| Northgate Minerals to acquire Perseverance Corp. in friendly deal
VANCOUVER - Northgate Minerals Corp. (TSX: NGX) has struck a friendly US$257 million deal to acquire Perseverance Corp. Ltd. (ASX: PSV) of Australia, nearly doubling annual production at the Vancouver-based gold miner. Northgate announced late Sunday it had negotiated a friendly deal to acquire Perseverance for 20 cents Australian per share, a cash deal that values the Australian miner at about A$282 million or US$257 million. When completed, the transaction will create a multi-mine gold producer with more than 430,000 ounces of estimated production in 2008 and significant free cash flow. Perseverance has about 200,000 ounces of annual gold production from two Australian mines with significant exploration potential. The deal also leaves a company with 2.3 million ounces of proven and probable gold reserves, two million ounces of measured and indicated resources and 2.8 million ounces of less certain inferred resources.
Northeast Banks Outlook Discussed in Wall Street Transcript Report
67 WALL STREET, New York - October 25, 2007 - The Wall Street Transcript has just published its Northeast Banks issue, a report offering a timely review of the sector to serious investors and industry executives. This 92-page feature contains an expert roundtable, industry commentary through in-depth interviews with 1 analyst and top management from 20 firms. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online. .
International Coal Group Reports Third Quarter 2007 Results
SCOTT DEPOT, W.Va., Oct. 24 /PRNewswire-FirstCall/ -- International Coal Group, (Nachrichten) Inc. today reported its financial results for the third quarter ended September 30, 2007. - Revenues were $207.8 million for the third quarter of 2007 compared to $226.2 million for the same period a year ago. - The Company reported a net loss of $1.9 million, or $0.01 per share on a fully diluted basis, compared to a net loss of $2.4 million, or $0.02 per share on a fully diluted basis, for the same period in 2006. - Adjusted EBITDA, or net income or loss before deducting interest expense, income taxes, depreciation, depletion, amortization and minority interest, was $33.6 million for the third quarter of 2007, including a $32.8 million net gain from sales of assets, compared to $10.3 million for the third quarter of 2006.
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