EIN Presswire: Mining Press Releases

United Resource Holdings Group, Inc. Has Retained Bridgewater Capital Corporation as Investment Banker and International Investment Bankers, Corp. as Broker-Dealer

Fri, 25 May 2012 00:20:00 +0000

United Resource Holdings Group, Inc. (PINKSHEETS: URHG) announced today that Bridgewater Capital Corporation ("Bridgewater") and Independent Investment Bankers Corp. ("IIB") have been retained as their investment banker and broker-dealer, respectively.

URHG has retained the services of Bridgewater and IIB for the investment banking and broker-dealer needs of the Company. Mark Kersey, URHG's CEO, stated, "Bridgewater and IIB will be key in providing strategic advice and corporate development services to URHG in fulfilling its investment banking and broker-dealer needs." Bridgewater has assisted numerous companies with their staff of experienced professionals, having represented more than 125 companies and an aggregate transaction value of more than $1.0 billion USD since 1994. Bridgewater is headquartered in Irvine, CA. IIB is an Austin, TX-based broker-dealer with a platform providing a national network of qualified, registered, independent investment banking professionals that enable IIB to provide regulatorily compliant capital formation, mergers and acquisitions, and associated business advisory services to URHG.

About United Resource Holdings Group, Inc.:
United Resource Holdings Group, Inc. is a U.S.-based exploration and development company, focused on the acquisition of mining equipment and the development of gold and other precious commodity projects that demonstrate a reasonable probability for near term production. The company is quoted on the OTCPK under the symbol "URHG."

Notice Regarding Forward-Looking Statements:

This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, the accomplishment of any of our plans listed for 2012 such as any acquisitions, geophysics, production, construction projects, drilling programs or results from such programs, and the timelines within which such items may be accomplished, as referred to in this news release.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration, development, and production. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and that which is made publicly available by us from time to time.

CONTACT:
Mark A. Kersey
(775) 851-4700

Diamond Value Management strategy and corporate turnaround leverages Rockwell repositioning

Fri, 25 May 2012 00:17:00 +0000

Diamond Value Management strategy and corporate turnaround leverages Rockwell repositioning

PR Newswire

VANCOUVER, May 24, 2012 /PRNewswire/ - Rockwell Diamonds Inc. ("Rockwell" or the "Company") (TSX:RDI; JSE:RDI, OTCBB:RDIAF) announces results for the three and twelve months ended February 29, 2012. Currency values are presented in Canadian dollars unless otherwise indicated.

Performance Overview

Substantial progress with repositioning of Rockwell by new management
Saxendrift performance trending up as a direct impact of diamond value management strategy
Long term production asset brought on stream with Tirisano mine ramp up making progress: One time cost of ramp up of $6.7 million charged to earnings
Fiscal 2012 performance with loss of $13.7 million: Reflects impairment charges and other abnormal costs of repositioning the Company to ensure economic sustainability
Net cash balances of $9.9 million preserved to fund growth
Successful in-field screen and bulk x-ray pilot projects provide blueprint for new mines
Investments undertaken and operating changes made allow Rockwell to deliver further improvements and pursue growth opportunities in fiscal 2013

Following a strategic review in early 2011 that was initiated after management changes in December 2010, significant progress has been made in repositioning and refocusing Rockwell. Rockwell identified the deliverables to achieve its key corporate objective of increasing production of high-quality gemstones to 10,000 carats per month within five years. These included a comprehensive overhaul of the business, optimizing the productive mines to deliver better returns, driving down costs and improving metallurgical processes with a focus on recovery of diamonds as part of the value chain strategy. The next phase in the strategic plan is to leverage the Company's production profile by focussing in on the development of its asset inventory as well as selected M&A opportunities should they arise.

The appointment of a new management team in June 2011 to drive the corporate turnaround was the first and most important step in initiating the new strategic plan. James Campbell and Michael Hunt, both of whom are seasoned diamond executives with joint diamond experience spanning some 50 years, joined Rockwell as CEO and COO, respectively. The team introduced the concept of diamond value management, brought a focus on quality and worked to embed these goals throughout the operations. In the last twelve months the Company has made significant progress in this regard, including:

An increased focus on diamond processing metallurgy enabled the Company to address prior production issues which were identified in the plant environment, leading to a number of operational improvements.
At Saxendrift, a new fit for purpose in field screen and the bulk x-ray pilot project were completed on schedule and have delivered positive recovery performance and results. Management is pursuing these new process technologies for future mine developments.
By adjusting the mine plan at Klipdam to mine the Rooikoppie gravels which have less intense earthmoving requirements, the economics for the remaining life of mine have improved. With the recent appointment of a new Mine Manager, Klipdam is in a position to capture these efficiencies.
The acquisition of the Tirisano mine was completed and the newly rebuilt 90,000m³ production facility was commissioned. Fatal flaws in the plant design that were identified by the new management team have now chiefly been addressed. Tirisano's full operating and ramp up costs of $6.7 million were expensed with a short term negative impact on annual profitability.
The Holpan mine, which delivered marginal results as it was reaching the end of its life of mine, was put on care and maintenance in May 2011 and options to bring this asset to account are being analysed.

The new management team conducted a full internal review across the business. Several corporate legacy issues were identified that required immediate attention, a number of which have already been resolved:

The Company was recapitalized in the third quarter of fiscal 2012 through a private placement totalling $7.8 million, which was concluded at a premium to the then current stock price. Rockwell supplemented this with $6.5 million from proceeds with the sale of non-core and underutilized assets. A portion of the funds were utilized to implement the technology improvements at Saxendrift and complete the Tirisano plant while further funds, will only be invested following careful evaluation of the expected returns against the strategic objectives.
During the first quarter of fiscal 2012, the Company extended its beneficiation agreement with the Steinmetz Diamond Group from rough diamonds exceeding 10 carats to include all stones exceeding 2.8 carats. The profit sharing arrangement continues to deliver significant value as the Company participates equally in the profit of polished diamond sales generated by the rough diamonds that are sold by Rockwell through this channel.
The arbitration in relation to the legacy Midamines dispute in the Democratic Republic of Congo was concluded, with Rockwell paying a final settlement of $1.2 million, enabling the management team to focus on its properties and mines in South Africa. The Company is not aware of any other outstanding litigation.
After year-end, Rockwell announced the finalization of an agreement with Africa Vanguard Resources ("AVR") to effectively unwind the 2008 deal with respect to the Group's Northern Cape operations. This agreement included the acquisition of AVR's Jasper Mine property which is contiguous to Rockwell's Saxendrift Mine and has the potential to extend the life of Saxendrift with limited new investment.
The Company has achieved its stated objective of enlisting a strong and engaged board of directors to support the management team in their strategic growth objectives. Mark Bristow was appointed as Chairman, while Johan van 't Hof and Stephen Dietrich joined the board as independent non executives and members of the Audit Committee. Both Johan and Stephen are Chartered Accountants and have occupied leading roles in significant enterprises.

Another critical area of the corporate review was the completion of an in depth analysis of the Company's asset register to ensure that all assets were accurately reflected in the balance sheet. The findings led the decision to impair the property, plant and equipment by $4.9 million at the end of the period following which Rockwell's asset base is now more fairly represented on the balance sheet. Simultaneously, the Company has maintained a prudent cash management strategy to preserve its cash resources for capital investments that are fully aligned with the growth objectives. Net cash balances improved to $9.9 million at February 29, 2012 from $2.9 million at the end of fiscal 2011.

Financial Overview

Gross diamond revenues of $34.2 million: 26% increase in diamond sales at Saxendrift offset by impact of Holpan care and maintenance
Beneficiation revenues increased 64%
The loss for the year of $13.7 million includes asset impairment of $4.9 million, Tirisano operating costs of $6.7 million, total litigation expenses in respect of the Midamines dispute of $1.5 million and the Tirisano rehabilitation obligation of R1.3 million
Effective cash preservation: Net cash of $9.9 million after capital expenditure of $6.8 million funded from internal cash flows

Summary of performance for twelve months ended February 29, 2012

The financial performance of Rockwell for fiscal 2012 reflects its transition and turnaround as well as financial decisions taken in order to ensure the long term sustainability of the Company.

	Production			Sales and inventories
	Volume (m³)	Carats	Mining costs	Value of Sales (US$)	Sales (carats)	Average value (US$ / carat)	Inventories (carats)
Fiscal 2012	2,501,114	17,416	26,936,716	26,834,168	19,174	1,400	114

Saxendrift recorded a 26% increase in rough diamond sales to US$17.5 million as its average value per carat improved 22% to US$2,444 while Tirisano, which was brought on stream in the third quarter, contributed revenue of US$1.8 million. These increases were offset by the impact of putting the unprofitable Holpan mine on care and maintenance and cessation of the trial mining at the Klipdam Extension, both decisions resulting from the strategic review. The net result was a 27% decline in US$ denominated diamond sales to US$26.8 million. As Tirisano's production gears up to full capacity in the year ahead, the gap is forecast to close. Total revenue for the Company of $34.2 million was reported, including a 64% increase in beneficiation revenues with the Steinmetz Diamond Group ("SDG") to $7.8 million.

Mining costs declined by 4% for the period to $26.9 million, even though the operating costs for Tirisano have been fully expensed for the ramp up phase. The Company reported an operating profit of $7.3 million for the year.

The loss for the year of $13.7 million reflects the impact of the strategic decisions that were taken during the year to place Rockwell on a solid footing. These will flow through to the financials as its mines' operational transformation continues to yield improved production and lower unit costs. In particular, the Midamines settlement and associated costs amounted to $1.5 million while the asset impairment of $4.9 million also had a material impact on profitability but has resulted in a cleaner balance sheet.

Summary of performance for three months ended February 29, 2012

For the first time since the corporate turnaround was put in motion, the fourth quarter financial performance is beginning to reflect the diamond value management principles which we believe will be the foundation for the future growth strategy.

	Production			Sales and inventories
	Volume (m³)	Carats	Mining costs	Value of Sales (US$)	Sales (carats)	Average value (US$ / carat)	Inventories (carats)
Fourth quarter fiscal 2012	661,627	4,043	10,370,000	6,030,376	5,795	1,041	114

Tender sales amounted to $5.9 million from the sale of the 5,795 carats that were produced by the Company's three operations. Saxendrift achieved a 42% increase in revenue, as its carats sold increased and average price per carat increased by 32% and 7%, respectively. The overall loss of revenues was primarily due to ceasing operations at Holpan and completing the trial mining at Klipdam Extension. This decline was partially offset by revenue from the sale of Tirisano diamonds that generated US$0.5 million.
Total mining costs for the quarter increased marginally by 3% to $10.4 million. The increase is mainly due to incurring the full mining costs of Tirisano during the ramp up phase. The cost per carat during the fourth quarter showed a 6% decline even though there were additional upward pressures imposed by fuel, wages and maintenance costs. The latter is related to the aging mining fleet. This is a clear demonstration that the diamond value management principles are starting to deliver tangible benefits.
Also impacting the financial performance of the Company was the once off impact of the $4.9 million asset impairment which contributed to the net loss for the quarter of $10.4 million.

The Company remains cash positive and stringent cost management measures are in place across all areas of the business. At February 29, 2012, the Company had cash and cash equivalents of $10.7 million with net cash holdings of $9.9 million after funding capital expenditure of $4.0 million from internal resources, which compares favourably to a net cash position of $10.8 million at the end of the third quarter.

Operational Overview

17,416 carats produced and 19,174 carats sold at average price of US$1,400 per carat
Continuous operations implemented at Northern Cape operations¹ in January 2012
Good progress with strategic turnaround projects including commissioning of in field screen and pilot bulk x-ray implementation at Saxendrift
Saxendrift unit cost down 5% due to success of diamond value management initiatives
Saxendrift reserves increased 60% according to updated NI 43 101 Technical Statement as at February 29, 2012 that will be posted on SEDAR (see further details below)
Tirisano ramp up progressing

The Company's resolute focus on diamond value management principles has driven the operational improvements that have been implemented across the operations. The major focus areas during fiscal 2012 were on improving the performance of Saxendrift and ramping up production at Tirisano.

Saxendrift, the Company's flagship mine that produces very high valued gemstones, was a primary target for implementing the principles of diamond value management. While a number of tactical metallurgical initiatives improved plant efficiencies, the implementation of a fit for purpose in-field screen led to major operational benefits. The results in the fourth quarter were a 50% increase in carat production while unit costs declined by 5% to US$8.01 per cubic meter. At Tirisano, progress ramping up to full capacity has been slower than anticipated but continual improvements are being effected on the plant, including the construction of a new wet front-end system.

Implementation of the bulk X-ray project continued on schedule and on budget. It was commissioned and incorporated into the dedicated bulk sorting plant and the testing programme on various gravels started in mid-April 2012. The preliminary results from the mine's recovery of tailings also produced encouraging results with a total of 316 stones totalling 1,109 carats being recovered in the first four weeks of production. This includes 14 stones exceeding 10 carats with the largest weighing 52.67 carats.

____________________

¹ Saxendrift and Klipdam mines

Outlook

Underpinned by positive diamond supply and demand fundamentals, market analysts are forecasting some 7% growth in rough diamond prices for the 2012 calendar year, although this is predicated on a stable global economy. In particular, the second half of the year is expected to be strong as dealers sell inventories that were built when prices weakened following the correction in August 2011. The joint venture with SDG, provides Rockwell with a strong base to benefit from positive movements in both rough and polished diamonds, especially for its larger, gem quality diamonds which are becoming rarer and are in high demand for investment purposes.

From an operational perspective, the priorities for the first quarter of fiscal 2013 are as follows:

Together with the recently appointed Mine Manager, the Klipdam team is focused on achieving its production volume targets and improving unit costs due to contops and better earthmoving availabilities.
The objective at Saxendrift is to continually optimize the mine plan to mine the right areas and achieve its quarterly production targets. Two new mining faces have been opened to provide additional operational flexibility and efficiencies. The mine management team will continue to optimize the in-field screening process.
At Tirisano, the goal is to achieve full production by the end of the second quarter of fiscal 2013, a process that is being closely managed by the Rockwell executive team, in conjunction with the new mine management team who have increased supervision and focused on consistent operation of the plant. Steady state operation of the plant is targeted from the new mining area as well as completing the wet front end by the second half of calendar 2012. Maintenance of the earthmoving fleet has been prioritized to meet the Company's required availability. To this end, various options are being evaluated including contract mining.

Testing of the bulk x-ray system on the recovery and plant tailings will continue at Saxendrift. On completion of this phase, the system will be used in the bulk sampling mode for other properties, commencing with the newly acquired Jasper property. Rockwell's management is optimistic that implemented in conjunction with Saxendrift's new in-field screen technology, the bulk x-ray technology should lead to a sustainable long-term improvement in diamond recoveries in the Group's operations. The results will be evaluated with a view to deploying similar solutions in new processing plants that are planned at Wouterspan and/or Niewejaarskraal as well as Rockwell's earlier stage Middle Orange River area properties. Work on optimizing the pre-feasibility study for the Wouterspan Mine, which has been on care and maintenance since February 2009 using more fit-for-purpose technology, will start once the results from the Saxendrift bulk x-ray project are forthcoming.

Having made significant progress with the corporate turnaround in fiscal 2012 by entrenching the principles of diamond value management, the long term economic sustainability of the business has been substantially improved. The management team has well-defined and realistic objectives to complete the repositioning of the Company in the year ahead, including the planning and feasibility stages of the Wouterspan project, completing the ramp up at Tirisano and extending the bulk x-ray pilot project.

Commenting on the fourth quarter performance of Rockwell, James Campbell, CEO and president of Rockwell Diamonds said:

"The diamond value management strategy is leading to an improvement in Rockwell's carat production and during the past year, the new management team has made good headway with the corporate turnaround. This is still work in progress as is evident in our financial performance for fiscal 2012. A number of the decisions taken to strengthen Rockwell's long term sustainability have impacted these results, such as putting Holpan on care and maintenance, the costs incurred at Tirisano during the ramp up phase and ensuring that our fixed assets are fairly reflected on the balance sheet. Rockwell is now in a much stronger position than it was a year ago, having addressed the majority of the legacy issues. We have concrete plans to deal with the remaining tasks to complete our turnaround."

"Solid progress has been made with improving recoveries. This is clearly evidenced by the year-on-year improvement in volume and carat production of 40% and 77%, respectively, from the three operational mines. Saxendrift's production profile has stabilized and it achieved record production volumes in February 2012 that have been sustained into the new fiscal year. We are confident that the pilot implementation of the bulk x-ray project, which was delivered on schedule and on budget will lead to a new plant blueprint for our Northern Cape operations. In addition, with management committing significant time and attention to the production ramp up at Tirisano, we have addressed the major challenges at the mine and are making steady progress."

Mark Bristow, Chairman of Rockwell Diamonds added:

"The last twelve months have seen a number of milestones in Rockwell's repositioning. This was catalyzed with the strategic review in the first six months of fiscal 2012, and the subsequent appointment of the new management team to refine and action the new strategy. The decisive strategic actions that characterized the last year's business activities together with the diamond value management culture which is becoming "business as usual" for Rockwell, place the Company on a sound footing to meet its medium term goal to be the leading mid tier alluvial diamond producer."

Conference Call:

Rockwell will host a telephone conference call on Friday, May 25, 2012 at 10:30 a.m. Eastern Time (4:30 p.m. Johannesburg) to discuss these results. The conference call may be accessed as follows:

Country	Access Number
Canada (Toll-Free)	1 866 605 3852
USA (Toll-Free)	1 800 860 2442
UK (Toll-Free)	0 800 917 7042
South Africa (Toll-Free)	0 800 200 648
Other Countries (Intl Toll)	+27 11 535 3600

A transcript of the audio webcast will be available on the Company's website: www.rockwelldiamonds.com. The conference call will be archived for later playback until midnight (ET) May30, 2012 and can be accessed by dialling the relevant number in the table below and using the pass code 20772#.

Country	Access Number
South Africa (Telkom)	011 305 2030
USA and Canada (Toll)	1 412 317 0088
Other Countries (Intl Toll)	+27 11 305 2030
UK (Toll-Free)	0 808 234 6771

For further details, see the Rockwell's complete financial results and Management Discussion and Analysis posted on the website and on the Company's profile at www.sedar.com. These include additional details on production, sales and revenues for the quarter, as well as comparative results for fiscal 2011.

Saxendrift Mineral Resource and Reserve Update

Based on the results of operations and additional trial mining at Saxendrift in 2011, an economic study and estimate of the year end mineral resources and reserves was completed. The mineral resources at 29 February 2012 were estimated by Rockwell's Group Technical Manager and reviewed by Dr. T.R. Marshall, (Pr. Sci. Nat.), a qualified person who is independent of the Company and responsible for the estimate. Dr Marshall is also responsible for the economic study and estimate of the mineral reserves.

MINING AREA	RESOURCE CLASSIFICATION	VOLUME (m³)	*GRADE (ct/100m³)**	Value (USD/ct)
Brakfontein Hill Complex	Indicated	8,085,500	0.47	2,444
Saxendrift Hill Complex Terrace B2	Indicated	1,774,600	1.15	2,444
Total Indicated		9,860,100	0.59	2,444
Brakfontein Hill Complex	Inferred	705,200	0.47	2,444
Saxendrift Hill Complex Terrace B2	Inferred	86,000	0.68
Kwartelspan prospect	Inferred	500,000	1.00
Total Inferred		1,291,200	0.69	2,444

* Based on a bottom-cut-off of 5mm
* Mineral resources that are not mineral reserves do not have demonstrated economic viability.

The mineral reserves and key economic parameters of the Saxendrift mine study are:

Key Parameters - Saxendrift Mine	Key Results
Volume of gravel (Probable Reserves)	8,085,500m³
Average Grade (Probable Reserves)	0.47 ct/100m³
Average sales value (2011)	USD2,444/ct
Proposed monthly throughput	180,000m³
Proposed mine life (reserves only)	44 months
Mining Costs (2011)	ZAR67/m³
Mining Royalties	0.5-7%
Capex* required to bring mine into production	ZAR27 million
Company Tax #	28%
IRR	143%
NPV 17%	ZAR 133,095,000

The Saxendrift mine plan involves continuous operations on the Brakfontein Hill Complex using shallow, opencast mining. The processing plant is comprised of four scrubbers followed by four 18 ft rotary pan-plants and has a design plant-throughput of 800tph. With an expected annual treatment of 2,160,000m³ some 10,000ct of diamonds are expected to be recovered through a bank of twelve FLOWSORT machines, as well as final hand-sort in a glove-box under secure conditions. Access to all areas of the final recovery is controlled and monitored by protection personnel and closed circuit television. Quality assurance/quality control is maintained through the use of tracers (bort diamonds and ceramic balls).

About Rockwell Diamonds:

Rockwell is engaged in the business of developing and operating alluvial diamond mines, to become a mid-tier diamond mining company. The Company has three existing operations, namely Saxendrift, Klipdam and Tirisano, which it is progressively optimizing. It also has two development projects -Wouterspan and Niewejaarskraal- and a pipeline of other projects with future development potential. Rockwell's operations and projects are all located in the Republic of South Africa.

In addition to its project work, Rockwell continues to evaluate merger and acquisition opportunities which have the potential to expand its mineral resources and provide new opportunities to develop the additional production that would provide accretive value to the Company.

The Company has an established track record of producing large gem quality diamonds; these comprise a significant proportion of its production profile. The diamonds recovered from Rockwell's mines are frequently acquired for investment purposes. The Company has a beneficiation joint venture which enables it to participate in the profit on the sale of its +2.8 carat sized stones after they have been polished.

No regulatory authority has approved or disapproved the information contained in this news release.

Forward Looking Statements
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.

Factors that could cause actual results to differ materially from those in forward-looking statements include uncertainties and costs related to exploration and development activities, such as those related to determining whether mineral resources exist on a property; uncertainties related to expected production rates, timing of production and cash and total costs of production and milling; uncertainties related to the ability to obtain necessary licenses, permits, electricity, surface rights and title for development projects; operating and technical difficulties in connection with mining development activities; uncertainties related to the accuracy of our mineral resource estimates and our estimates of future production and future cash and total costs of production and diminishing quantities or grades of mineral resources; uncertainties related to unexpected judicial or regulatory procedures or changes in, and the effects of, the laws, regulations and government policies affecting our mining operations; changes in general economic conditions, the financial markets and the demand and market price for mineral commodities such as and diesel fuel, steel, concrete, electricity, and other forms of energy, mining equipment, and fluctuations in exchange rates, particularly with respect to the value of the US dollar, Canadian dollar and South African Rand; changes in accounting policies and methods that we use to report our financial condition, including uncertainties associated with critical accounting assumptions and estimates; environmental issues and liabilities associated with mining and processing; geopolitical uncertainty and political and economic instability in countries in which we operate; and labour strikes, work stoppages, or other interruptions to, or difficulties in, the employment of labour in markets in which we operate our mines, or environmental hazards, industrial accidents or other events or occurrences, including third party interference that interrupt operation of our mines or development projects.

For further information on Rockwell, Investors should review Rockwell's annual Form 20-F filing with the United States Securities and Exchange Commission www.sec.com and the Company's home jurisdiction filings that are available at www.sedar.com.

SOURCE Rockwell Diamonds Inc.

Race to Develop Australia's First Potash Project Is On, an Industrial Info News Alert

Fri, 25 May 2012 00:00:00 +0000

Researched by Industrial Info Resources (Perth, Australia) -- With Australia's long history as a major agricultural producer and exporter, it is surprising that the country's history as a producer of potash, the main use for which is fertilizer, is very limited. With the world's population growing rapidly, recently passing the 7 billion mark and expected to hit 8 billion by 2027, and the ever-decreasing availability of arable farmland, the long-term global demand for potash is set to rise. This has prompted Western Australian exploration company Potash West NL (ASX:PWN) (Perth, Australia) to join the race to develop Australia's first potash mine.

For details, view the entire article by subscribing to Industrial Info's Premium Industry News at http://www.industrialinfo.com/showAbstract.jsp?newsitemID=220381&refer=mw, or browse other breaking industrial news stories at www.industrialinfo.com.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. To contact an office in your area, visit the www.industrialinfo.com "Contact Us" page.

Contact:
Joe Govreau
713-783-5147

Mammoth Resources Appoints New Board Members and New Chief Financial Officer

Thu, 24 May 2012 22:28:09 +0000

Mammoth Resources Corp. (TSX VENTURE:MTH) ("Mammoth" or the "Company") is pleased to report that at its annual general and special meeting held on May 23, 2012 all resolutions including the appointments of new directors were adopted by shareholders of the Company.

Pursuant to the new appointments Mr. Edward Farrauto and Mr. Constantine Salamis have resigned as directors of the Company. Mr. Nigel Kirkwood has also resigned as Chief Financial Officer of the Company but will continue to serve as a director of the Company along with Mr. Marshall Farris and Mr. Thomas Atkins, the current President and CEO. Newly appointed to the board of directors were Mssrs. John D. McBride, David Wiley and Guy Le Bel. Mr. Errol Farr was appointed as CFO of the Company.

Mammoth President and CEO, Thomas Atkins, commented on these changes to the board of directors and executive of the Company, stating: "On behalf of the shareholders of the Company I'd like to thank Ed, Constantine and Nigel for their assistance over the past months as the Company gained its public listing and advanced as a public company. Without a doubt the Company could not have achieved these goals if not for the efforts of these gentlemen. With the advancement of Mammoth as a public company, Mammoth has been able to attract some additional high caliber talent to the board which we all believe can assist the Company in meeting its mineral project exploration, development and acquisition objectives going forward. On behalf of shareholders I welcome the Company's new directors and the new CFO and look forward to working with this team in the future."

To find out more about Mammoth Resources and to sign up to receive future press releases, please visit the Company's website at www.mammothresources.ca.

Mammoth Resources Corp.
Thomas Atkins
President & CEO
416-479-0887
416-363-4567 (FAX)
tom@mammothresources.ca
www.mammothresources.ca

Yalian Steel Secures RMB 30 Million Trade Finance From Industry and Commercial Bank of China

Thu, 24 May 2012 22:18:06 +0000

Yalian Steel Corporation (TSX VENTURE:YL) ("Yalian" or the "Company") announces that it has obtained a trade finance for RMB 30 million (CAD $4.8 million) from the Industry and Commercial Bank of China ("ICBC") to fund the working capital requirements of Yangzhou Yalian Steel Pipe Co., Ltd ("Yangzhou Yalian"), a wholly-owned subsidiary of the Company in China Availability of such trade finance further enhances the Company's ability to secure contracts in the future.

ICBC advanced RMB 30 million to Yangzhou Yalian on May 17, 2012 to meet its cash needs arising from filling several sales orders recently obtained by Yangzhou Yalian. The loan matures on August 19, 2012 and carries an annual interest rate of 6.71%, which was fixed at 110% of the prevailing benchmark rate in China. The loan is secured by Yangzhou Yalian's accounts receivables for which collection proceeds are insured by Ping An Property & Casualty Insurance Company of China Ltd. Funds collected from these pledged accounts receivables will be used to repay the loan principal and interest.

About Yalian Steel Corporation

Yalian Steel Corporation is a British Columbia corporation focused on the production of high quality Longitudinally Submerged Arc Welded (LSAW) steel pipe to service Asia's rapidly growing energy transportation infrastructure market. The Company has recently completed construction of its initial manufacturing facility in the city of Yangzhou, in the Jiangsu province of China The first production line has a capacity of up to 200,000 metric tons per year. The Yangzhou Yalian plant utilizes the JCOE (J-ing, C-ing, 0-ing, Expanding) process, an advanced method of LSAW pipe production that involves the bending and shaping of X-70 and higher grade steel.

For further company information please access our website: www.yaliansteel.com

This press release contains forward-looking statements based on current expectations. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Risks and uncertainties about Yalian's business are more fully discussed in the Company's disclosure materials filed with the securities regulatory authorities in Canada available at www.sedar.com. All amounts are stated in Canadian dollars unless noted otherwise.

Yalian Steel Corporation
Helen Lu
Chief Financial Officer
(604) 696-6388
www.yaliansteel.com

Xinergy Ltd. Announces Results of 2012 Annual Shareholders Meeting and Appointment of New Board Member

Thu, 24 May 2012 21:31:00 +0000

Xinergy Ltd. Announces Results of 2012 Annual Shareholders Meeting and Appointment of New Board Member

PR Newswire

Toronto Stock Exchange: XRG

KNOXVILLE, TN, May 24, 2012 /PRNewswire/ - Xinergy Ltd., (TSX:XRG) ("Xinergy" or the "Company"), a Central Appalachian coal producer, today announced the re-election of 5 members to its Board of Directors at the Company's annual meeting of shareholders held Tuesday, May 22, 2012 in Toronto, Ontario. Re-elected Directors include Todd Q. Swanson, Chairman, Matthew Goldfarb, Interim CEO; Bernie Mason, President of the Company; Robert Metcalfe and David Smith. The Company also announced the election of Stephen Loukas as well as the appointment of Jay Thornton to its Board of Directors, pursuant to the representation agreement, increasing the total number of board members to 7.

Biographies for the re-elected Directors are available in the Proxy Statement or on SEDAR at www.sedar.com.

"Both Stephen and Jay have extensive experience in the energy markets and we welcome their insight to our Board", said Todd Q. Swanson, Chairman of the Board.

"Jay and I believe that an extraordinary opportunity exists over the next few years to create significant shareholder value at Xinergy. We look forward to working with the Board and management on executing the Company's growth initiatives", said Stephen Loukas.

Mr. Loukas has been a Managing Member and Portfolio Manager of FrontFour Capital Group LLC ("FrontFour"), an investment management firm investing in both Canadian and US securities since February 2009. Prior to joining FrontFour, from May 2006 to February 2009, Mr. Loukas was a Director at Credit Suisse Securities where he was a Portfolio Manager and Head of Investment Research of the Multi-Product Event Proprietary Trading Group across the group's three trading strategies: merger arbitrage, value, event-driven equities and distressed debt. Mr. Loukas was previously a senior investment analyst at Pirate Capital, LLC an event-driven hedge fund from January 2005 to March 2006. Prior to Pirate Capital, Mr. Loukas spent 5 years in the Corporate Finance & Distribution Group of Scotia Capital, where he focused on the structuring and syndication of leveraged loans and high yield debt. Mr. Loukas started his career at financial restructuring firm Zolfo Cooper where he assisted corporate clients in the development and implementation of operational and financial restructuring plans.

Mr. Thornton has over 28 years of oil and gas experience. Jay spent the first part of his career in various management positions with Shell. Over the past 12 years, he has held various operating and corporate executive positions with Suncor Energy, Canada's largest integrated energy company. He spent 4 years in Fort McMurray at Suncor's Oil Sands mining operations. His most recent position with Suncor was Executive Vice President of Supply, Trading and Development. Jay has held previous Board positions with both the Canadian Association of Petroleum Producers (CAAP) and the Canadian Petroleum Products Institute (CPPI).He was a past Board member of the YMCA Fort McMurray and is currently a Board member of a private Calgary based oil and gas company.

About Xinergy Ltd.

Headquartered in Knoxville, Tennessee, Xinergy Ltd., through its wholly owned subsidiary Xinergy Corp. and its subsidiaries, is engaged in coal mining in eastern Kentucky, West Virginia and Virginia. Xinergy sells high quality thermal and metallurgical coal to electric utilities, steelmakers and industrial companies. For more information, please visit www.xinergycorp.com.

SOURCE Xinergy Ltd.

L.B. Foster Company Declares Quarterly Dividend

Thu, 24 May 2012 21:20:04 +0000

L.B. Foster Company Declares Quarterly Dividend

PR Newswire

PITTSBURGH, May 24, 2012 /PRNewswire/ -- L.B. Foster Company (Nasdaq: FSTR) announced today that its Board of Directors has authorized a $0.025 per share regular quarterly cash dividend on its issued and outstanding shares of common stock, payable Friday, June 22, 2012 to shareholders of record at the close of business on June 8, 2012. There are currently approximately 10.1 million shares outstanding.

(Logo: http://photos.prnewswire.com/prnh/20101222/MM21387LOGO)

L.B. Foster Company is a leading manufacturer, fabricator, and distributor of products for the rail, construction, utility and energy markets with locations in North America and Europe.

Contact information:	David Russo +1-412-928-3417
	drusso@lbfoster.com

The Company wishes to caution readers that various factors could cause the actual results of the Company to differ materially from those indicated by forward-looking statements in news releases, and other communications, including oral statements, such as references to future profitability, made from time to time by representatives of the Company. Specific risks and uncertainties that could affect the Company's profitability include, but are not limited to, general economic conditions, sudden and/or sharp declines in steel prices, adequate funding for infrastructure projects, production delays or problems encountered at our manufacturing facilities and the availability of existing and new piling and rail products. There are also no assurances that the announced dividend will continue on a quarterly basis should known or unknown factors negatively impact the financial position of the Company.

Matters discussed may include forward-looking statements that involve risks and uncertainties. Sentences containing words such as "anticipates," "expects," or "will," generally should be considered forward-looking statements. More detailed information on these and additional factors which could affect the Company's operating and financial results are described in the Company's Forms 10-K, 10-Q and other reports, filed or to be filed with the Securities and Exchange Commission. The Company urges all interested parties to read these reports to gain a better understanding of the many business and other risks that the Company faces.

L.B. Foster Company Declares Quarterly Dividend

Thu, 24 May 2012 21:04:09 +0000

L.B. Foster Company Declares Quarterly Dividend

PR Newswire

(Logo: http://photos.prnewswire.com/prnh/20101222/MM21387LOGO)

L.B. Foster Company is a leading manufacturer, fabricator, and distributor of products for the rail, construction, utility and energy markets with locations in North America and Europe.

Contact information: David Russo (412) 928-3417
drusso@lbfoster.com

SOURCE L.B. Foster Company

Russel Metals Announces the Acquisition of Alberta Industrial Metals

Thu, 24 May 2012 21:02:29 +0000

Russel Metals Inc. (TSX:RUS) announced today that they have signed an agreement to acquire Alberta Industrial Metals Ltd., a metals distribution and processing service center located in Red Deer, Alberta. The acquisition includes the operating assets and the land and buildings. The total purchase price was $30 million. Revenues are approximately $30 million.

Brian Hedges, President and CEO of Russel Metals stated "We are extremely pleased to add Alberta Industrial Metals to our service center operations. Alberta Industrial Metals is a market leader in their region and their cut-to-length processing capabilities compliment our Alberta operations. The current management team will continue to lead Alberta Industrial Metals."

John Reid, Vice President Operations, Service Centers of Russel Metals continued "We will integrate our Russel Metals operations in Red Deer with Alberta Industrial Metals and the combined talents of the two operations will enable us to provide customers with a complete range of products. The Alberta Industrial Metals flat rolled processing capabilities will enhance our Alberta operations."

Russel Metals is one of the largest metals distribution companies in North America. It carries on business in three metals distribution segments: metals service centers, energy tubular products and steel distributors, under various names including Russel Metals, A.J. Forsyth, Acier Leroux, Acier Loubier, Acier Richler, Arrow Steel Processors, B&T Steel, Baldwin International, Comco Pipe and Supply, Fedmet Tubulars, JMS Russel Metals, Leroux Steel, McCabe Steel, MÃ©gantic MÃ©tal, MÃ©taux Russel, MÃ©taux Russel Produits SpÃ©cialisÃ©s, Milspec, Norton Metals, Pioneer Pipe, Russel Metals Specialty Products, Russel Metals Williams Bahcall, Siemens Laserworks, Spartan Energy Tubulars, Sunbelt Group, Triumph Tubular & Supply, Wirth Steel and York-Ennis.

Russel Metals Inc.
Marion E. Britton
Vice President and Chief Financial Officer
(905) 819-7777
info@russelmetals.com
www.russelmetals.com

Norilsk Nickel Clarifies Terms for Announced Intended All-Cash Offer for Asian Mineral Resources Limited

Thu, 24 May 2012 21:01:00 +0000

Calls on Asian Mineral Board to Postpone Shareholder Meeting to Allow Bid to be Considered by Shareholders

Norilsk Nickel International Holdings Ltd, subsidiary of OJSC "MMC "NORILSK NICKEL" ("Norilsk Nickel"), reminds holders of Asian Mineral Resources Limited ("AMR") that it announced the intention to make an all-cash take-over bid (the "Take-over Bid") to acquire all of the outstanding common shares (the "Shares") of AMR at a price of C$0.11 per Share (the "Offer"). Despite comments of AMR issued today, this Offer will, as previously communicated, be subject only to typical offer conditions and a condition that either the transaction with Pala be rejected by shareholders of AMR, withdrawn or otherwise terminated, or Pala agreeing to tender to the Take-over Bid pursuant to a lock-up agreement acceptable to Norilsk Nickel.

Norilsk Nickel today dispatched requests for shareholder lists of AMR and intends to formally launch its Take-over Bid promptly, unless AMR takes steps to frustrate its Offer.

Norilsk Nickel has asked AMR directors to postpone the AMR shareholder meeting to approve the Pala transaction in order to ensure shareholders have the full opportunity to choose between the Norilsk Nickel Offer and the Pala transaction.

About OJSC "MMC "NORILSK NICKEL"

MMC Norilsk Nickel, a company incorporated under the laws of the Russian Federation, is the largest diversified mining and metals company in Russia, the world's largest producer of nickel and palladium and one of the world's largest producers of platinum, rhodium, copper and cobalt. In addition to this, MMC Norilsk Nickel produces a large number of other by-products, including gold, silver, tellurium, selenium, iridium and ruthenium.

The key production units of the Company's group in Russia are at the Polar and Kola Peninsulas. MMC Norilsk Nickel international assets include operations in Finland, Australia, Botswana and South Africa.

MMC Norilsk Nickel's shares are traded at MICEX-RTS. ADR's on the Company's shares are traded on the other the counter market in the US and at the London and Berlin stock exchanges.

Cautionary Note Regarding Forward Looking Financial Information

Certain of the statements made herein may contain forward-looking statements or information within the meaning of Canadian securities laws and the applicable securities laws of the United States. Such forward looking statements or information include, but are not limited to, statements or information with respect to Norilsk Nickel's intention with respect to a proposed offer to acquire AMR; the proposed terms of such an offer; the business, operations and financial performance and condition of each of Norilsk Nickel and AMR.

Forward-looking statements or information are based on a number of estimates and assumptions and are subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking statements or information. Should one or more of these risks and uncertainties materialize, or should underlying estimates and assumptions prove incorrect, actual results may vary materially from those described in forward looking statements or information. Factors related to such risks and uncertainties, and underlying estimates and assumptions include, among others, the following: Norilsk Nickel's assessment of the effect of an offer on Norilsk Nickel, AMR and on the shareholders of AMR, the timing and prospects for shareholder acceptance of an offer and the implementation thereof; the satisfaction of any conditions to an offer; the ability of Norilsk Nickel to advance development of the assets of AMR; price volatility of nickel and other metals; impact of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated production, between actual and estimated resources, and between actual and estimated metallurgical recoveries; mining operational risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; speculative nature of mineral exploration; defective title to mineral claims or property, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. Accordingly, undue reliance should not be placed on forward looking statements or information. We do not expect to update forward-looking statements or information continually as conditions change, except as may be required by law.

OJSC "MMC "NORILSK NICKEL"
Alexey Ivanov, Director for Investor Relations
22, Voznesensky Per., Moscow, Russia, 125993
+7 495 786 8320
+7 495 797 8613 (FAX)
ivanovavl@nornik.ru

Geodex Terminates Investor Relations Contract

Thu, 24 May 2012 21:00:00 +0000

Geodex Minerals Ltd. (TSX VENTURE:GXM)(FRANKFURT:G2W) ("Geodex") announces that it has terminated its contract with Venture North Capital Inc. for investor relations services.

About Geodex

Geodex is a mineral resource company focused on New Brunswick, Canada with its primary asset being its 30% Sisson ownership interest. Geodex has continued to actively develop its exploration portfolio focused on the discovery of critical metals in New Brunswick. A drill program is planned in 2012 on the Dungarvon Project to follow up promising 2011 drill results. Geodex has operated for nine years in New Brunswick where it has had a number of discovery and development successes including the Sisson Project and Mount Pleasant West.

ON BEHALF OF THE BOARD OF DIRECTORS

GEODEX MINERALS LTD.

Mark Fields, President & CEO

Forward Looking Statement

Certain information regarding the Company contained in this press release may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, opinions, forecasts, projections or other statements that are not statements of fact. Although the Company believes that expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond the Company's control, and that future events and results may vary substantially from what the Company currently foresees.

Geodex Minerals Ltd.
Investor Relations
(604) 689-7771 or Toll free 1-888-999-3500
(604) 689-5528 (FAX)
info@geodexminerals.com
www.geodexminerals.com

Orbite Collaborates With Gaspe MRCs to Implement a Manpower Training Program and Receives its Construction Permit for the HPA Plant

Thu, 24 May 2012 20:56:41 +0000

Orbite Aluminae Inc. (TSX:ORT) (the "Company") is proud to announce that it is developing a program to train prospective employees for its projected facilities, i.e. its high-purity alumina (HPA) production plant in Cap-Chat, scheduled for commissioning at the end of 2012, and its larger-scale smelter grade alumina (SGA) plant. The initiative is being undertaken in collaboration with the GaspÃ©sie leaders of the regional county municipalities (MRCs) of CÃ´te-de-GaspÃ© and Haute-GaspÃ©sie and targets current and future Orbite employees.

The training program planned in conjunction with the two MRCs is based on an existing education and training platform for employees working with chemical processes and applications much like the transformation process developed by Orbite. The program's objective is to provide individuals who would like to work in the chemical and metallurgical transformation industry with the opportunity to refine or develop their skills.

"Our training plan has been designed and adapted for both the high-purity and smelter grade alumina production processes, which require the handling of chemical products. This training is essential to ensure high-quality production, particularly as it relates to employee health and safety," declared Denis Primeau, Eng., MBA, and Chief Engineer of Orbite Aluminae.

The training program will offer a technical college degree (DEC) in chemical and petrochemical processes and a faster Attestation of Collegial Studies (AEC) diploma. The initiative will enable both the Company and Quebec's chemical and mining sector to hire technicians trained by industry experts at a time when a major initiative of the Quebec Government, the Plan Nord, is fast becoming a reality.

"The college and accelerated certification programs will enable prospective Orbite Aluminae employees to develop their skills and will offer people in the GaspÃ© area the opportunity to obtain high-quality jobs at both the Cap-Chat plant and that planned for the Estran district," explained Allen Cormier, Prefect of the MRC de La Haute-GaspÃ©sie.

FranÃ§ois Roussy, Prefect and Mayor of GaspÃ©, also voiced his support for the program: "The deployment of Orbite's industrial activities represents exciting job opportunities for our citizens. To help them access these jobs, we are joining forces with Orbite to implement the announced college training programs."

The chemical and petrochemical technical program will be developed and offered by colleges in the GaspÃ© region in conjunction with programs that exist elsewhere in Quebec.

HPA plant construction permit

Orbite also announces that in accordance with its operational plan, it has received a construction permit from the Cap-Chat municipality authorizing it to begin work leading to the conversion of its pilot plant into a high-purity alumina production plant.

About Orbite

Orbite currently owns 100% of the mining rights over a total of 60 984 hectares including the Grande-Vallee property measuring 6 665 hectares, the site of an aluminous clay deposit located 23 km south of Grande-Vallee, and a 2 600 m2 facility in the process of being converted into a high-purity alumina plant in Cap Chat, in the Gaspe region. An NI 43-101 report identified a Resource of between 800 million and 1 billion tonnes of aluminous clay in part of the deposit. The Company also owns nine different families of intellectual property rights, protected by Canadian and U.S. patents, for extracting alumina and for which patents are also pending in other countries. www.orbitealuminae.com.

Forward-looking statements

Certain information contained in this document may include "forward-looking information". Without limiting the foregoing, the information and any forward-looking information may include statements regarding projects, costs, objectives and future returns of the Company or hypotheses underlying these items. In this document, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or the Company management's good-faith beliefs with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. These risks uncertainties and assumptions include, but are not limited to, those described in the section of the Management's Discussion and Analysis (MD&A) entitled "Risk and Uncertainties" as filed on March 22, 2012 on SEDAR, and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does it undertake, any obligation to update or revise any forward-looking information or statements contained in this document to reflect subsequent information, events or circumstances or otherwise, except as required by applicable laws.

MEDIA
Frederic Berard
Vice-President and General Manager
H+K Strategies
Tel.: 514-395-0375, ext. 259
Orbite
Jacques Bedard
CFO
Orbite Aluminae Inc.
514-744-6264
INVESTORS
Louis Morin
Investor Relations
Tel.: 514-591-3988
Jason Monaco
Managing Partner
First Canadian Capital Corp.
Tel.: 416-742-5600
Nicole Blanchard
Investor Relations
Sun International Communications
Tel.: 450-973-6600

Wajax Increases Bank Credit Facility to $225 Million

Thu, 24 May 2012 20:49:29 +0000

On May 24, 2012, Wajax (TSX:WJX) increased the limit of the revolving term portion of its bank credit facility by $50 million on substantially the same terms and conditions as the existing facility. The fully secured facility, due August 12, 2016, is now comprised of a $30 million non-revolving term portion and a $195 million revolving term portion. At March 31, 2012, Wajax had utilized $101 million of the facility.

Commenting on the increase, Mark Foote, President and CEO, stated: "In addition to taking advantage of the currently favourable borrowing conditions, the $50 million increase will provide Wajax with additional borrowing capacity to fund future growth, including increases in working capital and acquisitions."

Wajax Corporation is a leading Canadian distributor and service support provider of mobile equipment, power systems and industrial components. Reflecting a diversified exposure to the Canadian economy, its three distinct core businesses operate through a network of 117 branches across Canada. Its customer base spans natural resources, construction, transportation, manufacturing, industrial processing and utilities.

Wajax Corporation
Mark Foote
President and Chief Executive Officer
(905) 212-3300
mfoote@wajax.com
Wajax Corporation
John Hamilton
Chief Financial Officer
(905) 212-3300
jhamilton@wajax.com

Augen Capital Reports First Quarter 2012 Results

Thu, 24 May 2012 20:44:22 +0000

Augen Capital Corp. ("Augen" or the "Company") (TSX VENTURE:AUG) today announced its consolidated financial results for the three months ended March 31, 2012.

During the first quarter of 2012, the Company recorded a net loss of $530,770 (2011 - $2,372,060) or a net loss of $0.01 (2011 - net loss of $0.04) on a per share basis. This result was mostly due to a realized loss on sale of investments of $955,636 (2011 - gain of $378) offset by an unrealized gain of $758,065 (2011 - unrealized loss of $2,051,964). The Company generates income primarily through its investment portfolio, the value of which is closely related to global capital market conditions and the general economic environment.

Consolidated expenses during the three months ended March 31, 2012 were $337,671 (2011 - $325,263), an increase of $12,408 which was largely attributable to the increase in general and administrative expenses of $84,921 to $330,532 (2011 - $245,611), which was partially offset by a decrease in share-based compensation expense of $67,764 to $794 (2011 - $68,558) representing the vesting of stock options during the three month period. As a result, the Company has loss from operations of $1,288,835 (2011 - loss of $320,096), an increase of $968,739.

Consolidated Statements of Operations and Comprehensive Earnings (loss)
		2012		2011
For the three months ended March 31,		$		$
Income (loss)		(951,164	)	5,167
Expenses		337,671		325,263
Earnings (loss) from operations		(1,288,835	)	(320,096	)
Unrealized (gain) loss on FVTPL investments		758,065		(2,051,964	)
Earnings (loss) before income tax		(530,770	)	(2,372,060	)
Income taxes
	Current	-		174
	Deferred	-		-
		-		174
Net earnings (loss) and comprehensive earnings (loss)		(530,770	)	(2,372,234	)
Earnings (loss) per share
	Basic and diluted	(0.01	)	(0.04	)
Weighted average shares outstanding		77,837,039		62,074,212

Investment Portfolio

The Company's investments consist primarily of companies whose principal businesses are related to resource exploration and development. At March 31, 2012, the market value of the Company's investments was $853,942 (December 31, 2011 - 2,168,100), a decrease of $1,314,158 or 61% during the three months. The decrease was largely due to the selling of certain investments during the period. The Company's most significant investment represented 45% of the investment portfolio as at March 31, 2012. The realized loss on sale of investments continued to have a significant negative effect on the earnings of the Company.

The condensed interim consolidated financial statements for the three months ended March 31, 2012 and the Company's public documents are available at www.sedar.com. For more information on Augen Capital, visit our website at www.augencc.com or e-mail investor relations at investorrelations@augencc.com.

About Augen Capital

Augen Capital Corp. ("Augen") (TSX VENTURE:AUG) is a Toronto-based public mining merchant bank. The Company actively seeks, invests and finances prospective mining and resource projects and generates capital gains from the appreciation and disposition of merchant banking positions.

This news release contains forward-looking statements. These statements are based on certain factors and assumptions as set forth in this news release including expected growth, results of operations, performance and business prospects and opportunities. While the Company considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. A number of factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to results of exploration, project development, reclamation and capital costs of the companies in the merchant banking portfolios ("investee companies"), and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for the minerals the investee companies expect to produce; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company and investee companies. Additional risks and uncertainties can be found in our Management's Discussion and Analysis and in filings with the Canadian provincial securities commissions. Forward-looking statements are given only as at the date of this news release and the Company disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Shares outstanding: 77,837,039

Augen Capital Corp.
Amy Stephenson
Chief Financial Officer
416-479-3302
Toll-free: 888-442-8436

Centurion Closes First Tranche of Brokered Private Placement

Thu, 24 May 2012 20:32:10 +0000

Centurion Minerals Ltd. (TSX VENTURE:CTN) ("Centurion", "the Company") is pleased to announce that it has closed on a first tranche of its previously announced (April 17, 2012) brokered private placement for total gross proceeds of $685,000.

The first tranche consists of 6,850,000 Units priced at $0.10 for total gross proceeds of $685,000. Each Unit consists of one common share and one half warrant. Each whole warrant is exercisable for one common share at $0.12 for a period of eighteen months following the closing. The units are subject to a hold period which expires in September 2012.

The Company paid Maison Placements Canada Inc., as Agent, fees of $40,000 and issued 500,000 non-transferrable Agent's warrants. Agent's warrants are exercisable into Units at $0.12 on the same terms as those issued pursuant to the private placement. Insiders of the Company participated in this private placement for a total of 1,300,000 Units.

Proceeds from this financing will be used for general working capital purposes.

ABOUT CENTURION
Centurion Minerals Limited is a Canadian-based company focused on the exploration and development of gold and other precious metal projects in Southeast Asia.

On Behalf of the Board,

"David G. Tafel"
President and CEO

This news release may contain forward-looking statements concerning future operations of Centurion Minerals Ltd. (the "Company"). All forward-looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.

Centurion Minerals Ltd.
David Tafel
President and CEO
604-484-2161
604-683-8544 (FAX)
info@centurionminerals.com
www.centurionminerals.com