On Wednesday, Rubicon Minerals Corporation (NYSEMKT:RBY)’s shares surged 10.42% to $1.06.
Rubicon Minerals Corporation, declared that the development and construction of the Phoenix Gold Project in Red Lake, Ontario, Canada remains on plan for projected initial production in mid-2015. The mill commissioning process has commenced ahead of plan and is predictable to continue throughout the second quarter of this year.
The Phoenix Gold Project Development and Construction Update:
Stockpiling, Underground Development and Construction
Rubicon presently has eight stopes in various stages of development between the 122- and 305-metre levels. The Company has a stockpile of about 11,600 tonnes of mineralized material. Stockpiling will continue as stope development accelerates and stope mining starts. Longhole drilling is underway in the first trial stope. Rubicon will be testing various mining methods, counting Alimak longhole stoping. The Company anticipates to be processing mineralized material on an ongoing basis in mid-2015.
As of April 12, 2015, Rubicon has accomplished about 6,834 m of 8,023 m (or 85%) of the original underground development (lateral and vertical) planned preceding to the start of projected initial production. As formerly revealed, administration believes it has identified about 430 m of off-ramp development that can be eliminated from the development plan. Administration anticipates that all remaining underground development preceding to projected initial production will be accomplished by the end of May. Mill feed for projected production for 2015 will come from the upper levels of the deposit: 122-, 183-, 244-, and 305-metre levels.
The Company is installing a crushing station at the ore pass above the 305-metre level. Crushed muck will be hauled on the 305-metre level preceding to hoisting. There is about C$18 million (as at March 31, 2015) of underground development capital remaining to projected initial production.
Rubicon Minerals Corporation engages in the acquisition, exploration, and development of gold properties in Canada and the United States. It primarily holds a 100% interest in Phoenix Gold project comprising of 16 patented mining claims, 25 licenses of occupation, 1 mineral lease, and 1 unpatented mining claim located in Bateman Township, Municipality of Red Lake, Ontario.
Transocean Ltd. (NYSE:RIG)’s shares gained 10.14% to $18.90, during the last trading session on Wednesday, as oil prices extended their rally.
WTI crude was up 3.42% to $55.11 at 11:13 a.m., while Brent crude rallied 1.97% to $59.58, according to CNBC.
Oil prices extended their rally from Tuesday as government data demonstrated a smaller-than-predictable raise in crude oil stockpiles in the U.S. in the latest week.
The U.S. Energy Information Administration declared crude oil stockpiles rose 1.3 million barrels to 483.7 million barrels in the week ended April 10. Analysts surveyed by the Wall Street Journal had anticipated a rise of 3.6 million barrels.
Even with the smaller-than-predictable raise, stockpiles remain at the highest level in about 80 years, according to the EIA.
Transocean Ltd., together with its auxiliaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services. As of February 17, 2015, it owned or had partial ownership interests in, and operated 71 mobile offshore drilling units that comprise of 44 high-specification floaters, 17 midwater floaters, and 10 high-specification jackups.
At the end of Wednesday’s trade, Mobileye N.V. (NYSE:MBLY)’s shares gained 10.13% to $46.64, after analysts at both Morgan Stanley and Deutsche Bank issued positive notes on the company recently.
Analysts at Morgan Stanley raised its price target to $68 on shares of the driver-assistance system maker, and said the time to own the stock is “now.” Deutsche Bank also raised its price target for Mobileye shares to $55 from $53, while maintaining a “buy” rating.
The firm said the U.S. will likely adopt a more proactive stance on active safety technologies like Forward Crash Avoidance and Mitigation Systems. Deutsche analysts think FCAM growth will exceed its preceding assumptions.
Mobileye N.V., together with its auxiliaries, designs and develops software and related technologies for camera-based advanced driver assistance systems primarily in Israel. It operates through two segments, Original Equipment Manufacturing and After Market.
Finally, Penn West Petroleum Ltd. (NYSE:PWE), ended its Wednesday’s trading session with 9.78% gain, and closed at $2.47, after the Canadian oil company declared that it would sell its royalty interest in some Western Canadian oil fields to Freehold Royalties for $251 million. The deal is part of the company’s formerly declared contract with creditors to lower its debt obligations due to falling crude prices that have declined as much as 50% since last year.
The sale will be enough to pay off about half of the C$650 million it owes to holders of its senior, unsecured notes. Penn West shares have plummeted 72% from the $9.36 it was trading at a year ago.
Penn West Petroleum Ltd. explores for, develops, and produces oil and natural gas properties in western Canada. The company’s properties are located in Alberta, British Columbia, Saskatchewan, Manitoba, and the Northwest Territories, Canada; and Wyoming, the United States.
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