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Dispute with Boss Power: Beruschi wants court to decide B claims’ value
Boss Power TSXV:BPU and Anthony Beruschi resumed hostilities this week in a war that’s holding up a $30-million government payout. At issue is the value of Beruschi’s B claims, which Boss must turn over to the province of British Columbia before receiving the cash settlement resulting from B.C.’s sudden ban on uranium exploration. Boss agreed to the government’s condition although Beruschi owned the claims.
On October 1 Boss rejected last week’s demands and allegations from Beruschi, president of Morning Star Resources. Instead, Boss reiterated its offer to pay $1.55 million for the claims or go to binding arbitration to determine their value.
Two days later Beruschi/Morning Star shot back, again stating the B claims are worth around $4 million. Beruschi stated that if Boss directors would resign, he’d deliver the B claims to the province with the $30 million to be paid into court. The court would then determine the claims’ value.
Beruschi intends to nominate candidates for a board election expected to take place November 14. Morning Star and its affiliates hold about a third of Boss’ shares, he has stated.
Fraser Institute calls on B.C. to rescind ban on uranium exploration and mining
The 2009 government decision that led to the $30-million Boss settlement figured prominently in an October 3 Fraser Institute report called British Columbia’s Mining Policy Performance: Improving B.C.’s Attractiveness to Mining Investment.
Among other sources, the report cited the B.C. Chamber of Commerce, which stated: “The manner in which the ban was implemented—unilaterally and without consultation with the industry—undermined government credibility and added to perceptions that mining investments in the province were insecure.”
The institute also quoted Association for Mineral Exploration B.C. president/CEO Gavin Dirom calling the decision “an unsound public policy based on very little science and enacted without due process or public consultation.”
Authors Alana Wilson, Fred McMahon and Jean-Francois Minardi argued that “the ban on uranium and thorium mining should be reconsidered through a transparent and open process that considers all stakeholders, scientific evidence and socio-economic implications of the ban.”
They called on B.C. to “refrain from abrupt policy changes that restrict or ban mining activities unilaterally. Where new scientific results require changes, a full process of consultation and compensation should occur.”
Paladin slashes costs but remains committed to “essential” Labrador exploration
Having previously blamed uranium’s “diabolical” price for Paladin Energy’s TSX:PDN 2013 fiscal woes, managing director/CEO John Borshoff announced 2014 cuts totalling $23 million on October 2. Included are pay cuts, layoffs, capital rollbacks and decreased cash costs at its two mines in Namibia and Malawi.
“Exploration budgets have been cut by 50%, with activities suspended on all projects except essential work on the Michelin project in Labrador and some necessary follow-up work on the Mount Isa Queensland project,” the company stated.
In addition, Paladin is investigating an October 2 electrical accident at its Langer Heinrich mine in Namibia which injured three workers, two seriously.
On September 30 Canadian International Minerals TSXV:CIN announced it has arranged to extend the expiry date of 1.48 million outstanding warrants by three years and change the exercise price to $0.05. Subject to exchange approval the warrants will also include an acceleration provision if the company’s shares trade at $0.07 for 10 consecutive trading days. The previous week Canadian International reported it optioned a 75% interest in two of its Saskatchewan uranium properties to Rio Grande Mining TSXV:RGV. CIN also holds a 50% interest in the vicinity of Zenyatta Ventures’ TSXV:ZEN Albany graphite project in Ontario.
On October 1 Azincourt Uranium TSXV:AAZ announced an investor relations agreement with Andre Doerk of Berlin. In August the company reported completion of an airborne VTEM survey over Patterson Lake North, where Azincourt is earning a 50% interest from JV partner Fission.
Also on October 1 International Enexco TSXV:IEC released an updated pre-feasibility study for its Contact copper project in Nevada. Enexco also holds interests in Saskatchewan’s Mann Lake and Bachman Lake uranium properties, the latter currently being drilled by project operator Denison.
TAD Mineral Exploration TSXV:TJ announced October 2 it appointed Greg Thomson as director. Thomson has over 30 years of exploration experience, mainly as a geologist. TAD staked about 4,000 hectares in the PLS region last April and also holds properties in the vicinity of Zenyatta’s Albany project as well as Colorado Resources’ TSXV:CXO North ROK copper-gold project in B.C.
Uranium Participation Corp TSX:U reported Q2 financials on October 2 and, the following day, a net asset value estimated at $513.2 million or $4.83 per share, compared with $526.7 million or $4.95 per share the previous month. The company invests in holdings of U3O8 and uranium hexafluoride (UF6).
On October 2 CanAlaska Uranium TSX:CVV announced AGM results including changes to its stock options plan. The company, which faces a TSX delisting review, has optioned interests in two of its properties to other companies since August. On October 3 Makena Resources TSXV:MKN announced TSXV approval of its 50% option from CanAlaska.
On October 3 Pele Mountain Resources TSXV:GEM reported closing a $170,000 private placement of two million units at $0.05 and one million flow-through units at $0.07. The next day the company announced 500,000 options exercisable at $0.10 to a director who chairs the audit committee. In September the company released a “sensitivity analysis” on the 2012 PEA for its Eco Ridge rare earths-uranium project in Ontario. The project had a resource update last June.
See previous uranium news updates:
- to September 27
- to September 20
- to September 13
- to September 6
- to August 30
- to August 23
- to August 16
- to August 9
Disclaimer: Lakeland Resources Inc is a client of OnPage Media Corp, the publisher of ResourceClips.com. The principals of OnPage Media may hold shares in Lakeland Resources.
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