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Penny Share Review 433

Tuesday 25 March 2008

Saturday’s Independent featured African Diamonds (AFD), noting the diamond market is staying buoyant despite the credit crisis. The article reiterated views expressed in Friday’s edition of the paper, that if permit approvals from the Botswanan government are forthcoming, the Company could meet plans to be one of the top five most profitable hard rock kimberlite miners in the world, however balanced this argument with the fact that political danger could throw a spanner in the works. It concluded that now is not the time to buy and existing shareholders should hold for the moment. The price was unchanged at 78p earlier today.

African Eagle (AFE) appeared in today’s Independent, which reported the price of gold has benefited from the credit crunch and although the Company is yet to profit from it, this could be set to change due to existing operations and the fact that opening smaller mines could become financially viable. Risks to the situation, including a slump in gold prices and impact of further downturn in the US economy, were noted and the market will remain volatile according to an Ambrian Capital analyst. The coverage failed to impact the share price, which stayed 7.75p this morning.

Derek Pain’s ‘No Pain, No Gain’ section of The Independent on Saturday commented on a confident interim report from Nighthawk Energy (HAWK), suggesting the Company is edging towards moving into the black. The piece also cited CEO David Bramhill’s expectation of increasing production this year and noted Director buying in the shares, which Mr Pain remarked is usually an encouraging sign. The shares were 0.25p better off at 60.75p following this press attention.

Prices above were taken at around 9.50am on Tuesday, 25 March 2008.

Announcements

The following companies, in which City Equities customers may have an interest, released announcements to the market this morning. These can be found by entering the relevant company name or ticker code in the search box on this site.

Discovery Metals (DME): Appointment of Chief Financial Officer.

EnCore Oil (EO.): Drilling Report – Cobra Spud.

Frontier Mining (FML): Exploration License Update.

Petards Group (PEG): Period End Trading Update.

Range Resources (RRL): ASX Trading Halt.

Western & Oriental (WEST): AGM Statement.

Look out for this week

Tuesday, 25 March – CBI UK Quarterly Economic Forecast.

Wednesday, 26 March – Nothing of note.

Thursday, 27 March – Results from Sopheon (SPE). BBA Credit & Lending Data (February).

Friday, 28 March – UK Q4 Final GDP.

The next Penny Share Review will be posted on Monday, 31 March 2008.

Compiled by Chris Richards.

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