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Oct. 16, 2012, 11:56 a.m. EDT

Canada Hot Stocks: Birchcliff, Gildan, Inmet

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Among the companies whose shares are making notable moves in Tuesday's session are Birchcliff Energy Ltd. BIR.T, Gildan Activewear Inc. GIL, Inmet Mining Corp. IMN.T and Colossus Minerals Inc. CSI.T.

Birchcliff Energy (C$8.09, up 5.8%) said the Phase III expansion of its Pouce Coupe South gas plant has started processing gas about one month ahead of schedule. Current production is now a record of about 25,500 barrels of oil equivalent a day, and it expects to exceed its 2012 exit guidance.

BMO started coverage of Gildan Activewear (C$33.47, up 3.1%) at outperform, saying the company is well positioned to leverage its competitive strength given new manufacturing capacity that's coming on line. Separately, Gildan responded to a lawsuit filed against it last week that alleged trademark infringement and unfair competition related to a shipment of product that was incorrectly branded. Gildan said it's conducting an internal review of the matter.

Inmet (C$47.38, up 2.1%) said Petaquilla Minerals Ltd.'s (PTQ.T, C$0.62, unchanged) directors' circular in reponse to Inmet's takeover proposal doesn't provide any new information that would cause Inmet to change its offer. Inmet also said that, since the outcome of its offer isn't material to the development of its Cobre Panama project, it's "prepared to let the offer expire."

Colossus (C$5.38, up 3.5%) said the first underground drill holes at its 75%-owned Serra Pelada gold-platinum-palladium project returned better-than-expected widths and grades and surface drilling encountered more high grades.

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Among the companies whose shares are making notable moves in Tuesday's session are Air Canada , Primero Mining Corp. and Harry Winston Diamond Corp. .

BMO upgraded Air Canada (C$1.49, up 2.1%) to outperform from market perform and more than doubled its target price to C$2.50, citing a positive outlook on cost-cutting measures and continued favorable revenue trends, as well as its ability to defer pension-funding requirements "for the forseeable future."

Primero (C$7.19, up 2.6%) said it will expand its San Dimas gold and silver mine in Mexico to 2,500 metric tons a day, spending a total of $14.4 million.

Harry Winston (C$13.52, up 3.9%) said the rough diamond market has stabilized through the third quarter as demand has improved. It said it expects higher than normal rough diamond inventory at Oct. 31, but said a large portion of the inventory carried at July 31 has been sold.

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