SOURCE: Obsidian Financial Consultants Inc.

Obsidian Financial Consultants Inc.

May 31, 2012 09:24 ET

Stock Market News for Thursday May 31, 2012: NVMN, T, FB, WFC

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by Obsidian Financial Communications Inc.

NEW YORK, NY--(Marketwire - May 31, 2012) - announces the following stocks to its Stock Market Morning News., the investor's choice for small-cap alerts, provides stock alerts of the most active small to big cap stocks for early signs of potentially big stock moves. Early timing is critical for catching these potentially explosive stock moves. To receive our FREE OFC Stock Alert Newsletter and get more early alerts, please visit our website:

NVMN Signs New Agreements on South American Gold & Diamond Mining Venture

Nova Mining Corp. (OTCBB: NVMN) announced today (5/31/12) that the Company has extended the Option Agreement with Natural Resources Recovery Guyana (NRRG) regarding the five diamond, gold and timber harvesting concessions totaling 2,567 hectares (6,000 acres) in Northeastern Guyana, South America. Recent geological reports supplied by NRRG during the Due Diligence have shown a significant presence of diamonds on the concessions. The concessions are located in the Upper Cuyuni Basin - Greenstone Belt, Guyana, between the country's border with Brazil and Venezuela. All permitting and mining licenses have been secured from the Guyana Mining Commission and verified by a Guyana-based law firm specializing in mineral rights.

Subject to affirming the assertions by NRRG, Nova Mining management believes that acquiring an interest in NRRG's Guyana concessions could prove to be a very lucrative move for the Company. Under the Agreement, both parties are to negotiate, in good faith, an Investment and Profit Sharing Agreement (IPSA) related to the concessions.

Nova Mining Corp. (OTCBB: NVMN) strongly believes that current market conditions are extremely favorable for diamond prices and sales due to the new significant demand being placed on the existing worldwide diamond supply. New manufacturing methods requiring superior cutting materials, the need for more diamond-tipped oil drilling bits and rapidly rising demand in Asia resulted in a staggering price increase of 49% in the first half of 2011, accelerating after two years of 30% annual growth. Due to these steadily increasing market trends, the Company is initially focusing on diamonds, but is also looking to build a mining asset portfolio that contains lithium, copper and gold resources.

To view the full press release for Nova Mining Corp. (OTCBB: NVMN), visit

Other Highlights Include:

AT&T Agrees To One-Year Contract Extension For 7,000 Workers

AT&T Inc. (NYSE: T) has reached a tentative agreement for a one-year contract extension for nearly 7,000 core wireline workers, an agreement that comes before the contract expires on June 23. Most of the International Brotherhood of Electrical Workers employees covered under the contract are in Illinois and northwestern Indiana. The one-year extension provides a 1% base salary increase, a lump-sum payment of $500 for employees who will make less than $50,000 after the salary increase and $300 for employees who will make more than $50,000 after the increase. AT&T is seeking concessions from its workers including cuts to their pensions and increased health-care premiums and co-pays to help offset revenue declines in the wireline division, which includes traditional home and business telephones and the U-verse television service.

Milberg LLP Announces Class Action Lawsuits Filed Against Facebook, Inc.

Milberg LLP announces that class action lawsuits were filed in the United States District Court for the Southern District of New York on behalf of purchasers of Facebook, Inc. ("Facebook") (NASDAQ: FB) common stock pursuant to the Company's May 18, 2012 initial public offering (the "IPO"). Actions were also filed in the Northern District of California. The complaints charge Facebook, certain of its officers and directors, and underwriters of the IPO with violations of the Securities Act of 1933. The actions allege that the Registration Statement and Prospectus issued with the IPO were false because they did not disclose that the Company experienced a reduction in revenue growth, and that underwriters lowered revenue guidance during Facebook's road show. On May 18, 2012, Facebook's Prospectus became effective and Facebook sold 421 million shares to the public at $38, for total proceeds of more than $16 billion. Shares of Facebook fell 18% over the following two trading days to close at $31 on May 22, 2012, amid revelations about the lowered guidance. If you purchased Facebook shares, you may, no later than July 23, 2012, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a class member that represents other class members in directing the litigation. Your share in any recovery will not be affected by serving as a lead plaintiff, however, lead plaintiffs make important decisions that could affect the overall recovery for class members. If this action is certified as a class action, class members will be automatically represented by Court-appointed counsel. The complaint in this action was not filed by Milberg.

Wells Fargo pledges $432.5M in lending, payments to settle lawsuit

Wells Fargo (NYSE: WFC) has promised $432.5 million in new loans and financial assistance to settle a lawsuit filed by the city of Memphis claiming the bank targeted minorities for predatory lending. In a statement Tuesday (5/29/12), the bank said it had set a lending goal of $425 million for residents of Memphis and the surrounding Shelby County in Tennessee over the next five years. This figure includes $125 million earmarked for low- and moderate-income borrowers. Wells Fargo will also pay $3 million to the city and county to support economic development and $4.5 million in grants for mortgage down payments and home renovations. "The condition of the local housing market continues to challenge Memphis and Shelby County significantly, as unoccupied homes and excessive housing inventory weigh heavily on communities," Memphis mayor A.C. Wharton said in the statement. "We are pleased to announce this collaborative partnership to get more of these houses reoccupied and increase neighborhood stability."

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All material herein was prepared by Obsidian Financial Communications, Inc. (OFC) based upon information believed to be reliable. The information contained herein is not guaranteed by OFC to be accurate, and should not be considered to be all-inclusive. The companies that are discussed in this opinion have not approved the statements made in this opinion. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. OFC is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on or mentioned herein. Nova Mining Corp. (NVMN) - Obsidian Financial Communications Inc. (OFC) has been compensated one hundred twenty five thousand ($125,000) dollars by a third party for NVMN. We could receive up to another one hundred twenty five thousand ($125,000) dollars for NVMN from this same third party. In addition to any compensation mentioned above, additional compensation can be equal to ten percent of any newly issued or registered securities of the profiled companies. OFC's affiliates, officers, directors and employees may own shares and intend to buy and sell additional shares of the companies mentioned herein and may profit in the event those shares rise in value. OFC will not advise as to when it decides to sell and does not and will not offer any opinion as to when others should sell; each investor must make that decision based on his or her judgment of the market. To see OFC's full disclaimer / compensation, please visit our web site:

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