KENMARE, the small quoted minerals company, has announced drilling results for its exploration licences in northern Mozambique. The company's shares in London added 1p to 29p sterling on the news, before settling back to 28p sterling. The company said in a statement: "Reconnaissance exploration has identified 14 veins of more than one meter in width, which contain significant gold concentrations at surface."

Kenmare said it planned to start an intensive 24-hour-a-day drilling programme once the seasonal heavy rains finish in late March. Mr Charles Carvil, the company chairman, said: "While much work still needs to be done, we couldn't have asked for anything better at this stage and are delighted by the results."