This week: Cluff sets the gold standard, Plant Impact makes an impact, and more good news from Imaginatik
Cluff Gold (CLF 65.5p / £76.72)
The West African focused gold mining group announced the appointment of Mr Peter Gardner last week as CFO and at the same time announced its results for the six months ended 30 June 2009. The Company is on course to achieving its forecast annualised production rate of 100,000 ounces of gold by the end of the current financial year. The Company had cash at 30 June of US$7.6m. Algy Cluff, Chairman and Chief Executive, commented that operations at the Kalsaka Gold Mine reached standards set for successful commissioning with gold production of 26,772 ounces, and production for the full year is expected to be in the order of 60,000 ounces of gold. A resource update is expected to be published in October 2009 for the Baomahun gold deposit in Sierra Leone and a revised scoping study will follow later in the first quarter of next year. Algy Cluff has done it many times before, and we fully expect him to work his magic with Cluff Gold.
Cubus Lux (CBX 14.5 pence / £2.75m)*
The Croatia-focused leisure resort operator and developer announced its results for the year ended 31 March 2009. Trading at its operating companies, its marina and casino businesses, meet expectations and there has been ongoing progress at Olive Island, with the land secured during the period and the Board believes it is close to finalising construction finance for this flagship project as the credit markets remain difficult. A major new tender was won for a golf, wellness and beach resort at Valdanos, Montenegro and Cubus Lux is in the final stages of an Istrian resort tender. Cubus Lux had a loss for the full year of £2.1m, although this could reverse with currency fluctuations, and included in the loss was an exchange loss of £1.9m. The management is confident it can secure the finance and given the Executive Chairman?s background in banking we believe this claim is credible.
Education Development (EDD 124.5p/£71.72m)
Education Development, a leading provider of educational qualifications and assessment services, gave a positive update on trading for its financial year to the end of September. Strong growth is being experienced as the company benefits from increased government spending on UK vocational qualifications and…
