UK SMALLCAP ROUNDUP: Highland Gold Mining: Barrick To Sell Stake

Date : 02/13/2012 @ 8:00AM
Source : Dow Jones News
Stock : Mercer Resources (MCR)
Quote : 0.65  0.0 (0.00%) @ 2:30AM
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UK SMALLCAP ROUNDUP: Highland Gold Mining: Barrick To Sell Stake

Highland Gold (LSE:HGM)
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HIGHLAND GOLD MINING LTD. (HGM.LN), a Russia-focused gold producer, Monday said that BARRICK GOLD CORP. (ABX) has decided to sell its 20.4% stake in the company, as it no longer considers it core to its business operations and strategy.

Barrick, however, remains supportive of Highland's board and management as they continue to execute on Highland's growth objectives, Highland said.

At 1200 GMT, shares -7.75 pence, or 4.55%, at 162.5 pence.

ORMONDE MINING PLC (ORQ.DB), a Spain-focused metals explorer, said the definitive feasibility study for its Barruecopardo tungsten project in western Spain is complete and the results will be ready by late February, allowing the company to progress ongoing funding talks.

The study offers a detailed technical, economic and market assessment of the project for management.

Shares +0.13 pence, or 1.4%, at 9.0 pence.

ALEXANDER DAVID SECURITIES GROUP PLC (ADS.LN) said it has agreed to buy Bridge Hall Stockbrokers Ltd. for GBP30,000, despite warning that it expects to show a "modest loss" for 2011 due to a continued slowdown in its markets.

"This loss is due to a number of factors but the main reasons include reduced trading volumes and a smaller number of corporate transactions in the last five months of the year. Market conditions have also led to delays in completing corporate transactions," it said.

Shares down 0.04 pence, or 18.9% at 0.15 pence

GLOBO PLC (GBO.LN), a mobile telecom firm, has bought U.S.-based telecom technologies firm Dialect Technologies Inc. for $800,000, establishing itself in the "strategically important U.S. market."

Dialect has developed proprietary voice over Internet protocol and mobile telephony technologies which, when integrated into Globo's products, will strengthen the group's offering, Globo said.

Shares up 1.25 pence, or 5.2% at 25.25 pence

AFRICAN MINERALS Ltd. (AMI.LN), a Sierra Leone-focused miner, came a step closer to receiving $1.5 billion in funding for its Tonkolili iron ore project from Chinese state-owned Shandong Iron and Steel Group after the China National Development and Reform Committee approved the investment.

African Minerals said remaining Chinese government approvals are expected shortly.

Shares up 33.0 pence, or 6.3% at 560.5 pence

CIRCLE OIL PLC (COP.LN) said it has successfully commissioned its new gas pipeline in the Rharb Basin permits in northern Morocco, delivering about 3.18 million cubic feet of gas a day to local industry by March, double its current rate, and boosting revenue.

Chief Executive Chris Green said: "Circle and its partner have now begun to significantly increase gas supplies and associated revenues as the next step in further exploiting our Rharb acreage".

Shares up 0.25 pence, or 1.1% at 23.375 pence

FTSE UK Small-Cap +0.27%

AIM +0.59%

-By Iain Packham and Ian Walker, Dow Jones Newswires; +44 (0) 20 7842 9269;

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