Toronto's main market got a positive start to the week Monday, rising as crude prices gained on the back of strong manufacturing data from China and the U.S.
In corporate activity, Talisman Energy Inc. (TSE:TLM), the oil and natural gas producer focused on the Americas and Southeast Asia, gained 3.9% to C$12.92. Talisman has reached a deal with activist investor Carl Icahn, which will see the Calgary, Alberta-based company name two managing directors from Icahn’s firm to its board.
Canacol Energy Ltd. (TSE:CNE), a junior Canadian oil company that operates in Colombia and Ecuador, jumped as much as 18% to C$5.75, the highest intraday in more than a year. The Calgary-based company announced the results of the Leono 1 exploration well drilled in the Llanos Basin of Colombia. It said the Leono 1 encountered 133 feet of net oil pay within 4 different reservoirs.
The materials sub-index, which includes mining shares, sank 1.7% as gold futures fell to the lowest since July.
Nevsun Resources Ltd. (TSE:NSU), the operator of the Bisha mine in Eritrea, dropped 3% to C$3.46, reversing earlier gains. The Vancouver-based company said the mine has reached commercial production for the copper expansion with the successful commissioning of its flotation plant.
Shares of Pretium Resources (TSE:PVG)(NYSE:PVG) were jumping Monday after the company unveiled more underground exploration drilling results from its Valley of the Kings deposit, part of its Brucejack project in northern British Columbia. Investors pushed the stock up more than 7%, lately trading at $6.17 in Toronto, reaching a day high of $6.43 earlier in the session.
South American Silver Corp. (TSE:SAC) (OTCQX:SOHAF) shares declined 10% Monday after the company announced that its founder, Ralph Fitch, has been re-appointed to the position of president and chief executive. Fitch is currently the executive chairman of the company, and will take over from Phillip Brodie-Hall, who has been the interim president and CEO since August of last year and is resigning to pursue other interests in Australia.
In other news, Brampton Brick Ltd. (TSE:BBL.A), Canada's second largest manufacturer of clay brick, said it has agreed to buy assets of Atlas Block from the landscaping-product maker’s receiver for about C$12 million to C$14 million. Brampton said the purchase will support its plans to expand its product portfolio and better service its concrete landscape and masonry products customers.
Moving to junior market shares in Canada, Finland focused Belvedere Resources (CVE:BEL) is to continue to focus on beginning the feasibility study for the Kopsa gold-copper project, it told investors, as it posted Q3 operating results. It comes despite flooding being allowed to continue at its Hitura nickel mine - a process, which began in July in a bid to save money.
Largo Resources (CVE:LGO) is raising $17 million through a non-brokered private placement financing, with the company saying it will have enough capex to fund the increased budget for its Maracas vanadium project in Brazil, which is due to start production early next year. The announcement of the capital raise came ahead of an updated budget estimate provided by the company, which forecast mechanical completion of the Maracas project would cost US$248 million, versus an initial budget of US$230 million.
Zenyatta Ventures (CVE:ZEN) shares plummeted more than 32% in Toronto on Monday, after the company unveiled its initial NI 43-101 compliant resource estimate for its Albany graphite deposit in northeastern Ontario. The report, completed by Roscoe Postle Associates, estimates indicated mineral resources of 25.1 million tonnes at an average grade of 3.89% graphitic carbon (Cg), for 977,000 tonnes of contained Cg. Inferred resources are estimated at 20.1 million tonnes grading 2.2% Cg, for some 441,000 tonnes.
Meanwhile, Northern Vertex Mining (CVE:NEE)(OTCQX:NHVCF) is moving along with its pilot operations at its Moss project in Arizona with $7.6 million in cash and equivalents in hand. The junior explorer's fiscal first quarter financials, for the three months that ended September 30, were released after market close on Friday. At the end of the period, the company had $7.58 million in cash and equivalents, and $27.18 million in total assets. It recorded a net loss of $2.2 million, or 4.2 cents per share.
New Zealand Energy (CVE:NZ)(OTCQX:NZERF) said it has reactivated six wells on its newly acquired licenses in the Taranaki Basin as part of its plan to boost production and cash flow, with the wells already flowing in to the Waihapa production station, which was also purchased together with the new assets. Reported by Proactive Investors 5 hours ago.
In corporate activity, Talisman Energy Inc. (TSE:TLM), the oil and natural gas producer focused on the Americas and Southeast Asia, gained 3.9% to C$12.92. Talisman has reached a deal with activist investor Carl Icahn, which will see the Calgary, Alberta-based company name two managing directors from Icahn’s firm to its board.
Canacol Energy Ltd. (TSE:CNE), a junior Canadian oil company that operates in Colombia and Ecuador, jumped as much as 18% to C$5.75, the highest intraday in more than a year. The Calgary-based company announced the results of the Leono 1 exploration well drilled in the Llanos Basin of Colombia. It said the Leono 1 encountered 133 feet of net oil pay within 4 different reservoirs.
The materials sub-index, which includes mining shares, sank 1.7% as gold futures fell to the lowest since July.
Nevsun Resources Ltd. (TSE:NSU), the operator of the Bisha mine in Eritrea, dropped 3% to C$3.46, reversing earlier gains. The Vancouver-based company said the mine has reached commercial production for the copper expansion with the successful commissioning of its flotation plant.
Shares of Pretium Resources (TSE:PVG)(NYSE:PVG) were jumping Monday after the company unveiled more underground exploration drilling results from its Valley of the Kings deposit, part of its Brucejack project in northern British Columbia. Investors pushed the stock up more than 7%, lately trading at $6.17 in Toronto, reaching a day high of $6.43 earlier in the session.
South American Silver Corp. (TSE:SAC) (OTCQX:SOHAF) shares declined 10% Monday after the company announced that its founder, Ralph Fitch, has been re-appointed to the position of president and chief executive. Fitch is currently the executive chairman of the company, and will take over from Phillip Brodie-Hall, who has been the interim president and CEO since August of last year and is resigning to pursue other interests in Australia.
In other news, Brampton Brick Ltd. (TSE:BBL.A), Canada's second largest manufacturer of clay brick, said it has agreed to buy assets of Atlas Block from the landscaping-product maker’s receiver for about C$12 million to C$14 million. Brampton said the purchase will support its plans to expand its product portfolio and better service its concrete landscape and masonry products customers.
Moving to junior market shares in Canada, Finland focused Belvedere Resources (CVE:BEL) is to continue to focus on beginning the feasibility study for the Kopsa gold-copper project, it told investors, as it posted Q3 operating results. It comes despite flooding being allowed to continue at its Hitura nickel mine - a process, which began in July in a bid to save money.
Largo Resources (CVE:LGO) is raising $17 million through a non-brokered private placement financing, with the company saying it will have enough capex to fund the increased budget for its Maracas vanadium project in Brazil, which is due to start production early next year. The announcement of the capital raise came ahead of an updated budget estimate provided by the company, which forecast mechanical completion of the Maracas project would cost US$248 million, versus an initial budget of US$230 million.
Zenyatta Ventures (CVE:ZEN) shares plummeted more than 32% in Toronto on Monday, after the company unveiled its initial NI 43-101 compliant resource estimate for its Albany graphite deposit in northeastern Ontario. The report, completed by Roscoe Postle Associates, estimates indicated mineral resources of 25.1 million tonnes at an average grade of 3.89% graphitic carbon (Cg), for 977,000 tonnes of contained Cg. Inferred resources are estimated at 20.1 million tonnes grading 2.2% Cg, for some 441,000 tonnes.
Meanwhile, Northern Vertex Mining (CVE:NEE)(OTCQX:NHVCF) is moving along with its pilot operations at its Moss project in Arizona with $7.6 million in cash and equivalents in hand. The junior explorer's fiscal first quarter financials, for the three months that ended September 30, were released after market close on Friday. At the end of the period, the company had $7.58 million in cash and equivalents, and $27.18 million in total assets. It recorded a net loss of $2.2 million, or 4.2 cents per share.
New Zealand Energy (CVE:NZ)(OTCQX:NZERF) said it has reactivated six wells on its newly acquired licenses in the Taranaki Basin as part of its plan to boost production and cash flow, with the wells already flowing in to the Waihapa production station, which was also purchased together with the new assets. Reported by Proactive Investors 5 hours ago.