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Magellan, Strike Minerals, Queenston, Stornoway, Northcore news briefs

Contributed by eResearch

Magellan has completed the acquisition of John Huddleston Engineering Limited, a leading European supplier of precision-machined aerospace components with facilities in Great Britain, Northern Ireland, and Poland. Huddleston’s operations will be integrated and managed through Magellan’s U.K. operations.

Strike Minerals has closed a partial private placement of 3,470,000 flow-through units at $0.10 per flow-through unit, and 1,600,000 common share units at $0.085 per common unit, for total gross proceeds of $483,000. Part of the proceeds will be used to fund the initial underground mining at the Edwards mine project in the Goudreau-Lochalsh gold camp near Wawa, Ontario, and surface exploration at Strike’s Schreiber property (Hemlo West near Schreiber, Ontario).

Queenston has published results from 17 surface diamond drill holes (11,048 metres) at its 100%-owned Upper Beaver property in Kirkland Lake, Ontario. The drilling continues to extend the new Footwall Zone, and provides further definition of the Porphyry, North Contact, and Q Zones. Among the highlights of the results were 18.4 g/t Au with 1.1% Cu over 22 metres at the Footwall Zone, and 21.8 g/t Au over 13.0 metres at the Porphyry Zone.

Stornoway has entered into a mandate letter with seven financial institutions (the Mandated Lead Arrangers) in connection with a potential senior debt financing for the Company’s 100%-owned Renard diamond project in the James Bay region of north-central Quebec. The Mandated Lead Arrangers have been appointed to arrange senior loans of up to US$475 million. Stornoway is pursuing a financing strategy for the Renard diamond project based on a combination of senior project debt, equity, and financing options tied to future diamond production.

Northcore has launched a new customer web presence that is being delivered through Northcore’s portfolio company Envision Online Media Inc. Northcore acquired Envision Online Media Inc., an Ottawa-based software development company and Microsoft partner, in 2012.