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TSX News Wrap: Lydian International, Sprott Resource, Lithium Americas, New Dawn Mining

Published: 20:58 18 Oct 2011 BST

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Lydian International (TSE:LYD) said exploration drilling at the new "Orontes" prospect at the Amulsar gold project has extended the potential resource 1km from the main shell.

The findings from Orontes were today released alongside the results from 32 various types of drill holes from the Artavasdes, Arshak and southeast Tigranes areas of the project in Armenia. The Orontes drilling was aimed at following up results from DDA-087 in July, which was drilled around 1 km southwest of the resource shell, which showed 12 meters at 1 gramme per tonne (g/t) and 35 meters at 1 g/t.

Sprott Resource (TSE:SCP) plans to conduct a strategic review of its 81% owned subsidiary Waseca Energy in a bid to bolster shareholder value. The review will examine and consider a range of strategic alternatives available, which could lead to the sale of oil and gas company Waseca Energy, to maximize shareholder value. 
Lithium Americas Corp. (TSE:LAC)(OTCQX:LHMAF) expects to have a definitive feasibility study for its Cauchari-Olaroz lithium-brine project in Argentina ready within the first half of next year, with construction of the project to begin shortly thereafter.

Today, the company filed its financial statement for the three and six months ending August 31, and as of that date, has spent a total of C$34.6 million in property rights and exploration to advance the Argentina project, which stands to be one of the world's largest and lowest-cost lithium properties.

Zimbabwe-focused New Dawn Mining Corp. (TSE:ND) reported that consolidated gold production for the three months ending September 30 more than doubled, with sales of the yellow metal almost tripling from a year earlier as prices soared.

For the latest quarter, the junior gold miner reported total gold production of 8,814 ounces, or 8,212 attributable ounces, compared to 4,141 total gold ounces, or 4,024 attributable ounces, in the year-ago period. In the previous third quarter ending June 30, New Dawn recorded 6,841 ounces of total gold production, or 6,335 attributable ounces.

Total consolidated sales in the fourth quarter were US$14.06 million, at an average sales price of US$1,705 per ounce of gold. Of the $14.06 million, $13.15 million was attributable to New Dawn.

Toronto-based Allana Potash Corp. (TSE:AAA)(OTCQX:ALLRF) has intersected three zones of strong potash mineralization in hole DK-11-28, located in the northwestern portion of its 154,000-hectare potash concession block in Ethiopia.

The hole, which was targeted to test potash mineralization west of hole 15, returned a strong Sylvinite Zone at a depth of 198.8 metres, which yielded 40.27% KCI (the composite grade of all four potash-bearing beds including sylvinite, upper and lower carnallite and kainitite) over 2.56 metres.

Wallbridge Mining (TSE:WM) has hired engineering firms Wardrop and Amec to finish a feasibility study and environmental permitting requirements at its Broken Hammer deposit, in Ontario.

The mineral explorer said that Wardrop, now Tetra Tech (NASDAQ:TTEK), will finish a pre feasibility study and a succeeding feasibility study. The consultancy and project management firm Amec will complete the environmental and permitting requirements.  

Solar technology firm Arise Technologies (TSX:APV) secured $1.5 million in bridge financing as it considered the merger of its Canadian businesses with an unnamed company.

Valeant Pharmaceuticals (TSE:VRX)(NYSE:VRX) now owns about 74% of Afexa Life Sciences (TSE:FXA) and extended its offer for the Canadian cold and flu medicine maker by 10 days. Valeant said about 81 million shares of Afexa were tendered and that the bid will now expire on October 27.

Garda World Security (TSE:GW) has made its largest acquisition in over four years as it bought private airport screening company Aeroguard in a transaction valued at $16 million.

Coal miner Prophecy Coal (CVE:PCY) said its shares will begin trading on the Toronto Stock Exchange this Wednesday, giving the company greater access to capital markets and broadening its market exposure.

Prophecy Coal, which controls over 1.4 billion tonnes of open-pittable thermal coal in Mongolia, said shares currently trading on the junior TSX Venture Exchange will be delisted.

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