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Proactive news snapshot: Telit Communications, Hummingbird Resources, 88 Energy …

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There are early signs that comprehensive changes made to the business by the new management are paying off, Telit Communications Plc said. Results for 2017 covered a tumultuous period in the history of the Internet of Things (IoT) specialist, resulting in a new management team, a review of the cost base and the possible sale of the group’s automotive division.

Hummingbird Resources PLC (LON:HUM) reiterated its full year production guidance as it confirmed it had completed the ramp-up phase at the Yanfolila gold mine in Mali. In a quarterly update the company also unveiled the appointment of two new independent directors with impressive industry and capital markets track records.

Anglo-Aussie junior 88 Energy Limited (LON:88E, ASX:88E) has unveiled plans to raise up to A$17mln that will be used to fund the ongoing evaluation of conventional and unconventional oil targets on Alaska’s North Slope. Brokers in the UK and Australia expect to raise at least A$12mln via a placing of stock at 3.7 cents a share, which represents an 11% discount to the average ASX price over the last month.

Aura Energy Limited (LON:AURA) (ASX:AEE) has successfully completed a resource upgrade for the Tiris Uranium Project in Mauritania. The results exceeded expectations with an increase in the overall resource to 52 million pounds of triuranium octoxide (U3O8), a compound of uranium.

Chariot Oil & Gas Limited (LON:CHAR) has told investors that the Rabat Deep exploration well, offshore Morocco, has failed to find a hydrocarbon accumulation. The well was drilled safely to a depth of 3,180 metres, it said, and whilst it didn’t encounter oil or gas it did penetrate a thick top seal and tight, fractured carbonates in the primary Jurassic target.

Echo Energy Plc (LON:ECHO) told investors it soon expects a four-well exploration drilling campaign will get underway in the Fracción C area, in Argentina. The Petreven H-205 rig is due to mobilise to the first well site, ELM 1004, imminently and it is expected to be on site in early May.

Iodine extraction specialist Iofina plc (LON:IOF) overcame terrible winter conditions to keep output roughly stable, year-on-year, in the first quarter.

Directa Plus Plc (LON:DCTA) is to work on development of a range of graphene-enhanced luxury accessories as part an exclusive contract with an existing customer. Giulio Cesareo, Directa’s chief executive, said the contract highlighted the traction now being seen both by graphene and its G+ product.

Challenger Acquisitions Limited (LON:CHAL) has refocused its efforts on observation wheel projects in both Texas and New York as the company announced it had streamlined its corporate profile in full-year results.

Diversified Gas & Oil plc (LON:DGOC) chief executive Rusty Hutson has highlighted the company’s “remarkable success” in its first year as a public company. “We delivered everything we said we would do at the time of our admission to AIM in terms of growing production through acquisition and subsequently provided the company with robust production and increasing cashflow that enables us to return cash to our shareholders as a reliable source of income through our dividend policy,” Hutson said in the financial results statement, for the twelve months ended December 31.

Ironridge Resources Ltd (LON:IRR) has commenced a 7,000 metre drill programme at its Ewoyaa lithium project in Ghana. A wider programme of soil sampling across Ironridge's entire African lithium portfolio is already underway.

Rainbow Rare Earths Ltd (LON:RBW) has hit multiple intersections of mineralisation up to two metres thick in ongoing drilling at the Kiyenzi target on the Gakara rare earths project in Burundi. Initial testing has confirmed the presence of high grade rare earth elements.

Medusa Mining Ltd (ASX:MML) produced 22,918 ounces of gold from its Co-O mine in the Philippines during the quarter to March 2018. That was down slightly on the previous quarter as planned maintenance work prevented access to shafts. Medusa continues to guide for full year production of between 85,000 and 95,000 ounces.

Thor Mining PLC (LON:THR) (ASX:THR) has highlighted a ‘very productive’ first quarter of 2018, with all three of its core projects continuing to make a good progress. In the AIM-listed miner's latest quarterly report, Mick Billing, Thor's executive chairman said:  "In particular, the acquisition of the interest in the tungsten and copper deposits at Bonya has the potential to be a game changer for Molyhil”

Chaarat Gold Holdings Ltd (LON:CGH) remains ‘confident’ exploration will add significantly to the mine life at Tulkubash in the Kyrgyz Republic. Martin Andersson, chairman, said: “We firmly believe that the intensive exploration that is planned for the 2018 and 2019 field seasons will add significantly to the Tulkubash mine life ahead of the first gold pour in 2020. “

Wolf Minerals PLC's (LON:WLFE) recovery was interrupted in March by the Beast from the East, which disrupted operations at the Hemerdon tungsten mine in Devon. The exceptionally cold weather restricted road access and generated potential safety risks, hampering work at the mine.

Berkeley Energia Limited (LON:BKY, ASX:BKY) said it is in a strong cash position to push forward with its flagship Salamanca project as well as seeing an expansion of exploration activities in the first quarter of the year. The AIM-listed uranium miner said it currently holds US$100mln in cash, while also currently holding 2.75mln pounds of triuranium octoxide (U3O8) concentrate under long term contracts over the first six years of production, with potential to increase annual contracted volumes further as well as extend the contracts by a total of 1.25mln pounds.

Kore Potash PLC (LON:KP2) (ASX:KP2) has said the definitive feasibility study (DFS) is progressing at its flagship asset Sintoukola Potash (Kola) project, in which Kore Potash owns a 97% stake. In a quarterly activities update, the Australian company - which recently listed on AIM - said that focus of the DFS has moved from design engineering to estimating final construction costs and execution schedule.

European Metals Holdings Limited (LON:EMH) has said it is ‘pleased’ with continued progress at its Cinovec Lithium/Tin project in Czech Republic during the three month period ending March 2018. In a quarterly activities report, the AIM-listed firm noted that recent metallurgical testwork showed that modest increase in roasting temperature significantly increases lithium recovery, with lithium leach recoveries of 94-95% achieved from the recent laboratory scale roasting and water leaching tests. Cadence owns Minerals PLC owns approximately 20% of the equity in European Metals Holdings.

Cadence Minerals Plc (LON:KDNC) said its investee company Auroch Minerals Limited has announced that it will not exercise its option to acquire the historic Tisová Copper Mine in the Czech Republic as its primary focus is now on the Arden and Bonventura Base-metals projects in South Australia. Auroch Minerals said it has fulfilled all its obligations under the Option Agreement which expires on 30 April 2018 and it is released from any further obligations under the Option Agreement. Cadence approximately owns 7% of the equity in Auroch Minerals, which is an exploration company targeting principally zinc, cobalt and lithium.

Ferrum Crescent Limited (LON:FCR) (ASX:FCR) is looking to pressing ahead with its planned campaign of work under its new name in 2018.

Pembridge Resources PLC (LON:PERE) ended the full year to December 2017 with US$2mln in cash. Post period end the company entered into an agreement to acquire the Minto copper mine in the Yukon.

ReNeuron Group Plc (LON:RENE), a UK-based global leader in the development of cell-based therapeutics, is pleased to announce that it will be hosting a capital markets event on the Company's exosome nanomedicine platform on Thursday 17 May 2018. The event, for analysts and institutional investors, will take place at 2.30pm at the offices of Buchanan, 107 Cheapside, London EC2V 6DN.


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