Small caps round-up: Forte Energy, Futura Medical, Hightex...

23rd Dec 2010 11:37

Forte Energy has completed a 7,000m drilling program at its A238 uranium anomaly in the north of its leases in Mauritania and a 1,500m diamond drilling program should be completed next month. "These initial results are from the first pass shallow drilling along strike, and confirm the presence of mineralisation outside the core of the main southern zone," managing director Mark Reilly said Thursday."These results are encouraging both from the point of view of demonstrating that an extensive body of uranium mineralisation exists at A238, but also in demonstrating our accelerated assay process."Results from the diamond drilling should give an initial JORC compliant resource at A238 in the first half of 2011. Futura Medical expects to get a decision on the CE mark for its CSD500 condom, designed to help healthy men maintain a firmer erection."The board considers that all outstanding points raised by the Notified Body for CSD500's CE mark have been addressed by Reckitt Benckiser and, based on recent discussions; we believe a decision is imminent," it says. "The upcoming Christmas holiday period means that the timing of the decision may be early in 2011." Membrane roofs expert Hightex has won a €2m contract to fabricate and install a significant sculpture in Paris.It will book all the revenue from the deal, which will be one of the largest fabric sculptures ever produced, in 2011.Indian Energy, the firm that aims to become a long-term owner and operator of wind farms in India, grew revenues to £2.3m from £1.4m in the six months ended 30 September. Pre-tax losses narrowed to £0.8m from £2m in 2009, which boss Rupert Strachwitz called a "creditable performance". The focus now is on reducing overheads, conserving cash, and making "further strides towards operational breakeven".Innovation Group has bought Wintec, Germany's leading franchised windscreen repair network for an initial cash consideration of €1.25m plus a further €1.25m due on 1 April 2011. Another €500,000 will be paid in 2013 depending how much money Wintec makes that year.Oil and gas company Melrose Resources has completed the sale of its assets in the Permian Basin in the USA to Quantum Resources Management for $80m in cash. "The completion of the Permian basin assets divestment is an important step for the company and we are pleased that the sale process has yielded a satisfactory result," chief executive David Thomas said. "The cash generated from the sale will further strengthen the company's financial outlook."Solomon Gold has rallied on news that recent surface trench sampling on the Fauro Island project has yielded more "encouraging" results, and that drilling has begun at the Meriguna prospect. "Further results from trench sampling show very encouraging gold assay results and confirm significant drill targets," CEO Nicholas Mather said.