LONDON (ShareCast) - Avocet Mining is on the up again after increasing new proven and probable ore reserve at the Inata gold mine in Burkina Faso and a mine life extended to 2018 at an average annual production of 120,000 ounces.

The new mineral reserve of 16.3m tonnes grading 2.06 grammes per tonne for 1.08m ounces of gold (973,310oz attributable to Avocet) is 25% higher than before.

"The increased mineral reserve announced today confirms our belief that Inata will become a significantly larger producer than indicated on acquisition,” said boss Brett Richards.

Stockbroker Panmure Gordon lost £5.96m in the half-year to 30 June, up from £3.65m in 2009 and saw income drop from £38.4m to £17.1m.

In a separate statement, the company said it has replaced chairman Simon Heale with non-executive director Edmond Warner, the former head of Old Mutual Securities and current chairman of UK Athletics, the sport’s national governing body.

Evolve Capital has been forced to “apologise wholeheartedly” to shareholders for its disastrous investment in broker Astaire at about 10.8p a share. They’re now worth less than half a penny.

The company lost £1.1m in the first half compared with a £1.8m profit the year before, but it’s “once again looking to make investments in quoted companies and unquoted companies that are looking to join the PLUS market or move from PLUS to the AIM market”.

Nyota Mining has raised £21.58m through a placing of shares at 16p each to help fast track the exploration and development of its flagship Tulu Kapi deposit in Western Ethiopia.

“In addition, we will commit further funds to our extensive regional exploration programme which is focused on discovering additional economic ore bodies in what we believe is a new gold province," CEO Terry Tucker said.

Shanta Gold has also boosted its coffers, bagging $20m from a fundraising at 25p a share. It will spend the money on developing its Luika gold mine and continuing its exploration programmes.

Bangladesh-focussed GCM Resources said today it remains committed to the Phulbari coal project as results showed full-year losses narrowed to £3.2m from £5.7m in 2009.

“GCM's discussions with the government have moved onto the detail of project implementation and continue to progress,” the firm said. “GCM remains ready to move the project forward when it receives approval for its scheme of development.”

Central and Southern America-focussed oil and gas explorer Gold Oil slashed annual losses to £870,000 from over £3m last year.

“Colombia and Peru will remain our primary focus however we will also consider other opportunities in South America and elsewhere if they can add growth and value to the company,” said new chairman John Bell.

Trans-Siberian Gold narrowed losses for the six months ended 30 June to $1.8m from $4.1m a year ago and its Asacha project in the Kamchatka Krai is on track for gold production in the first quarter of 2011.

IdaTech, which makes backup power fuel cell products, saw revenues soar in the six months to June 30 amid strong demand in SouthEast Asia, Latin America and the Caribbean.

Revenues were up to $1.9 from $1.5m over the same period the previous year, but pre-tax losses widened to $13.8m from $13.5m.

Lees Foods, the sweetmaker behind Lees of Scotland and Waverley Bakery brands, said it was gaining greater market penetration while cutting costs as it posted a rise in profits.

Pre-tax profits in the six months to June 30 were up by 43% from the same period the previous year at £562,000. Sales climbed 9% to £9.6m.

Brickmaker and landfill site operator Michaelmersh Brick posted smaller losses and a larger turnover for the six months to June 30 but warned of continuing economic uncertainty.

Pre-tax losses narrowed to £530,000 from £457,000 the previous year, on turnover that climbed to £10.7m from £9.1m.

‘Whilst there has been some upturn in the brick market with stocks having reduced, there must be caution as a result of the economic outlook, lack of availability of finance for house purchases and uncertainty surrounding the planning strategy of the new Coalition Government, despite undoubted demand for housing,’ the company said.

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