Small caps round-up: Avocet, Bellzone, Mwana Africa...

28th Jul 2010 11:16

Avocet Mining swung made a profit of $11.1m in the first six months of 2010 compared with a $4.5m loss in the half-year to 30 September, and ramped up gold production by around three quarters to 97,747 ounces.The firm which has changed its year-end, said its Inata mine in Burkina Faso produced 19,838 ounces of gold in the first quarter, 31,225 ounces in the second, and 11,491 ounces of gold in June.There was speculation last month, denied by the company, that Avocet had sold its South East Asian mines and that the company itself was on the verge of being sold. "We are on track to deliver 220,000 ounces of production in 2010," chief executive Brett Richards said Wednesday. Inata's ramp up to an annualised production rate of 140,000 ounces will be completed in the second half.Bellzone Mining is up after the Mining Convention for its Kalia mine and associated infrastructure was approved and signed by the Guinean Minister of Mines and Geology and the Guinean Minister of Economy and Finance."The convention, combined with the signed Infrastructure Accord, clearly establishes the state's and the company's rights and obligations and de-risks the project by providing certainty around the terms and conditions and the expectations for the development of the Kalia Mine and associated infrastructure," said managing director Nik Zuks.Today's deal is expected to be ratified by decree from the President of Guinea in the third quarter of 2010.Pan-African miner Mwana Africa has upgraded the JORC compliant resource estimate for the Zani-Kodo gold project in the Democratic Republic of Congo to 1.25m ounces at 1gram per tonne cut-off.The mine, in which Mwana has an 80% interest, now has an indicated gold resource of 260,000 ounces and inferred resource of 1m ounces. The overall resource has doubled since February."The discovery of the potentially high-grade Kodo South shoot indicates the potential for an increase of the Kodo resource in the near future," said CEO Kalaa Mpinga.Irish explorer Minco has intersected significant high zinc grade mineralization at five holes drilled recently at the newly discovered Knockroe deposit.It will take Caza Oil and Gas another 15 days to drill the remaining 3,000 feet and reach target depth of 16,000 feet at its O.B. Ranch #1 well on the Bongo prospect in Texas.Preliminary drilling and log data indicate hydrocarbon bearing sands in a shallower horizon that will require further evaluation, it said.Home consumer products group Norcors said revenues for the 13 week period to 27 June increased by 16.0% and by 8.7% on a constant currency basis relative to the comparable period last year, reflecting an increase of 11.8% in its UK operations and constant currency increases of 3.7% and 13.6% in its South African and Rest of the World operations respectively.The group has made an encouraging start to the current financial year though the board remains "appropriately cautious" about prospects for the rest of the year.