Hummingbird encouraged by latest drilling programme

BIRMINGHAM-registered gold and minerals exploration firm, Hummingbird Resources, has said the results of its latest drilling operations in Liberia have underlined the “robustness” of its Tuzon resource.

“The widths and grades of the drill programme have continued to give confidence in the robustness of the Resource.  The results have matched the existing model which was the aim of the infill drill programme,” it said in an update.

The company will begin further drilling on the Dugbe F Resource imminently.  The results are expected to form part of the company’s feasibility study and the drill programme is expected to complete during the current quarter.

Dan Betts, Chief Executive of Hummingbird Resources, said: “We are delighted with the excellent progress with the Tuzon infill drilling programme. These latest numbers correspond accurately to the SRK Interim Resource model, and mark a significant step to upgrading the remainder of the Resource from Inferred to Indicated and providing a key item into the DFS.  

“Additionally, we are confident the infill drilling programme at Dugbe F will yield further positive results, with the potential to increase the grade for the first years of mining even further.”

Smith & Nephew boost sports medicine business with major acquisition

MEDICAL technology group Smith & Nephew has announced it is to acquire medical device company ArthroCare in a deal worth £1.03bn ($1.7bn).

The firm, whose UK orthopaedics operation is based at Warwick Technology Park, the deal represented “a compelling opportunity” to add ArthroCare’s technology and highly complementary products to its own sports medicine business.

It plans to generate significant additional revenue from the more comprehensive portfolio, combined sales force and Smith & Nephew’s global footprint.

“With this transaction, we are again accelerating our strategy to rebalance Smith & Nephew towards higher growth,” said CEO Olivier Bohuon.

Better-than-expected Q4 results predicted for Michelmersh

SPECIALIST brick manufacturer Michelmersh has said it expects to announce a stronger than expected turnover in the final quarter of 2013.

“The board is pleased to announce that Michelmersh is expecting to report a profit from continuing activities for the year ended December 31, 2013,” it said in a full year update.

“The positive financial performance of the group reflects stronger than anticipated turnover in the final quarter of 2013, ahead of the board’s expectations at the time of the interim statement in September 2013. The result before taxation will include the profit on sale of the factory land at Telford, exceptional non-recurring costs relating to closure of the Dunton plant in the year and associated group restructuring costs.”
 
Following the successful £9.6m fundraising arising from the 22.5m share placing in November, the group said it also expected to report significantly reduced net borrowings.