Richland Resources, the gemstone producer and developer, has upgraded the resource estimate for its tanzanite mining operation in Tanzania. The site has a Joint Ore Reserves Committee (JORC) indicated resource of 30.6m carats, JORC inferred resource of 74.4m carats, and a total inferred and indicated resource of 105m carats. The life-of-mine has been extended to around 30 years, based on ramped-up production of 2.7m carats. Shares rose gained 7.5% to 10.75p.
Construction group Interior Services has been awarded a contract for a £100m data centre with financial services provider Santander to construct and fit out a new facility in East Midlands. David Lawther, ISG Chief Executive, said:
"We have been focusing our efforts on the data centre market, bringing together a highly skilled technical team. We expect further growth in this area as we focus on our multinational clients and on their increasingly demanding technical requirements."
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Oracle Coal has announced the results of a recent technical feasibility study on block six of the Thar Coalfield, which shows that the mine has a life-span of 23 years, and confirms the product quality is suitable for power generation. The total cash cost of production is $42.21 per wet tonne of coal, while the total capital expenditure for open cast mine development is estimated to be around $610m per year. Shares dipped 1.92% to 6.38p.
Shares in educational software supplier RM took a hit, with investor sentiment dampened by news of falling revenue and profit for the 14 months ended November 30th. Revenue for the period was £350.8m (2010: £380.1m), while adjusted operating profit fell from £22.6m to £10m. Loss before tax remained stable at £23.4m, compared to £23.9m the previous year. During the period the firm committed a revolving three year bank facility of £30m to replace the old facility.
Sunrise Resources, a mineral explorer, has discovered high-grade results from its first drilling programme at its Derryginagh barite project in south-west Ireland. The results include a 3.6m intersection of 89% barite and a 3.2m intersection of 61% barite. The firm, which is planning further feasibility studies, said the results confirm that high-grade extensions to the Derryginagh barite vein system exist well below the old mine workings, and below the level of previous drilling carried out in the 1980s. Shares dropped 10.81% to 1.65p.
Battery power solutions provider Solid State has reported that trading for the year ending March 31st 2012 has continued to be satisfactory and that is expected to be ahead of expectations. "While revenues have been broadly as expected, the sales mix has shifted in the second half in favour of higher margin product," the firm said. Shares rose 7.55p to 139.00p.
Transense Technologies, a provider of sensor systems for the transportation and industrial markets, has announced its wholly-owned subsidiary, Translogik, has received an order from Bridgestone Brazil for its iProbe commercial tyre inspection tool. The firm said: "We have already seen considerable interest in the iProbe and our tyre inspection software solution and we are confident of securing future business." Share rose 14.71% to 4.88p.
