News

Optical storage system firm Plasmon has deferred its cash break-even target to the second half of financial year 2009.

The group said its growth strategy will focus on gaining new reseller channel partners and on operational restructuring to reduce overhead cost.

Despite softness in US IT market, the overall archive storage market is forecast to grow from $9bn in 2007 to $23bn by 2010, the group said.

Plasmon added that it expects to send notices to shareholders by early March seeking their approval to raise £10m via a placement of 100m new shares at 10p each.

Miner Ovoca Gold announced the interim results of a 3,000 metre diamond drill programme in 23 holes on its Pellapack property in the Kola Peninsula in North West Russia.

"The drilling results at Pellapakh indicate that the company has discovered a world class molybdenum deposit with a potential resource comparable to that of the major molybdenum producers of the world," said the group.

Carnegie Minerals said the Gambian police have detained its recently appointed mining engineer Charlie Northfield on allegations the group has been commercially mining titanium, iron ore and uranium from its mineral sands licence in Gambia.

"The company strongly refutes these charges and is working closely with the UK Foreign and Commonwealth Office to secure his release," said the group.

Shares in Empyrean Energy were sharply lower after the energy explorer said it will not proceed with any of the Margarita deep prospects because there are "better risk versus reward opportunities" elsewhere.

Number plate recognition firm Appian Technology said it has won two contracts totalling £350,000 to supply its ANPR technology to a UK military base and a Middle Eastern hotel.

Material technology firm Dyson said its thermal technologies division is trading in line with expectations but added production volumes of diesel remain soft in the US markets.

Prospects for the hard drive market remain strong, it added, and costs across are within expectations.