Small caps round-up: North River Resources, Mediazest, ATM...

North River Resources, the South Africa-focused mining company, has begun drilling activities on EPL3327, part of the Uis Project held by Brandberg Energy, a company 50 percent-owned by a subsidiary of North River. The drilling programme, which has been increased to 2,000 metres from the 1,100 metres initially planned, will test two uranium targets identified by surveys completed in 2011. Shares gained 3.23 percent to 1.60p. Advertising firm Mediazest has unveiled a new working relationship with Topshop, which, as part of its wider London Fashion Weeks project, has engaged Mediazest to provide creative audio visual solutions to showcase its new campaign video shot by Nick Knight. For maximum impact in the flagship Oxford Street window, MediaZest built a high brightness video projection system with whispering window technology broadcasting the accompanying audio onto the street. UK coal miner ATM Resources has learnt that its appeal against the enforcement notice issued by the Environment Agency requiring ATH to register as a participant in the Carbon Reduction Commitment Scheme has been dismissed. The group is advised that it can now refer the matter for judicial review at a moderate legal cost, which the board will consider "at the appropriate time." If the regulations come into force the cost to the group could be around £1.4m every year for three years. Shares lost 4.17% to 28.75p. James Ede-Golightly has been appointed as the new non-executive Chairman of hydrocarbon explorer Bluebird Energy. He has an indirect interest in the company through ORA, which owns 128,582,000 shares, or 25.8%, of its share capital. Sarantel Group, a mini antenna maker, achieved a £0.2m rise in revenues to £1.2m during the second half of 2011, but suffered a pre-tax loss of £3.01m, compared to £2.97m the previous half. Operating costs reduced by 12% as a result of outsourcing efficiencies and cost reductions. The firm was keen to point out that it received its largest ever order, which is set to significantly boost 2012 revenues. Loss per share fell from 1.0p to 0.6p. Shares gained 0.72% to 0.70p. AIM-quoted emerging African Rare Earth exploration company Galileo Resources says that the drilling results from the latest nine boreholes drilled on its Glenover Rare Earths Joint Venture project (Limpopo Province of South Africa) show grades and mineralogy consistent with those of the first six boreholes reported previously and provide additional data towards the production shortly of a resource statement. "We are pleased with the consistent grades, widths of intersection, mineralogy and the REO distributions shown in these latest resource borehole results, which compare well with those results previously reported," said executive chairman Colin Bird. Shares gained 1.22% to 41.50p. NR