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Proactive news snapshot – Telit Communications, Caledonia Mining, Mirada…

Published: 15:50 14 Aug 2017 BST

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Oozi Cats, the chief executive of Telit Communications Plc (LON:TCM), has resigned from his position with immediate effect following a recent internal investigation into alleged historical indictments.

Yosi Fait will continue as interim chief executive officer while three independent non-executive directors are expected to be appointed “as soon as possible” to reinforce the board.

Over in Australia, Greatland Gold plc (LON:GGP) is initiating a new round of geochemical survey and gravity surveys at the Ernest Giles project.

Results are due in September and should go towards identifying drill targets.

In other news, Caledonia Mining Corporation PLC (LON:CMCL) produced just over 25,000 ounces of gold in the first half of 2017. The company expects to maintain its full year dividend at 27.5 US cents.

Cable TV software supplier Mirada Plc (LON:MIRA) has seen a pick-up in business from key customer Televisa in Mexico.

Mirada, which supplies ‘over –the –top’ or red button software, said subscriber numbers increased after December due to an improvement in the Mexican currency and less economic uncertainty following a slump when US President Donald Trump was elected.

Elsewhere, Jersey Oil & Gas PLC (LON:JOG) has told investors that partner Statoil has now started drilling the Verbier exploration well in the North Sea.

The AIM-quoted explorer has owns an 18% stake in the Statoil project (it is operator, with 70% of the asset) which is targeting significant potential resources.

Savannah Resources Plc (LON:SAV) told investors that construction work has started for the pilot plant at the Mutamba project in Mozambique.

Shares in Anglo Asian Mining Plc (LON:AAZ) jumped by just over 5% in early trade to 24.5p following an update to the resource estimate for the Ugur gold deposit on the Gedabek licence area in Western Azerbaijan.

Ugur is now known to contain 199,000 ounces of gold and 1,049,000 ounces of silver, while the proven and probable reserves stand at 147,000 ounces of gold and 808,000 ounces of silver.

The plant is part of the bulk metallurgical test project at Mutamba. It will be a 20-tonne per hour facility, capable of producing bulk samples of concentrates from mineral sands.

And finally, Paul Campbell-White, chief financial officer of Warner Bros Television Production UK, is to jump ship to hold the same role at Brave Bison Group PLC (LON:BBSN).

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