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Syntopix making progress towards antimicrobial commercialisation; plans fundraising

Fri, 12 Mar 2010 13:15:00 +0000

In its first-half results, the Syntopix Group (AIM: SYN) said it is making progress as it continues to attract a number of commercial opportunities following last year’s completion of a Phase II clinical study and its evaluation agreement with a major consumer healthcare company. The company recently appointed a new chairman, and it is finalising plans for a proposed fundraising which will enable the company to progress these opportunities.

“Our established partnerships with major consumer healthcare companies, the interest being generated from our Phase II clinical study, together with the depth of Syntopix's compound library, positions us well for the next twelve months of development activity and securing licensing deals for products”, Syntopix chief executive Dr Stephen Jones commented.

Syntopix is a specialised research and development business, focusing on the discovery of topical antimicrobials for healthcare and pharmaceutical applications.

An antimicrobial is a substance that kills or inhibits the growth of micro-organisms such as bacteria, fungi, or protozoans. Antimicrobial drugs either kill or prevent the growth of these microbes. The company’s strategy concentrates on repositioning known antimicrobial compounds, or beneficial combinations of compounds, that have a history of use in humans.

Syntopix's main development focus is on three core compounds, SYN0126, SYN1113 and SYN0017, each of which has multiple potential application across a number of large consumer healthcare markets including skincare, hair-care and oral health.

The company’s primary focus and area of expertise continues to be the treatment of acne. According to Syntopix, Antibiotics have been the main treatment for mild to moderately severe acne over many years, but the bacteria causing acne has become more resistant to antibiotics, compromising efficacy. By combining non-antibiotic antimicrobials with complementary agents, Syntopix says its acne products overcome the problem of antibiotic resistance and therefore have an enhanced therapeutic efficacy.

Syntopix has over 1,800 compounds in its R&D library, with the most advanced lead compounds now entering commercialisation. Syntopix currently has 24 core families of patents/applications, of which 11 are granted in the UK, and they are all at various stages of application in key international territories.

Following an evaluation agreement with a major consumer healthcare company last year for a synergistic pair of antimicrobials, Syntopix has applied for patent protection. The combination is being evaluated for use in a major consumer healthcare brand.

Last year, Syntopix reported a Phase II ‘proof-of-concept’ clinical study in subjects with acne-prone skin. The company said that these results continue to attract interest, and it is in discussions with several major healthcare companies. The company said it hopes to conclude these discussions in the near future and will announce developments as appropriate.

In addition to Acne treatment, its topical antimicrobials have been attracting considerable interest from other areas of consumer healthcare market, the company said. Other applications for Syntopix antimicrobials include oral healthcare applications and the treatment/prevention of body odour.

To enhance the company’s development as it advances its topical antimicrobials into commercialisation, Syntopix has appointed a new chairman. As announced in February, Tom Bannatyne’s investment experience is expected to provide the company with a stronger City presence and strategic guidance through the new phase of the group's development.

Furthermore, to provide the additional working capital required to progress the commercial opportunities available, Syntopix is finalising plans for an equity fundraising, and it expects to make an announcement in respect of details shortly.

In terms of its development programme, Syntopix is continuing to move its lead compounds from research into clinical development. SYN1113 is the lead candidate for the next human use study in subjects with acneic skin and once development work is complete, the company intends to commence the study in the autumn. Additionally a ‘proof-of-principle’ study is planned for compounds that may be of use in oral care. The compounds for the study are currently being confirmed, and subsequently the study should start over the summer.

Syntopix noted that it continues to work with Procter & Gamble (NYSE: PG), and it is developing good relationships with all of its partner companies.

In the six-months ended 31 January 2010, Syntopix derived sales revenues from commercial deals with pharmaceutical companies. H1 revenues were £104,000, compared to £85,000 in the comparative period in 2008/09. The company narrowed its net loss to £453,000 during the period compared with £577,000 a year earlier.

Kalahari Minerals highly encouraged by Extract Resources progress at Rossing South

Fri, 12 Mar 2010 12:52:00 +0000

Kalahari Minerals’ (AIM: KAH) said it is highly encouraged by the news that its 40.41% owned associate Extract Resources (ASX, TSX: EXT) is on track with its Definitive Feasibility Study (DFS) for the world-class Rossing South deposit at the Husab uranium project in Namibia.

Extract updated investors stating that the DFS, which is expected to confirm the project's potential as one of the world's largest uranium mines, is progressing well. Extract aims to announce an updated Rossing South resource in Q3 2010 and it said that capital costs for the processing plant and annual operating costs are currently expected to remain in line with the preliminary cost estimates.

"Extract is making strong progress towards publishing the Rossing South Definitive Feasibility Study, and in turn, attributing additional value to its world-class Husab Uranium project”, Kalahari chairman Mark Hohnen commented. “In particular, it should be noted that the operating costs are unlikely to be significantly different to those stated in the scoping study announced in August 2009, indicating that the Rossing South project is still set to be a profitable, low risk, bulk tonnage, open pit mine with a mine life in excess of 20 years”.

According to Extract the size of the Rossing South mineralized system continues to grow with strong drilling results continuing from Zones 1 and 2. Furthermore, the company said there are encouraging indications of significant mineralization on the western limb of the Rossing South antiform and high grade mineralisation in both zones. Extract aims to announce an updated Rossing South resource in Q3, 2010.

The revised resource estimate will incorporate infill and extensional drilling that has been completed since July 2009. Extract expects the updated estimate to increase the overall size and confidence levels of the Rossing South resource.

“The resource continues to grow in size, which increases the time required by Extract to better define the ore body, and in particular to identify the high grade resource. This approach by Extract will ensure that an optimum development plan can be determined in order to maximise the true potential of this outstanding uranium project", Hohnen added.

Vodafone wins 5 year deal to provide Deutsche Post DHL with MPLS network

Fri, 12 Mar 2010 12:24:00 +0000

Mobile operator Vodafone’s (LSE: VOD) communication managing business Vodafone Global Enterprise (VGE) has secured a five-year contract to provide Germany's logistics group Deutsche Post DHL (FSE: DPW) (DPDHL) with a fully managed MPLS network in 67 countries.

The network will connect over 400 sites in Eastern Europe, Middle East and Africa, which will include an international Wide Area Network (WAN) across the three regions and a domestic WAN in Sub-Saharan Africa.

MPLS stands for Multiprotocol Label Switching and is a mechanism in high-performance telecommunications networks which directs and carries data from one network node to the next.

The telecom network is expected to enable DPDHL to provide improved tracking capabilities, allowing employees quicker and easier access to bespoke applications and providing critical connectivity to DPDHL’s data centres in the Czech Republic and Malaysia. Vodafone said that the network will also provide DPDHL with a platform to build further cost-effective, converged services.

HB Markets: What the papers are saying including Whitbread, Aviva, BP, Debenhams and others

Fri, 12 Mar 2010 12:10:00 +0000

WHAT THE PAPERS SAY:
INVESTORS CHRONICLE

Top Takeover Tips:
*Sportingbet - Churchill Mining - BG Group - RPC - Immundiagnostic Systems - Clapham House - Next Fifteen Communications - Augean - UK Coal - Resolution

Tips:
*Buy N Brown at 216p - Greenko at 170p - European Investment Trust at 538p
*Sell Whitbread at £14.80 - SSL International at 767p

Updates:
*Buy Sportingbet - VT Group - KSK Power Ventur - Trinity Mirror - Victoria Oil & Gas
*Alexon high enough

Company Results
*Buy Balfour Beatty - Aviva - Novae Group - Hardy Underwriting - Hutchison China Meditech - Interquest - Tristel - Psion - Spirent Communications - Mears - International Power - Rok - Johnson Service - Hill & Smith - Costain - Shore Capital - Chime Communications - Brainjuicer - Epistem - Kenmare Resources
*Sell Galiform - Marshalls - Liberty International - West China Cement

FINANCIAL TIMES

The Lex Column:
*BP/Devon Energy: Bem-vindo a festa - paying $7 billion to jump to the head of the queue to get into Brazil
*Global airline losses - an industry crying out for consolidation
*Ukraine - the risk of early parliamentary elections is reduced
*General Motors' dealers - reversal on closing dealerships means less competitive distribution
*Alternative investment regulation - industry is good at pointing out problems, but bad at solving them
*AIG/Nan Shan - Taiwan's biggest inbound financial deal illustrates cross-strait tensions
*Mobile internet - the days of 'all-you-can-eat' price plans are numbered
*Eastern Europe - the question is how soon investment flows will surge back

The Lombard Column:
*Don't blame the pensions crisis on accounting alone
*William Morrison's runner-up
*Global financial centres: City tied in knots

Small Talk
*Lack of liquidity spells end of AIM's Chinese love fest
*AIM departures: theory of relativity

Further news:
*Energy: a foot on the gas

THE TIMES

The Tempus Column:
*Hold Cineworld
*Pass on Dignity
*Buy Clarkson on weakness

The Business Editor's Column:
*Has BP cot in over its head in the deep waters of Brazil?
*London loses lead in financial services
*Ocado's uneasy relationship with John Lewis
*Sir James Dyson: a clean sweep for technology

Bet of the Day:
*Debenhams

A Tiddler to Watch:
*Energetix Group

THE TELEGRAPH

The Questor Column:
*Buy Cineworld and Dignity

The Comment Column:
*Tony Hayward's asset grab could yet make him a hero to BP's investors
*Catch tax evaders, but not by theft
*Will VT Group shares get an Easter sweetener?

THE INDEPENDENT

The Investment Column:
*Hold Dignity
*Buy Shanks Group
*Buy Clarkson

The Outlook Column:
*William Morrison: Marc Bolland signs off with a flourish
*Time for brokers to raise games
*Another retailer that is doing a roaring trade is John Lewis

THE GUARDIAN

The Viewpoint Column:
*William Morrison: all aboard the race to make a tidy billion
*BP's prices is right
*Cable & Wireless's hire-wire net

Interview:
*Bill Goss, the world's biggest bond investor

DAILY MAIL

*Anthony Bolton believes valuations in mining sector look pretty stretched
*Rumours of imminent developments at Cadogan

DAILY EXPRESS

*£2 billion RWE bid talk fires up Drax Group

WHAT OTHER BROKERS ARE SAYING:

Astaire Securities has a buy for JD Wetherspoon at 515.5p

CSFB is neutral on Antofagasta, raising targets from 1,050p to 1.200p

Daniel Stewart have a hold recommendation on Spirent Communications at 123p

Deutsche advise eholding Antofagasta at 1,031p

Goldman Sachs have a buy for Great Portland Estates at 296.6p
The broker is neutral on Anglo American at 2,688p
Goldman Sachs have a buy for Antofagasta
The broker is neutral on Lonmin at 1,974p
Goldman Sachs are neutral on Randgold Resources

ING Barings says buy BHP Biliton at 2,207.5p
The broker say buy Rio Tinto at 3,682.5p

Morgan Stanley are overweight on Tullow Oil at 1,265p

Panmure Gordon have a hold for Smith & Nephew at 679p
The broker suggest buying Inchcape at 27.57p

Seymour Pierce have a buy for Morrisons at 298.2p

HB Markets Daily Smallcap Newsflash including 1PM, Avesco Group, DQ Entertainment, Luminar and others

Fri, 12 Mar 2010 12:06:00 +0000

1PM (OPM, 0.105p, £1.59m) Trading update has confirmed stronger second half trading and the lending portfolio value is now recovering. With increased funding opportunities for the group it has raised an additional £1.15m gross by the issue of 0.07p to expand its business. At the time of the interims the group reported the start to H2 had gone well with October & November ahead of management expectations and it now confirms that trend continued into January and February with March starting well. Although the group is trading better in H2 it will still report a loss for the year. We maintain the HOLD recommendation.

AGA Rangemaster Group (AGA, 120p, £83.1m) designs, develops, manufactures, sells and services premium brand cookers, kitchen and household products. Prelims to 31 December 2009, report 12% decline in sales to £245m (2008: £279.4m), but PBT and EPS plummeted by 97% and 83% to £0.5m (2008: £14.4m) and 2.5p (2008: 14.4p) respectively. However, tighter capital management and strong business processes drove net cash up to £28.0m (2008: £5.8m). The decision not to pay a dividend due to the drop in profits and uncertainty surrounding the outlook sends a negative signal to investors. The recession has encourages the group to review their strategy by focussing on 1) growing and developing new markets by creating a range of energy efficient cookers and boilers, 2) broaden the position of range cookers, 3) become a significant force in the North American appliance market under the AGA Marvel brand, 4) increase overall sales and 5) cost cutting. For Rangemaster, the increase in VAT has led to slow start to the year, but the trend lines continue to be positive. For Fired Earth and Grange improvement plans covering both broadening of markets and cost reductions are well underway. Headed into the Spring the Group expects revenues to run ahead of the prior year. 2010 UK economy will be weak and fragile. AGA is a cyclical business. The strong cash generation will ensure the business survives the downturn and assuming there are no significant increases in VAT post election, the group is well positioned to take advantage of the recovery. The current market 2010 estimates range from PBT of £3.5m - £8.0m and EPS from 4.0p to 9.2p. Assuming earnings of 4p, the group trades on 30x, which is expensive, but fails to take into consideration the strong balance sheet with tangible net assets of £61.8m. We initiate with a HOLD recommendation.

Avesco Group (AVS, 43.5p, £10.89m) reports in trading update to 30 September it expects to trade profitably for the year end and expects to be strongly cash generative. The group had a successful Winter Olympics at Vancouver and, has contracts in place over the summer for the FIFA World Cup and the World Expo in Shanghai. Avesco continues to be an asset play stock with tangible NAV of £37.8m in excess of the current market capitalisation of £10.9m. We upgrade our hold recommendation to a BUY.

DQ Entertainment (DQE, 122.5p, £44.06m) has confirmed the IPO of its Indian subsidiary was 86 times over subscribed. With the Indian subsidiary valued above the group as a whole we maintain the BUY recommendation.

Independent Media Distribution (IMD, 52.5p, £17.93m) Europe’s leading 'media logistics' specialist and 'industry level' advertising campaign management business, reports excellent prelims to 31 December 2009 exceed consensus. The addition of 5 new services and growth in international markets drove revenues up 9% to £8.1m (2008: £7.4m). Normalised PBT increased by 50% to £1.7m (2008: £1.1m) and adjusted EPS by 60% to 3.8p (2008: 2.5p). Strong cash generation has eliminated borrowing and the group ended the year with net cash of £0.9m. The strong balance sheet combined with the increase in profitability and cash has encouraged the group to increase DPS by 14% to 1.20p (2008: 1.05p) - an encouraging signal regarding the future. The outlook statement is positive, with revenues for the first 2 months trading in line with management expectations and up 21% from the previous year. The group will focus on building new and existing revenue stream and is seeking to make an acquisition to complement the recent Irish acquisitions. We believe the migration to online digital logistics from traditional methods such as tapes and faxes growth, will continue to drive growth. The market forecasts 2010n PBT of £1.8m, EPS of 4.08p and DPS of 1.4p – we believe there is scope to upgrade earnings. On the current estimates, the group trades on 12.9x with a yield of 2.7%. The scope to upgrade estimates encourages us to retain our BUY recommendation.

Luminar (LMR, 35p, £35.15m) Trading update for the year ending February 2010 is that results will be in-line with expectations (£4.0m PBT, 3.5p EPS). Trading was hit hard by the poor weather and even for the year same outlet sales were down 9.9% due to lower customer numbers. The group is trading within its debt covenants and reduced debt to £93m (£49m). The new year will surely also have seen a difficult start with the continued cold weather, even if the snow eased in many parts of the country. We were sellers at 47.25p on 14/01/10 with a price target of 35p, although we suspect there will be further weakness to around 32p it’s not sufficient to maintain the sell, moved to a HOLD.

Daniel Stewart bullish on Planet Payment after TSYS certification news, retains 'buy'

Fri, 12 Mar 2010 11:48:00 +0000

Daniel Stewart & Company (DS&C) issued a note on Planet Payment (LSE: PPT and PPTR; OTC: PLPM) today, reiterating its 'buy' rating after the data and payment processor received certification from its core existing client TSYS (NYSE: TSS).

Planet Payment currently provides TSYS with its Multi-Currency Pricing (MCP) service and is now certified to offer its iPay payment gateway into the TSYS acquirer and ISO customer base, allowing merchants to utilize iPay.

The iPay Gateway supports the processing of debit, credit and ACH payments worldwide. The combined MCP/iPay product will combine merchants with an end to end full service and PCI-compliant e-commerce platform to enhance the group’s offerings and potential revenue streams, DS&C said in the report.

DS&C said that the development was of major strategic importance for the company and, even though the news has not resulted in any immediate changes to the forecasts, it underpinned the broker’s bullish stance on the stock. The report also noted that the shares traded at a 26% discount to DS&C’s 151 pence price target.

Planet Payment’s value has increased to around 120p since DS&C started covering the stock in May 2009 when it stood at 40p, and it retains its 'buy' recommendation.

The broker’s current projections for full year 2010 revenue at US$68.7 compared to reported US$47.1 million for 2009. In February, DS&C said that the agreement with UAE-based Network International to provide it with its proprietary Dynamic Currency Conversion (DCC) services branded as Pay in Your Currency, which it called a “standout deal,” supported its forecasts, allowing the company to launch DCC into the prolific region.

Firestone Diamonds to operate FTP project for De Beers JV in Namibia

Fri, 12 Mar 2010 11:23:00 +0000

Firestone Diamonds (AIM: FDI) has been selected by De Beers’ joint venture with the Namibian government, Namdeb Diamond Corporation, as the preferred supplier and operator for the Dredge and Floating Treatment Plant (FTP) project at Namdeb's diamond mining operations in Namibia.

Contract negotiations are set to be finalised following the review and approval by the Namdeb board of the joint feasibility study . The study, which is being completed by Firestone and Namdeb, is expected to be presented to the board later in 2010.

The plant is expected to have capacity of 11.5 Mt (million tonnes) per annum and a minimum life of 15 years. It will be constructed by Firestone for Namdeb and operated on a toll treatment basis. Production is expected to commence in 2012.

“Being selected by Namdeb, one of the world's leading diamond producers, for the Dredge and Floating Treatment Plant project is a reflection of the significant operating capability that Firestone has developed. This project...represents a further opportunity for the company to supplement cash flow from our own mining operations at BK11 in Botswana with cash flow from long term, low risk toll treatment projects,” said chief executive of Philip Kenny.

The FTP plant is expected to cut operating costs by removing overburden using a dredge and treat diamondiferous gravel.

Shares in the company rose 2.6% on the news.

Firestone has recently been selected by Debswana for a toll treatment tailings processing project at the Jwaneng mine in Botswana.

Dragon Oil completes initial testing of Dzheitune development wells

Fri, 12 Mar 2010 10:18:00 +0000

Dragon Oil (LSE: DGO) has completed the initial testing of two Dzheitune development wells, A/142 and 13/143, at its Cheleken operation in the Caspian Sea. The wells were drilled to 3,961m and 3,450m, and tested at combined rates of 2,103 barrels of oil per day (bopd) and 2,168bopd respectively.

"I am pleased to report the successful completion and initial testing of both the Dzheitune (Lam) A/142 and 13/143 development wells, marking our first two successfully-completed development wells this year”, Dragon Oil chief executive Dr Abdul Jaleel Al Khalifa commented. “Our field production is subject to normal decline and adding wells will ensure that we meet our 2010 committed production growth target".

Dzheitune (Lam) is one of Dragon Oil’s two oilfields in the Cheleken Contract Area in the Caspian Sea, offshore Turkmenistan.

The Dzheitune A/142 well was drilled by the Iran Khazar rig, to a depth of 3,961m. The well tested at a combined rate of 2,103bopd with the short string contributing 1,180bopd and the long string contributing 923bopd. Rig 40 drilled the Dzheitune (Lam) 13/143 well to a depth of 3,450m. The well tested at a combined rate of 2,168bopd with the short string and the long string contributing 1,144 bopd and 1,024bopd respectively. Dragon Oil said that further testing and optimisation of both wells are scheduled to take place over the coming weeks.

The Iran Khazar rig has repositioned to work-over a well on the same platform in order to enhance its production, while Rig 40 will shortly commence drilling the Dzheitune (Lam) 13/144 well, from slot 1 on the Dzheitune (Lam) 13 platform.

The initial testing of these two development wells, the first of 2010, adds to the company’s progress in offshore Turkmenistan. In February’s results for the full-year ended 31 December 2009, Dragon oil reported an average daily production rate increase of 9% in 2009 and landmark production of 50,000 bopd (barrels of oil per day) achieved at the turn of 2009/2010. Dragon Oil also offered a bullish outlook for the next three years amid a recovery in commodity prices and with a cash balance of more than US$1.1 billion.

In February’s results statement, Dragon Oil said it plans to complete up to 11 wells in 2010 along with 40 development wells, including five appraisal wells, targeting an annual production growth of 15% in 2010 and 10% to 15% on average in 2010-12.

Retailer Liberty PLC rises 7% after confirming approach for company

Fri, 12 Mar 2010 10:02:00 +0000

Liberty PLC (LSE:LBE) jumped 7% in early deals this morning after the London retailer confirmed that it had received several approaches “that may or may not lead to an offer” for the company MWB Group (LSE:MWB) owns 68% of the equity in Liberty.

Liberty’s primary business is the Liberty department store on Regent Street in London, which the company said had witnessed a 16% increase in revenues in 12 month period ended December 31 2009. Overall, the group reported a 20% increase in revenues for 2009. “Trading has continued to benefit from the Renaissance of the Regent Street flagship store which drove footfall and market share over the remainder of the year and has continued during 2010 to date,” Liberty added.

The company has been undertaking a strategic review, which according to recent press speculation, includes the potential sale and leaseback of its flagship store.

Liberty noted the recent speculation in the press, stating that it would update investors “as appropriate”.

“At this stage, it is too early for the Board to determine whether or not these discussions will result in any formal offer being made for the Company,” Liberty cautioned.

Baobab Resources resumes drilling at Tete iron-vanadium-titanium project

Fri, 12 Mar 2010 09:50:00 +0000

Baobab Resources (AIM: BAO) has resumed drilling at the Tete iron/vanadium/titanium project in Mozambique, focusing on the Chimbala prospect which comprises the central zone of the 8km long Massamba Group trend. Drilling aims at improving confidence in its exploration target of 400 to 700 Mt (million tonnes) estimated in 2009.

The scout drilling campaign at Chimbala commenced on 10 March 2010 and will include both diamond and reverse circulation (RC) drilling for a combined total of approximately 12,000 metres.

Rock chip sampling collected during recent mapping of the Chimbala prospect area has returned what the company said were encouraging concentrate grades, including 67.4% Fe (iron), 2.11% TiO2 (titanium), 0.67% V2O5 (vanadium) with a 25.6% mass recovery grade, 64.4% Fe, 5.04% TiO2, 0.69% V2O5 with a 47.2% mass recovery grade, and 65.6% Fe, 3.55% TiO2, 0.71% V2O5 with 42.2% mass recovery grade.

Last month, the company reported results from the last three diamond drill holes of the 2009 campaign, which returned the best results to date with an intersection of 46 metres grading 64.5% Fe to beat the previous two holes, which produced Fe grades of up to 62.9%.

The Chimbala prospect comprises the central zone of the Massamba Group trend. The current drill traverse transects the broadest section of the prospect's aeromagnetic signature, located in proximity of Chitongue Grande prospect where drilling in 2009 defined a maiden 47.7 Mt Inferred Resource over a strike length of just 500 metres.

“The Chimbala prospect covers almost half of the Massamba Group trend and its assessment is key to unlocking the potential of the Tete project. Investors may expect a consistent flow of news over the coming months as results from the drilling become available,” said Managing Director of Baobab Resources Ben James.

The Tete project, covering an area of 632 square kilometres, is located immediately north of the provincial capital of Tete and shares licence boundaries with Vale and Riversdale's mega coal projects. The project has access to low tariff hydro-electric power from existing and developing schemes on the Zambezi River, where the ports of Beira and Nacala are being refurbished, as are the rail corridors through to Tete.

The project contains two areas of magnetite-ilmenite mineralisation; the Singore area to the south and the Massamba Group trend in the north. The Massamba Group trend is composed of a series of five prospects including Chitongue Grande and Pequeno, Caangua, Chimbala and South Zone that have experienced little or no historical exploration.

Independent scoping metallurgical studies at the project and financial modelling have indicated positive project economics in the production of high quality magnetite (iron and vanadium) and ilmenite (titanium) concentrate commodities.

The International Finance Corporation has earned a 15% interest in the Tete project after entering a strategic partnership with Baobab in January 2009.

Shares in Baobab climbed 3.5% on the news.

SmartFocus, Amphion Innovations and National Milk Records confirmed for March 18 Forum

Fri, 12 Mar 2010 09:28:00 +0000

Proactive Investors One2One Forums

The directors of smartFOCUS Group (STF), Amphion Innovations (AMP) and National Milk Records (NMRP) will be presenting Thursday, 18th March 2010 at the Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair, W1J 5EB.

The presentations will start at 6:00pm and finish at approx 7:30pm. After the presentations are complete the directors will also be available to take questions during a free canapé and wine reception. Details on the presenting companies can be found below.

This event is suitable for the following:

Sophisticated & private investors, private client brokers, fund managers, financial institutions, hedge funds, buy & sell side analysts and journalists.

The event is not suitable for people pursuing commercial opportunities.

Register Here.

If you have any problems registering or queries please email action@proactiveinvestors.com

For more information on the Chesterfield Mayfair Hotel and to take advantage of Proactive’s special negotiated rates click here

smartFOCUS Group (AIM:STF)
smartFOCUS is a leading international provider of high performance multi-channel marketing software. Combining intelligence and speed the software drives high performance multi-channel campaigns to generate more valuable customer relationships. Its marketing solutions integrate offline and online data, analysis, campaign and performance management to deliver better targeted, more timely and relevant communications that improve customer insight. smartFOCUS has a customer base of over 700 businesses and partners worldwide using its marketing software including ASOS, Center Parcs, EasyJet, Epson Europe, Harrods, Hilton International, Manchester United FC, Rabobank, Sony Europe, Société Générale, Eurocamp, RCI-GVN, Landal Green Park, and QVC. smartFOCUS is headquartered in the UK, with offices in the US, Europe and Asia Pacific.

Amphion Innovations (AIM:AMP)
Amphion builds shareholder value in high growth companies in the medical and technology sectors, by using a focused, hands-on company building approach, based on decades of experience in both the US and UK. Amphion has a significant shareholding in 8 Partner Companies developing proven technologies targeting substantial commercial marketplaces, each in excess of $1 billion. Each Partner Company is chosen with the goal of achieving an exit valuation in excess of $100 million.

National Milk Records (PLUS:NMRP)
National Milk Records roots are in the Milk Marketing Board, providing analysis of the individual cow’s milk to dairy farmers, enabling decisions on herd management that maximise efficiency. Complementary subsidiaries, National Milk Laboratories and National Livestock Records analyse most of the liquid milk produced in the UK for the milk buyers, and provide information to the red meat industry. Current turnover £15m; the group invests in developing new services and is well placed to meet the demand from government, retailers and consumers for produce that can be traced to producers with the highest welfare standards from animals free of disease.

CBH Resources shares surge on Revised Acquisition Proposal from Nyrstar

Fri, 12 Mar 2010 09:21:00 +0000

CBH Resources (ASX: CBH) has reported today that it has received a proposal from Nyrstar NV which could lead to a change of control transaction.

This follows an earlier proposal from Nyrstar in December 2009 which proposed to acquire all of the ordinary shares in CBH Resources at A$0.135 per share.

After consideration by the Board, it was not considered to be a superior proposal to certain transactions involving the Company's major shareholder, Toho Zinc Co. Ltd, as announced on 21 January 2010.

Nyrstar's Revised Proposal would include an improved cash payment of A$0.195 per CBH share or, at CBH’s shareholders’ election, scrip consideration comprising Nyrstar shares at an exchange ratio which would be set prior to announcement of the transaction at a level that would deliver value equivalent to A$0.195 per CBH share.

The CBH Board intends to provide a preliminary response to Nyrstar in respect of the Revised Proposal early next week, and has appointed a committee of the Directors independent of Toho to consider the terms of this response.

CBH Resources shares rose 28% to 18 cents in trading today.

Lincoln Minerals proposes 100% ownership of the Gum Flat Iron Ore project, SA

Fri, 12 Mar 2010 09:20:00 +0000

Lincoln Minerals (ASX: LML) is proposing to buy back all of the 40% interest in the Gum Flat Iron Ore Project that it does not already own.

The 40% stake is currently held by Indian iron ore miner, Mineral Enterprises Limited (MEL) and MEL subsidiary, Mineral Enterprises Australia Pty Ltd (MEA).

Lincoln and Mineral Enterprises have signed a Contract for Sale of Joint Venture Interest under which, subject to finance, Lincoln will re-acquire the 40% interest in the Gum Flat Iron Ore Project on Exploration Licence EL 3422. The project is located on southern Eyre Peninsula in South Australia.

Consideration for the transfer is $5.7 million with a settlement date of 30 April 2010.

LML entered into a joint venture agreement with MEL and MEA in December 2007 and since that date MEA has earned a 40% participating interest in EL 3422 by spending in excess of $2.5 million on exploration expenditure.

However, MEL is developing a number of projects in India including a hematite beneficiation plant and a deep sea port so have agreed to sell their interest in Gum Flat to help fund those projects.

During the period of the joint venture, MEA funded air core, diamond core and reverse circulation drilling programs that led to the definition of a 55 Mt magnetite iron ore inferred resource and a 0.6 Mt hematite DSO inferred resource within a 125 Mt to 210 Mt iron ore exploration target.

The company said MEL's contribution in taking a greenfields iron ore prospect in 2007 to an inferred resource in April 2009 has been greatly valued.

In conjunction with this contract, LML is negotiating with several interested parties, including Chinese steel and iron ore mining companies, to provide finance through potential investment and offtake agreements for the project.

The company said the potential resumption of full ownership by Lincoln of the Company’s flagship Gum Flat iron ore project on successful completion of the proposed finance and Indian sale contracts as announced today, will enable Lincoln to maximise the potential development of its Gum Flat iron ore resources for the benefit of its shareholders.

The transactions outlined today are in addition to Lincoln earlier this year retaining 100% ownership of its other major Eyre Peninsula iron ore project - at Wilcherry (Hercules South) in the Peninsula’s northern sector.

Southern Uranium gains new tenements near Ridgeback

Fri, 12 Mar 2010 09:19:00 +0000

Southern Uranium (ASX: SNU) has signed a Joint Venture Agreement to acquire a majority interest in Exploration Licence 3922, extending the company’s exploration reach in South Australia from its Ridgeback project to a prospective area adjoining the Moonta mining field.

The Webling Bay licence area shares a similar structural and gravity setting to Southern Uranium’s high priority Ridgeback project on the northern Yorke Peninsula and has strong iron oxide copper gold uranium (“IOCGU”) discovery potential.

Southern Uranium will pay Destiny Stone Australia Pty Ltd A$15,000 for an 85 per cent legal and beneficial interest in all minerals except dimension stone and industrial minerals which shall remain 100 per cent held by Destiny Stone.

Southern Uranium Managing Director John Anderson welcomed the Company’s new joint venture agreement with Destiny Stone.

“This joint venture enables Southern Uranium to extend its exploration for IOCGU deposits from our high-priority Ridgeback project to other prospective areas adjoining the historic Moonta mining field,” Anderson said.

The purchase remains subject to application to the South Australian Government for approval of the transfer of the 85 per cent interest to Southern Uranium and notification of the release of all encumbrances affecting the tenement.

Southern Uranium will manage the exploration on behalf of the Joint Venture partners. Destiny Stone will be free-carried for its 15 per cent interest in all minerals except dimension stone and industrial minerals until a decision to mine is made on completion of a Bankable Feasibility Study.

The Webling Bay area is particularly attractive to Southern Uranium as it sits over the covered northeasterly extensions of the Moonta field at the intersection with a northwest structure interpreted as a key control on the Ridgeback target.

Anderson said the geological setting of the Webling Bay area was analogous to the position of the Ridgeback targets on the northeasterly Pine Point Fault Zone of copper and uranium deposits.

“At Webling Bay, valuable past drilling by the Mines Department and by other explorers intersected very prospective alteration and breccias indicative of nearby IOCGU potential,” Anderson said.

“The drilling also showed the cover there is relatively thin at 20 to 150 metres in thickness. As encountered at Ridgeback, the past gravity surveying is patchy but encouraging, with indicative gravity anomalies that may represent haematite-hosted IOCGU targets.”

Southern Uranium proposes to cover the EL area with detailed gravity surveying for such targets.

Soil geochemical sampling will also be undertaken in this thinly covered part of the Moonta district.

Anderson said Southern Uranium was successfully applying the soil geochemical technique over similar geology and cover depths on Eyre Peninsula.

“So in contrast with Ridgeback, where the cover is thicker and we have relied on magnetic and gravity geophysics to define those exciting drill targets, the soil geochemistry will give us the added opportunity of directly detecting the metals that the Joint Venture is looking for at Webling Bay.”

Western Desert Resources identifies copper gold targets at Limbla

Fri, 12 Mar 2010 09:17:00 +0000

Western Desert Resources (ASX: WDR) has identified three Electromagnetic targets at the Limbla Project after an airborne survey.

The aim of the survey was to define any bedrock conductors associated with sulphide mineralisation.

Interestingly, Mithril Resources (ASX: MTH) recently reported significant copper and nickel Cu-Ni mineralisation in its adjoining tenements, immediately to the east of the Limbla Project.

Recent work by the Northern Territory Geological Survey had shown the tenement area is prospective for shear zone hosted gold-copper mineralisation. Grab samples from one prospect returned assays of 35.4% Cu and 0.12% Au.

A field trip will be undertaken in March to take grab samples from each of the targets to evaluate where there is any indication of bedrock conductors.

Norm Gardner, managing director of WDR said drilling could be undertaken if initial results were encouraging.

WildHorse Energy completes A$21.8M institutional and private placement

Fri, 12 Mar 2010 09:16:00 +0000

WildHorse Energy (ASX: WHE) has completed its $21,804,858 exempt placement to Institutional and Sophisticated Private Investors. The Company is today allotting the 64,131,934 Placement shares at an issue price of A$0.34 per share for gross proceeds of $21,804,858 before costs.

The net proceeds of the Placement will be used to fast track the development of the Company’s new Underground Coal Gasification (UCG) project in Hungary.

The company said the funds will be dedicated towards an initial coal drilling program aimed at converting the Company’s Exploration Target1 of 1-1.25 billion tonnes of coal into a JORC Inferred Resource, a follow up coal drilling program planned to delineate an Indicated Resource, completion of 3D seismic programs, UCG project pre-feasibility and engineering work, and general working capital.

The Placement was marketed to Institutional and Sophisticated Private Investors by a syndicate of brokers in Australia and the United Kingdom. All participating brokers are entitled to a 5% capital raising fee on monies raised, and a pro rata allocation of 1,090,243 broker options exercisable at the Placement issue price of 34 cents each with a 2 year expiry.

The Company has issued on 10 March 2010 a prospectus under a section 708A(11) of the Corporations Act to qualify the Placement shares for re-sale. The Placement shares will be issued from the 40,000,000 share placement approval given by shareholders at the general meeting held on 29 January 2010 and the existing 15% placement capacity.

WildHorse Energy is a European focused energy development company with two major assets, the Pécs Uranium Project and the Mecsek Hills Gas (UCG) Project.

WildHorse has recently completed the acquisition of the Mecsek UCG project which enhances WildHorse’s strategy of becoming a significant energy project developer in central Europe, through a portfolio of diversified assets at various stages of development.

Mark Hohnen, Ian Middlemas and Matt Swinney have recently joined the Board of WildHorse as part of the Company’s new strategic direction.

The Mecsek UCG project has a current Exploration Target1 of 1-1.25 billion tonnes of coal, established by independent resource geologists CSA Global.

This adds significant upside growth potential for WildHorse, and also increases the diversity of its energy projects in Hungary to cover both uranium and gas.

The Mecsek Hills Gas (UCG) Project is located adjacent to the Company’s Pécs Uranium Project, which has a current Exploration Target1 for the total Mecsek Hills project area of 90 to 120mlbs of contained U3O8 with a grade range of 0.08-0.12%.

Blackham Resources increases lignite coal resource at Scaddan Energy Project, WA

Fri, 12 Mar 2010 09:16:00 +0000

Australian energy company, Blackham Resources (ASX: BLK), has continued to advance the development of the Scaddan and Zanthus Energy Projects, located near Esperance, Western Australia.

The Scaddan lignite resource has increased to 860 million tonnes. The combined Scaddan and Zanthus Energy Projects contain 1.2 billion tonnes of lignite containing 9,200 PJ of energy at shallow depth.

The drilling confirms an increase in the energy content of the Scaddan resource.

The projects have the potential to produce 600 million barrels of petroleum products, consisting mainly of a clean diesel, as well as additional power available for sale into the grid.

The Scaddan Energy Project is surrounded by complimentary infrastructure approximately 60 kilometres north of the town and major port of Esperance and 10 kilometres east of the Esperance to Kalgoorlie highway, gas pipeline and railway line.

Blackham and its JV participant’s landholdings in the Esperance region are in excess of 200,000 hectares.

Runge Limited was engaged to review the borehole data for the Scaddan lignite deposit and provide a resource statement in accordance with the JORC1 reporting standards.

Runge is an internationally respected global consulting company providing resource and mining consulting services and software for more than 30 years.

Blackham currently manages a combined lignite resource of 1.2 billion tonnes estimated in accordance with the JORC Code. Blackham’s attributable resource, taking into account the 70% interest in the Scaddan lignite deposit and the 100% owned Zanthus deposit, is 950 million tonnes of lignite.

Existing borehole data at Scaddan was previously reviewed by Runge to calculate the resources contained within the tenements. The data from the drill programmes completed in November 2008 and October 2009 has now been included in the reported resource estimates.

Confidence in the resource has increased significantly with 500 million tonnes (58%) of the resource now in the measured and indicated categories.

The resource estimate is on a 56% moisture basis and an approximate relative density of 1.2. No thickness or quality cut-offs were applied to the Resource Estimate due to the lignite having reasonable prospects for eventual economic extraction as outlined in the Australian “Guidelines for Estimating and Reporting of Inventory Coal, Coal Resources and Coal Reserves”.

Exploration drilling to define the Scaddan lignite deposit is based upon the historical drill holes and recent 2008 and 2009 drilling programmes. It includes a total of 1,481 boreholes, 245 of which cored, and 1,236 drilled as open holes.

Further drilling is required to confirm a possible extension of the Scaddan West deposit to the north.

The Scaddan deposit now appears to extend over 34 kilometres in length and is up to five kilometres wide in places. The main control on the thickness of lignite is the basement topography, with thick zones in areas of topographic lows, and thin or absent zones around topographic highs.

Thickness in the Scaddan West area varies from up to 16m, thinning rapidly at the edges of the body and around topographic highs. The main seam LGA averages 8 metres in thickness.

An estimate of inventory coal was also prepared by Runge based upon the drill hole data, totalling an additional 360 to 460 million tonnes.

Drilling of several quality holes of a spacing of no more than 2,000m should readily convert most of the inventory area to an Inferred Resource as there is reasonable confidence in the structural continuity of the lignite from previous drill holes.

Based on the depth and thickness of the resource the Scaddan lignite deposit would be suitable for extraction by open cut methods, as it lies at depths generally between 25 and 30 metres with an average cumulative coal thickness of 8 metres.

The shallow depth and generally unconsolidated sediments overlaying the seam makes the deposit amenable to large scale open pit mining methods.

Blackham intends to use the latest resource data for initial mine designs and planning purposes. This mining study should significantly improve Blackham’s understanding of the feedstock cost for a CTL operation.

The Zanthus project is located on the western margin of the Eucla Basin. The lignite resource at Zanthus is made up of two main lignite bodies that are part of a sedimentary unit deposited during the Tertiary period into north, northeast – south orientated depressions in the underlying basement.

Runge was also commissioned by Zanthus Energy Pty Ltd, a 100% owned subsidiary of Blackham, to review the geology and resources of the Zanthus lignite deposit.

This entailed reviewing the drilling data, creation of geological and coal quality models and reporting of a resource estimate. A Resource Estimate was completed for the Zanthus lignite deposit and is reported in accordance with JORC1.

Based on the depth and thickness of the resource the Zanthus lignite deposit would be suitable for extraction by open cut methods as it lies at depths generally between 15 and 50 metres with an average cumulative coal thickness of 7.9 metres.

The shallow depth and generally unconsolidated sediments overlaying the seam makes the deposit potentially amenable to large scale open pit mining methods.

The Company have planned an infill drilling campaign for the Zanthus project. The permit of work has been lodged with the Department of Mines and Petroleum and heritage surveys are being organised to allow for a drill program to take place in the near future.

Blackham currently controls a combined lignite resource of 1.2 billion tonnes estimated in accordance with the JORC Code. Blackham’s attributable resource, taking into account the 70% interest in the Scaddan lignite deposit and the 100% owned Zanthus deposit is 950 million tonnes of lignite.

The Scaddan and Zanthus Projects contain 1.2 billion tonnes of lignite containing over 9,200 PJ of energy on and potential for 600 million barrels of oil products mostly in the form of ultra clean diesel.

There is also additional production potential from the existing coal inventory which is estimated at 0.82 to 1.22 billion tonnes of lignite at Scaddan and Zanthus projects.

The scoping study completed in November 2008 was based upon a 15,000 barrel per day operation producing 4.8 million barrels per annum.

The Scaddan measured and indicated resource equates to 50 years worth of potential feedstock for a 15,000 barrel per day CTL facility. Infill drilling of the Scaddan and Zanthus inferred resources may allow for the CTL facility to increase in scale.

Archer Exploration drilling confirms nickel-chrome anomaly on Eyre Peninsula, SA

Fri, 12 Mar 2010 09:15:00 +0000

Archer Exploration (ASX: AXE) completed A new drilling program last month and has defined a 1 km long coincident nickel/chrome anomaly (greater than 1,000 ppm nickel and chrome) at the company's 100%-owned Pindari project on South Australia’s Eyre Peninsula.

The anomaly is open to the west and has peak values of 0.37% Ni and 0.34% Cr, confirming Pindari’s nickel potential, and warranting further new drilling.

The results follow a207 hole 1,711 metre aircore drilling program conducted by Archer in the eastern portion of Pindari – part of the Carappee Hill tenement (EL3711) south of Kimba.

The outline of the nickel/chrome anomaly mirrors the shape of the core of the Pindari magnetic anomaly.

Bedrock rare earth (REE) values, whilst not correlating with the nickel and chrome geochemistry were elevated over a wide area. Peak REE values were generally 10-20 times REE crustal abundance.

The company said that these geochemical results confirm Pindari’s nickel potential, originally identified from a 1987 Stockdale hole recovered from the PIRSA core library, and show a close association with the core of the Pindari magnetic anomaly.

Future work will involve aircore drilling and sampling the western portion of the Pindari magnetic anomaly. A Reverse Circulation (RC) drilling program will be undertaken in the third quarter of 2010 to test the magnetic, electromagnetic and nickel/chrome geochemical Pindari anomaly at depth.

On the 26th November 2009, Archer released the nickel and chrome analysis results from two diamond holes originally drilled by Stockdale Prospecting Ltd in 1987 to test a prominent, regional, 3 kilometre diameter, circular magnetic anomaly on an area now covered by Archer Exploration’s 100% owned Pindari Project.

Archer reported that the 9-31m interval in hole, Pindari 1, averaged 0.19% nickel and 0.24% chrome.

Petrology investigations indicated nickel sulphides, pentlandite and violarite (Fe2N23S4 – a supergene nickel sulphide after pentlandite) were present within this Ni/Cr anomalous zone. The host rock is an ultramafic protolith probably rich in olivine and clinopyroxene, which has been metamorphosed and veined.

Commencing on the 28th January 2010, Archer carried out a 1,711m aircore drilling program to sample bedrock, through the shallow, variable, (1-10m) transported sand cover, which covers the Pindari magnetic anomaly.

The geochemical survey covered the eastern portion of the 3km diameter coincident magnetic and electromagnetic anomalies at Pindari.

Samples were taken approximately 2 metres below the cover materials on a 100x100 metre grid over the eastern portion of the 3 kilometre diameter Pindari magnetic anomaly.

The objective of this program was to define multi-element geochemical anomalies, which together with the magnetic and electromagnetic survey data, would define targets to be tested with deeper drilling during the second or third quarter of 2010.

Archer will analyse the results of the recent drill program at Pindari in order to plan follow up work. Additional aircore drilling and bedrock sampling over the untested western portion of the Pindari magnetic anomaly is likely to be the next step, followed by RC drilling in the third quarter of 2010.

Range River Gold assays at Granny Smith exceed expectations

Fri, 12 Mar 2010 09:13:00 +0000

Range River Gold (ASX: RNG) has received the results of assays on the first parcel of ore crushed at Barrick (Granny Smith) Pty Ltd’s Granny Smith (Barrick) operations in Western Australia, that commenced on 24 February 2010.

The assays received are from the company’s sample of the crushed ore and were assayed in a commercial laboratory. The results from Barrick’s sample are awaited. The final reconciliation will be based upon a comparison of the two sets of assays.

The company delivered 4,019 tonnes of ore at an average grade of 4.9 g/t Au. Grade control estimates indicated an initial grade of 3-3.5 g/t Au. The positive reconciliation could be due to a number of effects.

A review of the grade control processes and procedures with a view to improving the accuracy of the grade control process is underway.

The grade of ore mined is lower than the average resource grade for the deposit due to a minor depletion effect near surface and is consistent with the trend to increased grade at depth.

Further, the company has been advised that the preliminary recovery testwork being undertaken by Barrick is consistent with forecast. The forecast recoveries on the Craic ore were in the range of 90-93%.

Final payment is based upon the weight of ore crushed, adjusted for moisture, multiplied by the head grade and the recovery to obtain the estimated weight of recovered gold.

The company is paid for 100% of the weight of recovered gold less a treatment charge per tonne of ore processed.

The company expects that the final reconciliation and hence payment for the first batch will be completed by the end of March.

Following completion of the grade control program on the current bench, ore mining is scheduled to recommence in the coming week. Deliveries will be timed to meet the next planned crushing window in early April.

Starpharma Holdings reports positve results from VivaGel® clinical trial

Fri, 12 Mar 2010 09:12:00 +0000

Australian pharmaceutical development company Starpharma Holdings (ASX:SPL, OTCQX:SPHRY) has received positive results from a clinical trial of the company's 3% SPL7013 Gel (VivaGel®) product.

It was found to be comparable in terms of safety and tolerability with its matched placebo when administered vaginally, twice daily for 14 days in sexually active women involved in the trial.

Starpharma CEO, Dr Jackie Fairley, said, the data from the study provided further evidence of the safety and tolerability of the VivaGel® active ingredient, SPL7013, and will support its development as both a stand-alone gel (bacterial vaginosis, genital herpes and HIV), and as a condom coating.

The study enrolled 61 healthy women who vaginally applied VivaGel®, a matched placebo gel without the SPL7013 active ingredient, or an alternative experimental placebo based on hydroxyethyl cellulose (HEC).

Starpharma plans to commence further clinical studies of VivaGel®, including a phase 2 efficacy study in bacterial vaginosis, during 2010.

The clinical study was funded by the Division of AIDS (DAIDS), National Institute of Allergy and Infectious Diseases (NIAID), and the Eunice Kennedy Shriver National Institute of Child Health and Human Development (NICHD), National Institutes of Health (NIH).

White Energy enters coal deal with China Guodian Group

Fri, 12 Mar 2010 09:11:00 +0000

White Energy Company (ASX: WEC; OTCQX: WECFY) has inked a non-binding heads of agreement with state owned Guodian Inner Mongolian Energy Sources Co Limited to develop a coal upgrading facility in China.

Guodian is a part of the China Guodian Group, one of the leading integrated players in the Chinese coal mining and power generation sector with 70,250 MW of installed thermal power and a controllable coal resource of 15 billion tons with annual coal production of 25 million tonnes.

The group is one of the five largest power producers in China.

The JV agreement is for White Energy and Guodian to form a joint venture company to build and operate a coal upgrading facility with an initial capacity of 1 million tonnes per annum.

Following the successful commissioning of the first 1 million tonne per annum plant, development would increase the capacity of the project to 5 million tonnes per annum.

White Energy China would hold a minority stake (35%) in the joint venture company, contributing its intellectual property and technical ‘know-how’ for each coal upgrading plant built by the joint venture company.

Guodian will be the majority shareholder in the venture (65%) and would be responsible for funding all of the capital costs associated with each coal upgrading plant built by the joint venture.

White Energy has the exclusive worldwide license for the Binderless Coal Briquetting process that upgrades lower rank coal to significantly increase its energy efficiency and lower emissions.

Excalibur Mining Corporation continues new drilling at Juno Gold Project, NT

Fri, 12 Mar 2010 09:11:00 +0000

Excalibur Mining Corporation (ASX: EXM) has received results for recent drill holes that were part of the stope validation work currently being undertaken at Excalibur’s Juno Project at Tennant Creek, Northern Territory.

Highlighted intersections include: EJRD053B 11m @ 14.66 g/t from 284m down the hole, EJD065 7m @ 17.75 g/t from 275m down the hole and 6m @ 14.34 g/t from 295m down the hole.

Today's results, which include mineralised intersections of over 10 g/t from the majority of the reported holes, will provide further substantiation of Excalibur’s revised model of the previous mining and reinforce the Company’s model for the remaining material.

Excalibur Managing Director Tim Lagdon said, "the results of the new drilling at Juno underpin the potential of the asset. While the expected downgrade of the Juno resource will impact our timetable, the recent drilling results, including those in the open areas previously reported, tells us we are in the right area to discover more high-grade mineralisation.”

Excalibur’s current Juno drilling program at Tennant Creek has 3 objectives:

- to define the extent and magnitude of the recent Up-Dip discovery at Juno;

- to identify and test inferred areas and extensions around Juno not yet included in the
project's current resource assessment; and,

- to validate current stope positions.

The drilling is part of an overall program to advance Excalibur’s portfolio of Tennant Creek assets.

This includes an ongoing drilling campaign and an external resource review, leading to a planned update to its resource position.

The preliminary findings of the Juno resource estimate were announced earlier in the week, when Excalibur advised that the Company expected a substantial reduction in the indicated portion of the Juno resource when the review is finalised.

Recent drilling, including that of today’s announcement and the February announcement advising of Juno being open down-plunge, confirms that the project remains prospective for high grade gold.

The Cube Consulting analysis, which forms the basis of the review that is underway, has not yet incorporated results from Excalibur's drilling for the last 4 months.

The company will move to drilling the pillars between the modeled stopes with a view to confirminga number of critical areas of high grade material, the results of which are expected to be announced next quarter.

Excalibur Mining Corporation shares rose 8% to 1.3 cents in trading today.

Greenpower Energy awarded two geothermal permits in the Esperance area, WA

Fri, 12 Mar 2010 09:10:00 +0000

Greenpower Energy (ASX: GPP) has been awarded two geothermal exploration permits in the Esperance area of Western Australia.

These permits, GEP37 & 38 of a combined area of 10732 sq km have been awarded by the Department of Minerals and Petroleum, are for a period of 6 years, are renewable and enable the holder to proceed to commercial development.

Work to delineate the areas most favourable for commercial geothermal energy development is already beginning.

The company said analysis of basic geological information shows that heat emitting granites occur in the Esperance district. This analysis also shows that strong structural events have occurred in the same area and this should assist in the ability to retrieve the geothermal energy for power generation.

During the first year of the project several investigations will map the extent of the heat emitting granites. During the second year it is planned to investigate the granite heat source in detail and carry out shallow drilling.

Deeper drilling designed to provide the framework for harnessing the geothermal heat electricity conversion is planned for 2012.

The development and harnessing of geothermal energy is a significant opportunity for base load
emission-free electricity generation in the Esperance district. Across Australia there are several projects which are likely to result in large scale emission-free electricity generation.

These projects enjoy strong policy and financial support from government agencies.

Citigold Corporation extends SPP

Fri, 12 Mar 2010 09:08:00 +0000

Citigold Corporation (ASX:CTO) has announced an extension to the Share Purchase Plan (SPP) offer to shareholders until Wednesday 24 March 2010.

On 4 March 2010 Citigold announced it had signed a non binding memorandum of understanding with Henan Jinqu Gold Company Limited (Jinqu), China, to form a joint venture company to develop the City mines of Citigold’s Charters Towers gold project.

The funds raised from the SPP will be used towards expanding Citigold’s gold mining operations and working capital.

The terms of the SPP are the same as previously mailed to shareholders except that the closing date has been extended.

Applications continue to come in and therefore this offer extension will give shareholders time to participate and join shareholders who have already taken up the offer.

The directors of Citigold have indicated they have applied for their full entitlements as shareholders, respectively.

Bass Metals announces first-half operating profit of A$3.1 million on ore sales

Fri, 12 Mar 2010 09:07:00 +0000

Australian base metals producer Bass Metals (ASX: BSM) has announced the first-half result from its Que River base metals mine in Tasmania, contributing to an interim operating profit of $3.1 million.

The result however was impacted by holding costs associated with the Hellyer Mill and non-cash write-offs of exploration expenditure, which translated to a net loss after tax of $816,806 for the period.

The result for the half-year to 31 December 2009 (2008 NPAT: $4.5M profit) was based on ore sales from the Que River operation of $10.6 million.

Bass Metals’ Managing Director, Mike Rosenstreich, said the interim result was consistent with the Company’s expectations, with Que River continuing to perform strongly despite the fact the operation is currently mining a lower-grade portion of the resource.

“Que River is now in its 3rd year of operations, it has created a sound operating and financial platform for Bass’ broader expansion strategy to develop a portfolio of producing assets in North-West Tasmania,” Rosenstreich said.

“Mining activities over the reporting period were focused on a lower-grade portion of the resource with a higher strip ratio - which resulted in a reduction in ore sold; however this was entirely expected and consistent with the mine plan and previous forecasts."

"Bass is in transition, moving toward larger scale mine production and processing its own ore. To do this we incurred significant costs associated with the plant maintenance and environmental management – again consistent with our expectations, but adversely impacting our ultimate accounting bottom line,” he added.

These mining constraints at Que River led to a 24% drop in tonnes of ore sold to 29,032 tonnes compared with the previous corresponding period. However this was partly offset by stronger metal prices and higher grades.

Ore is sold to MMG’s nearby Rosebery processing facility under an Ore Sales Agreement which is expected to be completed in the September quarter, 2010.

During the period Bass initiated a $15.3 million capital raising, comprising a placement and rights issue, providing the Company with a robust cash position at the end of the reporting period of $16.7 million.

This financing was completed in January, 2010 coincident with mandating RMB Resources Ltd to arrange a $12 million loan facility and hedging facility.

This process is progressing well and on completion will ensure that the Company is sufficiently funded to undertake the development of the new Fossey Mine, the refurbishment of the Hellyer Mill and an increased exploration programme aimed at expanding the Company’s resource base in Tasmania in keeping with its aim of becoming a mid-tier base metals producer.

Payment of ongoing maintenance investment associated with the Hellyer Mill, which was acquired by Bass in March 2009, led to an increase in Other Expenses to $4.1 million (2008: $1.6 million).

Work to refurbish the Hellyer Mill commenced in February 2010, with an expectation that it will be operational from mid-2010, in line with the Company’s Hellyer Mine Project.

Bass’ core focus during the period was the completion of a Definitive Feasibility Study (DFS) for the highgrade Fossey Zone, part of the Company’s Hellyer Mine Project.

Following the completion of this DFS in October 2009, Bass’ Directors announced their intention to proceed with the Fossey mine development in January 2010, and Bass is on track to commence production from Fossey in the second half of the 2010 calendar year.

“This is an exciting time for Bass Metals, with development now well underway at Fossey. This is another robust, high grade project with projected low operating costs of US$0.33/lb of payable zinc (equivalent after credits) which puts it in the bottom third of the world cost curve."

"We are also looking at options to enhance that production profile such as tailings retreatment; so our team is very busy, highly motivated and enthusiastically moving this project forward,” Rosenstreich commented.

“This, together with our continued aggressive exploration program, and recent successes indicates that Bass could be building up momentumtoward another discovery which puts the company well on track to achieve our goal of becoming a significant mid tier diversified mining house.”

Global Nickel Investment to commence drilling at Emmaville Bauxite project, NSW

Fri, 12 Mar 2010 09:06:00 +0000

Global Nickel Investments (ASX: GNI) is set to commence drilling its Emmaville Bauxite project in Inverell, NSW. The company has secured the services of a drilling company with the intention of commencing drilling within weeks.

The drilling contractor will move on to GNI’s Emmaville project following the completion of its current drilling campaign on a nearby tenement for an unrelated Company where more than 20 million tonnes of bauxite has been recently delineated.

GNI holds a 50% interest in two granted exploration licences, EL7287 and 7288, issued by the New South Wales Department of Primary Industries in the Emmaville area near Inverell in NSW, where a new bauxite province is currently being defined.

The Company is in the process of geological mapping and rock chip sampling and review
of historic data in the area with the aim of defining an exploration target size for the project. The bauxite occurrences near Emmaville are associated with a belt of Tertiary basaltic volcanic rocks which in places are gibbsite-rich.

This type of gibbsitic bauxite can upgrade to premium grades at high yields with simple screening, and a large proportion of the resources in the area surrounding GNI’s project are of Direct-Shipping Grade (DSO).

GNI’s Managing Director, Benjamin Heath Cooper states, “the discoveries made on neighbouring tenements of thick, high quality bauxite - incite us to immediately deploy similar styled exploration campaigns to unlock value on our ground."

"Our Emmaville licences contain the same geological setting as the surrounding tenements, it is our belief that GNI’s project will likewise deliver a bauxite resource to its shareholders.”

The volcanic terrains represent a very different and exciting style of alumina occurrence. GNI’s Emmaville bauxite project covers an area of 55 units or approximately 165 square kilometres.

Importantly, geological mapping by the Company has found that the small isolated historical bauxite occurrences near Emmaville appear to be within a much larger area with similar exploration potential.

The areas chosen by the Company for bauxite exploration in New South Wales are considered to be favourably located with respect to water and power supplies, as well as road and rail transport corridors.

Furthermore, the areas chosen for investigation by the Company are also close to the major regional centres of Inverell and Glen Innes, which can supply goods, services and possible future workforce requirements.

Bauxite is a rock composed mainly of aluminium oxide and aluminium hydroxide minerals. These might include: gibbsite, boehmite and diaspore. The rock usually includes other materials such as iron hydroxides, clay, silt and free silica.

It most often occurs as a residual soil material in tropical and subtropical areas. It is the primary source of aluminium. Bauxite does not require complex processing because most of the bauxite mined is of an acceptable grade or can be improved by a relatively simple and inexpensive process of removing the clay component.

The Company said it looks forward to providing further updates on the Emmaville project shortly, as well as some important advances currently being made at Jutson Rocks Gold/Nickel project in Western Australia.

Tanami Gold encouraged by high grade gold potential at Sandpiper, WA

Fri, 12 Mar 2010 09:06:00 +0000

Australian gold producer Tanami Gold (ASX: TAM) has reported further encouraging assay results from surface exploration and resource drilling at its Bald Hill Operations, the satellite mining centre located 35km north of its Coyote Gold Operations in Western Australia.

The new results have reinforced the potential to define significant additional gold resources beneath the operating Sandpiper open pit.

As announced in the Company’s December 2009 Quarterly Report, diamond core hole SPDD2 at Sandpiper intersected a 22 metre down-hole zone of stock work quartz veining and quartz lode hosted within a folded mafic volcanic and sedimentary sequence.

Independent analysis of core samples from this interval has returned a significant result of 15.1 metres grading 6.1g/t from 202 metres with a true width of 11 metres. This mineralisation occurs 130 metres up-dip of a previously announced 21 metre interval grading 3.7g/t in diamond hole BLRCD1.

Both intervals contain a high grade core – 8.8 metres grading 9.6g/t in SPDD2 and 5.6 metres grading 8.6g/t in BLRCD1. Mineralisation associated with this latest intersection includes disseminated arsenopyrite, pyrite, sphalerite and galena together with a significant interval of silver grading 33.5g/t from 209.4 to 210.1 metres.

Graeme Sloan, Managing Director, said, “we are very pleased with these results from Sandpiper, which continues to improve at depth. Given these latest intersections and the consistency of the mineralisation evident from the drilling to date – coupled with the positive reconciliation we are achieving from the open pit – I am confident that we are well down the track towards delineating a significant deposit at Sandpiper which will contribute significantly to gold production at Coyote well into the future.”

A further nine diamond holes have been completed at Sandpiper to test the extent of the mineralised system. Of these holes, six contain intervals exhibiting similar mineralogy and occurring in a consistent position within the sequence to the interval in SPDD2, suggesting that the mineralised zone is continuous.

Down hole lengths of the quartz-arsenopyrite rich intervals include:

- 11.8m from 258.4m in SPDD5

- 4.0m from 230.0m in SPDD6

- 9.0m from 316.0m in SPDD7

- 4.5m from 275.6m in SPDD9

- 5.7m from 292.4m in SPDD10

Coarse gold has also been logged within a quartz vein interval from 179 metres in current hole SPDD11 through a previously interpreted parallel zone. Assay results are pending.

The main zone is interpreted to extend for over 400 metres down plunge from the base of the open pit. The system remains open along strike, down plunge and down dip with additional holes planned pending assay results from the outstanding intervals.

Planet Payment says TSYS adds iPAY Gateway to TSYS acquirer processing platform

Fri, 12 Mar 2010 08:42:00 +0000

Planet Payment (LSE: PPT and PPTR; OTC: PLPM) has completed and received certification from TSYS Acquiring Solutions (TSYS), a wholly-owned subsidiary of TSYS (NYSE: TSS), for the company’s iPAY payment gateway on the TSYS processing platform. TSYS currently offers a Planet Payment powered Multi-Currency Pricing service which allows merchants to reach international markets through price localization. Multi-Currency Pricing allows international customers to view prices, and pay for goods/services in their domestic currencies.

TSYS is a support service provider specialising in secure payment and money transfer for the acquirer and card services industry. "The certification of the iPAY gateway by TSYS will provide their customers with a powerful e-commerce and card-not-present product suite including a robust Multi-Currency Pricing service, which can deliver significant new revenues and provide a powerful competitive differentiator and merchant retention tool to the merchant acquiring industry." Planted Payment Product Management SVP Joel Mayer said.

The company said that the new certification allows TSYS customers to enjoy the robust iPAY payment gateway features, including flexible recurring billing engines and iPAY Tokens to help protect customer information. According to Planet Payment these tools allow merchants to grow their business by more effectively tapping into foreign markets.

Through this certification, TSYS acquirer and ISO customers can offer merchants a complete global e-commerce service through the ease of a US based merchant account settling in US dollars. The TSYS platform includes full domestic credit, debit and ACH processing and seamless support of the Multi-Currency Pricing services.

The iPAY gateway’s flexible recurring billing engine manages subscription billing and customer notices in real time.

IPAY Tokens help protect sensitive customer payment account data by encrypting and assigning a unique electronic token that is stored securely in Planet Payment's PCI DSS (Payment Card Industry Data Security Standard) compliant data vault. Through the iPAY Token system merchants can process payments from a ‘token’, rather than handling and storing sensitive customer data itself, facilitating the merchant's PCI compliance and reduces risk-exposures relating to the storage of customer account data.

The company’s multi-currency services have been progressing well over recent months with the TSYS certification marking the latest of number of key developments. In February, it was awarded a US patent for its ’Time-of-Transaction Foreign Currency Conversion’ process. The patent describes Planet Payment's unique exchange rate calculation methodology across its Dynamic Currency Conversion product suite.

In January, Planet Payment reached an agreement with Middle-Eastern card services group, Network International’s (NI), to provide its ‘Pay in Your Currency’ products to NI’s merchant clients in the United Arab Emirates. Subsequently, Daniel Stewart said the agreement represented a standout deal, supporting the broker’s revenue forecasts for 2010.

Yule Catto JV to sell non-core Revertex Finewaters operations to HB Fuller

Fri, 12 Mar 2010 08:23:00 +0000

Specialty chemicals producer Yule Catto & Co PLC (YULC) announced that its joint venture subsidiary Revertex (Malaysia) Sdn Bhd has exchanged conditional contracts with HB Fuller Co for the sale of Revertex Finewaters Sdn Bhd, and Yule Catto will use the money to reduce debt.

For its 63 percent effective interest in Revertex Finewaters, Yule Catto will receive Malaysian Ringgit 55.6 million, or £11 million, in cash at completion.

The completion of the sale is conditional on approval from the Malaysian regulatory authorities.

Revertex Finewaters is a Malaysian manufacturer and supplier of adhesives for industrial use in the local market and exports to other parts of South East Asia. In the twelve months to 31 December 2009 it had sales of MR 62.4 million, or £13 million, an operating profit of MR 11 million, £2 million, and gross assets of MR 37.2 million, £7 million.

Yule Catto CEO Adrian Whitfield commented: "We are pleased to have secured the sale of this non-core business to a strategic global adhesives manufacturer which allows us to focus on the development of our polymer manufacturing activities in Asia. We will continue to supply key raw materials to Revertex Finewaters from our other existing facility in Malaysia under a long term supply contract."

Morning news wrap: Discovery Metals, Baobab Resources, Lonrho and Planet Payment

Fri, 12 Mar 2010 08:00:00 +0000

In AIM, Botswana operating nickel and copper miner Discovery Metals (AIM: DME) said drill results from the East Plutus and South West Petra and Nexus prospects indicated strong potential to add a significant amount of mineral resources to the Boseto copper project.

Baobab Resources (AIM: BAO) resumed drilling at the Tete iron/vanadium/titanium project.

Africa focused investor Lonrho (AIM: LONR) was promoted to the AIM 50 index from the AIM 100 index.

Planet Payment (AIM: PPT) has completed and received certification of the Company's iPAY payment gateway on the TSYS Acquiring Solutions (TSYS) processing platform.

Fox-Davies Capital Daily Newsflash including Baobab Resources, Dragon Oil, Europa Oil & Gas, Nautical Petroleum and Geopark Holdings

Fri, 12 Mar 2010 07:56:00 +0000

Geopark Holdings (GPK) has formed a new strategic partnership with LG International Corporation (LGI), the Korean conglomerate to jointly acquire and develop upstream oil and gas projects in Latin America.
LGI is the energy, natural resource and trading affiliate of LG Corporation, the large international Korean company with 147 subsidiaries operating in over 50 countries and with annual sales exceeding US$100 billion. LGI has successfully invested and operated in the oil and gas exploration and production business for over twenty years including current upstream oil and gas projects in Oman, Vietnam and Kazakhstan. LGI has adopted a long term strategy of investing in oil and gas upstream assets in emerging resource-rich countries and has targeted L atin America as a new growth region. The objective of the LGI-GeoPark strategic growth partnership is to build a risk-balanced portfolio of upstream opportunities across Latin America - a rich under-explored hydrocarbon region whose economic future is dependent on the development of secure energy supplies. The intent is to leverage the platform and experience of both partners to identify and carry out side-by-side acquisitions; initially targeting upstream projects in the US$100-500m range size. GeoPark will be the manager of the strategic partnership and Operator of acquired projects. GeoPark will have the right to earn additional equity interests in each project, in addition to its working interest, in accordance with a formula based upon the financial performance of each acquired project. The initial term of the partnership is three years and the target for closing the first acquisition is during 2010.

Nautical Petroleum (NPE) announced that the Rig Agreement for the drilling of the Catcher prospect has been signed. The Tertiary (Paleocene) Catcher prospect, operated by EnCore Oil plc, in UK Central North Sea block 28/9, is expected to be spudded in May 2010.

Dragon Oil (DGO) completed the initial testing of both the Dzheitune (Lam) A/142 and 13/143 development wells. Dzheitune (Lam) A/142 well was drilled to a depth of 3,961m by the Iran Khazar rig. The well tested at a combined rate of 2,103bopd with the short string contributing 1,180bopd and the long string contributing 923bopd. Dzheitune (Lam) 13/143 was drilled to a depth of 3,450m by Rig 40. The well tested at a combined rate of 2,168bopd with the short string and the long string contributing 1,144bopd and 1,024bopd respectively. Further testing and optimisation of both wells are scheduled to take place over the coming weeks. The Iran Khazar rig has repositioned to workover a well on the same platform in order to enhance its production. Rig 40 has skidd ed to Slot 1 on the Dzheitune (Lam) 13 platform and will shortly commence drilling the Dzheitune (Lam) 13/144 well.

Europa Oil & Gas (EOG) provided an operational update on the Hykeham-1Z well. Since running perforating guns over the 4m of Basal Sandstone in February, operations have concentrated on lifting the reservoir fluids without success. Casing pressure testing conducted yesterday to approximately 4,000psi without leaking-off has confirmed what was becoming clear to management: that the original perforation charges failed to penetrate the casing and there is no connection to the reservoir. Earlier pressure readings on the tubing head indicate a leaking packer. The well therefore remains completely untested. The forward programme on the well will involve perforating the pay interval with more substantial perforating guns, likely to be run on tubing. Planning this will take around 2 weeks.

Baobab Resources (BAO) announced the resumption of drilling at the Tete project in Mozambique. Scout diamond drilling at the Chimbala prospect commenced on Wednesday and will include both diamond and reverse circulation (RC) drilling for a combined total of approximately 12,000m and focus will be on improving confidence in the 400 to 700Mt Exploration Target estimated in 2009.

FTSE 100 sene higher ahead of US retail sales and consumer sentiment update

Fri, 12 Mar 2010 07:51:00 +0000

The FTSE 100 is seen 0.3% higher today after shedding 0.4% on Thursday amid weakness in the mining and energy sectors as oil and metals prices declined.

Kazakhmys (LSE: KAZ) was the heaviest faller with a 3.2% loss, while silver and gold miner Fresnillo (LSE: FRES) followed with a 2.9% decline. Supermarket Morrison (LSE: MRW), medical devices manufacturer Smith & Nephew (LSE: SN) and gold producer Randgold Resources (LSE: RRS) added slightly more than 2.5%. The world’s largest miner BHP Billiton (LSE: BLT) and asset management firm Schroders (LSE: SDR) both shed 2%.

Oil and gas engineering firm Petrofac (SLE: PFC) was the leading performer among the blue chips with a 3.4% advanced. Retailer Kingfisher (LSE: KGF), tour company Thomas Cook Group (LSE: TCG) and insurer Standard Life (LSE: SL) all added more than 3%. Telecom company BT (LSE: BT.A) gained 2.7%.

In the US, the Dow Jones Industrial Average, the broader S&P 500 index and the technology heavy NASDAQ composite all gained 0.4%.

Asian stocks inched lower today. Hong Kong’s Hang Seng slid 0.25%, China’s Shanghai Composite Index was flat, Japan’s benchmark Nikkei 225 added 0.8%, South Korea’s KOSPI declined 0.2% and Australia’s S&P/ASX 200 held steady.

Commodities

Oil prices inched higher today. April Brent Crude advanced to US$80.25/barrel, while US light, sweet crude rose to US$82.13/barrel.

Precious metals also improved as gold reached US$1,111/oz, while silver and platinum rose to US$17.15/oz and US$1,611/oz respectively.

Base metals retreated as copper and zinc slid to US$3.35/lb and US$1.05/lb. Nickel was steady at US$9.64/lb.

US retail sales data and University of Michigan consumer sentiment index update are due in the US today.

FTSE 100 set to recoup losses as Dow Jones, S&P 500 and NASDAQ rise

Fri, 12 Mar 2010 07:47:00 +0000

The FTSE 100 is seen 0.3% higher today after shedding 0.4% on Thursday amid weakness in the mining and energy sectors as oil and metals prices declined.

In the US, the Dow Jones Industrial Average, the broader S&P 500 index and the technology heavy NASDAQ composite all gained 0.4%.

Commodities

Oil prices inched higher today. April Brent Crude advanced to US$80.25/barrel, while US light, sweet crude rose to US$82.13/barrel.

Precious metals also improved as gold reached US$1,111/oz, while silver and platinum rose to US$17.15/oz and US$1,611/oz respectively.

Base metals retreated as copper and zinc slid to US$3.35/lb and US$1.05/lb. Nickel was steady at US$9.64/lb.

US retail sales data and University of Michigan consumer sentiment index update are due in the US today.

Lonrho promoted into key FTSE-AIM indices

Fri, 12 Mar 2010 07:36:00 +0000

African focused investment company Lonrho (AIM: LONR) has been promoted into the FTSE AIM UK 50 Index and the FTSE AIM 100 Index, effective from the 22 March 2010. The company’s inclusion into the key indices reflects Lonrho’s growth and its position in London’s junior market, then group said in a statement.

"We are delighted that the growth of Lonrho has enabled the company to be included in these important indices operated by the London Stock Exchange,” chairman David Lenigas commented. “Lonrho continues to successfully develop its five core business divisions across the emerging African market and now operates in seventeen countries."
Last week, Lonrho’s full-year results for the year ended 30 September 2009 demonstrated the progress being made by the company’s operations in Africa.

Lonrho said its African investments are delivering real growth and strong tangible businesses in Africa. It increased turnover by 266% on a like-for-like basis. Reported revenue rose 111% to £90.9m and net asset value also rose, increasing by 16% to £81.1m. Consequently Lonrho significantly narrowed its losses to £4.5m compared with £38.7m in the previous year.

Discovery Metals latest drilling results bullish for Boseto Copper Project

Fri, 12 Mar 2010 07:15:00 +0000

African-focused Discovery Metals (ASX/BSE: DML; AIM: DME) has reported that latest drill results highlight continuation of Plutus‐Petra mineralisation for 15 km beyond the current 11 km strike length boundary of the existing mineral resources.

The Plutus and Petra Prospects form part of the Mineral Resource base for the Boseto Copper Project Bankable Feasibility Study.

The Petra Prospect remains open along strike to the south west and the Plutus Prospect remains open along strike to the north east. A series of step out diamond drill holes were completed to partially test the strike extent of copper mineralisation.

Significant assay results included:

- Hole PSDD1000 4.0 m @ 2.2 % Cu & 29.8 g/t Ag NE Plutus prospect
- Hole PSDD997 5.0 m @ 1.3 % Cu & 25.8 g/t Ag NE Plutus Prospect
- Hole NXDD1001 3.0 m @ 2.1 % Cu & 32.3 g/t Ag SW Nexus Prospect
- Hole PTDD875 5.8m @ 1.7 % Cu & 16.4 g/t Ag SW Petra Prospect
- Hole PTDD871 5.0m @ 1.1 % Cu & 29.4 g/t Ag SW Petra Prospect

At Plutus the company is targeting a north east strike extension. 15 km of strike diamond drilled at 1km spacing, where mineralisation was found over the entire strike length.

All seven diamond holes drilled at Petra intersected copper-silver mineralisation.

While at Nexus, testing previously identified mineralisation, all four diamond holes drilled intersected copper-silver mineralisation.

The results highlight the potential to add a significant amount of mineral resources to the Boseto Copper Project.

Discovery Metals’ Managing director, Brad Sampson said, “As the Bankable Feasibility Study for the Boseto Copper Project nears completion, we are now refocusing our exploration efforts on both near mine opportunities such as have been announced today and on the opportunities elsewhere within our prospecting licences to discover the next Boseto project. “

The company will immediately commence investigations to determine what further work is required to upgrade this area to allow for the reporting of mineral resources along this strike extension.

The Plutus Prospect still remains open to the north‐east, with the last drill hole (PSDD 1000) of this series of holes intersecting 4 metres at 2.2% Cu.

Millrock Resources and Inmet Mining seal option agreement for San Jose and Dry Mountain copper proje

Thu, 11 Mar 2010 16:35:00 +0000

Millrock Resources (TSX-V: MRO) has signed an option agreement, finalising it its partnership with Inmet Mining Corporation (TSX: IMN) for the exploration of the San Jose and Dry Mountain porphyry-copper prospects in Arizona. The initial deal was reported on 8 January and now, with the signing complete, the partners are preparing to begin work.

Geophysical surveys to refine drill targets are planned for spring 2010, with drilling scheduled to follow.

The San Jose claim sits on the intersection of the exceptionally prolific Safford and Morenci porphyry trends, which combined have accounted for over 10 billion tons of copper production, Millrock said. Freeport McMoran (NYSE: FCX) currently mines from the Safford trend. Millrock also noted that a porphyry cell was discovered by Noranda Inc in the 1990s on the San Jose claim. “Geochemical, geophysical and geological vectors indicate that a large porphyry deposit may exist just to the northeast of the area previously drilled.”

Meanwhile, the Dry Mountain claim, situated 20 kilometres south-east of San Jose, is located on the Morenci Trend, hosting a 10 kilometer (diameter) geochemical anomaly strong in copper and molybdenum. “The area is completely covered in overburden, but depth to bedrock is thought to be less than 200 m,” Millrock reported in January. “No drilling has previously been done”.

The agreement will see Inmet Mining earn a 70% interest in the two claims by spending US$4 million and making option payments of US$0.3 million. The 2010 commitment consists of an initial payment of US$50,000 to Millrock and an exploration budget of US$0.5 million for 2010. The 2010 program will include ZTEM airborne surveys and induced polarization surveys on both claims to define drill targets.

Since the initial agreement in January, Millrock has expanded its exploration efforts further in North America, with several new early-stage projects in Alaska. On 22 January Millrock reported that it had staked a block of 36 claims (2,331 hectares) west of the company’s Estelle property. The claims are all situated on the Kahiltna Terrane, Alaska, which also hosts Northern Dynasty’s world class copper-gold porphyry deposit.

On 17 February, Millrock announced it had also staked two claim blocks in the Kahiltna Terrane of Alaska, which will form the basis of two separate joint ventures with Altius Minerals Corporation (TSX: ALS). The claim blocks are named the Monte Cristo project and the St Eugene Project; in total the 55 claims span a combined 3,561 hectares. The two 50%:50% joint ventures represent the first properties to be explored through the strategic alliance between Millrock and Altius, agreed in June 2009.

FTSE 100 slips as Dow Jones, S&P 500 and NASDAQ decline on US jobless data

Thu, 11 Mar 2010 15:58:00 +0000

Overview: the FTSE 100 turned negative today, shedding 0.6% to wipe out yesterday’s gains, which was in line with pre-trade projections. Miners and energy stocks were weak as oil and metal prices edged lower on Chinese demand concerns and a stronger US dollar.

Oil and gas engineering firm Petrofac (LSE: PFC) emerged atop the leaderboard with a gain of nearly 4%. Telecom BT (LSE: BT.A) followed, climbing 3%. Tour operator Thomas Cook (LSE: TCG) and retailer Kingfisher (LSE: KGF) gained slightly more than 2.5%, while temporary power provider Aggreko (LSE: AGK) advanced 2%.

Quality and safety services provider Intertek (LSE: ITRK), another tour company TUI Travel (LSE: TT) and clothing retailer Next (LSE: NXT) were up 1.8%.

Copper miner Kazakhmys (LSE: KAZ) was the heaviest faller with a 3.5% loss. Sector peers Fresnillo (LSE: FRES), Rio Tinto (LSE: RIO) and Randgold Resources (LSE: RRS) declined 3%, as did medical devices manufacturer Smith & Nephew (LSE: SN).

US stocks were slight lower in early trade as a weekly jobless claims update from the Labor Department showed a lesser than expected decline of 6,000 to 462,000. The Dow Jones Industrial Average declined 0.2%, while the broader S&P 500 index was down 0.15% and the technology heavy NASDAQ composite was flat.

Commodities

Crude prices recouped their early losses in mid afternoon today, supported by an inventories update from the US Energy Information Administration (EIA), which reported a surprisingly low increase of 1.4 mmbbls (million barrels) in oil inventories a day after API (American Petroleum Institute) said crude stockpiles in the US added 6.5 million barrels, while a smaller increase was expected. The data also signalled a sixth straight week of expansion in oil inventories.

At the same time, EIA said that gasoline stockpiles and distillates, which include heating oil, were down fell 2.9 million barrels and 2.2 million barrels respectively to signal higher demand.

Meanwhile, OPEC (Organization of Petroleum Exporting Countries) upped its demand forecast for the current year yesterday, projecting the global consumption to grow by an additional 0.9 mmbbls/d (million barrels per day) to 85.24 mmbbls/d provided that the ongoing economic recovery firms.

April Brent Crude recaptured the US$80/barrel mark, while US light, sweet crude was at US$81.74/barrel.

Blue chip oil and gas producers were mixed. Cairn Energy (LSE: CNE) led the pack with a 1% gain. Shell (LSE: RDSB) was flat, while fellow supermajor BP (LSE: BP) rose marginally. BG Group (LSE: BG) and Tullow Oil (LSE: TLW) lost nearly 1%.

Oil and gas engineering firms did well as Petrofac (LSE: PFC) added 3%, while peer Amec (LSE: AMEC) tacked on less than 1%.

Premier Oil (LSE: PMO) was the top performer among the midcaps, climbing 2% after reporting an oil discovery in the North Sea. Salamander Energy (LSE: SMDR) and Soco International (LSE: SIA) also did well with gains of 1.3%.

Dana Petroleum (LSE: DNX) was flat, while Heritage Oil (LSE: HOIL) rose marginally and Dragon Oil (LSE: DGO), JKX Oil & Gas (LSE: JKX) and Melrose Resources (LSE: MRS) slipped 1.5%, 2% and 3% respectively.

Wood Group (LSE: WG) rose marginally, while fellow services company Wellstream Holdings (LSE: WSM) added 2.7%.

Energy investor Xtract Energy PLC (AIM: XTR) and EU operating Rome-based oil junior Mediterranean Oil & Gas (AIM: MOG) led the juniors, advancing 9% and 5% respectively.

Gold falls to $1,105 as US dollar firms

Gold fell sharply today as the US dollar gained against other major currencies on fears of further tightening of monetary policy in China after the country’s consumer price index increased to an annualised rate of 2.7% in February to signal higher inflation, which, however, was still within the government’s 3% target for 2010. Back in January, China moved to implement a series of measures to curb credit growth after it reached record levels in the first weeks of the year, pushing lending down to 700 billion yuan in February compared to 1.39 trillion yuan in the previous month.

The American currency is seen as a safe haven asset, while gold is considered to be a riskier alternative and usually moves inversely to the US dollar.

The euro performed well last week after debt laden Greece introduced a new round of economic austerity measures and conducted a successful €5 billion bond issue to meet its near term commitments to ease concerns over its ability to avoid a default. This week, however, Europe’s single currency fell under pressure after Fitch threatened to cut Portugal’s rating from the current AA if the ongoing fiscal consolidation continues at a slow pace and proves insufficient. The euro edged higher later in the week after Portugal raised US$1.35 billion via a bond issue to prop up precious metals, though it fell back today ahead of the Swiss National Bank’s interest rate decision, which will be released at 13:30 GMT.

Gold stabilised at about US$1,105/oz, climbing on technical buying, which intensified once the yellow metal moved closer to the psychological level of US$1,100/oz.

Silver and platinum followed, dropped to US$16.92/oz and US$1,581/oz respectively.

Most major mining stocks were in decline today. Silver producer Frensillo (LSE: FRES) led the retreat with a 2.6% loss. Randgold Resources (LSE: RRS) and platinum producer Lonmin (LSE: LMI) declined 2.2% and 1.7% respectively.

Specialty chemicals firm Johnson Matthey (LSE: JMAT) was flat.

Midcap gold miner Petropavlovsk (LSE: POG) posted a small gain to defy the trend, however, fellow FTSE 250 constituents Aquarius Platinum (LSE: AQP) and silver producer Hochschild Mining (LSE: HOC) slipped 2.8% and 2.6% respectively.

Africa operating gold and platinum miner Goldplat (AIM: GDP), Uzbekistan focused gold miner Oxus Gold (AIM: OXS) and Brazil focused gold miner Horizonte Minerals (AIM: HZM) climbed 10%, 7% and 6% respectively.

Kyrgyzstan focused gold explorer and developer Chaarat Gold Holdings (AIM: CGH) and Turkey and Ethiopia operating gold miner Stratex International (AIM: STI) headed in the opposite direction, slipping 6% and 3.5% respectively.

Copper and nickel slide to weaken miners

Base metals followed as copper and nickel slid to US$3.33/lb and US$9.59/lb respectively, while zinc dropped to US$1.03/lb.

Base metals turned negative with the exception of Chilean copper miner Antofagasta (LSE: ANTO), which posted a small gain.

Kazakhmys (LSE: KAZ) led the retreat, shedding 3%. Rio Tinto (LSE: RIO) followed with a 2.6% loss, while Xstrata (LSE: XTA) and BHP Billiton (LSE: BLT) lost 2.3% and Eurasian Natural Resources (LSE: ENRC) was down 2%, as was Vedanta Resources (LSE: VED).

Anglo American (LSE: AAL) slid 1.7%.

London's only listed pure iron ore producer and FTSE 250 constituent, Ferrexpo (LSE: FXPO) moved with the sector, shedding 1.5%.

Australia focused coking coal producer Caledon Resources (AIM: CDN) was one of the top performers among the juniors with a 4.5% gain.

Bank, insurance, private equity

Banking stocks were in decline today with the sole exception of Lloyds (LSE: LLOY), which gained 1.3%. Barclays (LSE: BARC) lost 1.9%, while HSBC (LSE: HSBA) and Standard Chartered (LSE: STAN) slid 1.4% and 1.1% respectively.

Royal Bank of Scotland (LSE: RBS) declined marginally.

Insurance stocks were mixed. Old Mutual (LSE: OML) was at the bottom of the pile with a loss of 2.6%. Legal & General (LSE: LGEN) declined marginally, while Aviva (LSE: AV) was flat and Admiral Group (LSE: ADM), Prudential (LSE: PRU) and RSA Insurance Group (LSE: RSA) added less than 1%.

Standard Life (LSE: SL) was in the lead, climbing 1.9%.

Private equity group 3i (LSE: III) posted a small gain.

Small Cap Movers

Other notable movers among the small caps included developer of CAD and image analysis software Medicsight (AIM: MDST) and Zimbabwe focused investor LonZim (AIM: LZM), which declined 13% and 5% respectively. Mobile email and data synchronisation group Synchronica (AIM: SYNC) rallied 16%.

Large and Mid Cap News

BP (LSE: BP) said it is paying Devon Energy Corp (NYSE: DVN) US$7.0 billion in cash for assets in Brazil, Azerbaijan and the US deepwater Gulf of Mexico, giving the UK oil major a material exploration position in the deepwater offshore Brazil and significantly enhance its position in core strategic areas.

AstraZeneca (LSE: AZN) has agreed a license and supply deal with India's Torrent Pharmaceuticals, whereby Torrent will supply a portfolio of generic medicines to AstraZeneca. The generic medicines are already licensed in a range of countries, and the partnership intends to brand and market them in many where AstraZeneca already has a strong commercial footprint.

Supermarket chain Morrisons (LSE: MRW) said in its results statement for the year ended 31 January 2010 that it added a further 43 new stores in the period, increased turnover by 6% to £15.4bn and reported underlying profits by 21% to £767m from the previous year.

In it full-year results statement, Computacenter (LSE: CCC) said it made good progress in 2009 and it has entered 2010 with a lower cost base, having secured large services contracts. For the twelve months ended 31st December2009, the company reported a 25.8% increase adjusted pre-tax profit to £54.2m compared with £43.1m in the previous year, earnings per share (EPS) increased 31.9% to 27.7p.

Midcap oil and gas producer Premier Oil (LSE: PMO) achieved the primary exploration target of the 34/5-1 S wildcat well at production license 374 S in the Norwegian portion of the North Sea by making a petroleum discovery in the Cook formation, while the other formation Statfjord came up dry.

Small Cap News

Australia operating exploration company Thor Mining (AIM, ASX: THR) has appointed Trevor Ireland as a non-executive director. The appointment is the second major initiative for the company this year under its new growth strategy, the group said. Ireland is a geologist with more than 40 years experience in minerals exploration and corporate management.

Ethanol and biorefining group Lignol Energy Corporation (TSX-V: LEC) announced an agreement with UK construction prodocts supplier Kingspan Group PLC (LSE: KGP) for the joint development of commercial applications incorporating Lignol's class of High-Purity Lignin and lignin derivatives (HP-L lignin) into various products.

BPC (AIM: BPC) has placed 69.8 million new shares to raise £2.4 million to meet its working capital requirements and reiterated its intention to re-domicile from the Falkland islands to the Isle of Man.

Europa Oil & Gas (AIM: EOG) has updated investors on the testing of the Hykeham-1Z well, which was drilled on the PEDL150 license, a short distance from the Whisby Field in the UK. After conducting a casing pressure test yesterday, the company has confirmed that the original perforation charges failed to penetrate the well casing, and therefore there is currently no connection to the reservoir.

Altona Energy (AIM: ANR) has appointed Peter Fagiano as senior executive in charge of project technology to join the Arckaringa Joint Venture (JV) management committee, which is responsible for the JV’s operations and decision making on all key matters.

Mobile gambling specialist Probability (AIM: PBTY) said it has partnered with Mobenga, a Swedish provider of betting software. Probability will integrate into Mobenga's software platform and the groups will cooperate in marketing its games capability to Mobenga customers.

Navigation equipment maker Raymarine (AIM: RAY) noted the recent hike in its share price and confirmed it has received a further approach from a third party, which may or may not lead to an offer being made for the entire issued share capital of Raymarine at approximately 3.6 pence per share.

Kazakhmys, Fresnillo and Randgold Resources push FTSE 100 lower

Thu, 11 Mar 2010 15:55:00 +0000

Quality and safety services provider Intertek (LSE: ITRK), another tour company TUI Travel (LSE: TT) and clothing retailer Next (LSE: NXT) were up 1.8%.

Commodities

At the same time, EIA said that gasoline stockpiles and distillates, which include heating oil, were down fell 2.9 million barrels and 2.2 million barrels respectively to signal higher demand.

April Brent Crude recaptured the US$80/barrel mark, while US light, sweet crude was at US$81.74/barrel.

Oil and gas engineering firms did well as Petrofac (LSE: PFC) added 3%, while peer Amec (LSE: AMEC) tacked on less than 1%.

Wood Group (LSE: WG) rose marginally, while fellow services company Wellstream Holdings (LSE: WSM) added 2.7%.

Energy investor Xtract Energy PLC (AIM: XTR) and EU operating Rome-based oil junior Mediterranean Oil & Gas (AIM: MOG) led the juniors, advancing 9% and 5% respectively.

Gold falls to $1,105 as US dollar firms

The American currency is seen as a safe haven asset, while gold is considered to be a riskier alternative and usually moves inversely to the US dollar.

Gold stabilised at about US$1,105/oz, climbing on technical buying, which intensified once the yellow metal moved closer to the psychological level of US$1,100/oz.

Silver and platinum followed, dropped to US$16.92/oz and US$1,581/oz respectively.

Specialty chemicals firm Johnson Matthey (LSE: JMAT) was flat.

Copper and nickel slide to weaken miners

Base metals followed as copper and nickel slid to US$3.33/lb and US$9.59/lb respectively, while zinc dropped to US$1.03/lb.

Base metals turned negative with the exception of Chilean copper miner Antofagasta (LSE: ANTO), which posted a small gain.

Anglo American (LSE: AAL) slid 1.7%.

London's only listed pure iron ore producer and FTSE 250 constituent, Ferrexpo (LSE: FXPO) moved with the sector, shedding 1.5%.

Australia focused coking coal producer Caledon Resources (AIM: CDN) was one of the top performers among the juniors with a 4.5% gain.

Bank, insurance, private equity

Royal Bank of Scotland (LSE: RBS) declined marginally.

Standard Life (LSE: SL) was in the lead, climbing 1.9%.

Private equity group 3i (LSE: III) posted a small gain.

Small Cap Movers

Large and Mid Cap News

Small Cap News

African Diamonds notified of De Beers reducing stake to 4.5 pct from 5.8 pct

Thu, 11 Mar 2010 15:54:00 +0000

African Diamonds PLC (AIM: AFD) said it has today received notification sent by letter, dated 8 March 2010, to its Dublin office that on 4 March 2010, De Beers SA reduced its holding in the company resulting in the crossing of a threshold of greater than 1 percent.

Its holding in African Diamonds is now reduced to 4.5 percent from 5.8 percent.

African Diamond’s AK6 project in Orapa, Botswana, is being developed through a joint venture between African Diamonds and Lucara Diamond Corp (TSX-V: LUC), an associate of Lundin Group. African Diamonds currently has a 30% interest in the project and Lucara owns the remaining 70%.

Last month, African Diamonds received the latest valuation of diamonds from its AK6 mine in Botswana, and at US$162 a carat, the valuation exceeded the company’s previous projections. Furthermore the valuation is US$23 per carat higher than prices used in the current AK6 development studies. The new valuation also indicates the possibility of a US$200 per carat value at production.

Petrofac, Next, Thomas Cook, BT and Aggreko climb, but FTSE 100 falls as commodities tumble

Thu, 11 Mar 2010 15:39:00 +0000

Quality and safety services provider Intertek (LSE: ITRK), another tour company TUI Travel (LSE: TT) and clothing retailer Next (LSE: NXT) were up 1.8%.

Commodities

At the same time, EIA said that gasoline stockpiles and distillates, which include heating oil, were down fell 2.9 million barrels and 2.2 million barrels respectively to signal higher demand.

April Brent Crude recaptured the US$80/barrel mark, while US light, sweet crude was at US$81.74/barrel.

Oil and gas engineering firms did well as Petrofac (LSE: PFC) added 3%, while peer Amec (LSE: AMEC) tacked on less than 1%.

Wood Group (LSE: WG) rose marginally, while fellow services company Wellstream Holdings (LSE: WSM) added 2.7%.

Energy investor Xtract Energy PLC (AIM: XTR) and EU operating Rome-based oil junior Mediterranean Oil & Gas (AIM: MOG) led the juniors, advancing 9% and 5% respectively.

Gold falls to $1,105 as US dollar firms

The American currency is seen as a safe haven asset, while gold is considered to be a riskier alternative and usually moves inversely to the US dollar.

Gold stabilised at about US$1,105/oz, climbing on technical buying, which intensified once the yellow metal moved closer to the psychological level of US$1,100/oz.

Silver and platinum followed, dropped to US$16.92/oz and US$1,581/oz respectively.

Specialty chemicals firm Johnson Matthey (LSE: JMAT) was flat.

Copper and nickel slide to weaken miners

Base metals followed as copper and nickel slid to US$3.33/lb and US$9.59/lb respectively, while zinc dropped to US$1.03/lb.

Base metals turned negative with the exception of Chilean copper miner Antofagasta (LSE: ANTO), which posted a small gain.

Anglo American (LSE: AAL) slid 1.7%.

London's only listed pure iron ore producer and FTSE 250 constituent, Ferrexpo (LSE: FXPO) moved with the sector, shedding 1.5%.

Australia focused coking coal producer Caledon Resources (AIM: CDN) was one of the top performers among the juniors with a 4.5% gain.

Bank, insurance, private equity

Royal Bank of Scotland (LSE: RBS) declined marginally.

Standard Life (LSE: SL) was in the lead, climbing 1.9%.

Private equity group 3i (LSE: III) posted a small gain.

Small Cap Movers

Large and Mid Cap News

Small Cap News

Oil slips on Chinese demand concern, BP, Cairn Energy, Petrofac, Amec and Premier Oil climb

Thu, 11 Mar 2010 14:42:00 +0000

At the same time, EIA said that gasoline stockpiles and distillates, which include heating oil, were down fell 2.9 million barrels and 2.2 million barrels respectively to signal higher demand.

Oil prices were pressured by an update from China, which showed an increase in the world’s largest energy consumer’s inflation rate to an annualised 2.7% in February, raised concerns about the possibility of further monetary policy tightening that has already led to significant reductions in lending, curbing economic growth.

April Brent Crude recaptured the US$80/barrel mark, while US light, sweet crude was at US$81.74/barrel.

Oil and gas engineering firms did well as Petrofac (LSE: PFC) added 3%, while peer Amec (LSE: AMEC) tacked on less than 1%.

Wood Group (LSE: WG) rose marginally, while fellow services company Wellstream Holdings (LSE: WSM) added 2.7%.

Energy investor Xtract Energy PLC (AIM: XTR) and EU operating Rome-based oil junior Mediterranean Oil & Gas (AIM: MOG) led the juniors, advancing 9% and 5% respectively.

Oil recovers on bullish EIA inventories report, energy stocks mixed in London

Thu, 11 Mar 2010 14:24:00 +0000

At the same time, EIA said that gasoline stockpiles and distillates, which include heating oil, were down fell 2.9 million barrels and 2.2 million barrels respectively to signal higher demand.

April Brent Crude recaptured the US$80/barrel mark, while US light, sweet crude was at US$81.74/barrel.

Oil and gas engineering firms did well as Petrofac (LSE: PFC) added 3%, while peer Amec (LSE: AMEC) tacked on less than 1%.

Wood Group (LSE: WG) rose marginally, while fellow services company Wellstream Holdings (LSE: WSM) added 2.7%.

Energy investor Xtract Energy PLC (AIM: XTR) and EU operating Rome-based oil junior Mediterranean Oil & Gas (AIM: MOG) led the juniors, advancing 9% and 5% respectively.

Lignol Energy and UK’s Kingspan in joint product development deal

Thu, 11 Mar 2010 14:18:00 +0000

Ethanol and biorefining group Lignol Energy Corporation (TSX-V: LEC) announced an agreement with UK construction prodocts supplier Kingspan Group PLC (LSE: KGP) for the joint development of commercial applications incorporating Lignol's class of High-Purity Lignin and lignin derivatives (HP-L lignin) into various products.

The agreement establishes a program to incorporate Lignol's renewable HP-L lignin into Kingspan's products, utilizing HP-L lignin as a replacement for some of the raw materials presently used in Kingspan's products.

Kinsgspan director Peter Wilson commented: “We are interested in exploring potential applications for renewable sustainable materials such as Lignol's HP-L lignin within our business for several key reasons, including reducing the business' carbon footprint."

In converting non-food cellulosic biomass feedstocks, such as agricultural residues and forestry waste, into ethanol, the Lignol biorefining process fractionates the biomass and extracts lignin, which naturally occurs in all cellulosic biomass, to produce a range of unique HP-L lignin materials. These compounds have been shown to have application in a wide range of industrial products, with a consequent reduction of greenhouse gas emissions.

Randgold Resources, Lonmin and Fresnillo slip as gold, silver and platinum decline

Thu, 11 Mar 2010 13:13:00 +0000

The American currency is seen as a safe haven asset, while gold is considered to be a riskier alternative and usually moves inversely to the US dollar.

Gold stabilised at about US$1,105/oz, climbing on technical buying, which intensified once the yellow metal moved closer to the psychological level of US$1,100/oz.

Silver and platinum followed, dropped to US$16.92/oz and US$1,581/oz respectively.

Specialty chemicals firm Johnson Matthey (LSE: JMAT) was flat.

Rexahn Pharma secures Japanese patent for anti-cancer drug Archexin

Thu, 11 Mar 2010 13:13:00 +0000

Rexahn Pharmaceuticals, Inc. (NYSE Amex: RNN) has been issued a Japanese patent for its novel anti-cancer compound Archexin, which is currently undergoing Phase II clinical trial for the treatment of pancreatic cancer.

Patient enrolment continues at multiple sites in the US and abroad as part of the ongoing trial with preliminary results expected in the fourth quarter of 2010.

“The Japanese patent award is another step forward in the development of one of our lead clinical drug candidates, Archexin...in addition to strengthening our intellectual property portfolio, we are pleased with the progress of Archexin’s ongoing Phase II clinical trial,” said chairman and chief executive Chang Ahn.

Archexin is a potent inhibitor of Akt protein kinase in the treatment of cancer. The drug is being developed to treat solid tumors and has US FDA Orphan Drug designation for RCC, pancreatic, stomach, glioblastoma, and ovarian cancers.

Rexahn currently has three drug candidates in Phase II clinical trials, Archexin, Serdaxin and Zoraxel, which the company said were all potentially best in class therapeutics, and a pipeline of preclinical compounds to treat multiple cancers and CNS (central nervous system) disorders.

Serdaxin, which is used for the treatment of depression and Parkinson’s disease, and Zoraxel, which treats sexual dysfunction, are the company’s most advanced drugs, currently approaching the conclusion of their respective Phase II trials. The company states that its drugs have the potential to “change the paradigm of how some cancers and CNS disorders are treated, not only providing patients with new cures, but also hope for a better quality of life,” with its Phase II drugs targeting diseases where “meaningful cures” are overdue.

The preclinical compounds include RX-3117, jointly developed with Teva Pharmaceutical Industries for the treatment of cancer cells and tumors focusing on lung cancer, RX-1792 that suppresses protein kinase Akt and c-Fos, critical components of tumor growth and metastasis, RX-8243, whose trials have shown that it blocks tumor growth in xenograft models at low nanomolar concentrations and RX-0047, a potent inhibitor for HIF-1α, a key transcription factor involved in cancer cell survival, metastasis, and angiogenesis.

Rexahn also operates R&D (research and development) programs of nano-medicines, 3D-GOLD, and TIMES drug discovery platforms.

The company pursues a strategy of establishing partnerships with pharmaceutical companies to develop and commercialise its drug candidates, aiming to retain significant co-promotion or co-commercialization rights in certain worldwide markets to capture long-term value from its innovations.

The company is also developing HPMA-gemcitabine and HPMA-docetaxel, anticancer drugs that can overcome the downside of cytotoxic compounds, such as poor solubility, stability, and severe adverse reactions.

Shares in Rexahn have performed very well over the past three months with the stock value more than doubling from US$0.6 to the current US$1.35 per share.

Probability in betting software partnership with Sweden's Mobenga

Thu, 11 Mar 2010 13:11:00 +0000

Mobile gambling specialist Probability (AIM: PBTY) said it has partnered with Mobenga, a Swedish provider of betting software. Probability will integrate into Mobenga's software platform and the groups will cooperate in marketing its games capability to Mobenga customers.

Mobenga's software platform is being used by betting companies Unibet, bwin and BetClic to provide a mobile interface to Mobenga’s existing and future customers, which will be able to add Probability’s more than thirty gambling games to their existing mobile offering with little additional technical investment.

Probability will derive revenues from the use of the games by end customers, in direct relationship with the betting site itself or through Mobenga.

“This partnership extends our global reach, and opens up the large player bases which Mobenga's customers have. It removes in one stroke the main hurdle to delivering our service to these operators - namely the time and cost of integrating a new technology into their platform,” said Probability chief executiveCharles Cohen.

The company said it is in discussions with several of Mobenga’s customers, hoping to secure its first project shortly.

Shares in Probability were up nearly 16% on the news in early afrernoon trade.

Gold edges lower as euro slips against US dollar ahead of Swiss National Bank interest rate decision

Thu, 11 Mar 2010 13:07:00 +0000

The American currency is seen as a safe haven asset, while gold is considered to be a riskier alternative and usually moves inversely to the US dollar.

Gold stabilised at about US$1,105/oz, climbing on technical buying, which intensified once the yellow metal moved closer to the psychological level of US$1,100/oz.

Silver and platinum followed, dropped to US$16.92/oz and US$1,581/oz respectively.

Specialty chemicals firm Johnson Matthey (LSE: JMAT) was flat.

Morrisons reports 21% increase in underlying profit for FY09/10

Thu, 11 Mar 2010 11:52:00 +0000

Supermarket chain Morrisons (LSE: MRW) said in its results statement for the year ended 31 January 2010 that it added a further 43 new stores in the period, increased turnover by 6% to £15.4bn and reported underlying profits by 21% to £767m from the previous year.

The group’s overall pre-tax profit was £858m, including an exceptional credit of £91m relating to the company’s pension schemes, compared with £655m in the previous financial year. The underlying profit growth and the 23% EPS (Earnings per share) growth to 20.5p, has led the board to increase the company’s’ total dividend for the year by 41%. Morrisons will recommend a final dividend of 7.1p per share, bringing the total to 8.2p per share. Morrisons said that cash generation was strong during the year, with a £40m increase in cash from operations to £1bn.

"Morrisons had another good year, and we have successfully grown sales and profits to record levels”. Morrisons chairman Sir Ian Gibson said. “The board believes that Morrisons ... will continue to attract customers from our competitors and drive market share growth in the year ahead. For the longer term, we will continue to utilise our balance sheet strength to invest for growth, with new space, new manufacturing capability and new systems priorities in the year ahead”.

Following the development of a new South East regional distribution centre at Sittingbourne and the store expansion programme, capital expenditure increased to £906m compared with £678m in the preceding financial year. Consequently net debt increased to £924m from £642m, although the company said that at 19% gearing is well below average for the sector, and it has undrawn committed bank facilities of £650m. Morrisons also noted that its credit rating was upgraded by Moody's for the second consecutive year, to A3, which it said is a strong investment grade rating held by only 2 other European retailers.

Looking forward into the current financial year, the company expects the economic environment to remain challenging.

BPC raises £2.4 mln for working capital, looks to secure Bahamas oil licenses for Statoil JV

Thu, 11 Mar 2010 11:19:00 +0000

BPC (AIM: BPC) has placed 69.8 million new shares to raise £2.4 million to meet its working capital requirements and reiterated its intention to re-domicile from the Falkland islands to the Isle of Man.

The shares were placed at 3.5 pence, representing a 15% discount to the stock’s closing price yeasterday of 4.1 pence.

BPC and Norwegian oil major Statoil (NYSE: STO) formed a joint venture last year to launch an exploration project in the Bahamas, which is believed to comprise multiple 500 mmboe (million barrels of oil equivalent) oil fields in 18 leads recognized in BPC's southern Bahamas licenced area.

The JV area is adjacent to four wholly owned licenses held by BPC in The Bahamas, as well as near an existing license held by StatoilHydro in adjacent Cuban waters.

“We are very pleased to announce this placing of shares, which was well received by institutional investors. The placing includes a number of new institutional investors, which further widens the company's shareholder base and will provide stability for the business in its next stage of development. The board believes that this represents a glowing endorsement by the investment community of the BPC strategy and our assets in the Bahamas, and we look forward to delivering shareholder value throughout the development process,” said chairman and chief executive of BPC Alan Burns.

The company expressed confidence in securing the licences for the BPC/Statoil JV, after which it intends to complete the re-domiciling.

Eco Animal Health Group: moves into US and China could be transformational

Thu, 11 Mar 2010 11:17:00 +0000

ECO Animal Health Group (AIM: EAH) is a specialized veterinary drug company and a leader in the development, registration, and marketing of pharmaceutical products for global animal health markets. With a careful and responsible application of science, ECO delivers products to promote animal well-being and sustainable productivity. ECO’s proprietary patented drug is Aivlosin®, which is a macrolide antibiotic for the treatment of respiratory and enteric diseases in pigs and poultry. Aivlosin targets a wide range of diseases that span from enzootic pneumonia to swine dysentery. The drug has been approved for use in pigs and poultry in Europe, South Africa, Japan, Asia, and South America. ECO expects to receive approvals this year for use in pigs in the United States.

The Company now holds over 600 marketing authorizations in over 50 countries, and has developed strong relationships with distribution partners globally. With 100 employees located in five offices around the world and £19.3 million in revenues for FY 2009, the Company’s products are recognized as offering security to both distributors and end users.

Investment Thesis

Aivlosin® now accounts for more than half of global sales for ECO. Sales in China during FY 2009 were more than 60% ahead of the previous year, and expectations for FY 2010 indicate similar progress. China is the largest market opportunity for ECO products in which it has a joint venture for sales and marketing (“ECO-BIOK”), and ECO is currently examining other joint in China. The Company is working on launch and distribution plans for the U.S. market, expecting to receive first marketing authorizations for Aivlosin from the Food and Drug Administration (FDA) in 2010.

ECO is forecast by Cenkos Securities to increase its revenues to £22.4m in the FY March 31, 2010 and to £28.5m in 2011. EBITDA plus share-based payments and exceptional items are estimated at £3.6m and £5.3m respectively, which should translate to earnings per share of 4.7 pence and 7.4 pence. Cenkos expects ECO to produce step increases in earnings as new marketing authorizations are granted and new products are launched. Additionally it expects ECO’s capital expenditure to fall substantially as the product registration program nears completion, resulting in increased cash flow.

ECO’s first half revenue from 4/1/09 to 9/30/09 rose 11% year to £8.9 million, while EBITDA jumped 32% to £1.94 million. The group had net cash of £3.2 at the end of the period. The increase in revenues was largely due to stronger sales of Aivlosin, which rose 10% after further marketing authorizations were secured in Europe. ECO has offered an upbeat outlook for the rest of FY 2010 (FYE is 3/31/10), as they expect business performance to improve further and projecting that Ecomectrin sales would pick up in the second half of the year.

In 2009, EBITDA plus share-based payments and exceptional items increased 66.9% to £3.74 million (2008: £2.24 million). ECO paid a total dividend of 7.15 pence per share in 2008 and 2009, and it generated £3 million in cash from operating activities during 2009.

ECO’s Core Products

Aivlosin® is ECO’s proprietary patented macrolide drug, and it contains the innovative antibiotic Tylvalosin, The inclusion of Tylvalosin allows the drug to rapidly be absorbed and concentrated in target tissues to provide proven control of major respiratory and enteric diseases in both pigs and poultry. It is highly effective against a range of economically substantial diseases in pigs and poultry including:

•    Enzootic Pneumonia
•    Ileitis/PPE
•    Swine Dysentery
•    Mycoplasmosis
•    ORT
•    Necrotic Enteritis

ECO continues to explore other potential uses of Aivlosin in production animals beyond pigs and poultry, such as cattle and horses. In June 2008, ECO was granted a marketing authorization from the European Commission for Aivlosin® granules for oral solution for poultry. It is the rapid absorption of Aivlosin® which results in a swift resolution of the disease and a fast return to productive health that makes it profitable for farmers to use when compared with older generation treatments. This authorization allows Aivlosin® to be marketed in Europe for the treatment and prevention of mycoplasmal respiratory disease in poultry, a segment estimated to be worth over £10 million per annum at the manufacturer level.

In March 2009, ECO announced that it had received a positive opinion from the Committee for Medicinal Products for Veterinary Use of the European Medicines Agency for the use of Aivlosin® granules for oral solution for medicated drinking water for pigs. The Aivlosin® granules dissolve readily in drinking water thus enabling the rapid, accurate and simultaneous treatment of large numbers of pigs that are more likely to drink than to eat. This will allow Aivlosin® to be marketed throughout Europe for the treatment and prevention of ileitis. It is estimated that this market segment is worth £18 million per annum at manufacturer level.

Generic Drugs - ECO is also making progress in its development of a new range of generic medications for pets, adding to its existing Ecoheart dog heartworm tablet and Ecomectin horse paste products. ECO has a number of generic drugs including Ecotraz and Ecomintic (endectocides & other antiparasitics) for the treatment and prevention of parasites in cattle, sheep, pigs, horses, and dogs. For the treatment of bacterial infections in pigs, poultry & cattle, ECO owns and distributes Chlortet and Oxytet. ECO has been granted a marketing authorization in Mexico for Ecoheart Chewable Tablets for dogs. Ecoheart tablets prevent heartworm disease and are also effective in the treatment and control of roundworms and hookworms in dogs. Canine heartworm infection is transmitted by mosquitoes. It is potentially fatal and requires a monthly preventative treatment. Ecoheart Chewable Tablets is the first companion animal product for which ECO has received a marketing authorization in Latin America where the pet sector is an important and growing market. Further marketing authorizations in the key markets of the region are expected.

Research - ECO plans to build on the collaborative research deal it signed in 2006 with the University of Cambridge to investigate new potential indications for Aivlosin. Studies already completed have indicated that Aivlosin appears to prevent the replication of certain common viruses, including influenza, in laboratory test systems, without damaging cell cultures. Researchers at the Virology Division of the university’s Department of Pathology have been awarded a £500,000 grant by the UK Medical Research Council to extend their work investigating inhibition of influenza viruses, and ECO’s management believes that this work could have far reaching and exciting commercial applications for the firm.

Prospects for the Future

In a very difficult economy, ECO has performed very well. Now with markets in China opening and the U.S. expected this year, ECO has the potential to make even more progress. This should be a real launching pad for the Company. While there is a risk for ECO in the amount of revenues coming from one product, it does appear to have a loyal and growing following around the world.

Europa Oil and Gas plans more substantial perforation on Hykeham-1Z

Thu, 11 Mar 2010 11:00:00 +0000

Europa Oil & Gas (AIM: EOG) has updated investors on the testing of the Hykeham-1Z well, which was drilled on the PEDL150 license, a short distance from the Whisby Field in the UK. After conducting a casing pressure test yesterday, the company has confirmed that the original perforation charges failed to penetrate the well casing, and therefore there is currently no connection to the reservoir.

“Despite the highly unusual situation, this is quite a satisfying result that confirms what the mounting evidence has been suggesting: that the original perforations failed and that this well remains to be tested. We continue to be confident that this well will provide us with a gratifying result in due course”, Europa MD Paul Barrett commented.

Europa said that since running perforating guns over the 4m of Basal Sandstone in February, its operations have concentrated on lifting the reservoir fluids, without success. Yesterday the company conducting a casing pressure test to approximately 4,000psi without leaking-off. Europa also noted that earlier pressure readings on the tubing head indicate a leaking packer.

The company conclude therefore that the Hykeham-1Z well remains completely untested. Subsequently the forward programme on the well will involve perforating the pay interval with more substantial perforating guns, likely to be run on tubing. Europa said that planning the program will take around 2 weeks.

Perforation helps create a hole in the sealed cement well-bore casing and into the hydrocarbon formation to form a channel for the oil/ gas to easily flow from the producing formation into the wellbore. Typically the final stage of cased oil well completion involves running perforating guns, which are essentially a series of explosive charges varying in size and shape, down to the desired location and firing them to perforate the well-bore casing and accordingly connect the well to the oil reservoir.

Altona Energy hires ex-Jacobs Engineering director to advance Arckaringa coal project BFS

Thu, 11 Mar 2010 10:44:00 +0000

Altona Energy (AIM: ANR) has appointed Peter Fagiano as senior executive in charge of project technology to join the Arckaringa Joint Venture (JV) management committee, which is responsible for the JV’s operations and decision making on all key matters.

Fagiano will work on a part-time basis alongside Altona's JV partner CNOOC-NEI, a subsidiary of Chinese oil major China National Offshore Oil Corporation, to complete a Bankable Feasibility Study (BFS) to evaluate conversion opportunities for Altona's estimated 7.8 Bt (billion tonne) coal resource at Arckaringa in South Australia, of which 1.287 Bt are JORC compliant.

Altona is looking to convert its energy bank into high value clean fuels and industrial feedstocks, including its base case project comprising a 10 million barrel per annum coal to liquid plant and 560MW co-generation power facility.

“It is a great vote of confidence in Altona and the Arckaringa project that Peter Fagiano, having worked with us for a number of years and having recent direct involvement with leading clean coal conversion technologies, is joining our management committee. Peter will be a key member of our technical team on the project and his experience, combined with that of Chris Schrape, our managing director, will be invaluable in ensuring the project and BFS proceeds as planned,” said Chairman of Altona Chris Lambert.

Fagiano has over 40 years of experience in process industries worldwide, which includes 10 years at Jacobs Engineering (NYSE: JEC), where Fagiano has established the process and chemicals business sectors. He has also completed projects for BP (LSE: BP), Chevron (NYSE: CVX), Petrobas (NYSE: PBR), Conoco Phillips (NYSE: COP), Shell (LSE: RDSB), Statoil (NYSE: STO) and Total (NYSE: TOT).

In November 2009, Altona agreed the terms for the JV with CNOOC-NEI, to develop Arckaringa. The companies are evaluating the maximum development and commercial potential of the. The JV intends to carry out detailed studies covering resource extraction and optimisation, project development options, as well as coal conversion studies.

In return for a 51% interest in Arckaringa Energy's exploration licences, CNOOC-NEI will act as the project’s operator and it will fund the BFS. Altona said that it Chinese partner’s role not only covers the staged evaluation work under the BFS, but it will also to take responsibility for assessing the full potential of the coal resource and bringing projects to development.

Raymarine confirms takeover approach

Thu, 11 Mar 2010 10:20:00 +0000

Navigation equipment maker Raymarine (AIM: RAY) noted the recent hike in its share price and confirmed it has received a further approach from a third party, which may or may not lead to an offer being made for the entire issued share capital of Raymarine at approximately 3.6 pence per share.

On December 18, the company announced it had entered into discussions over a possible sale of its business and assets through the disposal of its wholly owned subsidiary Raymarine Holdings Ltd, which would not leave any value remaining for shareholders.

“There can be no certainty that the potential offer (announced today) will be made even if due diligence is completed satisfactorily, nor as to the terms on which the Potential Offer might be made,” Raymarine said in the statement.

Meanwhile, the group and its banking syndicate remain in discussions over an extension of Raymarine’s existing facilities, which are currently set to expire on 31 March 2010.

Shares in Raymarine have doubled over the last few days, hiking from 2 pence to 4 pence. The stock added nearly 25% in today's morning session.

This is not the first time Raymarine skyrockets on takeover speculation. Back in August, shares soared on reports that the group received an approach from American satellite navigation giant Garmin (NASDAQ: GRMN). Earlier in 2009, Raymarine said it would either go for an equity fundraising or entertain sale offers after the company said it was operating close to the limit of its current bank facilities.

Computacenter reports 25.8% increase in FY profit in 2009

Thu, 11 Mar 2010 09:56:00 +0000

In it full-year results statement, Computacenter (LSE: CCC) said it made good progress in 2009 and it has entered 2010 with a lower cost base, having secured large services contracts. For the twelve months ended 31st December2009, the company reported a 25.8% increase adjusted pre-tax profit to £54.2m compared with £43.1m in the previous year, earnings per share (EPS) increased 31.9% to 27.7p.

"Computacenter has delivered a strong performance in 2009 with increased profits, earnings per share and a materially improved cash position”, chief executive Mike Norris said. "We enter 2010 in good shape with a lower cost base and having secured our largest services contract win to date in the first quarter of the year”.

Whilst overall group revenue declined by 2.2% to £2.5bn, partly the result of a strategic decision to exit trade distribution, the company’s services division had a notably stronger performance. Services revenue increased by 8.1%, and according to Computacenter the 12.2% increase in long-term contractual revenues was particularly pleasing. At 31 December, the annual services contract base stood at £503.6m, an increase of 3.9% compared to the end of 2008 and 9% higher on a constant currency basis.

The contract wins and extensions during the year included high profile clients such as the Santander Group’s Produban IT Business, Threadneedle, BP, Schroders and Severn Trent Water.

“The increase in the group's annual service contract base is clear evidence that customers are turning to Computacenter to help them to reduce their operating costs. As a result we expect steady revenue growth in 2010”, Norris added.

The company said it reduced operating expenses by over £30m, and its balance sheet has strengthened considerably. At the end of the yea,r net cash before customer specific financing (CSF) was £86.4m compared with £4.6m in 2008 and net funds including CSF were £37.3m compared with the £84.6m net debt in the prior year. Computacenter noted that approximately £30m accounted for extended credit terms of one of our major vendors, which was made available to all of the vendors business partners, and these terms are likely to return to normal in the second half of 2010.

According to Computacenter it is facing the future encouraged by its progress and the company is optimistic for its prospects ahead. However the company also noted that ‘competition is fierce and we must continuously improve our performance in order to win in the market place’.

“The economic climate across Europe is still fragile and while the UK has begun the year very well, Germany has experienced a challenging start. In spite of this we believe that the investments we are making in our business, together with our strong balance sheet, position the group well to take advantage of market opportunities and capture further share", Norris concluded.

Thor Mining appoints Trevor Ireland to the board

Thu, 11 Mar 2010 09:43:00 +0000

Australia operating exploration company Thor Mining (AIM, ASX: THR) has appointed Trevor Ireland as a non-executive director. The appointment is the second major initiative for the company this year under its new growth strategy, the group said. Ireland is a geologist with more than 40 years experience in minerals exploration and corporate management.

“Mr Ireland's experience and capabilities will be invaluable to the company as the Thor has embarked on an expanded exploration and acquisition strategy focused initially on Western Australia with an emphasis on new mainstream resources commodities opportunities in addition to Thor's historic portfolio of projects in the Northern Territory”, Thor Mining stated.

The company said that Ireland’s career credits include the discovery of two of the Northern Territory's producing gold mines, namely The Granites and Northern Territory's largest gold mine, Callie.

Earlier this month, Thor announced its maiden expansion into gold, and with it, its first move into Western Australia with the proposed acquisition of the greenfields Dundas gold exploration project near Norseman, southeast of Kalgoorlie. Thor said it is also committed to developing its Molyhil tungsten/molybdenum project in the Northern Territory as metal prices improve.

Zinc Co Australia shares surge on magnetite iron exploration target

Thu, 11 Mar 2010 09:42:00 +0000

Zinc Co Australia (ASX: ZNC) has announced an exploration target of up to 1.2 billion tonnes for magnetite iron ore mineralization at its 100% owned Mount Alexander project in Western Australia.

Grade range estimates are 25% to 35% Fe and 40% to 55% SiO2.

The exploration target is restricted to the 4.2 km outcrop of banded iron formation (BIF) on the north western limb of the Mount Alexander anticline.

It does not include 2.3 km of BIF outcrop around the closure of the anticline and on the eastern limb. Nor does it include a 3.3 km long aeromagnetic anomaly under shallow cover to the west in a tenement application owned 100% by Zinc Co. Sparse outcrop indicates that this western magnetic anomaly is caused by BIF.

The exploration target estimate is based on results of diamond drilling just completed in 2010
and 1:2,500 scale detailed mapping completed in 2009. Three diamond drill holes were completed in February 2010.

Positive assay results from initial drill testing include 86 metres @30.9% Fe and 118 metres @ 29.6% Fe.

The surface mapping was completed by independent consultants, Jigsaw Geoscience, who have expertise in structural geology applied to Banded Iron Formations.

The mapping and drilling results show that the BIF horizon has been folded in a concertina style so that the BIF is repeated across strike around the level of the current land surface, resulting in outcrop widths of up to 350 metres.

The estimate of exploration target tonnage was derived from a three dimensional model created from the data listed above. Firstly, interpretation of sub-surface geology was completed on 16 sections at 300 metre spacing along the 4.2 km mapped outcrop.

BIF outlines were then digitized from the geological sections and formed into volumes, limited by a digital terrain model, using Gocad software. Tonnage was estimated at various depth slices by applying a density of 3.5t/m3 to the BIF volume. Grade was estimated from the drilling assays supported by results of 580 surface rock chip samples collected by Zinc Co.

Davis Tube recovery tests on composited assay pulps are in progress. RC drilling is being permitted for the 3.3 km long aeromagnetic anomaly to the west of Mount Alexander to establish the thickness and grade of the magnetite body.

The Mount Alexander project is near the port of Onslow, 260 kilometres south west of Karratha and well located with respect to infrastructure. The North West Coastal Highway is 10 kilometres west of the project and the Dampier Bunbury gas pipeline passes to the west of the highway.

The project consists of three exploration licenses. E08/1410 was recently purchased outright and is in the process of being transferred to 100% Zinc Co ownership (see ASX release 14 Oct 2009).

E08/1972 and E08/2046 are applications, also owned 100% by Zinc Co. The Mount Alexander BIF is associated with a sequence of amphibolite, dolomite, schist and quartzite of Proterozoic age in the northern Gascoyne Province.

These rocks have been folded into a regional scale north east trending anticline and metamorphosed to upper greenschist and amphibolite grade. The core of the anticline is intruded by the Mortgage monzonite stock which is related to tungsten and lead zinc mineralization in the area.

Zinc Co Australia shares rose 11% to 19 cents in trading today.

Southern Cross Goldfields extends high grade gold zone at Battler, WA

Thu, 11 Mar 2010 09:40:00 +0000

Southern Cross Goldfields (ASX: SXG) has announced that assay results have been received from five RC drill-holes completed at Battler during February 2010 designed to infill and extend the known mineralisation.

An intercept of 6m @ 8.44 g/t Au including 5m @ 9.88 g/t Au was returned from hole BGRC125 drilled 20m north of previously reported high grade intersection.

Mineralisation remains open along strike to the north.

Drill-hole BGRC124 did not return any significant results suggesting that while gold mineralisation is high grade, the size of the target is smaller than anticipated.

Infill drilling defines the Battler Splay to approximately 110m vertical depth for resource calculation.

Ongoing work at Battler will concentrate on section reinterpretation and a revised resource estimate which will be calculated from 3D modelling of the gold zone at Battler.

This will then be used for preliminary pit optimisation and assessment of the underground potential.

The modelling will also aid further exploration targeting. Given the high gold grades and strong alteration zones encountered to date, SXG intends to continue target generation on the Battler leases.

Drilling is expected to re-commence at Bullfinch North in approximately 2 weeks, testing large geochemical and RAB gold anomalies within the pressure shadow to the north of the Ennuin granite dome.

Blue Energy to optimise drill rig movements

Thu, 11 Mar 2010 09:39:00 +0000

Coal seam gas company, Blue Energy (ASX: BUL) has reported that significant rainfall and flooding events across Queensland since late January 2010 has affected drilling activities across the areas of operations in the Surat, Bowen and Galilee Basin.

As a result, gig movements have been optimised to ensure that the company can efficiently recommence drilling activity as specific areas become accessible.

ATP814P Bowen Basin (BUL 100%):

Sapphire 2: Access to the drilling location is expected to be re-established within the next week.

Once this occurs the Depco 1 drilling rig will be mobilised to site as soon as possible to commence drilling.

Sapphire 2 will target the Rangal, Fort Cooper and Moranbah Coal Measure sequences approximately 2.7km north east of the Sapphire 1 well drilled by Blue Energy in 2008. The location is only 14km east of Arrow Energy’s Moranbah Gas Project.

ATP813P Galilee Basin (BUL 100%):

Stainburn Downs 1: Access to the Galilee Basin acreage in general is still affected by recent flooding, and it is expected that access to the Stainburn downs 1 well (currently suspended at a depth of 980 metres) may be possible within the next two weeks.

ATP819P Surat Basin (BUL 100%):

Ballangarry 1: The Ballangarry 1 well spudded 27 February 2010 using Boart Longyear rig 7, and reached a depth of 253 metres, prior to ceasing operations due to flooding.

The well is located within an area protected by levy banks and therefore the rig was not inundated by floodwaters. However access into the area is still subject to floodwaters receding, and damage to roads in the general area may limit access for heavy trucks over the next week or so. Therefore it is not expected that operations to recommence at Ballangarry 1 for approximately two weeks.

Avanco Resources commences drilling at Touro Nickel Project in Brazil

Thu, 11 Mar 2010 09:38:00 +0000

Avanco Resources (ASX: AVB) has commenced a 2,000m diamond drilling program at its 100% owned Touro Nickel Project in the Carajas Province of Brazil.

The drilling programme will test the coincident nickel, platinum and Induced Polarisation (IP) anomalous trends across the Touro Sill.

Tony Polgase, Executive Director, said that an extensive programme of geophysical and geochemical surveys have recently been completed with results interpreted to be extremely positive and supports the strong view that the Touro Sill may host high concentrations of nickel sulphides.

The Company's only drill hole into the Touro Sill, TSD-01, intersected 0.09% nickel over 130 metres and proved that significant widths of nickel mineralisation exist within the Touro Sill.

Importantly TSD-01 was drilled prior to the completion of the geophysical surveys and did not test any of the IP anomalies the Company has since outlined.

The Company is highly encouraged by these recent exploration results which continue to highlight the geological similarities to Mirabela Nickel’s giant Santa Rita Nickel Project in the northeast of Brazil.

The Touro Sill was covered by a 200 metre line spaced dipole-dipole IP survey. In most lines, very strong chargeabilities, coincident with low resistivities were detected. The majority of the stronger IP anomalies are coincident with anomalous nickel and platinum in soils.

Evaluation of this data suggests that the IP responses may be related to the existence of sulphide mineralisation. These are considered high priority drill targets.

A ground magnetic survey was undertaken across the entire Touro Sill. This has defined a four kilometre long magnetic anomaly trending east-west to east-northeast.

The project area was sampled on a 200m x 50m grid with samples being assayed for multi-elements by ICP analysis. The extensive nickel anomalous trend was also assayed for platinum group metals by fire assay.

The company says the results from the geochemistry indicate the existence of an extensive nickel soil anomaly with values >1,000ppm nickel and peaks of up to 2,000ppm nickel. The anomalous area extends for over four kilometres along the same east-west to east-northeast orientation and aligns well with the magnetic trend.

Evaluation of the platinum results show that 33% of the samples were >9 ppb platinum, with peaks of up to 38 ppb platinum. This outlines a major east-northeast platinum anomaly 3,200m long x 200m - 400m wide.

Platinum shows a strong correlation with nickel. It is also evident that the higher platinum values are coincident with the higher IP chargeability anomalous trend. This further supports the Company view that the IP anomalies may reflect the presence of underlying nickel sulphide mineralisation.

The 2,000m diamond core drilling programme has commenced utilising one rig and will test the coincident nickel, platinum and Induced Polarisation (IP) anomalous trends across the Touro Sill.

The drilling services are provided by an international contractor very familiar with the region. The drilling contractor has capacity to supply additional rigs as maybe requested by Avanco.

Target selection has been based on high IP chargeability with coincident low resistivity anomalies plus coincident nickel and platinum in soils.

The first hole to be drilled in this programme, TSD-02, has been sighted to intersect a strong IP chargeability anomaly (50mv/v), showing coincident low resistivity (15 Ohm*m) with coincident soils of 1,249ppm nickel, 30ppb platinum and 16ppb paladium respectively.

This initial 10 hole wide spaced drilling programme will extend to over 2,400m of strike along the Touro Sill.

The Company has recently announce a non renounceable entitlements issue of approximately 204,492,948 Shares at an issue price of 2.5 cents each, on the basis of one (1) Share for every one and a half (1.5) Shares held on the record date, together with one (1) free attaching option for every five (5) shares applied for and allotted, to raise approximately $5,112,324 (Offer). The offer is fully underwritten by CPS Securities.

Key Details of the Offer are:

- Funds raised will ensure that the Carajas Copper Project is advanced to a production decision later in 2010.

- Funds raised will allow for the current drill testing of the Touro Nickel Sulphide Project.

- Funds raised will allow for the evaluation and acquisition of additional copper and nickel projects in Brazil.

- Shareholders will be able to maintain exposure to the Company’s highly prospective properties in the World Class Carajas Province of Brazil including the high grade Carajas Copper Project where the Company has previously published a inferred and indicated JORC Resource of 210,000t at 11.65% copper, containing 24,400t of copper.

- The Company will have a strong cash position to takeadvantage of opportunities that are constantly being presented to the Company in Brazil.

- The attaching options will be the existing (AVBOB) class of option and the Company will apply to have these options listed on the ASX.

Pharmaxis buoyed by asthma clinical study results

Thu, 11 Mar 2010 09:37:00 +0000

Australian pharmaceutical company Pharmaxis (ASX: PXS) today announced the successful completion of a Phase IIa dose profiling study with its new anti‐inflammatory agent ASM8 in patients with allergic asthma.

Pharmaxis’ chief executive offficer, Dr Alan Robertson said the clinical data demonstrated the potential value of this approach for treating asthma.

The moderate to severe sector of the asthma market, which is the target of ASM8, represents a significant commercial opportunity for Pharmaxis, and is under-served by current therapies.

The Pharmaxis study met the pre‐defined primary efficacy and safety endpoints and ASM8 was found to be safe at all doses tested and particularly effective at an inhaled dose of 8mg once per day.

ASM8 is the leading clinical‐stage asset in the portfolio of drug candidates acquired by Pharmaxis in its recent takeover of the Canadian company, Topigen Pharmaceuticals Inc.