Golden prospects for Greek mine plan

European Goldfields (395p) is in the last stages of becoming a major gold producer after almost 10 years of work. It is awaiting permits for its projects in Greece and Romania – with both of these expected to be granted this year.

The group's full-year results, released on Thursday, were slightly disappointing. In the year to December 31, pre-tax losses narrowed from $11.6m (7.7m) to $8.4m (5.6m) on sales from its current operations that rose to $62.7m (41.7m) from $60m (39.9m).

However, the main catalysts will be the granting of final permits. The group had $113m (75.2m) of cash on its balance sheet and no debt at the end of the year.

Earnings depends on the permits. However, in the current financial crisis, governments are acutely aware that they need revenues, especially in Greece.

Although the group is currently loss-making, and any investment should be treated as speculative, the shares are a buy.

Cluff Gold shares are up 55 per cent to 96.75p in little over a month since their recommendation after the group received a bid approach.

Last Friday, the group said it had record gold production in the first two months of the year.

The shares are trading on a December 2010 earnings multiple of just seven times and look undervalued despite bid talks. Following Friday's production news, the shares are a buy.

Mail on Sunday

Sabien Technology Group has pioneered a way to make industrial boilers about 20 per cent more efficient, through improved software.

The software can be put into almost any boiler in an hour-and-a-half for just 1,850.

Customers so far include BT, Royal Mail, HM Prisons, Marriott Hotels and Lloyds Banking Group. Chief executive Alan O'Brien founded the firm in 2004 and it joined Aim two years later. Sabien has been expanding slowly, but it should receive a boost over the next few months.

Sabien is a young company so it carries more risk than mature businesses. But it operates in an industry whose products and services are increasingly in demand. At 29p, the shares are worth a punt.