logo-loader

Proactive news summary including Plethora Solutions, Caza Oil & Gas, Golden Saint Resources, Sierra Rutile and Aureus Mining

Last updated: 10:45 19 Nov 2013 EST, First published: 11:45 19 Nov 2013 EST

no_picture_pai

Another mixed news bag for the small cap investor saw a milestone reached by Plethora Solutions (LON:PLE).

The firm's treatment for premature ejaculation has been granted marketing authorisation by the EU’s executive body, the European Commission (EC).

PSD502 which will go under the name ‘Prilocaine Lidocaine Plethora’.

The company estimates 30-45mln men between 20 and 69 years old in the EU suffer from the sexual dysfunction.

Elsewhere, Caza Oil & Gas (LON:CAZA) reported an excellent test result for its latest well on its Bone Spring acreage in New Mexico, with oil already being sold and gas to follow shortly.

The West Copperline 29 Fed #1H horizontal test well hit its intended depth of about 15,000 feet in the 2nd Bone Spring interval in October and was fracture stimulated on 1 November.

Caza added that under controlled flow-back,  producing rates remained steady at a peak 24 hour gross rate of 800 barrels (bbls) of oil and 1.21mln cubic feet of natural gas, the equivalent of about 1,000 bbls of oil equivalent.

The company has a 62.5% working interest and 47.25% net revenue interest in West Copperline 29 Fed #1H.

Caza shares jumped 12.8% to 8.9p.

In mining, Golden Saint Resources (LON:GSR) has exported its first shipment of around 400 carats of diamonds from Sierra Leone.

The uncut, gem quality diamonds will shortly arrive at Solid Gold Jewellers in Perth, Australia, the company revealed.

The stones vary in size from one carat up to 13.9 carats and comprise white, brown and yellow diamonds, which will be sorted in Perth and then sent to be cut, polished and GIA (Gemological Institute of America) certified at a production plant picked by Solid Gold.

Aureus Mining (LON:AUE) has increased the licence area around its proposed New Liberty gold mine threefold after the award of four new exploration licences in Liberia.

The new licences, which are all 100% owned, are contiguous to Aureus’s Bea Mountain licence, which contains New Liberty and also a number of other prospective gold targets.

With the new acreage, Aureus has increased its continuous land holding to 1,470 square kilometres (sq km) from 547 sq km in an area that contains greenstone belts and associated shear structures typical of where gold has been discovered previously in Liberia.

In broker coverage today, Cantor Fitzgerald said it was pleased that the CEO of Rambler Metals & Mining (LON:RMM, CVE:RAB) has reiterated his long term commitment to the miner after being appointed the new chief at Kirkland Lake Gold (LON:KGI; CVE:KGI).

In a statement late on Monday, Rambler revealed George Ogilvie had been hired as the chief executive (CEO) of Kirkland with immediate effect.

Ogilvie said he remained "totally committed" to Rambler and would take the necessary action required to drive the business forward.

Cantor analyst Ass Bridle notes the two companies already share a number of directors - Harry Dobson, Brian Hinchcliffe and John Thomson.

He says the move may also raise questions about a possible combination of the businesses, though Bridle sees this as unlikely given the differing commodity focus: Rambler with copper and Kirkland with gold.

Shares in Sierra Rutile (LON:SRX) jumped by a quarter on Tuesday as it confirmed a bid approach, though one broker suggested the shares could yet go higher still.

According to Sanlam, major shareholders in Sierra Rutile believe the company’s valuation is significantly above the current level, even double or higher.

“We have said previously that Sierra Rutile represents the best heavy mineral play on the London Stock Exchange, although we recognise the lack of liquidity means only a few investors can be involved.

Sierra Rutile produces possibly the best rutile product globally and any potential acquirer will be looking to take advantage of the current cyclical low point in the commodity’s price," said the broker.

Elsewhere, Victoria Oil & Gas (LON:VOG) told investors of the president of the Republic of Cameroon's visit to its gas plant and pipeline.

The event in the City of Douala on Friday (Nov 15) attracted a crowd of several thousand and was covered by all the major news agencies, the firm said.

In a rebranding move to mark the change from developer of operations to a national utility, the company also renamed its subsidiary to Gaz du Cameroun from Rodeo Development Ltd.

BenevolentAI advances novel ulcerative colitis treatment through Phase 1a trial

BenevolentAI (OTC:BAIVF) chief scientific officer Dr Anne Phelan joins Proactive's Stephen Gunnion with positive safety data from the Phase 1a, first-in-human, clinical study of BEN-8744 in healthy volunteers. Phelan explained that BEN-8744 is a potent, selective PD10 inhibitor, uniquely...

39 minutes ago