Cambridge Mineral Resources was among the day’s top performers after it revealed that its Quintana goldmine in Colombia was viable, putting it on course to start production by the final quarter of this year.

That marked what is likely to be a busy period for the miner, whose shares have barely moved since investors forced a management reshuffle a year ago. Investors reckon that the next asset update may be on its uranium prospect in Bulgaria, where the group is said to have investigated securing an adjacent licence. Cambridge is also looking to fund development of Quintana, possibly through debt bolstered by a small share issue and is looking to appoint a broker to improve its profile.

Cambridge, up 0.63p to 3.75p, has been held back partly on expectations that Newmont Capital and Encore Oil would look to sell their holdings. Now investors believe that the overhang may be mopped up by Cambridge’s new management, who have been regular buyers over the past year.

Still among the minnow miners, Angus & Ross held steady at 17¼p despite talk that it was poised to give an update on its Brazilian gold projects.

Empyrean Energy rose 8½p to 48½p after it said that production testing at its Margarita project off the Texas Gulf coast would begin this week, while Gold Oil was up 2.1p to 9.2p in continued reaction to Friday’s news that it had secured a exploration licence in Cuba.

Among the fallers, Patientline lost 1¼p at 2¾p after it posted a near-doubling in annual losses and began talks to restructure its £80 million debt. Monstermob was another casualty, falling ¾p to 15½p despite a late rally on talk of shareholder action. The ring-tones company has dropped 56 per cent since its founding director sold half his stake at 50p apiece last week, paving the way for its majority shareholder to take the group private.

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