LONDON--(BUSINESS WIRE)--
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company
17 November 2014
Armadale Capital Plc (‘Armadale’ or ‘the Company’)
Mining
Licences Granted for Mpokoto Gold Project
Armadale, the AIM quoted investment company focused on natural resource projects in Africa, is pleased to announce that it has been granted four Mining Licences covering the Mpokoto Gold Project in the Katanga Province of the Democratic Republic of Congo (‘Mpokoto’ or ‘the Project’), which has a current Total Mineral Resource of 678,000oz gold (‘Au’) from 14.58 million tonnes (‘Mt’) @ 1.45g/t Au at a cut-off grade of 0.5g/t. The Company has recently announced the results of an Expanded Scoping Study for Mpokoto which demonstrates a post-tax net present value of US$55.3m based upon a discount rate of 8% and a gold price of US$1,250/oz.
The Mining Licences were granted to Mines d’Or de Kisenge SARL (‘MDDK’), a subsidiary of Armadale, by the Ministry of Mines of the Democratic Republic of the Congo (‘the Licences’). The Licences are valid from 30 September 2014 for an initial term of 30 years and may be renewed for further terms of 15 years each.
Justin Lewis, Director of Armadale, said: “The grant of a full Mining Licence over the Mpokoto Gold Project is a critical accomplishment in our ambitious development schedule which targets initial commercial production in H1 2016. The grant of the Licences also demonstrates the ability of our on-ground team at Kisenge to rapidly move the Project through the development curve, in addition to the strong governmental support that the Company benefits from as Armadale looks to unlock the value of this highly attractive asset.
“In the recent weeks we have achieved a number of important milestones relating to development at Mpokoto, including an updated and increased JORC Mineral Resource Estimate, metallurgical testwork results and an updated and expanded scoping study which we believe continue to highlight the considerable economic and operational value of the Project. Momentum continues to build at Mpokoto and we remain confident in our team’s ability to deliver a low capex, low opex gold project in the near term.”
**ENDS**
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Enquiries: |
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Armadale Capital |
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| Justin Lewis, Director | +61 3 9627 9954 | |
| Charles Zorab, Company Secretary | +44 207 233 1462 | |
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Nomad and broker: finnCap Limited |
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| Stuart Andrews | +44 207 220 0500 | |
| Christopher Raggett | ||
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Press relations: St Brides Media & Finance Ltd. |
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| Susie Geliher | +44 207 236 1177 | |
| Charlotte Heap | ||
Notes
Armadale Capital Plc is investing in and developing a portfolio of investments, targeting the natural resources and/or infrastructure sectors in Africa. The Company, led by a team with operational experience and a strong track record in Africa, has a strategy of identifying high growth businesses where it can take an active role in their advancement.
Armadale is focused on the development of the Mpokoto Gold project in the Democratic Republic of the Congo, in which it owns an 80% interest. Armadale also currently holds approximately a 30% interest in Mine Restoration Investments Ltd, a South African listed company, which is developing the briquetting and sale of coal fines in KwaZulu Natal, as well as a number of other quoted investments.
More information can be found on the website www.armadalecapitalplc.com.