Small caps round-up: Firestone Diamonds, UBC Media

15th Dec 2010 14:48

Firestone Diamonds' first diamond tender at its new sales office in Gaborone, Botswana, sold 14,673 carats for gross proceeds of about $1.6m, with the first sale of diamonds from the main pipe at Liqhobong making $98/carat "We are very pleased that the prices achieved for both Liqhobong and BK11 production were higher than expected, and we believe that further price increases will be achieved for production from both of these mines in 2011," chief executive Philip Kenny says. He expects prices to top $100/carat in 2011Multimedia content and services group UBC Media has signed a contract with TIML Radio (trading as Absolute Radio) for the sub-lease of its spectrum on 7 Digital Radio multiplexes in the North of England operated by Bauer Radio.Absolute will pay an undisclosed fee for access to the spectrum over the next two years which it will use to broadcast the service "Absolute Classic Rock".Xcite Energy, the developer of heavy oil assets in the North Sea, says that the 9/3b-6oz horizontal well section on its Bentley field has not yet commenced the test phase due to an "operation issue with the export hose." The well test is expected to commence once operational and weather conditions allow. Shares fell 12% on the news Wednesday.Gold miner Angel Mining says it has begun introducing ore into the process plant at the Nalunaq mine in Greenland, which it expects to produce 65oz gold per day/25,000oz annually when target production is reached. At target production and with an average gold price of $1,300/oz, the group expects the mine to produce annualised revenue and free cash of around $32.5m and $18.5m, respectively.Shares in IT services group Nexus Management jumped a staggering 65% Wednesday afternoon after reporting that its wholly owned network security subsidiary Resilience Technology has signed a significant multi-year contract with an unnamed UK blue chip company.The contract will provide 150 hardware unit sales over a three year period and will be worth $1m over the term. Chief executive of Nexus Roger Richardson says that the future earnings potential of Resilience is expected "to have a significant impact on our bottom line."Publishing software and solutions group Publishing Technology says its results for the year ending 31 December will be below market expectations, due to the deferment of technology investment decisions into 2011. The company says that the latter months of 2010 have produced lower-than-expected revenues.