Baobab Resources (LON:BAO) (BAO 39p/£68.24m)
Baobab Resources has a portfolio of mineral projects in Mozambique, the flagship asset of which is the Tete iron/vanadium/titanium project. In November last year, the Company announced that as a result of an alteration to the 1035L licence boundary, it had acquired the Tenge-Ruoni magnetite prospect located 7.5km to the east of the Massamba Group trend. The Company commissioned New Resolution Geophysics to complete a heli-borne aeromagnetic and radiometric survey of the newly-acquired area at a 100m line-space density. The Massamba trend was also re-flown at a higher, 50m line-space resolution and the Company has now presented a summary of the survey outcomes: Tenge-Ruoni – a coherent 3.5km long, folded trend of strong magnetic response underlies the prospect where field investigations indicate an average mineralised width of 75m to 100m. First pass rock chip sampling returned head grades averaging 48.9 per cent Fe. Massamba Group trend – the coverage has clarified substantially the morphology of the mineralised zones and will assist in the targeting of drilling campaigns going forward. Mr Ben James, Managing Director of Baobab, describes the response at Tenge-Ruoni as “nothing short of spectacular”. The Company has designed a 4,000m scout drilling campaign to test the prospect, scheduled to commence during April 2011.
Delcam (LON:DLC) (DLC 380p/£29.32m)
Delcam, the developer and supplier of software solutions for product development and manufacture, this week reported results for the year ended 31 December 2010 reflecting its positive trading update from January 2011. A buoyant fourth quarter helped the company to deliver pre-tax profits of £2.26m (2009: £0.59) on sales of £36.6m - up 17 per cent. from the previous year. The strong performance was also reflected in a final dividend of 4.15 pence per share, taking the total to 5.50 pence (up 5 per cent. on 2009). The performance was driven by improved sales across all Delcam’s key markets in Europe, North America and Asia, with the company’s newer territories in China and India showing significant growth. Based in Birmingham, the company’s software is used across a variety of industries, including aerospace, automotive, footwear, medical and dental, toys and sports equipment. The company reported that current indications are that this year will see companies in most of their major territories increase their investments in capital equipment and associated software but the company sounded a…
