Smallcap news: Medusa Mining, Goldstone, Caledonia Mining, Terrace Hill, Tanfield, Capital Pub Co

Medusa Mining (MML), which is listed on the ASX, TSX and AIM markets, reported that drilling at its Lingig Project has continued to intersect copper mineralisation in two geological settings. The most recent and most northerly drill hole returned 154.60 metres at 0.45% copper (with last 45.90 metres averaging 0.65% copper at a 0.3% copper cut-off) but was abandoned in strong mineralisation.

GoldStone (GRL), a junior exploration company focused on gold in Ghana, Senegal and Gabon, announce a strategic alliance with Bendigo Mining (ASX: BDG), a mid-tier Australian gold producer. Bendigo has agreed  to subscribe for 32.7 million shares at a premium of 45% to the closing price on 6 May.

Capital Pub Company (CPUB) continued to defy the wider pub industry, confirming that trading at its London properties is ‘significantly ahead of last year’.  The pub owner and operator also announced the sale of the freehold of the Marquis of Granby for a consideration of £3.49 million.

Caledonia Mining (AIM:CMCL) said it had taken ‘immediate steps’ to address electricity supply concerns to its Blanket Gold Mine in Zimbabwe. The company has ordered the first of several planned 2.5MVA diesel generators.

UK property development and investment group, Terrace Hill Group plc (THG) announced that it has let 24,352 sq ft of office space at its mixed-use development at 129 Wilton Road, Victoria. 88% of the office space has now been leased.  Terrace Hill has let the space on a 15 year lease at £40 per sq. ft.

Tanfield Group (TAN), once a darling of the junior market, reported pretty grim numbers for the year ended 31 December 2009.  Turnover slumped from £146 million in 2008 to £58 million in 2009, while the company swung to an operating loss of £21.4 million (2008: operating profit £1.3 million). Net cash fell from £11.1 million to £5.4 million. During 2009, the company cut staff costs by 42%.  Tanfield’s Chairman Jon Pither said the company was expecting 2010 to be ‘challenging’.
Alliance Pharma (AIM: APH) said Nigel Wray has bought a further 750,000 shares in the company this week, taking his holding to 25,269,995 shares, or 11.08% of the capital. He is still the group's second largest shareholder behind chief executive John Dawson.

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