Small caps round-up: Ariana Resources, Michelmersh, ReNeuron...

12th Jul 2010 08:31

Shares in Ariana Resources rallied after the Turkey-focused gold miner announces the completion of its joint venture agreement with Proccea to develop the Red Rabbit Project in western Turkey.The group said results from the recent resource drilling programme are expected shortly. Managing director Kerim Sener said: "This JV has now put us firmly on the path towards becoming the next gold producer in Turkey, and has created a solid set of foundations to spur the growth of your company.""We are delighted to be in partnership with a strong and competent JV partner and we look forward to adding further value to our assets via this JV."Brickmaker Michelmersh's terracotta and faience production business has won six supply contracts for high profile projects in London. Products made by Hathern Terracotta, launched in August last year, will be used in the Savoy in the Strand, "a world renowned department store in Knightsbridge", the V&A in South Kensington, new Apple Store in Covent Garden, homes in St John's Wood and Barons Court Underground Station. New tests carried out by stem cell therapy group ReNeuron suggest CTX stem cells may play a role in promoting the functional recovery of stroke patients and suppress the inflammatory response associated with brain damage, aiding the natural healing processes in the brain."These latest findings further illustrate and potentially explain the potency of the CTX cells in assisting the body's own repair mechanisms in vascular conditions such as stroke and peripheral arterial disease, and suggest the potential utility of the cells to treat a much wider range of inflammatory diseases," said chief scientific officer John Sinden.TanzaniteOne has sold 191,673 carats of rough tanzanite at $13.4/carat during its third official sale of 2010 in Dubai, bringing in revenue of $2.57m.Sales in May and June have lifted second quarter revenue to $5.4m, up 80% on the first three months of the year and the best quarterly performance in two years. First half revenue rose to $8.4m."This extremely encouraging quarterly revenue has surpassed both our internal recovery projections as well as market expectations," said boss Bernard Olivier.Shares in Sweden-focused miner Beowulf Mining moved ahead after it revealed that initial results from its drilling programme at its wholly-owned Kallak iron ore deposit have shown commercial grades across the deposit.Shares in Best of the Best, which displays luxury cars as competition prizes in airports, climbed after results that suggest it is weathering economic difficulties. In the year to April 30, pre-tax profits slipped to £0.48m from £0.52m as revenues eased to £7.3m from £7.46m.Henderson Morley is still waiting for KMS to come up with the cash to complete the purchase of the rights to its ionic contra-viral therapy human portfolio and has granted a further extension until 14 July (Wednesday).Indian power supplier KSK Power's profits surged last year $76.9m from $8.6m, which included $31.8m (2009: $1.0m) from currency gains. Operating profit rose 118% to $26.3m. "With the commencement of power generation from VS Lignite Power and the first unit at Wardha Warora project, the anticipated new cash flow cycle has now begun," said KSK. "We remain on course to meet market expectations in 2011 and are confident in our ability to meet our longer term goals," it added.Kazakhstan focused Max Petroleum reports a recent study by Ryder Scott on the company's Blocks A&E licence ares showed total risked mean recoverable resources estimated at 1,100 million barrels of oil equivalent. Total unrisked mean recoverable resources estimated at 5,358 million barrels, distributed within a probable range (P90 to P10) of 2,004 million barrels to 8,847 million barrels."We are pleased that Ryder Scott's assessment of our portfolio, like our own, recognizes the significant potential of both the pre and post-salt prospects and leads we have identified on Blocks A & E," Jim Jeffs, executive co-chairman said.Canadian independent oil and gas company Ithaca Energy said it has signed and completed the senior secured borrowing base facility agreement for up to $140m announced on 22 April.Perpetual Income & Growth Investment Trust saw its net asset value per share total return slide 5.4% in the second quarter, a performance which still outshone that of the FTSE All-Share index, which fell 11.8% over the same period. Total gross assets at the end of June stood at £550.6m, down from £587.4m.Value & Income Trust, which invests in higher yielding, less fashionable areas of the UK commercial property and quoted equity markets, saw its net asset value (NAV) per share slide to 212.5p with debt at par value in the second quarter from 231.8p at the end of the first quarter.