 16, 2013, subject to customary closing conditions.
The securities described above are being offered by IntelGenx Technologies Corp. pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission, or the SEC. A prospectus supplement related to the offering will be filed with the SEC. The securities may only be offered by means of a prospectus. Copies of the prospectus and prospectus supplement can be obtained directly from IntelGenx and at the SEC's website at www.sec.gov or by request at H.C. Wainwright & Co., LLC at placements@hcwco.com
Highbank(TSX VENTURE:HBK) Receives Comments on Notice of Work (NoW) Permit Application for Its Swamp Point North Aggregate Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 6, 2013) - Highbank Resources Ltd. (the "Company") (TSX VENTURE:HBK)(V7O.F). Further to our news release on October 29, 2013, the Company has received review comments from the Ministry of Energy and Mines ("MEM") indicating the results of MEM's review and future expectations for this particular project in regards only to the Mines Act permitting.
The Regional Director of MEM, Smithers has made a decision in regards to our project, to establish a Mine Development Review Committee (MDRC), pursuant to Part 10.3.1 of the Health, Safety and Reclamation Code for Mines in B.C., to meet in early 2014. The MDRC will provide an opportunity for the Company, pertinent regulators and First Nations to gather and discuss requirements of the project as it relates to both federal and provincial regulatory authorities.
The Company and Micon International Limited will be reviewing the response and begin compiling its reply as soon as possible in preparation for discussion with the MDRC.
Victor N. Bryant-CEO/President, James H. Place-Director, and Stan Spletzer, V.P. of Operations will be travelling to Prince Rupert on Tuesday. The Company will be meeting with representatives from the Metlakatla First Nation (Prince Rupert), site of the Petronas $18 billion proposed liquefied natural gas (LNG) export facility, on Lelu Island within the District of Port Edward on land administered by the Port of Prince Rupert. Also included in the meeting will be a representative from the Lax Kw'alaams Band (Port Simpson- nearby Grassy Point), where China's CNOOC Ltd. has secured exclusive rights with Japan's Inpex Corp. and JGC Corp. to examine building a LNG export plant and terminal. These discussions will center on further joint venture participations with the First Nations as they will be involved in the public consultations and potential partnerships of these builds. It was hoped that a similar meeting could be arranged with the heads of the Nisga'a Lisims Government at the same time, unfortunately they were not available as they are currently attending meetings in Ottawa.
On behalf of the Board of Directors of HIGHBANK RESOURCES LTD.
Victor N. Bryant, CEO/President
Stornoway (SWY.TO) Announces Closing of $10 Million Flow-Through Financing for Renard Resource Expansion Drill Program
MONTREAL, QUEBEC--(Marketwired - Dec. 3, 2013) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
Stornoway Diamond Corporation (TSX:SWY) is pleased to announce the closing of its previously announced bought deal private placement financing of flow-through common shares ("Flow-Through Shares"), for aggregate gross proceeds of $10,051,000 (the "Offering").
Dundee Securities Ltd., on behalf of a syndicate of underwriters, including Scotia Captial Inc. and Desjardins Securities Inc. (collectively, the "Underwriters"), sold 10,580,000 Flow-Through Shares, including 1,380,000 Flow-Through Shares issued pursuant to the exercise in full of the over-allotment option by the Underwriters at an issue price of $0.95 per Flow-Through Share. The Flow-Through Shares issued pursuant to the Offering will be subject to a four-month hold period expiring April 4, 2014.
In connection with the Offering, the Underwriters received a cash fee equal to 5% of the gross proceeds of the Offering and 529,000 compensation warrants equal to 5% of the number of Flow-Through Shares sold pursuant to the Offering, each compensation warrant exercisable to purchase one common share of Stornoway at a price per share of $0.95 for a period of 24 months following closing.
Stornoway has agreed that expenditures incurred with proceeds from the Offering will constitute Canadian exploration expenses (as defined in the Income Tax Act), will be incurred prior to December 31, 2014 and will be renounced to the subscribers.
The Flow-Through Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This press release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
Red Eagle Mining (TSX:RD) Continues to Advance the San Ramon Gold Deposit in the Third Quarter
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 3, 2013) - Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce financial results for the third quarter ending September 30, 2013 and business highlights to date, including advancements at Red Eagle Mining's San Ramon Gold Deposit in Antioquia, Colombia.
Third quarter highlights and significant subsequent events:
•Completion and filing of the NI 43-101 Technical Report pertaining to the positive Preliminary Economic Assessment ("PEA") for the San Ramon Gold Deposit (please see Red Eagle Mining's news release dated September 19, 2013). Highlights include (all amounts in US$):
?Assuming a long-term forecast gold price of $1,300/ounce: pre-tax estimated Net Present Value (5%) is $152 million, Internal Rate of Return is 47%, payback is 1.4 years and average cash costs are $540/ounce;
?Project capital costs of $73 million plus $11 million contingency and $7 million of recoverable VAT; and
?Year one production of 87,000 ounces of gold at a fully diluted grade of 8.1 grams gold per tonne and post-tax cash flow of $61 million.
Table 1 - Summary of San Ramon Economic Results
$1,300/Ounce Gold Pre-Tax Post-Tax
Net Cash Flow $ 211 million $ 159 million
Net Present Value (5%) $ 152 million $ 113 million
Internal Rate of Return 47 % 37 %
Payback 1.4 years 1.7 years
Table 2 - Summary of San Ramon Key PEA Data
Average Annual Production 51,000 oz/year
Processing Rate 1,000 tonnes/day
Life of Mine ("LOM") 10 years
Initial Capex (incl. $11M contingency) $84 million
Cash Costs $540/ounce or $76/tonne
Years 1-5 Fully Diluted Processed Grade 5.38 grams gold per tonne
LOM Fully Diluted Processed Grade 4.76 grams gold per tonne
CIL Gold Recovery 93 %
•Submission of the mining technical work plan ("PTO") for the San Ramon Gold Deposit to the Secretary of Mines of Antioquia;
•Reported mapping, soil sampling and rock channel sampling at the Pavo Real Gold Project have identified a new area of mineralisation. Highlights include 33.7 grams gold per tonne, greater than 100 grams silver per tonne, 0.23% copper and 0.23% zinc over 0.50 metres. This most recent rock channel sampling programme was carried out in an area of high-level vein and hydrothermal breccia mineralisation associated with dykes of rhyodacite porphyry, where MMI soil sampling returned strong coincident Au, Ag and Cu anomalies (please see Red Eagle Mining's news release dated October 8, 2013);
•Appian Natural Resources Fund LP ("Appian") acquired an additional 3,535,000 common shares of Red Eagle Mining in the market. This acquisition increased Appian's stake to 8,989,545 shares representing approximately 15.3% of Red Eagle Mining (please see Red Eagle Mining's news release dated September 4, 2013);
•Acceptance as a Tier 1 issuer on the TSX Venture Exchange (please see Red Eagle Mining's news release dated August 6, 2013);
•The successful conversion of an 8,590 hectare application adjacent to the north of the San Ramon Gold Deposit from an application to a concession contract and
•The successful application for an additional 1,809 hectares adjacent to the north of the existing holdings at the Santa Rosa Gold Project along the mineralised trend and an additional 8,800 hectares within the Pavo Real Gold Project.
Work programme update:
Red Eagle Mining's work programme for 2014 includes:
•Completion of a comprehensive feasibility level metallurgical programme with respect to higher grade ores commensurate with underground mining;
•Permitting including filing the Environment Impact Assessment (currently being prepared by Tetra Tech, Inc.) with Corantioquia (environmental agency). This is the final stage in the permitting process;
•Preparation of a Definitive Feasibility Study; and
•Exploration of the remainder of the 320 km² Santa Rosa Gold Project, including testing with core drilling of a number of highly prospective targets identified to date.
Selected financial data:
The following selected financial data is derived from our unaudited interim condensed consolidated financial statements for the nine month period ended September 30, 2013, as prepared in accordance with International Financial Reporting Standards (all amounts in CDN$).
For the three months ended For the nine months ended
September 30, 2013 September 30, 2012 September 30, 2013 September 30, 2012
Net loss for the period $ 2,042,632 $ 2,079,607 $ 9,171,355 $ 8,398,972
Comprehensive loss for the period 2,075,283 2,188,116 9,227,118 8,443,153
Basic and diluted loss per share 0.03 0.06 0.16 0.22
As at September 30, 2013 December 31, 2012
Cash and cash equivalents $ 6,465,419 $ 15,893,971
Total assets 10,896,264 20,385,464
Total liabilities 6,617,991 7,035,647
Shareholders' equity 4,278,273 13,349,817
Cumulative exploration expense 25,107,897 17,526,147
For the three and nine month period ended September 30, 2013 Red Eagle Mining reported a net loss of $2.0 million and $9.2 million respectively, compared to net losses of $2.1 million and $8.4 million for the three and nine months ended September 30, 2012. The most significant contributions to the loss for the three and nine months ended September 30, 2013 was the cost of ongoing exploration of $1.8 million and $7.6 million respectively (2012: $1.6 million and $7.1 million).
This press release should be read in conjunction with the unaudited interim condensed consolidated financial statements and Management's Discussion and Analysis for the three and nine months ended September 30, 2013. These documents can be found on Red Eagle Mining's website or profile at www.sedar.com.
The PEA was prepared by Mine Development Associates in accordance with the definitions in Canadian National Instrument 43-101 ("NI 43-101"). The PEA is considered preliminary in nature. It includes Inferred mineral resources that are considered too speculative to have the economic considerations applied that would enable classification as mineral reserves. There is no certainty that the conclusions within the PEA will be realised. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The technical information contained in this news release has been reviewed and approved by Red Eagle Mining's Vice President of Exploration, Jeff Toohey P.Eng., who is a Qualified Person as defined under NI 43-101.
B.C. Government Inks Land Agreement With Chinese-Owned Nexen for Proposed LNG Project at Grassy Point Close to Highbank's (TSX :HBK) Swamp Point North Aggregate Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 14, 2013) - Highbank Resources Ltd. (the "Company") (TSX VENTURE:HBK) (FRANKFURT:V7O) announces that Chinese-owned Nexen Inc. has inked an agreement with the B.C. Government that gives it the sole option to purchasing Crown land in northwestern B.C. more commonly known as Grassy Point, for a liquefied natural gas ("LNG") terminal.
Further to our news release of April 12, 2013, the Calgary-based company which was purchased by the state-owned China National Offshore Oil Corp. ('CNOOC") earlier this year, agreed to pay the province $12 million as a potential down payment to secure the deal for 615 hectares of land at Grassy Point. The land is located north of Prince Rupert and within 40 miles of Highbank's Swamp Point North, Portland Canal aggregate project. To view a map of three proposed LNG sites in B.C. click on the link:
http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/britishcolumbias-potential-lng-terminals/article8956483/?from=8955271
Nexen joins about half a dozen companies that have located land for their proposed LNG projects in B.C. Three of those proposals (Australia-based Woodside, South Korea based SK E & S, and ExxonMobil) also include interest in Crown land in the Grassy Point area, for which the province continues discussions.
At a news conference Tuesday led by Premier Christy Clark, Nexen CEO and president Kevin Reinhart said while the acquisition of the land is a milestone, it is a first step in a long "journey." He pointed to the need for extensive public consultation (including with First Nations), a comprehensive environmental assessment and company approvals.
But Reinhart noted that its new owner, commonly known as CNOOC, is the largest importer of LNG into the growing natural gas market in China.
"We have an incredibly strong partnership that provides us with expertise, financial capacity, unique access to the Asian gas market and a strong track record of responsible development to turn this opportunity into a real project," said Reinhart.
Nexen owns 60 percent of the proposed LNG project at Grassy Point, dubbed Aurora LNG. The other 40 percent is owned by Japanese companies INPEX Corp. and JGC Corp.
Japan is the largest importer of LNG in the world by a wide margin, according to the International Gas Union's 2013 World LNG report.
For further information on this announcement, view this story in the Vancouver Sun - Business BC - Section C titled - "Resources - Victoria does a deal with Nexen" -November 13, 2013 link to:
http://www.vancouversun.com/business/energy/reaches+deal+with+Nexen+Crown+land+terminal+north+Prince/9157847/story.html?__lsa=1
On behalf of the Board of Directors of HIGHBANK RESOURCES LTD.
Victor N. Bryant, CEO/President
Stornoway (TSX:SWY) Announces Flow-Through Financing for Renard Resource Expansion Drill Program
LONGUEUIL, QUEBEC--(Marketwired - Nov. 13, 2013) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Stornoway Diamond Corporation (TSX:SWY) is pleased to announce that it has entered into an agreement with Dundee Securities Ltd. as lead underwriter, together with a syndicate including Scotiabank and Desjardins Securities Inc. (collectively, the "Underwriters"), for a private placement financing on a bought deal basis of 5,265,000 flow-through common shares ("Flow-Through Shares") at a price of $0.95 per Flow-Through Share for gross proceeds of $5,001,750 (the "Offering"). In addition, Stornoway has granted the Underwriters the option to purchase up to an additional 789,750 Flow-Through Shares to cover over-allotments (the "Over-Allotment Option"). The Underwriters may exercise the Over-Allotment Option at the issue price up to 48 hours prior to closing.
The Flow-Through Shares issued pursuant to the Offering will be subject to a four-month hold period. In the event that the Over-Allotment Option is exercised in its entirety, the gross proceeds of the Offering will be $5,752,013. Stornoway has agreed that expenditures incurred with proceeds from the Offering will constitute Canadian exploration expense ("CEE") (as defined in the Income Tax Act) and will be renounced to the subscribers.
Matt Manson, Stornoway's President and CEO commented: "The Renard Diamond Project possesses extensive resource upside outside of the current Mineral Reserve, characterized as either Inferred Mineral Resource or 'Target for Further Exploration'. The financing announced today allows us to plan for a resource expansion and conversion program in 2014 targeted principally on Renard 2 and designed to aggressively test the depth extent of the Renard kimberlites. This program will run separate from, and complementary to, the project construction capital program scheduled for 2014 and 2015 following the completion of principal project financing."
Closing of the Offering is anticipated to occur on or before December 3, 2013 and is subject to receipt of applicable regulatory approvals, including approval of the Toronto Stock Exchange.
The Flow-Through Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
About the Renard Diamond Project
The Renard Diamond Project is located approximately 250 km north of the Cree community of Mistissini and 350 km north of Chibougamau in the James Bay region of north-central Québec. In November 2011, Stornoway released the results of a Feasibility Study at Renard, followed by an Optimization Study in January 2013, which highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. Probable Mineral Reserves as defined under National Instrument ("NI") 43-101 stand at 17.9 million carats. Total Indicated Mineral Resources, inclusive of the Mineral Reserve, stand at 27.1 million carats, with a further 16.9 million carats classified as Inferred Mineral Resources, and 25.7 to 47.8 million carats classified as non-resource exploration upside. All kimberlites remain open at depth. Readers are referred to the technical report dated December 29th, 2011 in respect of the November 2011 Feasibility Study for the Renard Diamond Project, and the technical report dated February 28th, 2013 in respect of the January 2013 Optimization Study, for further details and assumptions relating to the project.
About Stornoway Diamond Corporation
Stornoway is a leading Canadian diamond exploration and development company listed on the Toronto Stock Exchange under the symbol SWY and headquartered in Montreal. Our flagship asset is the 100% owned Renard Diamond Project, on track to becoming Québec's first diamond mine. Stornoway is a growth oriented company with a world class asset, in one of the world's best mining jurisdictions, in one of the world's great mining businesses.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
Matt Manson, President and Chief Executive Officer
IntelGenx (IGXT) Reports Q3, 2013 Results and Corporate Development Highlights
SAINT LAURENT, Quebec, Nov. 8, 2013 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp. (TSX-V:IGX) (OTCQX:IGXT) ("IntelGenx") today announced financial results for the three and nine months ended September 30, 2013 and provided an update on operational developments. All amounts are in U.S. dollars, unless otherwise stated.
Corporate Development Update
ANDA for Buprenorphine/Naloxone Sublingual Film Product for the Treatment of Opiate Addiction:
On July 22, 2013 we announced that an Abbreviated New Drug Application ("ANDA") has been submitted to the U.S. Food and Drug Administration ("FDA") for approval of a generic formulation of buprenorphine and naloxone Sublingual Film, indicated for maintenance treatment of opioid dependence. The ANDA was filed by our U.S. based co-development and commercialization partner for this product. The reference listed drug is Suboxone® (buprenorphine and naloxone) Sublingual Film.
According to IMS Health, U.S. retail sales of Suboxone® Sublingual Film were approximately $1.5 billion in 2012.
On August 26, 2013 we announced that, in response to filing of the ANDA, we were named as a codefendant in a lawsuit pursuant to Paragraph IV litigation filed by Reckitt Benckiser Pharmaceuticals and Monosol RX in the U.S. District Court for the District of Delaware alleging infringement of U.S. Patent Nos. 8,475,832 and 8,017,150, each of which relate to Suboxone® Sublingual Film. We believe the ANDA product does not infringe those or any other patents, and will vigorously defend ourselves in this matter. Since Paragraph IV litigation is a regular part of the ANDA process, we do not expect any unanticipated impact on our already planned development schedule. In accordance with the terms of the co-development and commercialization agreement, the costs of defending this litigation will be borne by Par Pharmaceutical Inc.
On October 8, 2013 we received confirmation that Actavis plc has filed an ANDA with the FDA seeking approval to market Buprenorphine Hydrochloride and Naloxone Hydrochloride Sublingual Film 2 mg/0.5 mg and 8 mg/2 mg. Reckitt Benckiser Pharmaceuticals, Inc., RB Pharmaceuticals Limited and MonoSol Rx, LLC filed suit against Actavis on October 8, 2013, in the U.S. District Court for the District of Delaware seeking to prevent Actavis from commercializing its ANDA product prior to the expiration certain of U.S. patents. The lawsuit was filed under the provisions of the Hatch-Waxman Act, resulting in a stay of final FDA approval of Actavis' ANDA for up to 30 months from the date the plaintiffs received notice of Actavis' ANDA filing or until final resolution of the matter before the court, whichever occurs sooner, subject to any other exclusivities. Based on available information, including a submission date listed on FDA's Paragraph IV Patent Certifications web site that is consistent with the date of Actavis' ANDA filing, Actavis believes it may be a "first applicant" to file an ANDA for a generic version of Suboxone® Sublingual Film and, should its ANDA be approved, may be entitled to 180 days of generic market exclusivity.
NDA for Anti-Migraine VersaFilm™ Oral Film Product:
On June 18, 2013 we announced that the FDA has assigned a Prescription Drug User Fee Act ("PDUFA") action date of February 3, 2014 for the review of the our New Drug Application ("NDA") for the marketing approval of our anti-migraine VersaFilm™ oral film product. We had previously announced that, together with our co-development partner RedHill Biopharma Ltd ("RedHill"), we had submitted a 505(b)(2) NDA to the FDA for a novel, oral thin-film formulation, based on our proprietary VersaFilm™ technology containing Rizatriptan, the active drug in Merck & Co ("Merck") Maxalt-MLT® orally disintegrating tablets. According to Merck's most recent annual report, sales of Maxalt® were $638 million in 2012. The FDA confirmed that our application is sufficiently complete to permit a substantive review in accordance with the FDA's "standard" classification process.
Forfivo XL®:
On August 22, 2013 we announced receipt of a Paragraph IV Certification Letter from Wockhardt Bio AG, advising of the submission of an ANDA to the FDA requesting authorization to manufacture and market generic versions of Forfivo XL® 450 mg capsules in the United States.
IntelGenx intends to vigorously enforce its intellectual property rights for Forfivo XL® and will pursue all available legal and regulatory pathways in defense of Forfivo XL®, which is currently protected by an issued patent listed in the FDA's Approved Drug Products List (Orange Book).
Financial Results:
Cash and cash equivalents improved to $2.6 million as at September 30, 2013 compared with $2.3 million as at June 30, 2013 and $2.1 million as at December 31, 2012. In the third quarter of 2013 we received $0.7 million from the exercise of warrants and we benefitted from the positive impact of foreign exchange on cash of $0.1 million. This was partly offset with cash used by operating activities of $0.4 million and cash used in investing activities of $0.1 million. Year-to-date, we received $1.5 million from the exercise of warrants and stock options, which was partly offset with cash used by operating activities of $0.7 million and cash used in investing activities of $0.3 million.
Revenue of $0.8 million in the first nine months of 2013 represents a significant increase compared with $0.1 million in the same period of the previous year and consists of $0.5 million related to the achievement of development milestones for our anti-migraine and opiate addiction products, together with $0.1 million of royalty income and $0.2 million of deferred license revenue, both related to Forfivo XL®.
Total expenses decreased from $2.0 million in the first nine months of 2012 to $1.8 million in the first nine months of 2013. The decrease relates primarily to clinical study costs incurred in 2012 that were not repeated in 2013, together with the reversal of costs accrued in 2012 for the technical transfer of activities in preparation for manufacturing of Forfivo XL™, partly offset by increased staff costs. Total expenses were $0.7 million in the third quarter of 2012 and $0.7 million in the third quarter of 2013.
The net loss decreased from $1.9 million in the first nine months of 2012 to $1.0 million in the first nine months of 2013, representing an improvement of $0.9 million, or 48%. In the third quarter of 2013 we recorded a net loss of $0.6 million, compared with a net loss of $0.7 million in the same period of the previous year.
The loss per share improved from $0.04 in the first nine months of 2012 to a loss of $0.02 in the first nine months of 2013. In the three months ended September 30, 2013 the loss per share was $0.01, compared with a loss per share of $0.01 in the same period of 2012.
About IntelGenx:
IntelGenx is a drug delivery company focused on the development of oral controlled-release products as well as novel rapidly disintegrating delivery systems. IntelGenx uses its unique multiple layer delivery system to provide zero-order release of active drugs in the gastrointestinal tract. IntelGenx has also developed novel delivery technologies for the rapid delivery of pharmaceutically active substances in the oral cavity based on its experience with rapidly disintegrating films. IntelGenx' development pipeline includes products for the treatment of indications such as severe depression, hypertension, erectile dysfunction, migraine, CNS indications, idiopathic pulmonary fibrosis, oncology and pain, as well as animal health products. More information is available about the company at www.intelgenx.com.
Stornoway (SWY.TO) Hosts Québec Minister of Natural Resources at Montreal Press Event to Highlight Government-Industry Partnerships
TSX: SWY
LONGUEUIL, QC, Nov. 5, 2013 /CNW Telbec/ - Stornoway Diamond Corporation (TSX: SWY) today hosted a press event at its Montreal head office in the presence of Ms. Martine Ouellet, the Québec Minister of Natural Resources, Ms. Manon Cyr, the Mayor of Chibougamau, and Chief Richard Shecapio, Chief of the Cree Nation of Mistissini. The event was held to emphasize the close collaboration between Stornoway, Québec and the communities of the James Bay region on the development of the Route 167 Extension-Renard Mine Road and the new Monts Otish regional aerodrome. This work, being undertaken under a financing agreement between Stornoway and Québec, is successfully laying the groundwork for the development of the Renard Diamond Project, the first diamond mine in Québec.
Patrick Godin, Stornoway's Chief Operating Officer, commented: "The Renard Diamond Project is being done right. From the beginning, we determined that earning our licence to operate from the region's local communities and contributing to their economic development would be one of our top priorities. Our ability to achieve this has been greatly assisted by a strong partnership with government. We now have before us a diamond project with substantial potential revenue and mine life. Local communities and other stakeholders stand to benefit from the successful development of the Renard Project for generations. I would like to thank all levels of government for their collaboration, particularly Minister Ouellet, Mayor Cyr and Chief Shecapio who we are pleased to welcome today in Montreal."
Construction of the permanent road leading to the Renard Project began in February 2012 as the "Route 167 Extension". Under the terms of a November 2012 Framework Agreement and a December 2012 Financing Agreement between Stornoway and the Government of Québec, Québec is completing the first 143km of road (segments "A" and "B") as a 70km/hr two-lane gravel highway and Stornoway is undertaking the construction of a 50km/hr single lane mining road over the remaining 97km (segments "C" and "D" the "Renard Mine Road"). On September 3rd,2013 Stornoway announced that all four segments had been successively connected, allowing the first full transit of vehicles to the project site well ahead of schedule. On October 10thStornoway announced that owing to the expected completion of the Renard Mine Road approximately 10% below budget, an agreement had been reached with Québec to allow the balance of remaining funds to be applied to the construction of the Renard Mine aerodrome, which will serve to enhance public air transport in the Monts Otish region of Québec.
Upon construction, the Renard Diamond Project is expected to supply up to 2 million carats of high value, gem quality diamonds to the world rough diamond market, representing up to 3% of world supply in value terms.
About the Renard Diamond Project
The Renard Diamond Project is located approximately 250 km north of the Cree community of Mistissini and 350 km north of Chibougamau in the James Bay region of north-central Québec. In November 2011, Stornoway released the results of a Feasibility Study at Renard, followed by an Optimization Study in January 2013, which highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. Probable Mineral Reserves as defined under National Instrument ("NI") 43-101 stand at 17.9 million carats. Total Indicated Mineral Resources, inclusive of the Mineral Reserve, stand at 27.1 million carats, with a further 16.9 million carats classified as Inferred Mineral Resources, and 25.7 to 47.8 million carats classified as non-resource exploration upside. All kimberlites remain open at depth. Readers are referred to the technical report dated December 29th, 2011 in respect of the November 2011 Feasibility Study for the Renard Diamond Project, and the technical report dated February 28th, 2013 in respect of the January 2013 Optimization Study, for further details and assumptions relating to the project.
Attachment: Maps, fact sheet
About Stornoway Diamond Corporation
Stornoway is a leading Canadian diamond exploration and development company listed on the Toronto Stock Exchange under the symbol SWY and headquartered in Montreal. Our flagship asset is the 100% owned Renard Diamond Project, on track to becoming Québec's first diamond mine. Stornoway is a growth oriented company with a world class asset, in one of the world's best mining jurisdictions, in one of the world's great mining businesses.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
/s/ "Matt Manson"
Matt Manson
President and Chief Executive Officer
Altima Announces Production Start-Up of the Chambers Alberta Area Horizontal 14-15-41-11 W5M Well
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 4, 2013) - Altima Resources Ltd. (TSX VENTURE:ARH)(FRANKFURT:AKC)(PINKSHEETS:ARSLF) announces the ALTIMA ET AL HZ CHAMBERS 14-15-41-11 W5M well, surface location 1-16-41-11 W5M (the Well") was placed on production November 1, 2013.
The Company commenced construction of the 3.78 km Pipeline and Facilities for the Well on September 25, 2013 through a participation agreement (the "Agreement") between Acumen Energy Partners Inc. ("Acumen"), and Altima, (the "Company"). The Agreement grants Acumen the right to earn a 5% working interest (the "Acumen Interest") of the Company's 30% working interest in the ALTIMA ET AL HZ CHAMBERS 14-15-41-11 W5M Well and four sections of the associated pooled lands (the "Pooled Lands") located in the Chambers-Ferrier area of the Western Canada Sedimentary Basin, Alberta (refer to News Release August 26, 2013 for details).
The Company (70%) and Acumen (30%) will initially receive 100% of the revenue pursuant to a penalty payout agreement with ConocoPhillips Canada. After payout of the penalty, Altima will retain 25% working interest in the Well and the Pooled Lands (refer to News Release January 24, 2013) and Acumen will hold 5% working interest.
ON BEHALF OF THE BOARD
Rick Switzer, President & CEO
Red Eagle Mining (RD/V) Files Preliminary Economic Assessment for the San Ramon Gold Deposit
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 30, 2013) - Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce the complete NI 43-101 Technical Report pertaining to the positive Preliminary Economic Assessment ("PEA") for the San Ramon Gold Deposit on its 100% owned Santa Rosa Gold Project located in Antioquia, Colombia, has been filed. The Technical Report is available on www.sedar.com and Red Eagle Mining's website. For detailed results please see Red Eagle's news release dated September 19, 2013. Highlights include (all amounts in US$):
•Assuming a long-term forecast gold price of $1,300/ounce gold: pre-tax Net Present Value (5%) is $152 million, Internal Rate of Return is 47% and payback is 1.4 years;
•Project capital costs of $73 million plus $11 million contingency and $7 million of recoverable VAT;
•Year one production of 87,000 ounces of gold at a fully diluted grade of 8.1 grams gold per tonne and post-tax cash flow of $61 million;
•Average cash costs of $540/ounce.
Table 1 - Summary of San Ramon Economic Results
$1,300/Ounce Gold Pre-Tax Post-Tax
Net Cash Flow $ 211 million $ 159 million
Net Present Value (5%) $ 152 million $ 113 million
Internal Rate of Return 47 % 37 %
Payback 1.4 years 1.7 years
Table 2 - Summary of San Ramon Key PEA Data
Average Annual Production 51,000 oz/year
Processing Rate 1,000 tonnes/day
Life of Mine ("LOM") 10 years
Initial Capex (incl. $11M contingency) $84 million
Cash Costs $540/ounce or $76/tonne
Years 1-5 Fully Diluted Processed Grade 5.38 grams gold per tonne
LOM Fully Diluted Processed Grade 4.76 grams gold per tonne
Gold Recovery 93%
Going forward, the planned work programme includes:
•The current comprehensive metallurgical programme continuing throughout the remainder of 2013 with respect to higher grade ores commensurate with underground mining;
•Permitting including filing the Environment Impact Assessment, currently being prepared by Tetra Tech, Inc.;
•Development of the decline and planned underground development;
•Infill drilling from the planned underground development to increase confidence in the resource model and mitigate mining risk;
•Completion of a Definitive Feasibility Study; and
•Exploration of the 320 km² Santa Rosa Gold Project, including testing with core drilling of a number of prospective targets identified to date.
The PEA was prepared by Mine Development Associates in accordance with the definitions in Canadian National Instrument 43-101 ("NI 43-101"). The PEA is considered preliminary in nature. It includes Inferred mineral resources that are considered too speculative to have the economic considerations applied that would enable classification as mineral reserves. There is no certainty that the conclusions within the PEA will be realised. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The technical information contained in this news release has been reviewed and approved by Red Eagle Mining's Vice President of Exploration, Jeff Toohey P.Eng., who is a Qualified Person as defined under NI 43-101.
The following Qualified Persons as defined under NI 43-101 are independent of Red Eagle Mining and responsible for the Technical Report and Preliminary Economic Assessment for the San Ramon project development:
Qualified Person Firm Scope of Responsibility
Michael Lindholm - C.P.G. Mine Development Associates Geology and Mineral Resources
Thomas Dyer - P. Eng. Mine Development Associates Mining, Mine Planning and Financial Analysis
Carl Defilippi - Registered Member SME Kappes, Cassiday and Associates Process Design
W. Joseph Schlitt - Ph.D. P. Eng. Hydrometal, Inc. Metallurgy and Processing
About Red Eagle Mining
Red Eagle Mining Corporation is a well-financed gold exploration and development company with an experienced mine-development team. Management is focused on building shareholder value through discovering and developing gold projects with low costs and low technical risks in Colombia, a jurisdiction with prolific historic production but until recently limited modern exploration. Red Eagle Mining is developing the 320 km² historic Santa Rosa Gold Project located in the Antioquia Batholith. Development will initially commence with the San Ramon Gold Deposit where a positive Preliminary Economic Assessment supports project advancement. Feasibility and permitting are currently underway.
Axxess Pharma Inc.( AXXE) Signs Exclusive World-Wide License to Market and Sell TapouT Brand Vitamins & Minerals Pain Relief and Muscle Recovery Products
TORONTO, ON--(Marketwired - Oct 28, 2013) - Axxess Pharma Inc. (PINKSHEETS: AXXE) a specialty pharmaceutical and nutritional supplements company, is pleased to announce Axxess Pharma (AXXE) and TapouT have signed an agreement providing Axxess Pharma the world-wide exclusive rights, to develop, market and sell a line of pain relief and muscle recovery products, as well as develop and market a vitamins and minerals line under the TapouT brand name.
"This is an amazing accomplishment for Axxess to align itself with a world-class sporting brand, and we will focus our efforts to ensure success," said Dr. Daniel Bagi, President of Axxess Pharma Inc. "There are six products, ready to launch and we anticipate TapouT and AXXE will mutually benefit tremendously from this alliance, as we recognize the power of the TapouT brand. This agreement will be a major priority to our Company and anticipated to generate strong global sales."
Since previously announcing the MOU, Axxess has had strong interest from several large overseas companies to market and sell its TapouT line of products in Europe, Asia and Australia. Axxess intends to aggressively market its line of premium all-natural pain-relief products world-wide. The TapouT brand is highly recognizable, especially in Asia and Brazil. Through TapouT's sponsorship of UFC events, Axxess plans to piggyback on its strong brand awareness and substantial loyal customer base. A second wave of TapouT branded products will be a premium vitamins line and Axxess has already begun talks with a Canadian cGMP (current Good Manufacturing Practices) manufacturer, anticipate launching in late 2013.
"We will be launching in both retail and through a well-planned on-line sales strategy through our AllStar Health Brands subsidiary," Bagi further stated.
"We pride ourselves in partnering with companies that understand the brand DNA, have the right products and methods to market and distribute," said Nick Woodhouse, President and Chief Marketing Officer at Authentic Brands Group, LLC, brand owners of TapouT. "We anticipate a long-term relationship and look forward to working with the team at Axxess to provide incredible pain relief formulas to TapouT customers across the world."
To view a video of the six products ready to launch under the TapOut brand, existing products and management, please click on the video link:
STORNOWAY (SWY.TO) TO PROCEED WITH LIQUEFIED NATURAL GAS (LNG) POWER
PLANT FOR RENARD DIAMOND PROJECT
Stornoway Diamond Corporation (TSX-SWY) is pleased to announce the results of a recent feasibility study on the viability of a Liquefied Natural Gas (“LNG”) fuelled power plant for the Renard Diamond Project. The study was authored by SNC-Lavalin Inc. and AMEC America Ltd. under the Renard Project EPCM joint venture, and demonstrates substantial benefits to the project in terms of annual operating cost and environmental emissions compared to the currently planned diesel gen-set option. Highlights of the study are as follows:
•Annual operating cost reductions of between $8 million and $10 million over the initial 11 year mine life, representing a life of mine operating cost saving of $89 million, or 6.6%.
•Incremental capital cost of only $2.6 million over the cost of diesel gen-sets, representing a net payback of 4 months.
•An estimated reduction in greenhouse gas emissions of 43%, with significant reductions in NO2 and SO2.
•Stable LNG local supply market based on existing commercial distribution network within Québec.
Matt Manson, President and CEO, commented: “Since the release of the Renard Diamond Project Feasibility Study in November 2011 and the subsequent Optimization Study in January 2013, we have been investigating more efficient alternatives for power supply at the project compared to the traditional diesel option contained within the current execution plan. A July 2012 Hydro-Québec feasibility study into a powerline for the project demonstrated only a marginal economic benefit of using grid power owing to the high cost for powerline construction. The LNG option now provides us with a much more attractive way forward, with off-the-shelf technology, a positive long-term supply outlook, a much smaller environmental footprint and immediate economic benefits for the project through substantially reduced operating costs. This option is made possible to us because, with an all-season road, we are able to receive regular shipments of liquefied gas from the existing commercial distribution network in Québec, without the need for expensive high-capacity on-site storage facilities. The LNG study has been completed in time to have it incorporated into the final project execution plan prior to the planned commencement of project construction in 2014.”
The Renard LNG power plant will comprise seven 2.1MW rated gas gen-sets, providing sufficient power generation capacity for the project’s normal operating specification of 9.5MW, which represents five gen-sets operating at a planned 92% efficiency. Onsite gas storage will be sufficient for 10 days operation, with new supplies delivered daily by cryogenic tanker truck from the existing Gaz Metro Liquefaction plant and distribution center in Montréal. In addition to power generation, the LNG will be used for heating of buildings and the underground mine, removing the requirement for onsite propane. A smaller quantity of diesel will continue to be used at site for construction activities and mobile mining equipment.
Based on the operating parameters contained within the January 2013 Renard Optimization Study, the incremental benefits of the LNG option over the existing diesel gen-set plan are as follows:
Table 1: LNG Feasibility Study Results and Project Impact1
January 2013
Optimization Study,
Diesel January 2013
Optimization with
LNG Power Option
Operating Cost Parameters2 Unit Power Cost (C$/kWh) $0.299 $0.188 (-37%)
Unit Operating Cost (C$/tonne)3 $57.63 $53.84 (-7%)
Life of Mine Operating Cost (C$M)3 $1,352 $1,263 (-7%)
Capital Cost Parameters2 Initial Capital Cost (C$M) $752.1 $754.0 (+0.3%)
Escalation Allowance on Initial Capital (C$M) $45.1 $45.8 (+1.6%)
Life of Mine Capital Cost (C$M)4 $1,013 $1,010 (-0.3%)
Commodity Consumption Annual Diesel Consumption (million liters) 27.5 5.9 (-79%)
Annual LNG Consumption (m3/annum) n/a 41,700
Annual Propane Consumption (m3/annum) 3,500 n/a
Notes
•Based on the 11 year reserve-based mine life (17.9 mcarats) contained within the January 2013 Optimization Study, with a normal operating load of 9.49MW and an oil price assumption of US$95/barrel.
•The January 2013 Optimization Study costs, under either the diesel or LNG power options, are expressed in October 2012 terms.
•Excludes capitalized preproduction costs.
•Includes all initial capital, escalation on initial capital, sustaining and deferred capital and contingencies.
About the Renard Diamond Project
The Renard Diamond Project is located approximately 250 km north of the Cree community of Mistissini and 350 km north of Chibougamau in the James Bay region of north-central Québec. In November 2011, Stornoway released the results of a Feasibility Study at Renard, followed by an Optimization Study in January 2013, which highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. Probable Mineral Reserves as defined under National Instrument (“NI”) 43-101 stand at 17.9 million carats. Total Indicated Mineral Resources, inclusive of the Mineral Reserve, stand at 27.1 million carats, with a further 16.9 million carats classified as Inferred Mineral Resources, and 25.7 to 47.8million carats classified as non-resource exploration upside. All kimberlites remain open at depth. Readers are referred to the technical report dated December 29th, 2011 in respect of the November 2011 Feasibility Study for the Renard Diamond Project, and the technical report dated February 28th, 2013 in respect of the January 2013 Optimization Study, for further details and assumptions relating to the project.
About Stornoway Diamond Corporation
Stornoway is a leading Canadian diamond exploration and development company listed on the Toronto Stock Exchange under the symbol SWY and headquartered in Montreal. Our flagship asset is the 100% owned Renard Diamond Project, on track to becoming Québec’s first diamond mine. Stornoway is a growth oriented company with a world class asset, in one of the world’s best mining jurisdictions, in one of the world’s great mining businesses.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
/s/ “Matt Manson”
Matt Manson
President and Chief Executive Officer
Stornoway (CSWY.TO) to Commence Early Construction of Renard Mine Airport
Made Possible by the Expected Completion of the Renard Mine Road Ahead of Schedule and Below Budget
Made Possible by the Expected Completion of the Renard Mine Road Ahead of Schedule and Below Budget
MONTREAL, QUEBEC--(Marketwired - Oct. 10, 2013) - Stornoway Diamond Corporation (TSX:SWY) is pleased to announce that owing to the expected completion of the Renard Mine Road significantly below budget, an agreement has been reached with the Government of Québec to allow the residual amount of the financing facility established for the construction of the road to be utilized for the immediate construction of the Renard Mine Airport. The early construction of permanent airstrip facilities close to the Renard Diamond Project will better assist Stornoway in mitigating construction risk at the Renard Diamond Project during 2014 and 2015, and will create a new regional aerodrome enhancing air transport in the Monts Otish region of Québec.
Construction of the permanent road leading to the Renard Project began in February 2012 as the "Route 167 Extension". Under the terms of a November 2012 Framework Agreement between Stornoway and the Government of Québec, Québec is completing the first 143km of road (segments "A" and "B") as a 70km/hr two-lane gravel highway and Stornoway is undertaking the construction of a 50km/hr single lane mining road over the remaining 97km (segments "C" and "D"; the "Renard Mine Road"). On September 3rd, 2013 Stornoway announced that all four segments had been successively connected, allowing the first full transit of vehicles to the project site well ahead of schedule.
The cost for the Renard Mine Road was originally estimated at $77 million, including a 15% contingency. Under the terms of a December 2012 Financing Agreement between Stornoway and Québec, this cost is being funded through a credit facility provided to Stornoway bearing interest at the rate of 3.35% and amortized over a period of 15 years. The schedule of repayment of this loan is based on the financing and construction schedule of the Renard Diamond Project.
Stornoway is now forecasting the cost to complete the Renard Mine Road at $70 million, approximately 10% below budget. Stornoway and Québec have agreed that the balance of funds within the base credit facility of $77 million may be drawn for the construction of the Renard Mine Airport. The airport's capital cost estimate contained within the January 2013 Renard Optimization Study was $15.5 million, including all site infrastructure and operating facilities. Given the competitive cost environment currently existing in Québec for major capital projects, and the on-site presence of Stornoway's contractors, fuel and equipment already mobilized for road construction, Stornoway has estimated that sufficient funds will be available within the road credit facility for the completion of all major civil works at the airport, well within budget and schedule. Work will commence immediately
Red Eagle Mining (RD.V)Discovers New Mineralised Area at Pavo Real
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 8, 2013) - Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce that results of recent surface rock channel sampling at the Pavo Real Gold Project located in Colombia have identified a new area of mineralisation. Highlights include 33.7 grams gold per tonne, greater than 100 grams silver per tonne, 0.23% copper and 0.23% zinc over 0.50 metres and are presented in Table 1 below.
Table 1 - Highlights of Pavo Real Rock Channel Sampling Results
Description Width
(m) Au
(g/t) Ag
(g/t) Cu
(%) Zn
(%)
Hydrothermal Breccia 0.80 1.46 4.4 0.01 0.06
Hydrothermal Breccia 0.20 0.54 5.8 0.03 0.13
Hydrothermal Breccia 0.30 12.70 34.9 0.21 0.30
Hydrothermal Breccia 0.80 0.92 6.3 0.04 0.19
Hydrothermal Breccia 0.50 6.93 8.1 0.14 0.75
Hydrothermal Breccia 0.15 3.36 33.3 0.22 0.87
Vein 0.30 11.30 32.5 0.93 0.10
Vein 0.40 13.20 14.2 0.26 0.06
Vein 0.50 33.70 >100.0 0.23 0.23
Rhyodacite Porphyry 1.70 0.92 10.6 0.01 0.01
Vein 0.60 17.10 61.7 0.06 0.02
Vein 0.15 7.17 19.9 0.22 0.52
Andesite 0.55 0.86 1.9 0.05 0.15
Vein 0.10 1.14 15.0 0.04 0.03
Rhyodacite Porphyry 1.00 0.55 3.2 0.03 0.07
Vein 0.23 12.40 24.0 0.15 0.08
Vein 0.20 5.13 13.0 0.07 0.07
Vein 0.20 0.73 5.7 0.02 0.11
Rhyodacite Porphyry 1.00 0.33 1.7 0.05 0.29
Rhyodacite Porphyry 0.50 0.30 0.9 0.05 0.24
Rhyodacite Porphyry 1.50 1.10 0.5 0.02 0.01
Vein 0.30 0.23 8.2 0.01 0.16
Vein 0.50 4.17 7.3 0.01 0.07
The current exploration campaign is targeting the potential for large Au-bearing breccia bodies and the potential for related porphyry Au systems at depth. This most recent rock channel sampling programme was carried out in an area of high-level vein and hydrothermal breccia mineralisation associated with dykes of rhyodacite porphyry, where MMI soil sampling returned strong coincident Au, Ag and Cu anomalies. Highlights of relatively shallow drilling adjacent to this target area in 2012 included 7.1 metres averaging 1.54 g/t Au and 0.54 metres averaging 9.37 g/t Au in two separate drill holes (news release dated July 6, 2012). This initial 2012 drill programme, conducted prior to the MMI soil sampling, was designed to determine structural controls to quartz vein and veinlet systems in sedimentary host rocks and hydrothermal breccias, and did not effectively test the MMI anomalies nor the potential for deeper porphyry Au mineralisation.
The 14,370 hectare Pavo Real Gold Project consists of 100% owned concessions and a joint-venture with Miranda Gold Corp. (TSX VENTURE:MAD) which Red Eagle Mining is currently earning-in to 70%. Pavo Real is located within the mid-Cauca gold belt, which is host to numerous porphyry and epithermal gold deposits. The Project is host to a Triassic-Jurassic sedimentary sequence made up of sandstones, siltstones, conglomerates, shales and limestones, overlain by a volcanic sequence of tuffs, agglomerates, and lavas. The sedimentary and volcanic sequences are intruded by various bodies of diorite, granite and rhyodacite porphyry, and cut by hydrothermal breccias and a large number of quartz veins and veinlet stockworks, all related to sericitic alteration. Red Eagle Mining is exploring a number of significant Au-bearing breccia, skarn and vein targets spread over a broad area at Pavo Real, with an emphasis on testing the potential for related porphyry Au systems. The Project is situated within the Department of Tolima, 20 kilometres south of the city of Ibague and 45 kilometres south-east of AngloGold Ashanti's La Colosa project (26.8 million ounce Inferred Resource grading 0.92 g/t Au).
The technical information contained in this news release has been reviewed and approved by Red Eagle Mining's Vice President of Exploration, Jeff Toohey P.Eng., who is a Qualified Person as defined under NI 43-101.
About Red Eagle Mining
Red Eagle Mining Corporation is a well-financed gold exploration and development company with an experienced mine-development team. Management is focused on building shareholder value through discovering and developing gold projects with low costs and low technical risks in Colombia, a jurisdiction with prolific historic production but until recently limited modern exploration. Red Eagle Mining is developing the 320 km² historic Santa Rosa Gold Project located in the Antioquia Batholith. Development will initially commence with the San Ramon deposit where a positive Preliminary Economic Assessment supports project advancement. Feasibility and permitting are currently underway.
In presence of Martine Ouellet, Natural Resources Minister -
Stornoway (SWY.TO) officially opens road leading to Quebec's first diamond mine
MONTREAL , Oct. 3, 2013 /CNW Telbec/ - Stornoway Diamonds, along with Quebec's Natural Resources Minister Martine Ouellet , invites journalists to a news conference on Monday, October 7 , for the inauguration of the extension of Highway 167 and the Renard mine road, which will enable construction vehicles to travel from Témiscamie (km zero) to the Renard diamond mine site, 240 km to the north. The completion of this road is an important milestone that will enable Stornoway to begin construction of the "Renard" diamond mine, the first such mine in Quebec .
For this activity, Stornoway is offering journalists a unique opportunity to visit the site of the Renard diamond deposit, located some 275 km north of the Cree community of Mistissini and 350 km north of Chibougamau , in the James Bay region of north-central Quebec . During the visit, you will be able to speak with Patrick Godin , Stornoway's chief operating officer, about progress on the diamond mine project, the diamond industry and its economic importance, Stornoway's relations with communities and the labour challenges that lie ahead.
Stornoway is especially proud to inaugurate this major regional infrastructure, which will open up the territory and provide access to this vast region, rich in both breathtaking landscapes and natural resources.
DATEBOOK
WHO: Inauguration of extension of Hwy 167 and Renard mine road and tour of Stornoway's Renard project site
WHO:
Martine Ouellet, Natural Resources Minister
Luc Ferland, MNA for Ungava and parliamentary assistant to the Natural Resources Minister (northern affairs)
Richard Shecapio, chief of the Mistissini Cree Nation
Manon Cyr, mayor of Chibougamau
Patrick Godin, chief operating officer, Stornoway Diamonds
WHEN: Monday, October 7, 2013
SCHEDULE:
Time Activity
6:40 a.m. Departure of flight from Saint-Hubert airport to Chibougamau
10 a.m. News conference and inauguration of the road at km zero of the Mont Otish road
11 a.m. Transport by helicopter to Renard mine site
12:30 p.m. Tour of Renard mine site
14:00 p.m. Flyover the Renard mine site and road
6 p.m. Arrival, Saint-Hubert airport
RSVP to Amélie Cliche (acliche@national.ca) by 5 pm . on Thursday, October 3 .
Stornoway (SWY.TO)Arranges $20M Bridge Facility for Renard Diamond Project
MONTREAL, QUEBEC--(Marketwired - Oct. 2, 2013) - Stornoway Diamond Corporation (TSX:SWY) is pleased to announce that it has entered into an unsecured non-revolving bridge credit facility of up to $20 million with Ressources Québec, a subsidiary of Investissement Québec, Stornoway's largest shareholder, through its indirect wholly-owned subsidiary Diaquem Inc. (the "Lender"). The proceeds of the facility will be used in connection with the development of the Renard Diamond Project and for general corporate purposes, including costs relating to Stornoway's ongoing project financing activities.
Matt Manson, Stornoway's President and CEO, stated: "This credit facility is intended to provide Stornoway with good funding flexibility as we pursue our project financing activities and begin the ramp-up to the capital programs anticipated at Renard in 2014 and 2015. We are particularly pleased to acknowledge the continued and constructive support of our major shareholder, Investissement Québec, in the development of this important new Québec mining project. With major regulatory authorizations in hand and the Renard Mine Road now open for construction traffic, Stornoway's primary objective is the timely conclusion of our principal project financing arrangements."
Under the facility, the Lender will loan up to an aggregate amount of $20 million to Stornoway in two tranches, an initial tranche of $10 million which is expected to be made available on or about October 2, 2013 and a second tranche of up to $10 million, each of which will bear interest at 12% per annum and be repayable on March 28, 2014. The Lender has the discretion to determine whether to fund the second tranche and, if so, the specific amount. A commitment fee equal to 1% of the amount funded under each tranche is payable by Stornoway.
Stornoway will have the right to satisfy up to 50% of the interest payable on the aggregate of the amounts loaned to Stornoway pursuant to the facility by issuing to the Lender common shares of Stornoway at an issue price of 95% of the volume weighted average price of such shares as of the interest payment date, while the remaining portion of interest payable on such amounts will be paid in cash. The credit agreement contains additional representations, covenants, commitments and funding conditions customary for a facility of this nature.
Annual General Meeting
Stornoway's Annual General Meeting of Shareholders will be held at Hotel Le Crystal Montreal, Crescent Room, 1100 de la Montagne Street, Montreal, Québec, Canada, on Wednesday, October 23, 2013, at 4:00 p.m.
Levon Resumes(LVN.V) Phase 4 Drilling at Cordero
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 1, 2013) - Levon Resources Ltd. ("Levon" or "the Company") (TSX:LVN)(BERLIN:LO9)(FRANKFURT:LO9) is pleased to report resumption of Phase 4 drilling at the Company's wholly owned Cordero project. An initial 14,000 metres of core drilling is planned to test the recently acquired Aida claim, (announced August 15, 2013) located in a central part of the Cordero resource. Levon's purchase of the Aida claim consolidates the Company's ownership of 100% of the mineral rights in the district. The current Indicated mineral resource at Cordero includes 364 million (M) oz of Ag, 945,000 oz of Au, 6.1 billion (B) lbs of Zn, and 3.3B lbs of Pb [contained metal] (US $6 NSR cutoff grade was used, calculated at $25/oz Ag, $1.00/lb Zn and Pb. Gold was included in the tabulations based on areas within the resource which have higher gold grades). The indicated plus inferred resources are described in Levon's updated resource report (as amended May 10, 2013) for the Cordero Project completed by Independent Mining Consultants in collaboration with M3 Engineering and Technology of Tucson, AZ. (view at www.Sedar.com or www.Levon.com.)
The Cordero project is a bulk tonnage Ag, Au, Zn, Pb project located in Chihuahua State, Mexico, 35 km northeast of the town of Hidalgo Del Parral.
Levon is well funded for the exploration now underway as summarized in the company's Annual Report and financials available on the Company's website at www.Levon.com.
Qualified Person
Levon's projects are under the direct supervision of Vic Chevillon, MA, CPG, and Vice President of Exploration for Levon who is a qualified person (AIPG C.P.G #11054) within the context of National Instrument 43-101 and has read and takes responsibility for this News Release.
About Levon Resources
Levon is a gold and precious metals exploration Company, exploring the Cordero bulk tonnage silver, gold, zinc, and lead project near Hidalgo Del Parral, Chihuahua, Mexico. The Company also holds interests in three mineral properties located in British Columbia, Canada, and three mineral properties located in Nevada, USA.
ON BEHALF OF THE BOARD
Highbank (HBK.V) Update on Swamp Point North Aggregate Project Permitting & Extension/Amendments to Warrants
Swamp Point North Aggregate - Permitting Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 26, 2013) - Highbank Resources Ltd. (the "Company") (TSX VENTURE:HBK)(FRANKFURT:V7O) has contracted Megatech Engineering Ltd. of Surrey, B.C. to supply the Company with Conceptual Engineering Drawings for our Swamp Point Barge Load-out structure. The drawings will form a part of the overall site plan and supplement the mine plan information to include the shore abutment for the marine works to the discharge into the barge loading area, including the required mooring structures and barge winch articulation. Micon International Limited is reviewing and compiling all the data and will be preparing the revised Notice of Work ("NoW") application for submission shortly and should be able to finalize the submission upon receipt of the Megatech documentation.
Warrant Extensions and Amendments
The Company is announcing that the TSX Venture Exchange has agreed to extend the terms of the following warrants:
Original Expiry - November 3, 2013 and November 29, 2013. These warrants were originally issued on November 3, 2011 and November 29, 2011 and had an expiry of two years. The Company has obtained regulatory approval to extend the expiry for an additional one year along with amending the exercise price from $0.20 to $0.15.
Original Expiry - February 7, 2015, February 27, 2015 and April 25, 2015 - These warrants were originally issued on February 7, 2013, February 27, 2013 and April 25, 2013 and had an expiry date of two years. The Company has obtained regulatory approval to amend the exercise price as to $0.12. All other terms remain the same.
The Company will not be issuing new warrants unless a written request is provided by the warrant holder to the Company. Warrant holders requiring the issuance of a new warrant should do so in writing to the Company at Suite 600, 625 Howe Street, Vancouver, B.C. V6C 2T6. New warrants will only be issued upon the warrant holder surrendering their original warrant.
If you have any questions, please feel free to contact the Company at (604)
On behalf of the Board of Directors of
HIGHBANK RESOURCES LTD.
Gary Musil, CFO and Director
Website re-launched:
The company has now re-launched its Corporate website www.highbankresources.com and www.highbankres.com. Aside from an updated user friendly presentation the site now acts as a "Virtual Investor Centre" for a broad range of social media platforms. Shareholders, potential investors, brokers, associated organizations and interested parties now may 'foll
Altima (ARH.V) Places Chambers, Alberta 15-35-41-11 W5M Well On-Stream and Updates 14-15-41-11 W5M Pipeline and Facilities Construction
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 5, 2013) - Altima Resources Ltd. (TSX VENTURE:ARH) (FRANKFURT:AKC) (ARSLF) announces Altima and its joint venture partner Whistler Oil and Gas Pty. Ltd., have reached a milestone in their Chambers Alberta operations, by initiating natural gas and gas condensate sales from the 15-35-41-11W5M well. During the last month, the pipeline and production facilities were completed connecting the 14 -35 well into Altima's 6.4 kilometer pipeline system to the Baytex header at 4-4-42-10 W5M. Gas and condensate is then moved through the Keyera North Strachan Gas Gathering System to the sales point at the Keyera deep cut facility located at 11-35-37-9 W5M.
On September 4th, the 15-35 well was placed on-stream initiating sales of gas and condensate. The well was brought on-line at a restricted rate of approximately 3MMcf/d to ensure liquids lifting.
The Company also announces that pipeline and facilities construction for the COPOL 14-15-41-11 W5M well is anticipated to begin in the second week of September. Production is expected to commence by mid to late October through the COPOL compressor facility at 9-4-41-11 W5M.
ON BEHALF OF THE BOARD
Rick Switzer, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to: availability of capital and financing required to continue the Company's exploration and development plans; general economic, market or business conditions; the actual results of current and planned exploration activities; fluctuating commodity prices; risks associated with property option agreements, leases, joint ventures and the ability to conclude joint venture agreements on favorable terms; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; regulatory changes and restrictions including in relation to environmental liability; timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Contact:
Altima Resources Ltd.
Rick Switzer
President & CEO
(604) 718 2800 Ext 301
www.altimaresources.com
Stornoway Diamond Corporation (SWY.TO) First Vehicle Arrives at Renard Project Site via New Permanent Road
Renard Mine Road opens ahead of Schedule
Stornoway Diamond Corporation (TSX-SWY) is pleased to announce the opening of the Renard Mine Road to all-season vehicle traffic for the first time. All four road construction segments “A” to “D” of the Renard Mine Road and the Route 167 Extension that are currently under construction by Stornoway and the Québec Ministère des Transports (“MTQ”) have now been connected, allowing the full transit of construction vehicles from Temiscamie, at the end of the existing public highway, to the Renard project site 240 km to the north.
Matt Manson, President and CEO commented: “With today’s news, it is now possible to drive directly to the Renard Project by permanent road. The connection of each construction segment has been achieved two months earlier than expected, and well ahead of the 4th Quarter, 2013 schedule established when construction of Stornoway’s portion of the road began in April. We are also forecasting final completion of the Renard Mine Road within budget. These achievements have been made possible by the strong performance of our construction contractors, all of whom are Cree or locally operated businesses, and the professionalism of Stornoway’s construction management team based in Longueuil, Québec.”
Matt Manson continued: “The Renard Project is now permitted, connected by road, and ready to build. The project’s large Mineral Resource, and its extensive exploration upside, offers a project producing up to 2 million carats of diamonds per year and projected annual revenues of up to C$450m per year within its initial 11 year mine life. Renard is an outstanding, and unique, new diamond development project. Project financing discussions with lenders and prospective investors are ongoing and progressing well, with a view to first construction mobilization prior to the end of 2013.”
Construction of the road that will provide all-season vehicle access to the Renard Project began in February 2012 as the “Route 167 Extension”. Under the terms of the November 2012 Framework Agreement between Stornoway and the Government of Québec, Québec is to complete the first 143km of road (segments “A” and “B”) as a 70km/hr two-lane gravel highway and Stornoway is undertaking the construction of a 50km/hr single lane mining road over the remaining 97km (segments “C” and “D”) as the “Renard Mine Road”. The cost of the Renard Mine Road was initially estimated at $77 million, including a 15% contingency. Under the terms of the December 2012 Financing Agreement between Stornoway and Québec, this cost is being funded through a credit facility provided to Stornoway bearing interest at the rate of 3.35% and amortized over a period of 15 years. In order to provide additional contingency, Stornoway is entitled to draw an additional $7.7 million bearing interest at the rate of 6.3%, for a total facility of up to $84.7 million. The schedule of repayment of these loans will be based on the financing and construction schedule of the Renard Diamond Project. To-date, Stornoway has drawn $61.4 million from the credit facility, and is forecasting a final cost to complete well within the base budget.
The Renard Mine Road has opened initially for construction traffic only, and is not yet open for public use. Overall completion stands at 50%. To date, all temporary bridges have been completed, 9 of 16 permanent bridges have been installed, more than 80% of all culverts have been installed, and approximately 1.6 million tonnes of gravel has been extracted from 7 borrow pits.
Throughout the road construction process, Stornoway has prioritized the granting of contracts to businesses located in the James Bay Region of Québec, in particular those associated with the Crees of Eeyou Istchee. Contractor productivity throughout has been excellent, and the greatest factor in Stornoway’s ability to advance the road so efficiently. Stornoway’s contractors include:
•The Eskan Company, the Development Corporation of the Cree Nation of Mistissini, and Swallow-Fournier inc. for road construction;
•Nordic Structures Bois, a wholly-owned subsidiary of Chantiers Chibougamau Ltée, for bridge construction;
•Jos Ste-Croix & Fils Ltée of Chibougamau for construction management;
•The Eenatuk Forestry Corporation for tree clearing;
•The Kiskinchiish Corporation for camp services and catering; and
•Petronor, a wholly owned Cree enterprise, for fuel supply.
About the Renard Diamond Project
The Renard Diamond Project is located approximately 250 km north of the Cree community of Mistissini and 350 km north of Chibougamau in the James Bay region of north-central Québec. In November 2011, Stornoway released the results of a Feasibility Study at Renard, followed by an Optimization Study in January 2013, which highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. Probable Mineral Reserves as defined under National Instrument (“NI”) 43-101 stand at 17.9 million carats. Total Indicated Mineral Resources, inclusive of the Mineral Reserve, stand at 27.1 million carats, with a further 16.9 million carats classified as Inferred Mineral Resources, and 25.7 to 47.8million carats classified as non-resource exploration upside. All kimberlites remain open at depth. Pre-production capital cost stands at an estimated C$752 million, with a life of mine operating cost of C$57.63/tonne giving a 67% operating margin over an initial 11 year mine life. Readers are referred to the technical report dated December 29th, 2011 in respect of the November 2011 Feasibility Study for the Renard Diamond Project, and the technical report dated February 28th, 2013 in respect of the January 2013 Optimization Study, for further details and assumptions relating to the project.
About Stornoway Diamond Corporation
Stornoway is a leading Canadian diamond exploration and development company listed on the Toronto Stock Exchange under the symbol SWY and headquartered in Montreal. Our flagship asset is the 100% owned Renard Diamond Project, on track to becoming Québec’s first diamond mine. Stornoway is a growth oriented company with a world class asset, in one of the world’s best mining jurisdictions, in one of the world’s great mining businesses.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
/s/ “Matt Manson”
Matt Manson
President and Chief Executive Officer
Stornoway (SWY.TO) Provides Update on Exploration Joint Ventures
MONTREAL, QUÉBEC--(Marketwired - Aug. 7, 2013) - Stornoway Diamond Corporation (TSX:SWY) is pleased to provide an update on recent activities at certain non-core exploration properties under option to North Arrow Minerals Inc. ("North Arrow"; see Stornoway press release dated March 14, 2013). The option agreement allows North Arrow to acquire an 80% interest in each of the Qilalugaq, Pikoo and Timiskaming exploration projects by fully funding and completing a defined exploration program specific to each project. Drill programs have now been completed for the Pikoo and Temiskaming projects, with the following results.
Pikoo Project, Saskatchewan
During June and July, North Arrow completed ten drill holes (2,002 meters) at the Pikoo project, located approximately 120 kilometres east of La Ronge, Saskatchewan. Drilling targeted two separate areas with previously un-sourced kimberlite indicator trains. Hypabyssal kimberlite was intersected in nine of ten drill holes.
The most significant discovery was in the "South" Pikoo area where target PK150 returned kimberlite intersections from three holes: 28.89 meters (hole DDH13PK06 at a -59° inclination), 22.12 meters (DDH 13PK08 at -49°) and 20.12 meters (DDH 13PK09 at -60°). The PK150 kimberlite is interpreted as a near vertical body with a drill defined strike length of at least 75 meters. It is described as a dark grey hypabyssal kimberlite containing abundant olivine as well as common ilmenite, common garnets (purple to orange) and less common chrome diopside. Internal country rock dilution is estimated as less than 5% and mantle nodules ranging up to 10 cm have been observed.
In the "North" Pikoo area, five drill holes tested an east-west trending target over a 1.1 km strike length. The drill holes encountered between one and six individual kimberlite dykes ranging from 3 cm to 59 cm in width, interpreted to be vertical to steeply south dipping. Surficial Indicator mineral anomalies suggest the dyke system extends over a significantly greater strike length than tested by the current drill program.
The Pikoo project drilling program has confirmed the existence of a new kimberlite field within the Sask Craton of northern Saskatchewan, as suggested by previous geochemical sampling. Kimberlite intersections from drill holes that tested PK150 will be submitted for microdiamond analyses. Results from this work are expected in approximately eight weeks.
Temiskaming Project, Ontario
During March and April of this year, North Arrow completed five drill holes (547 m) on four geophysical targets located up ice from an un-sourced kimberlite indicator mineral train. Kimberlite was not intersected in any of the drill holes.
Terms of Option Agreement
Under the terms of the option agreement, North Arrow (through assignment by 0954506 B.C. Ltd.) has the right to earn an 80% interest in each of the Temiskaming, Pikoo and Qilalugaq Projects by completing specified option work programs in each area over a specified period of time. If North Arrow completes the option work program and provides notice to Stornoway of its intent to vest an 80% interest in the project, Stornoway has a one-time right (the "Back-in Right") to buy-back a 20% interest in the project by paying to North Arrow an amount equal to three times the costs incurred in connection with the option work program. Upon earn-in by North Arrow, North Arrow and Stornoway will form a joint venture for the purpose of further potential exploration of each project, and the interests will be 80% North Arrow and 20% Stornoway, unless Stornoway exercises the Back-In Right, in which case the interests will be 60% North Arrow and 40% Stornoway.
Following the completion of the Temiskaming work program, Stornoway informed North Arrow that it did not intend to exercise its Back-In Right, such that the interests in the Temiskaning Project now stand at 80% North Arrow and 20% Stornoway. The option work program at Pikoo is expected to be completed upon receipt of microdiamond analysis from the kimberlite intersections. Work at the Qilalugaq Project is not expected to be initiated until 2014.
Qualified Persons
The 2013 Pikoo drilling program was conducted under the direction and supervision of Barbara Kupsch, P.Geol., project manager for the Pikoo Project. Stornoway's diamond exploration programs are conducted under the direction of Robin Hopkins, P.Geol. (NT/NU), Vice President, Exploration, a Qualified Person under NI 43-101. Mr. Hopkins has reviewed and approved the contents of this release.
About Stornoway Diamond Corporation
Stornoway is a leading Canadian diamond exploration and development company listed on the Toronto Stock Exchange under the symbol SWY and headquartered in Montreal. Our flagship asset is the 100% owned Renard Diamond Project, on track to becoming Québec's first diamond mine. Stornoway is a growth oriented company with a world class asset, in one of the world's best mining jurisdictions, in one of the world's great mining businesses
Highbank (HBK.V) Update on Archeological Survey & Swamp Point North Aggregate Project Permitting
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 6, 2013) - Highbank Resources Ltd. (TSX VENTURE:HBK)(V7O.F), (the "Company") is pleased to report on the progress of its resubmission of documentation for its Notice of Work Permit for the Swamp Point North, Portland Canal Aggregates project.
Archaeological Preliminary Field Reconnaissance
On July 26, 2013 Kleanza Consulting Ltd. ("Kleanza") of Terrace conducted an archaeological preliminary field reconnaissance ("PFR") of the Phase 1 development area for Highbank's proposed Swamp Point North aggregate quarry development (the "Development Area"). Stephanie Huddlestan, Archaeologist of Kleanza; Colleen Wesley (Metlakatla First Nation), and Anthony Moore, Lands Officer (Nisga'a Lisims Government) were on-site to conduct the PFR. Gary Musil, CFO and Jim Place, P.Geo.,/Directors of Highbank also accompanied the crew during the site visit.
The purpose of the PFR was to identify if there was any areas of archaeological potential within the proposed Development Area ("DA") in respect to culturally modified trees ("CMT's"), sub-surface deposits, midden exposure, rock shelters, pictographs and petroglyphs.
A flyover was first conducted to identify areas for the survey and access to the DA. It was determined that it was possible to access the site from the beach and old access/logging road that was expanded during the 2005-2006 seismic refraction survey, test pits and sonic drilling programs.
Kleanza reported: "No archaeological materials, features or areas of archaeological potential were identified within the Development Area. No further archaeological survey or monitoring work is recommended for the proposed DA, provided Highbank does not significantly amend the DA boundaries". The notes and map data collected during the PFR will be subject to further analysis, and a letter report will be prepared detailing the results. This letter report will be provided to Highbank Resources Ltd., Metlakatla and Nisga'a First Nations, Archaeology Branch of the Ministry of Forestry, Land, and Natural Resource Operations, and the Ministry of Energy and Mines ("MEM").
Mine and Management Plan
DMT Geosciences Ltd. (formerly Associated GeoSciences), with the assistance of Mr. Eric Beresford, P.Eng., has now provided Highbank with a revised mine and management plan. The text and maps/drawings encompasses the scope of work discussed and addresses the concerns raised by MEM. Micon International Limited is reviewing and compiling all the data and will be preparing the revised Notice of Work ("NoW") application for submission shortly.
On behalf of the Board of Directors of HIGHBANK RESOURCES LTD.
Gary Musil, CFO/Director
Website re-launched:
The company has now re-launched its Corporate website www.highbankresources.com and www.highbankres.com. Aside from an updated user friendly presentation the site now acts as a "Virtual Investor Centre" for a broad range of social media platforms. Shareholders, potential investors, brokers, associated organizations and interested parties now may 'follow" us on:
Facebook: https://www.facebook.com/HighbankResourcesLtd?ref=hl
Twitter: https://twitter.com/HighbankHBK
GooglePlus: https://plus.google.com/b/115999208073439737262/115999208073439737262/posts
YouTube:
Stornoway (SWY.TO) Announces Updated Renard Mineral Resource Estimate
Successful Conversion of Renard 65 to Indicated Mineral Resource
LONGUEUIL, QUEBEC--(Marketwired - Jul 23, 2013) - Stornoway Diamond Corporation (SWY.TO) is pleased to announce an updated Mineral Resource estimate by GeoStrat Consulting Services Inc. for the Renard Diamond Project, Stornoway's 100% owned flagship development project located in north-central Quebec. The update follows the successful completion of the Renard 65 bulk sample earlier in the year and, additionally, incorporates refinements to the geological models and diamond content estimates of certain other kimberlites made since the project's previous Mineral Resource statement was published in January 2011. Highlights of the new estimate are as follows:
•A total Indicated Mineral Resource of 27.1 million carats representing an increase of 14.0% over the previous estimate;
•The successful conversion of 2.3 million carats (7.86 million tonnes at 29.3 carats per hundred tonnes) of near-surface Renard 65 Inferred Mineral Resources to Indicated Mineral Resources, representing kimberlite amenable to open-pit mining to 150m depth;
•A total Inferred Mineral Resource of 16.9 million carats, a 3.5% decrease compared to previous estimate, as increased estimates of Inferred Mineral Resources at Renard 2, 4 and 9 partially offset the conversion of material from the Inferred to the Indicated category at Renard 65.
•An additional 25.7 to 47.8 million carats (54.6 to 74.9 million tonnes) have been designated a "Target for Further Exploration" to 775 m depth, below which each kimberlite remains open.
The reader is cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. In addition, the potential quantity and grade of any exploration target is conceptual in nature, and it is uncertain if further exploration will result in it being delineated as a mineral resource.
Matt Manson, Stornoway's President and CEO, commented: "We are pleased to be able to confirm the successful conversion of a large part of the Renard 65 kimberlite to the Indicated Resource category, for its inclusion in the Renard mine plan. This open pit ore will allow us to utilize the designed expansion capacity of our plant from 6,000 to 7,000 tonnes per day, and is expected to provide for an extended reserve tail for the project. At the same time, we have been able to convert into new Inferred Resources the large quantity of diamonds contained within the brecciated country rock that is entrained within and around the Renard 2 kimberlite. These diamonds are derived primarily from the abundant hypabyssal kimberlite which has been drilled and sampled repeatedly within the Renard 2 eruptive envelope, but which has never been incorporated into previous resource estimates. A large part of this material is expected to be mined as waste or mining dilution, and has previously been designated a zero grade in our production schedule. Both of these resource additions offer near term production gains for the project." Matt Manson continued: "The updated Mineral Resource estimate has re-confirmed the very large upside of 25.7 to 47.8 million carats outside the formal Indicated and Inferred categories at Renard. Taken together, Renard represents one of the world's most important new sources of high value diamonds."
Renard Diamond Project - July 2013 Mineral Resource Estimate
The updated Mineral Resource estimate was completed in accordance with the Canadian Institute of Mining (CIM) Definition Standards for Mineral Resources and Mineral Reserves as incorporated by National Instrument (NI) 43-101, Standards of Disclosure for Mineral Projects. It comprises the integration of kimberlite volumes, density, petrology and diamond content data derived from 88,887m of diamond drilling (457 holes), 6,151m of large diameter reverse circulation (RC) drilling (36 holes), 18.3t of samples submitted for microdiamond analysis, 600.8cts of diamonds (6,457 stones) recovered from RC drilling and 9,575.0cts of diamonds (92,940 stones) recovered from surface trenching and underground bulk sampling. The estimate also incorporates information derived from approximately 135 drill holes, 37 surface test pits and 12 trenches undertaken for geotechnical and hydrogeological purposes.
Table 1: Total NI 43-101 Mineral Resource Estimate(1), (2), (3)
INDICATED RESOURCE
KIMBERLITE CONTAINED
CARATS
(millions) TONNES
(millions) GRADE
(cpht)
(4), (5)
Renard 2 Total 18.66 n/a 18.58 n/a 100 n/a
Renard 2 (note 6) 18.38 +1.6 % 17.71 +0.4 % 104 +1.2 %
Renard 2 CRB-2a 0.28 n/a 0.87 n/a 32 n/a
Renard 3 1.82 -1.7 % 1.76 +0.5 % 103 -2.2 %
Renard 4 4.31 +13.0 % 7.25 -- 60 +13.1 %
Renard 65 2.3 n/a 7.87 n/a 29 n/a
Renard 9 -- -- -- -- -- --
Lynx -- -- -- -- -- --
Hibou -- -- -- -- -- --
Total Indicated 27.09 +14.0 % 35.45 +33.1 % 76.4 -14.3 %
INFERRED RESOURCE
KIMBERLITE CONTAINED
CARATS
(millions) TONNES
(millions) GRADE
(cpht)
(4), (5)
Renard 2 Total 7.47 n/a 11.77 n/a 64 n/a
Renard 2 (note 6) 6.23 +1.6 % 5.23 +0.4 % 119 +1.2 %
Renard 2 CRB 1.24 n/a 6.54 n/a 19 n/a
Renard 3 0.61 -4.2 % 0.54 +0.2 % 112 -4.5 %
Renard 4 2.37 +13.7 % 4.75 -0.1 % 50 +13.7 %
Renard 65 1.18 -68.3 % 4.93 -61.9 % 24 -16.8 %
Renard 9 3.04 +13.2 % 5.7 +0.1 % 53 +13.2 %
Lynx 1.92 -- 1.8 -- 107 --
Hibou 0.26 -- 0.18 -- 144 --
Total Inferred 16.85 -3.5 % 29.67 -4.6 % 57 +1.2 %
(1) Resource categories follow the CIM Standards for Mineral Resources and Mineral Reserves.
(2) Totals may not add due to rounding.
(3) Changes from January 2011 Mineral Resource estimate shown in italics.
(4) Carats per hundred tonnes.
(5) Estimated at a +1 DTC sieve size cut-off.
(6) Excludes discrete more dilute kimberlite facies not previously incorporated into January 2011 resource. Provided to facilitate more direct comparison with 2011 Mineral Resource estimate.
n/a = not applicable or no direct comparison
In addition to incorporating the results of the Renard 65 bulk sampling completed in February 2013, the new Mineral Resource estimate incorporates the results of recent geotechnical and hydrogeological drilling at Renard, where such drilling intersected the ore bodies, and utilizes a refined method for calculating country rock dilution within each kimberlite. The grade contribution provided by the abundant occurrences of hypabyssal kimberlite observed within each body's eruptive envelope has also been re-assessed. This has resulted in changes to the diamond content estimates of Renard 2, 3, 4 and 9, and a substantial quantity of Country Rock Breccia ("CRB") within Renard 2 being added to the Mineral Resource Estimate, including 0.87 million tonnes at 32 cpht (0.28 million carats) in the Indicated category and 6.54 million tonnes at 19 cpht (1.24 million carats) in the Inferred category. In the previous Mineral Resource Estimate, this CRB material was assigned a zero grade, and is treated within the Renard underground mine plan as waste or mining dilution.
Material classified as a Target for Further Exploration (herein 'TFFE', and formerly known as "Potential Mineral Deposit") represents an estimate of potential upside that can be reasonably assumed for each body given the nature and grade of material within the mineral resource. The TFFE within the Renard kimberlite pipes has been determined by projecting kimberlite volumes from the base of the Inferred Resource to a depth of approximately 775m below surface, representing the base of current drilling as established at Renard 4. In the case of the Lynx and Hibou dykes, the TFFE was established on the basis of known drill intersections of kimberlite for which insufficient diamond sampling exists to adequately estimate a diamond resource grade. TFFE totals 25.7 to 47.8 million carats (54.6 to 74.9 million tonnes at diamond contents grades ranging from 25 to 168 cpht).
Table 2: Total Target for Further Exploration (TFFE) (1), (2), (3)
TARGET FOR FURTHER EXPLORATION
KIMBERLITE RANGE OF
CONTAINED
CARATS
(millions) RANGE OF
TONNES
(millions) RANGE OF
GRADES
(cpht)
(4), (5)
Renard 2 4.2 TO 7.3 4.0 to 4.6 104 to 158
Renard 3 0.8 TO 2.8 0.8 to 1.7 105 to 168
Renard 4 5.6 TO 11.8 11.1 to 15.4 50 to 77
Renard 65 7.3 TO 13.5 29.0 to 40.9 25 to 33
Renard 9 2.0 TO 4.3 3.9 to 6.3 52 to 68
Lynx 3.0 TO 3.8 3.1 to 3.2 96 to 120
Hibou 2.9 TO 4.3 2.7 to 2.9 104 to 151
25.7 TO 47.8 54.6 to 74.9 n/a
Total TFFE +9.1% to -1.4% -0.8% to -0.8% n/a
(1) Formerly known as Potential Mineral Deposit. TFFE does not constitute a mineral resource; refer to cautionary language contained within this release.
(2) Totals may not add due to rounding.
(3) Changes from January 2011 estimate shown in italics.
(4) Carats per hundred tonnes.
(5) Estimated at a +1 DTC sieve size cut-off.
n/a = not applicable or no direct comparison
Diamond valuation data utilized in the updated Mineral Resource estimate for the test of prospects of reasonable economic extraction is derived from the most recent valuation exercise undertaken in March 2013 by WWW International Diamond Consultants Inc ("WWW"; see Stornoway press release April 11, 2013). These diamond valuation estimates and price models are summarized in Table 3 below.
Table 3: Diamond Price Models(1)
DIAMOND VALUATIONS
KIMBERLITE SAMPLE
SIZE SAMPLE
VALUATION(2) BASE CASE
PRICE MODEL HIGH
SENSITIVITY LOW
SENSITIVITY
(Carats) US$/Carat US$/Carat US$/Carat US$/Carat
Renard 2 1,581 $ 180 $ 190 $ 214 $ 172
Renard 3 2,752 $ 173 $ 151 $ 185 $ 141
Renard 4 2,674 $ 100 $ 104 ($150)
(3) $ 168 $ 98
Renard 65 997 $ 250 $ 180 $ 203 $ 169
(1) All prices in US$ per carat. Samples utilizing a +1 DTC sieve size cut-off.
(2) Based on the March 2013 price book of WWW International Diamond Consultants Ltd.
(3) Should the Renard 4 diamond population prove to have a diamond population with a size distribution equal to the average of Renard 2 and 3, WWW have estimated that a base case diamond price model of $150 per carat would apply based on March 2013 pricing.
Qualified Persons
Mr. David Farrow, PrSciNat, P.Geo.(BC), Ordre des geologues du Quebec (Special Authorisation # 279) of GeoStrat Consulting Services Inc. is the independent Qualified Person responsible for preparation of the mineral resource estimate for the Renard Diamond Project. GeoStrat Consulting Services Inc, a mineral resources consultancy, focuses on client interaction and involvement in developing resource models, and has experience in exploration, geological modeling, resource evaluation, production, resource reconciliation and accounting of diamond deposits around the globe. Stornoway's diamond exploration programs are conducted under the direction of Robin Hopkins, P.Geol. (NT/NU), Vice President, Exploration, a Qualified Person under NI 43-101. Both of these Qualified Persons have reviewed and approved the contents of this release.
About the Renard Diamond Project
The Renard Diamond Project is located approximately 250 km north of the Cree community of Mistissini and 350 km north of Chibougamau in the James Bay region of north-central Québec. In November 2011, Stornoway released the results of a Feasibility Study at Renard, followed by an Optimization Study in January 2013, which highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. Probable Mineral Reserves as defined under National Instrument ("NI") 43-101 stand at 17.9 million carats. Total Indicated Mineral Resources, inclusive of the Mineral Reserve, stand at 27.1 million carats, with a further 16.9 million carats classified as Inferred Mineral Resources, and 25.7 to 47.8 million carats classified as non-resource exploration upside. All kimberlites remain open at depth. Pre-production capital cost stands at an estimated C$752 million, with a life of mine operating cost of C$57.63/tonne giving a 67% operating margin over an initial 11 year mine life. Readers are referred to the technical report dated December 29th, 2011 in respect of the November 2011 Feasibility Study for the Renard Diamond Project, and the technical report dated February 28th, 2013 in respect of the January 2013 Optimization Study, for further details and assumptions relating to the project
Needs to tighten the spread
Just came with news
Swordfish Financial (SWRF) discusses the iPoint Global Projections
SOUTHLAKE, TX (eTeligis via ACCESSWIRE) 7/9/2013 7:00:00 AM - Swordfish Financial, Inc. (SWRF) discusses the Global initiative and business projections.
On Monday June 8, 2013 SWRF announced the addition of its new office in Bogota, Colombia. This new office is now part of an ongoing growing campaign to add iPoint to growing markets. IPTV is taking off in Latin America, and Colombia is leading the way, according to a report from British firm Digital TV Research, which predicted the number of homes paying for IPTV will take off from a very low base to reach 4.8 million by 2017. Colombia leads the IPTV penetration parade, with about 7 percent of all households by 2017, followed by Chile, which should have about 6 percent IPTV penetration.
Research and Market Data
Digital TV Latin America 2013 IPTV to climb from fewer Than 1 Million Subscribers in 2012 to Nearly 6 Million By 2018. After a slow start, digital TV penetration is about to rocket in Latin America - from less than a third of homes at end of 2012 to nearly 45% by end of 2013 and onto 84% by 2018, according to a new report from Digital TV Research. To put it another way, 100 million digital TV households (in the 19 countries covered in the Digital TV Latin America report) will be added between 2013 and 2018 to take the total to 134 million households.
First Steps into Latin America
"It is with great excitement that we have organized our corporate license in the country of Colombia as iPoint TV Colombia, SAS. As an American company, it is important for us to treat every country as individual organization. From Colombia will reach out to all of Central and South America" said Mr. Ortiz, President/CEO of Swordfish Financial, Inc. and iPoint Television, LLC.
The director of iPoint Colombia is Mr. Jonatan Castillo, a native Colombian. Mr. Castillo comes to the iPoint family with over 20 years of media history. In 1990, Jonatan launched the first Christian broadcasting network in Colombia, ABN Channel 41 (presently in operation) with a license to operate throughout the entire country over Cable. He produced various Television shows which has aired in over 122 countries and translated in English and Portuguese. He coordinated many major events arenas and expos such as Colombia Cali Stadium Pascual, 45,000 in attendance, Santiago de Chile, over 17,000 attendees and Mexico Expo Arena, 22,000 attendees to name a few.
Along with iPoint TV Colombia the corporation is organized with directors and staffing in the United Kingdom as iPoint Television UK, LTD and iPoint Media Asia, LTD operating from Hyderabad, India. These corporations are owned assets of iPoint Television, LLC and function under the enterprise solutions of the iPoint TV brand.
iPoint TV offers an 'All-Things-Media' solution. Mobile application development, Smart technology streaming, media content distribution, internet broadcasting solutions and distribution on many 3rd party Set Top Box companies.
International Market Forecasting
In terms of service provider revenue via subscription, the revenue forecast shows an increase from $29 billion in 2012 to $56.8 billion in 2016, a compound annual growth rate of 18.2%, or almost double the total from 2012.
"China has the most IPTV subscribers worldwide and that trend will likely continue" MultiMedia Research Group (MRG) said. But going forward, the fastest growing IPTV regions will be emerging markets like Latin America and the Middle East and Africa, which today have relatively few IPTV services, but hold great promise for the future.
"Some countries in these regions are still navigating through government regulations that prohibit telcos from offering TV services or limit foreign investment in pay TV services," MRG noted. "However in the last year or so, countries like Brazil and India have managed to eliminate these issues through legislation and this has opened the door to new IPTV services."
Renewal of Merger/Acquisition
SWRF signed a Joint Venture agreement with iPoint Television, LLC to begin partnering in these areas as SWRF was focused on bring the company to fully reporting and compliant. Now that SWRF is back on the OTC QB the LOI to merge/acquire iPoint TV signed earlier this year is renewed and the company is now moving forward with the agreement in a timely manner.
About Swordfish Financial, Inc.
Swordfish Financial, Inc. (SFI) is a publicly held diversified financial company designed to acquire undercapitalized assets with a high level of profitability in the digital, entertainment and Smart technology industries. SFI strives capital while providing valuable opportunity of loans and or investment in, small and medium sized organizations with the goal of increasing investor value.
Biologix Hair Inc. (BLGX) Set To Launch Commercial Treatment Operations, Opening Prototype Certified Biologix Hair Therapy Center
Biologix Hair Inc. (BLGX)(BLGX) is pleased to report that the company's wholly owned subsidiary, Biologix Hair Science Ltd.™, intends to open a company-owned and -operated certified Biologix Hair Therapy Center™ in Cartagena, Colombia before the end of October, 2013.
In addition to offering Biologix's patent pending hair loss therapy commercially for the first time and enabling Biologix to start generating revenues, the treatment facility will serve as a training center for licensed clinicians who've contracted with Biologix to operate certified Biologix Hair Therapy Centers™ and a prototype for future clinics, not operated by Biologix but by these certified clinicians.
In a news release dated May 31, 2013 entitled "Biologix Hair Inc. Reports New Clinician Licensing Numbers; Network Expands to 276 Clinics in 38 Countries; Captive Patient Universe Grows 264% to 3,284,065 People" Biologix reported that as of April 30, 2013 it had contracted with 276 operating clinics located in 38 countries. The total number of existing patients treated by this international network over the past five years is 3,284,065 with the contracting clinicians estimating that 1,315,926 of these patients would be interested in either the hair loss prevention or hair loss regeneration treatment and are candidates for the Biologix Hair Therapy System
Full Press Release - http://ow.ly/mxShO
Paw4mance Pet Products International Inc. (PAWP) Plans Expansion of Its Toronto Operations to Serve the Large, Growing Number of Pet Owners
TORONTO, June 18, 2013 (GLOBE NEWSWIRE) -- Paw4mance(R) Pet Products International Inc. (OTC Pink:PAWP) (the Company) is pleased to announce the planned expansion of its Toronto Operations. The Economy is slow, but the pet industry is booming! According to the latest numbers from the American Pet Products Association (http://www.americanpetproducts.org/press_industrytrends.asp) the U.S. alone will spend an estimated $55.3 Billion Dollars on their pets in 2013, of that number over $20 Billion Dollars will be represented by the pet food sector. "Though families cut back on their overall spending during the recession and ate out at restaurants less, their spending on pet food remained constant"*. Paw4mance(R) has formulated a "holistic" dog food blend that has breeders and pet owners alike requesting it for their "furry friends". Unlike other wheat based dog foods, "Our product is a healthy alternative to the highly marketed far lesser quality foods," stated Dennis dos Santos, President of Paw4mance(R). "Furthermore we will continue to roll out our product line in 2013 by contacting distributors and retailers alike."
The Company's offices, located at 259 Edgeley Blvd, Unit 2 in Vaughan, Ontario will continue to serve as the Hub of administrative, sales and order processing activity. The Company plans to grow revenue by a combination of product line extensions, marketing programs and sales force expansion.
In addition to its exclusive holistic pet foods, the Company plans to add to its assortment of available Pet Products by adding non-food products such as grooming aids, leashes and other accessories. The Company will be expanding its e-store operation to include on-line ordering with home delivery service within 24 hours within selected Metropolitan areas.
To boost market awareness, the Company intends to launch an advertising program designed to extend the customer base from the current Greater Toronto area concentration to other cities in South/Central Ontario. Marketing channels will include social media as well as traditional print advertising delivered to the door.
To capitalize on the expanded marketing programs, the Company plans to increase its sales force to reach potential customers in person, supplemented by an in-house telemarketing program. Direct selling efforts will target high-rise buildings with a significant concentration of pet owners as well as locations where off-leash pets are permitted.
Data sources and notes
• Food total is based on PFI research consultant Davenport Co, BCC, Inc. plus Packaged Facts U.S. Pet Market Outlook 2011-2012, and IBIS World 2012 Pet Food Analysis, Dillon Media February, 2012 trends report and Fountain Agricounsel 2011 - 2012 Situation Analysis Report, BCC 2011 Report on Pet Care Products and Services
• * http://economy.money.cnn.com/2013/05/21/pet-spending/
The Company's Business:
Paw4mance(R) Pet Products International Inc., through its subsidiary, distributes treats, toys, accessories and hygiene products. Paw4mance(R) was founded in 1993, to develop and distribute a naturally preserved (chemical free) holistic high end kibble free of artificial flavours, colourings, and purposely added fillers that offers superior value than current brands on the market. Originally based in Ontario Canada, 2011 marks the Company's expansion into the United States as well as other key markets. Currently, the Paw4mance(R) umbrella contains and operates the following brands: Paw4mance(R) holistic pet food (available in Canada) and the soon to be released MOJO(R) brand of holistic pet products. With several brands, products and services currently in development, the Company is striving to position itself as a global leader in the Pet food and pet services industry.
Visit us at: www.paw4mance.com
The Company trades on the OTC Pink tier of the OTC market. Investors can find Real-time quotes and market Information for the Company on: http://www.otcmarkets.com/stock/PAWP/quote
IntelGenx (IGXT) Announces FDA Acceptance of New Drug Application for Anti-Migraine VersaFilm(TM) Oral Film Product
SAINT LAURENT, Quebec, June 18, 2013 (GLOBE NEWSWIRE) -- IntelGenx Corp. (IGX.V) (IGXT) ("IntelGenx," or the "Company") today announced that the U.S. Food and Drug Administration ("FDA") has assigned a Prescription Drug User Fee Act ("PDUFA") action date of February 3, 2014 for the review of the Company's New Drug Application ("NDA") for the marketing approval of IntelGenx' Anti-Migraine VersaFilm(TM) oral film product.
The Company had announced on March 27, 2013 that, together with its co-development partner RedHill Biopharma Ltd ("RedHill"), it had submitted a 505(b)(2) NDA to the FDA for the Company's anti-migraine oral film product. The product is a novel, oral thin-film formulation, based on IntelGenx' proprietary VersaFilm(TM) technology containing Rizatriptan, the active drug in Merck & Co ("Merck") Maxalt-MLT(R) orally disintegrating tablets. The FDA confirmed that IntelGenx' application is sufficiently complete to permit a substantive review in accordance with the FDA's "standard" classification process.
IntelGenx had previously announced a successful pre-NDA meeting with the FDA following the completion of a bioequivalency study demonstrating that its oral film product is bioequivalent with Maxalt MLT(R), a leading branded anti-migraine product manufactured by Merck. According to Merck's most recent annual report, sales of Maxalt(R) were $638 million in 2012. The thin-film formulation of Rizatriptan has been developed in accordance with the co-development and commercialisation agreement with RedHill (RDHL) (RDHL) using IntelGenx' proprietary immediate release "VersaFilm(TM)" drug delivery technology.
IntelGenx' orally disintegrating film consists of a thin (30 -- 50 um) polymeric film which disintegrates rapidly upon oral administration, thereby releasing the active drug Rizatriptan and making it available for rapid absorption. The film does not require water for administration.
On announcing the news, IntelGenx' President and CEO Dr. Horst Zerbe commented, "We are very pleased with the FDA's confirmation that our anti-migraine film application has been accepted for review. We believe that our Rizatriptan film is the first oral film product for the treatment of migraine for which a 505(b)(2) NDA has been submitted to FDA. We consider that the product has significant market potential as it is therapeutically equivalent to Maxalt-MLT(R) orally disintegrating tablets, is easy to use, and offers significant cost advantages over orally disintegrating tablets."
Red Eagle Mining (RD.V) Successfully Completes Phase Four Drilling at Santa Rosa
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 28, 2013) - Red Eagle Mining Corporation (TSX VENTURE:RD) (RDEMF) is pleased to announce that Phase Four drilling is complete and all assay results have been received from the 22,000 metre programme at the San Ramon Deposit, Santa Rosa Gold Project, Antioquia, Colombia. Highlights from the entire 94 hole programme (SR-140 to SR-233) include intercepts:
•SR-168 - 36.10m at 2.64 g/t Au from 392.50m down hole (incl. 1.50m at 34.34 g/t Au)
•SR-172 - 0.60m at 157.70 g/t Au from 398.40m down hole
•SR-175 - 4.10m at 12.75 g/t Au from 117.70m down hole (incl. 1.70m at 25.47 g/t Au)
•SR-177 - 37.50m at 1.27 g/t Au from 69.50m down hole (incl. 0.50m at 43.90 g/t Au)
•SR-181 - 7.30m at 6.08 g/t Au from 148.30m down hole (incl. 0.80m at 35.90 g/t Au)
•SR-184 - 28.80m at 1.54 g/t Au from 178.00m down hole
•SR-186 - 63.40m at 1.36 g/t Au from 107.80m down hole (incl. 1.00m at 37.00 g/t Au)
•SR-189 - 8.70m at 7.11 g/t Au from 154.80m down hole (incl. 1.00m at 36.10 g/t Au)
•SR-202 - 2.30m at 35.72 g/t Au from 129.40m down hole (incl. 0.70m at 77.60 g/t Au)
•SR-211 - 23.30m at 3.50 g/t Au from 91.10m down hole (incl. 4.45m at 15.25 g/t Au)
•SR-215 - 24.00m at 9.03 g/t Au from 112.50m down hole (incl. 3.10m at 39.30 g/t Au)
•SR-219 - 6.00m at 9.83 g/t Au from 156.00m down hole (incl. 1.40m at 36.00 g/t Au)
"Our Phase Four drilling programme has successfully delineated the resource to 250 metres depth and extended the resource to more than 500m at depth", comments Jeff Toohey, Vice President Exploration. "Over 90% of drill holes encountered economic mineralisation including high grades over significant intervals."
An updated Resource Estimate planned for release in July, 2013 will incorporate all of the Phase Four results including infill drilling to 50m centres to a depth of 250m which is expected to upgrade a majority of the existing Inferred Resources below 100m to the Measured and Indicated classifications. In addition, the San Ramon Gold Deposit remains open at depth and has the potential to be mined from underground (at a 2 g/t Au cut-off the current Inferred Resource averages 5.44 g/t Au). Therefore, the July 2013 Resource Estimate will also incorporate the broad spaced drilling completed to date, from approximately 250m to 500m depth, to establish an Inferred Resource suitable for potential development by underground mining methods. The July Resource Estimate will be incorporated into a Preliminary Economic Assessment and Environmental Impact Assessment planned for release early in the autumn of 2013.
The San Ramon deposit trends east-west, dips 70° to the north, extends over 1,900m, is up to 50m wide and is mineralised from surface. A total of 45,000m of core in 233 holes have been drilled to a vertical depth of more than 500m with mineralisation remaining open at depth. The initial, January 2013, Resource Estimate based on 23,000m of drilling to a depth of 300m included an Indicated Resource of 7.34 million tonnes at 1.37 g/t Au containing 322,000 ounces gold and an Inferred Resource of 9.45 million tonnes at 1.50 g/t Au containing 456,000 ounces gold. All of these Resources occur at the San Ramon Deposit, one of numerous gold prospects undergoing exploration at Santa Rosa. Metallurgical test work to date has returned an average CIL gold recovery of 94%.
For complete drill results, please see Table 1 - Drill Hole Intercepts, Table 2 - Drill Hole Specifications and Figure 1 - Drill Hole Plan. Drill holes up to SR-225 have been previously released. True widths are estimated to be 70-90% of the intercepts and vertical depths are estimated to be 70-90% of the drilled depths reported below. Drill assays were composited by length-weighted averaging into intersections using a 0.30 g/t Au cut-off grade. Due to the mining method and mining selectivity contemplated for the deposit, internal dilution was included in some intersections where considered appropriate for mining continuity. For photographs of the drill core see Red Eagle's photostream on flickr.
Quality Assurance and Quality Control
All drill samples were collected with a diamond core drill rig using approximately one metre sample intervals of whole core and following standard industry practice. Acme Analytical Laboratories prepped and screened samples in Medellin, Colombia and assayed samples in Santiago, Chile. Gold values were determined by fire assay of a 50g charge at 250 mesh pulp with an AAS finish, or if over 10 g/t Au, were re-assayed and completed with a gravimetric finish. The coarse crush split reject (
The technical information contained in this news release has been reviewed and approved by Red Eagle Mining's Vice President of Exploration, Jeff Toohey P.Eng., who is a "Qualified Person" as defined under NI 43-101.
Paw4mance Pet Products International Inc.(PAWP) Retooling to Grow in Existing Markets
TORONTO, May 28, 2013 (GLOBE NEWSWIRE) -- Paw4mance(R) Pet Products International Inc. (OTC Pink:PAWP) (the Company). The Company, having successfully achieved DTC-ELIGIBILITY and the Company's access to the financial markets restored, continues to execute its restructuring plans.
To ensure the success of the restructuring, the Company is pleased to announce the appointment of Mr. Dennis dos Santos as the Company's new Interim President and Director. His responsibilities are first and foremost to reorganize the Company by providing strategic, financial and operational leadership and to seek out new funding for the Company.
Mr. Dennis dos Santos, P. Eng., has an undergraduate degree in Engineering (Concordia University of Montreal) and an MBA from the University of Pittsburgh (Pittsburgh, PA). Mr. dos Santos has extensive capital markets experience as a ranked analyst for a number brokerage firms, including RBC Capital Markets. He held the role of Head of Research at Northern Securities where he led the firm's expansion of its coverage and banking activities within the retail, resources and other sectors. Prior to his decade-long investment banking career, Mr. dos Santos spent more than 10 years as a practicing Engineer for various companies, including 7 years at CP Rail.
The Company's Business:
Paw4mance(R) Pet Products International Inc., through its subsidiary, distributes treats, toys, accessories and hygiene products. Paw4mance(R) was founded in 1993, to develop and distribute a naturally preserved (chemical free) holistic high end kibble free of artificial flavours, colourings, and purposely added fillers that offers superior value than current brands on the market. Originally based in Ontario Canada, 2011 marks the Company's expansion into the United States as well as other key markets. Currently, the Paw4mance(R) umbrella contains and operates the following brands: Paw4mance(R) holistic pet food (available in Canada) and the soon to be released MOJO(R) brand of holistic pet products. With several brands, products and services currently in development, the Company is striving to position itself as a global leader in the Pet food and pet services industry
Visit us at: www.paw4mance.com
IntelGenx (IGXT) Reports Q1, 2013 Results and Provides Operational Update
SAINT LAURENT, Quebec, May 14, 2013 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp. (TSX-V:IGX) (OTCQX:IGXT) (the "Company") today announced financial results for the quarter ended March 31, 2013 and provided an update on operational developments.
"The first quarter of 2013 was another busy period at IntelGenx with the recruitment of Dr. Rajiv Khosla and the filing of a 505(b)(2) NDA for our VersaFilm™ rizatriptan for the treatment of migraines," stated Dr. Horst G. Zerbe, President and CEO of IntelGenx. "Dr. Khosla has agreed to join the Company, initially as COO & CSO and, with effect from January 2014, as CEO. With his track record of success in business development and in leading growth in our sector, I am convinced that we have the right person to manage IntelGenx into the future. The team at IntelGenx pulled together with the team at RedHill to ensure that our NDA was filed before the end of Q1. This was an excellent effort on all sides. We expect the NDA will be subject to a standard review by the FDA, and are optimistic that the review could be completed as early as the first half of 2014."
Dr. Rajiv Khosla added, "I want to thank Horst and the rest of the board of directors for the opportunity to join the IntelGenx team. Our portfolio of drug delivery technologies could make the company the drug delivery company of choice in the industry."
Corporate Development Update
Anti-migraine VersaFilm™ (rizatriptan)
In March 2013 we announced that, together with our co-development partner RedHill Biopharma Ltd. ("RedHill"), we submitted a 505(b)(2) New Drug Application ("NDA") to the U.S. Food and Drug Administration ("FDA") for our anti-migraine oral film product, a novel oral thin-film formulation based on our proprietary VersaFilm™ technology containing rizatriptan, the active drug in Merck & Co. ("Merck's") Maxalt-MLT® orally disintegrating tablets. According to Merck's most recent annual report, sales of Maxalt® were $638 million in 2012.
Erectile Dysfunction VersaFilm(TM) (tadalafil)
In February 2013 we successfully completed a pilot bioequivalence study on our erectile dysfunction VersaFilm(TM) product. In a previous study, we had already demonstrated that we are able to formulate a bioequivalent product. In the recently completed study, we showed that we were additionally able to develop a faster formulation with a significantly shorter Tmax which will address the potential need for a faster tadalafil product. We are in active discussions for the licensing of this product.
Development and Commercialization Agreement with Par Pharmaceutical, Inc.
In December 2011 we announced the execution of a co-development and commercialization agreement with Par Pharmaceutical, Inc. ("Par") for a new product utilizing one of our proprietary oral drug delivery platform technologies. This program continues to make progress. For commercial reasons, and in order to protect both Par's and IntelGenx' competitive advantage, the agreement stipulates that all information pertaining to the product, together with financial terms of the agreement, are to remain confidential.
Antihypertensive VersaTab(TM) product
We recently completed a pilot bioequivalence study for our antihypertensive project, INT0001, a generic equivalent to a major cardiovascular product, using our proprietary VersaTab(TM) delivery technology. We continue to make progress with the project and, together with our strategic partner, Dava Pharmaceuticals Inc., are working diligently towards the filing of an ANDA with the FDA.
Leadership Succession
Subsequent to the end of the quarter, in April 2013 we announced that Rajiv Khosla RPh, PhD, MBA has been appointed Chief Operating Officer and Chief Scientific Officer of the Company. The succession plan will see Dr. Khosla become CEO and President of IntelGenx on January 1, 2014 and for Dr. Zerbe, the founder, to remain as Chairman of the board of directors and continue to provide expertise in research and development, and manufacturing.
Dr. Khosla has broad experience and credentials including, among other senior positions, five years as Vice President of Business Development at Biovail Corporation, a Canadian pharmaceutical company operating internationally. Whilst there, Dr. Khosla successfully led the transaction process for more than 75 deal opportunities in a variety of therapeutic areas.
He holds a Ph.D. in pharmaceutical science, with a thesis on Oral Drug Delivery Technology; an Executive MBA from the Henley Business School in England, a Bachelor of Pharmacy (Honours) from the University of Nottingham, England and is a registered pharmacist in the UK.
Financial Results:
Cash of $2.2 million as at March 31, 2013 improved by $0.1 million compared with cash of $2.1 million as at December 31, 2012.
Accounts receivable decreased by $1.1 million, from $1.3 million as at December 31, 2012 to $0.2 million as at March 31, 2013. Included in this decrease is the receipt of the milestone payment related to the launch of Forfivo XL™.
Revenue of $0.2 million in the first quarter of 2013 consisted of $0.1 million of royalty income and $0.1 million of deferred license revenue, both related to Forfivo XL™. Revenue in the first quarter of 2012 was $0.1 million.
Total expenses decreased from $0.7 million in the first quarter of 2012 to $0.6 million in the first quarter of 2013. The decrease relates primarily to clinical study costs incurred in the first quarter of 2012 that were not repeated in the first quarter of 2013.
The net loss decreased from $0.6 million in the first quarter of 2012 to $0.5 million in the first quarter of 2013. The loss per share was consistent at $0.01 in both the first quarters of 2012 and 2013.
Goldman Small Cap Research Issues Research Report on RealBiz Media Group, Inc. (RBIZ)
BALTIMORE, MD--(Marketwired - May 10, 2013) - Goldman Small Cap Research, a stock market research firm focused on the small cap and micro cap sectors, has issued a research report on RealBiz Media Group, Inc. (OTCQB: RBIZ), a leader in digital media and marketing for the real estate industry.
Leveraging its proprietary technology and multi-year partnership with Realtor.com, RealBiz Media provides the premier multi-faceted video creation and delivery platform for the real estate market. Consumers and agents can access and interact with the content via the Web, mobile devices or through the Company's video on-demand television network currently available in key U.S. markets.
In the Goldman Opportunity Research report on the Company, analyst Rob Goldman outlines his investment thesis.
"The real estate market has enjoyed a tremendous resurgence in recent months. Interestingly, one of the drivers of the current and future market is the use of technology and digital media as a primary tool to provide information and help execute transactions. With $30M invested in its proprietary technology, and 30,000 agents already using the Company's services, we envision additional market penetration through the Realtor.com network and its television network. As utilization of the Company's offerings deepen, financial leverage and monetization should foster meaningful top-line growth."
To view a summary of the report or download the report in its entirety, please visit
www.goldmanresearch.com
About Goldman Small Cap Research: Led by former Piper Jaffray analyst and mutual fund manager Rob Goldman, Goldman Small Cap Research produces small cap and micro cap stock research reports, daily stock market blogs, and popular investment newsletters. For more information, visit www.goldmanresearch.com.
A Goldman Small Cap Research report is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed. Please read the report's full disclosures and analyst background on our website before investing. Neither Goldman Small Cap Research nor its parent is a registered investment adviser or broker-dealer with FINRA or any other agency. To download our research, view our disclosures, or for more information, visit www.goldmanresearch.com.
About RealBiz Media Group Inc. (OTCQB: RBIZ): RealBiz Media Group, Inc. is a real estate media services company whose proprietary video processing technology has made it one of the leaders in providing home virtual tours to the real estate industry. Its client base includes more than 60,000 real estate agents and brokers. Through its wholly owned Home Tour Network, the company also includes a television video on demand network. RealBiz enjoys access to the nation's largest real estate companies with numerous approved vendors and national contracts, both key to its future development programs. When completed, the Company is targeting delivery of its multimedia Video on Demand platforms to more than 70 million households along with a supporting web portal and an agent-driven Micro Video App program.
For more information, visit the Company's website: www.realbizmedia.com.
Contact:
Goldman Small Cap Research
Rob Goldman
Analyst
410-609-7100
rob@goldmanresearch.com