LONDON (ShareCast) - CMR Fuel Cells said it expects cash reserves to be sufficient for planned operation until early 2010 and said 2008 will see the early deployment of its full cell stacks in trial systems.

“The company continues to believe that many OEMs plan to field-trial fuel cell systems into Asian markets in 2008/9 ahead of mass-market launches from 2010 onwards,” said the group.

“CMR anticipates that 2008 will see early deployment of its stacks based on `acid' chemistry in trial systems, building towards mass markets emerging from 2010 onwards,” it added.

For the year to December, the group saw losses rise to £3m from £2m before. The group is still to generate revenue and has assets totalling £9.4m from £11.3m before.

Oak Holdings advanced on news that the property group has agreed terms with Rotherham Metropolitan Borough Council for a 250 year lease on the £350m YES! Project, a leisure based resort, activity and convention destination in South Yorkshire.

Merchant House said its joint venture asset and leasing finance business Merchant House Finance is to embark on a fundraising of up to £1m to underpin further growth.

Merchant House Group holds a 49% stake in MHF, with an option to go to 75%.

Irish based Iranian explorer Persian Gold said the strong gold grades in the South Hill at its project at Dalli in Iran will continue.

"The similarity of copper and gold grades in both the South Hill and the North Hill complexes suggests the strength of these porphyry systems and necessitates further exploration," it added.

• News Channel