NovaGold, Teck Cominco and Cardiome Pharma Stock Drop

On Monday NovaGold Resources (NG) fell more than 50% after the miner and Teck Cominco Ltd. (TCK) announced they were halting their Galore Creek copper-gold-silver joint venture due to soaring costs.

Cardiome Pharma Corp. (CRME) shares were also down more than 12% after announcing that it would delay trial results for Vernakalant, a heart arrhythmia treatment, until March 2008. The company had originally intended to disclose results in the fourth quarter of 2007.

Petrominerales Ltd. [PMG/TSX] shares also got knocked down, dropping 8% after the company said it intends to launch a C$100-million convertible debt offering. Petrominerales is a 76.6%-owned subsidiary of Petrobank Energy and Resources Ltd. Meanwhile, ExAlta Energy Inc. [EXA/TSX] shares jumped 38% after Galleon Energy Inc., said it wants to buy the junior energy play for C$110-million in stock or C$1.70 per share.