PITTSBURGH, Dec. 1 /PRNewswire-FirstCall/ -- EQT Corporation (NYSE: EQT) Chairman and CEO, Murry Gerber, is scheduled to present at the Wells Fargo Exploration & Production, Energy Services and Utility Symposium on Wednesday, December 9, 2009 at 1:00 p.m. ET. The presentation will be broadcast live on EQT's Web site (http://www.eqt.com) and will be available for replay for seven days. The slides for this presentation will be posted to EQT's Web site on December 3, 2009.
EQT Corporation is an integrated energy company with emphasis on Appalachian area natural gas production, gathering, processing, transmission and distribution. Additional information about the company can be obtained through the company's Web site, http://www.eqt.com. Investor information is available on EQT's Web site at http://ir.eqt.com. EQT uses its Web site as a channel of distribution of important information about the company, and routinely posts financial and other important information regarding the company and its financial condition and operations on the Investors Web pages.
EQT management speaks to investors from time to time. Slides for these discussions will be available online via EQT's Web site. The slides may be updated periodically.
SOURCE EQT Corporation (EQT-IR)
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 1, 2009) - Aurcana Corporation ("Aurcana" or the "Company") (TSX VENTURE: AUN) is pleased to report its financial results for the period ended September 30, 2009. The summary of the selected financial information should be read in conjunction with the unaudited financial statements for the three and nine months ended June 30, 2009 and the related management's discussion and analysis dated November 27, 2009 together referred to as the "Financial Statements", which have been filed on Sedar (www.sedar.com) and the Company's website (www.aurcana.com). All figures are in Canadian dollars unless otherwise noted.
For the third quarter ended September 30, 2009, Aurcana commenced reporting 100% of the results of operations at the La Negra mine, less an 8% non-controlling interest. This is a direct result of the dilution of the former joint venture partner at the beginning of the quarter, and the assumption of direct operational control of the mine by the Company.
The Company posted consolidated net sales of $5.2 million, a profit from operations including corporate expenses of $0.4 million, and an overall profit of $2.3 million after the effects of a foreign exchange gain of $1.9 million. On a year to date basis, consolidated net sales were $12.6 million with a loss from operations of $0.7 million and overall earnings of $4.3 million after gains on foreign exchange and debt settlement. At the end of the third quarter the Company had cash and cash equivalents of $1.3 million.
LA NEGRA MINE
During the quarter, the Company continued to advance the operations of the La Negra mine, including the process of expanding the mill and flotation plant to a rate of 1,500 tons per day of production. A decision to initiate production from the Maravillas zone was also made. The zone will be mined by a Contractor, who is on site, preparing to commence work.
In spite of an extended 14 day down period in September, to repair the main ball mill motor, the results from the La Negra mine for the period were positive. Contributing factors were rising metal concentrate prices, positive foreign exchange rates, and management's continued efforts to contain costs:
---------------------------------------------------------------------------
9 months ended
3 months ended September 30,
La Negra Mine (100%) September 30, 2009 2009
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Tonnes of ore Processed 72,716 221,182
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Tonnes of payable Zinc metal sold 358 1,092
---------------------------------------------------------------------------
Pounds of Zinc 789,247 2,407,423
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Tonnes of payable Copper metal
sold 323 1,068
---------------------------------------------------------------------------
Pounds of Copper 712,086 2,354,513
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Ounces of payable Silver sold 162,356 553,828
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Revenues $5,228,565 $12,647,262
---------------------------------------------------------------------------
Earnings from Mining Operations $1,433,685 $1,513,498
---------------------------------------------------------------------------
Income from Operations $466,232 $(728,465)
---------------------------------------------------------------------------
Net Income $2,388,932 $4,346,646
---------------------------------------------------------------------------
The consolidated financial statements of the Company as of June 30, 2009 include only 80% of La Negra's results. Aurcana currently owns 92% of the La Negra mine, and commencing with this quarter reports 100% of the results of operations, less an 8% non-controlling interest.
SHAFTER SILVER MINE
Aurcana acquired 100% of the Shafter silver mine from Silver Standard Resources Inc. in July 2008. Shafter is located in Presidio County, southwest Texas and is fully accessible via paved highway from El Paso, Texas. Silver was mined in the region from 1883 until 1942, when the mine was closed by the War Act. Production during that period was 2.3 million tons of ore containing 35 million ounces of silver at an average grade of 15.24 ounces per ton.
On June 29, the Company announced the results of the pre-feasibility study. The highlights of the report were:
-- Payback of under 2 years based on a silver price of $13.55 per ounce;
-- An internal rate of return ("IRR") of 25% pre tax;
-- A pre tax net present value ("NPV") of $23 million at a 5% discount
rate;
-- An initial estimated capital expenditure of under $40 million;
-- Silver production of 3.75 million ounces in year one and 4 million
ounces in year two; and
-- An average total cost of $7.50 per ounce of silver produced in the first
two years.
Mr. Sandy McVey P.Eng., M.Sc., PMP. has been appointed project manager for Shafter and is commencing with the detailed engineering on the project. Mr. McVey is also coordinating all of the permitting necessary for the mine start up. Mr. McVey has over 30 years experience working on mining operations and capital construction projects in North America, Africa and Europe, and has held positions of plant superintendent and mine manager for underground operations.
ROSARIO
During the second quarter, the Company announced entering into an agreement to sell the Rosario property for $250,000, one million shares of Silvermex Resources, and the assumption of all future property payments. Additional consideration $2.5 million and 1 million shares is to be paid in installments upon production or within 24 months. Subsequent to the third quarter end, the Company announced the completion of documentation. The sale of Rosario completed on November 30, 2009.
About Aurcana Corporation:
The Shafter silver mine, with a NI 43-101 measured and indicated resource of 24.6 million ounces of silver and an inferred resource of 22.8 million ounces of silver using a 4.0 ounce per ton cut off, is scheduled to start up production at 3.9 million ounces silver per year. The 92% owned La Negra silver-lead-zinc-copper mine in Queretaro State, Mexico, is working towards expanding operations to 1500 tonnes per day by spring of 2010. The reader should be cautioned the Company has not completed a feasibility study confirming the projected production capacity for La Negra and there is no certainty the Company's plans will be economically viable. Ron Nichols, P.Eng. a Director and Senior Vice President for Aurcana, and a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this release.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION
Lenic Rodriguez, President
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include unsuccessful exploration results, changes in metal prices, changes in the availability of funding for mineral exploration and development, unanticipated changes in key management personnel and general economic conditions. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this Release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Aurcana Corporation
Jack Barnes
Corporate Relations
(604) 331-9333 or Toll Free: (866) 532-9333
Fax: (604) 633-9179 (FAX)
jbarnes@aurcana.com
www.aurcana.com
Source: Aurcana Corporation
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 12/01/09 -- Aurcana Corporation ("Aurcana" or the "Company") (TSX VENTURE: AUN) is pleased to report its financial results for the period ended September 30, 2009. The summary of the selected financial information should be read in conjunction with the unaudited financial statements for the three and nine months ended June 30, 2009 and the related management's discussion and analysis dated November 27, 2009 together referred to as the "Financial Statements", which have been filed on Sedar (www.sedar.com) and the Company's website (www.aurcana.com). All figures are in Canadian dollars unless otherwise noted.
For the third quarter ended September 30, 2009, Aurcana commenced reporting 100% of the results of operations at the La Negra mine, less an 8% non-controlling interest. This is a direct result of the dilution of the former joint venture partner at the beginning of the quarter, and the assumption of direct operational control of the mine by the Company.
The Company posted consolidated net sales of $5.2 million, a profit from operations including corporate expenses of $0.4 million, and an overall profit of $2.3 million after the effects of a foreign exchange gain of $1.9 million. On a year to date basis, consolidated net sales were $12.6 million with a loss from operations of $0.7 million and overall earnings of $4.3 million after gains on foreign exchange and debt settlement. At the end of the third quarter the Company had cash and cash equivalents of $1.3 million.
LA NEGRA MINE
During the quarter, the Company continued to advance the operations of the La Negra mine, including the process of expanding the mill and flotation plant to a rate of 1,500 tons per day of production. A decision to initiate production from the Maravillas zone was also made. The zone will be mined by a Contractor, who is on site, preparing to commence work.
In spite of an extended 14 day down period in September, to repair the main ball mill motor, the results from the La Negra mine for the period were positive. Contributing factors were rising metal concentrate prices, positive foreign exchange rates, and management's continued efforts to contain costs:
---------------------------------------------------------------------------
9 months ended
3 months ended September 30,
La Negra Mine (100%) September 30, 2009 2009
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Tonnes of ore Processed 72,716 221,182
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Tonnes of payable Zinc metal sold 358 1,092
---------------------------------------------------------------------------
Pounds of Zinc 789,247 2,407,423
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Tonnes of payable Copper metal
sold 323 1,068
---------------------------------------------------------------------------
Pounds of Copper 712,086 2,354,513
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Ounces of payable Silver sold 162,356 553,828
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Revenues $5,228,565 $12,647,262
---------------------------------------------------------------------------
Earnings from Mining Operations $1,433,685 $1,513,498
---------------------------------------------------------------------------
Income from Operations $466,232 $(728,465)
---------------------------------------------------------------------------
Net Income $2,388,932 $4,346,646
---------------------------------------------------------------------------
The consolidated financial statements of the Company as of June 30, 2009 include only 80% of La Negra's results. Aurcana currently owns 92% of the La Negra mine, and commencing with this quarter reports 100% of the results of operations, less an 8% non-controlling interest.
SHAFTER SILVER MINE
Aurcana acquired 100% of the Shafter silver mine from Silver Standard Resources Inc. in July 2008. Shafter is located in Presidio County, southwest Texas and is fully accessible via paved highway from El Paso, Texas. Silver was mined in the region from 1883 until 1942, when the mine was closed by the War Act. Production during that period was 2.3 million tons of ore containing 35 million ounces of silver at an average grade of 15.24 ounces per ton.
On June 29, the Company announced the results of the pre-feasibility study. The highlights of the report were:
-- Payback of under 2 years based on a silver price of $13.55 per ounce;
-- An internal rate of return ("IRR") of 25% pre tax;
-- A pre tax net present value ("NPV") of $23 million at a 5% discount
rate;
-- An initial estimated capital expenditure of under $40 million;
-- Silver production of 3.75 million ounces in year one and 4 million
ounces in year two; and
-- An average total cost of $7.50 per ounce of silver produced in the first
two years.
Mr. Sandy McVey P.Eng., M.Sc., PMP. has been appointed project manager for Shafter and is commencing with the detailed engineering on the project. Mr. McVey is also coordinating all of the permitting necessary for the mine start up. Mr. McVey has over 30 years experience working on mining operations and capital construction projects in North America, Africa and Europe, and has held positions of plant superintendent and mine manager for underground operations.
ROSARIO
During the second quarter, the Company announced entering into an agreement to sell the Rosario property for $250,000, one million shares of Silvermex Resources, and the assumption of all future property payments. Additional consideration $2.5 million and 1 million shares is to be paid in installments upon production or within 24 months. Subsequent to the third quarter end, the Company announced the completion of documentation. The sale of Rosario completed on November 30, 2009.
About Aurcana Corporation:
The Shafter silver mine, with a NI 43-101 measured and indicated resource of 24.6 million ounces of silver and an inferred resource of 22.8 million ounces of silver using a 4.0 ounce per ton cut off, is scheduled to start up production at 3.9 million ounces silver per year. The 92% owned La Negra silver-lead-zinc-copper mine in Queretaro State, Mexico, is working towards expanding operations to 1500 tonnes per day by spring of 2010. The reader should be cautioned the Company has not completed a feasibility study confirming the projected production capacity for La Negra and there is no certainty the Company's plans will be economically viable. Ron Nichols, P.Eng. a Director and Senior Vice President for Aurcana, and a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this release.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION
Lenic Rodriguez, President
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include unsuccessful exploration results, changes in metal prices, changes in the availability of funding for mineral exploration and development, unanticipated changes in key management personnel and general economic conditions. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this Release.
Contacts: Aurcana Corporation Jack Barnes Corporate Relations (604) 331-9333 or Toll Free: (866) 532-9333 (604) 633-9179 (FAX) jbarnes@aurcana.com www.aurcana.com
OAKLAND, CA -- (MARKET WIRE) -- 12/01/09 -- IR professionals seeking to learn how to prepare and manage a corporate crisis will profit from a new audio conference from Bulldog Reporter's IR University titled: Red Alert! How to Master IR's Expanding Role in Managing Corporate Crisis.
This IR University audio conference convenes an exclusive panel of IR Professionals designed to give IR pros the techniques they need to successfully communicate with investors during a crisis -- from websites and releases to conference calls and more -- to new ways to prep and script management when bad news breaks.
This audio conference takes place on Friday, December 11, at 1PM EST (noon CST, 11AM MST; 10AM PST). The presenters are:
Main Presenters:
Mark Oberle, Vice President, Investor Relations & Public Affairs, Celanese Corporation
Mark Lamb, Director, Investor Relations, Market Leader, Inc.
Steven Carr, Managing Director, Executive Vice President, Dresner Corporate Services
Brad Samson, Vice President Investor Relations, Government Relations, Corporate Communications, The TriZetto Group
Moderator:
Ina McGuinness, Senior Vice President, ICR
Here's what they will learn:
-- Strategic Counsel: Who should be involved in crisis planning meetings
and what should be included in the agenda
-- Scenario planning -- how to orchestrate vulnerability assessments and
crisis audits to pinpoint corporate weaknesses before others do
-- Avian Flu, natural disaster, fire, terror attacks -- the disasters
facing businesses today... and how to prepare for each possibility
-- Disaster Timetables: The series of events that typically unfold when
bad news breaks... and how to respond each step of the way
-- The fundamentals of successful crisis plans: How to craft a practical
crisis plan or evaluate the one you already have in place
-- SEC Update: Regulatory issues, disclosure requirements and deadlines
IROs must be aware of whenever bad news breaks
-- Scripting and crisis media training for your boss -- tips, techniques
and new tactics for preparing your executive to face the cameras when it
counts most
-- Investor hot buttons: what investors, analysts and even financial
media need to hear when crises strike -- and how to communicate these items
effectively
-- Crisis Communication Tools: Releases, announcements, dark sites,
Twitter, conference calls -- the messaging and communications vehicles IR
should (and shouldn't) use to get the word out to concerned investors
-- How to earn a seat at the crisis table -- the best ways to take
control and earn management's respect before bad news strikes
-- Real-life tips and faux pas to avoid straight from crisis-tested IR
vets
For more details go to conference home page.
Attendance at Bulldog Reporter's IR University webinar costs $299 per dial-in site. Participants in the 90-minute conference will be able to pose specific questions for the presenter at several junctures during the discussion. Registration also includes an up-to-the-minute conference manual and a full transcript. For more information on taking part in the event, go to our conference home page or for personalized service please contact our client satisfaction representatives toll free at: 1-800-959-1059.
Add to Digg Bookmark with del.icio.us Add to Newsvine
Contact: Ina McGuinness Email Contact
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 12/01/09 -- Nanika Resources Inc. (TSX VENTURE: NKA)(FRANKFURT: C7X) announces a non-brokered private placement, to raise gross proceeds of up to $500,000. The private placement will involve the sale of up to 5,000,000 non flow-through units at the price of $0.08 per unit and the sale of up to 987,654 flow-through units at the price of $0.10125 per unit.
The non flow-through units will be comprised of one non flow-through share and one warrant. The flow-through units will be comprised of one flow-through share and one warrant.
All warrants may be exercised to purchase one additional non-flow-through common share at a price of 12 cents per common share in the first twelve months and 14 cents in the subsequent twelve months.
Units will be offered to qualified purchasers in reliance upon exemptions from prospectus and registration requirements of applicable securities legislation. Proceeds from the sale of the flow-through share portion of each unit will be used to incur expenditures which qualify as Canadian exploration expenses and will be spent primarily on the corporation's projects located in British Columbia which include among others: the Indi, Indi South, Red Cliff East, Lucky Ship, Sweeney Lake and Ted properties. Insiders of the corporation may participate in the offering.
The offering is subject to acceptance by the TSX Venture Exchange.
The company will pay a finder's fee equal to 10 per cent of the gross proceeds realized from the sales made to purchasers referred to the corporation by a finder, payable in either cash or units or both, at the sole discretion of the corporation. The warrant will have the same terms as the warrants forming the private placement.
Securities issued in this private placement will be subject to a hold period of four months and a day from the date of issuance of the securities.
Nanika is announcing this financing in response to further demand. The President and CEO, James Jacuta stated that, "I am very happy that there is such good support at the current time for Nanika's activities. It will allow Nanika to plan further exploration and drilling programs as well as looking at new property acquisitions".
About Nanika Resources Inc.
Nanika Resources Inc. is a TSX Venture listed mineral exploration and development company focusing on the advancement of its mineral properties, all of which are located within Canada.
On Behalf of the Board
James D. Jacuta, Chairman, President and CEO.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this release.
Contacts: Nanika Resources Inc. Matthew Emery 604-638-0699 or Toll Free: 1-866-580-0699 Nanika Resources Inc. Douglas Kerr 604-638-0699 or Toll Free: 1-866-580-0699 www.nanikaresources.com
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