--(www.USEquityNews.com)-- 07/30/2008 - Uranium Exploration industry alert provided by U.S. Equity News. Mine operator Patriot Coal Corp. on Tuesday reported a second-quarter profit on improved margins, robust coal markets and its acquisition of Magnum Coal. Patriot reported profit of $11.8 million, or 22 cents per share, compared with a loss of $5.8 million during the year-ago quarter. Patriot's per-share profit was adjusted to reflect a recently announced 2-for-1 stock split. Revenue increased to $339.7 million from $256.2 million during the second quarter of 2007. "Our operating results have improved significantly, we have captured value with new contracts and joint ventures, and we have almost doubled our size with the Magnum acquisition," Richard M. Whiting, Patriot's chief executive, said in a statement.
All amounts in Canadian dollars unless otherwise noted Fording Canadian Coal Trust ("Fording") (NYSE: FDG) today announced that it has entered into an agreement to sell all of its assets to Teck Cominco Limited ("Teck Cominco") by way of a plan of arrangement (the "Transaction"), pursuant to which Fording unitholders will receive $93.76 per unit payable in a combination of US$82.00 cash and 0.245 of a Teck Cominco Class B subordinate voting share ("Teck Cominco Shares") per Fording unit. "We are pleased to be able to present Fording unitholders with this opportunity to realize enhanced value from their investment," said Michael Grandin, the Chair of the Independent Committee of the Fording Trustees. It is expected that the Fording unitholder meeting to consider the Transaction will occur in late September 2008 and that the Transaction will be completed in late October 2008.
Strongbow Resources, Inc. (OTCBB: STBR), a uranium exploration and development company, through its CEO Darren Hayes, recently announced that it has entered into a Memorandum of Understanding with Holloman Minerals, Ltd. of Perth, Australia to Farm-in up to 98% of seven (7) exploration license areas in the Frome Embayment near Lake Callabonna in South Australia covering an area of approximately 3,792 square kilometers (937,000 acres) known as the Cameron's Corner Palaeochannel Project (CCP Project). All of these areas are considered to be prospective for uranium and will form the basis for exploration activities. The Company's initial focus will be to explore the CCP Project Area by stages. The first stage will be an airborne electromagnetic survey to map channels and structure throughout the region with infill in the areas where channels or structure are indicated from previous work. Based on the results from this airborne survey and interpretation of existing data, the Company expects to target favorable structural belts and channels for follow up drilling. For a full report visit www.stocksjournal.com
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