Last checked at 19 May 2015 07:00
Armadale Capital Plc (‘Armadale’ or ‘the Company’)
Board Appointment
Armadale, the AIM quoted investment company focused on natural resource projects in Africa, is pleased to announce that it has appointed Dr Andrew Tunks to the Board as a non-executive director with immediate effect. With proven experience in identifying and developing gold projects, particularly within the African resource sector, Dr Tunks is well placed to support the Company in its active development strategy, as it continues to focus on advancing the Mpokoto Gold Project in the Democratic Republic of Congo into production.
Dr Tunks is a qualified geologist with over 25 years’ experience in exploration and mining. His core expertise is in structural and economic geology relating to gold deposits, but his breadth of experience spans a number of corporate and technical roles. As CEO and Director of A-Cap Resources from 2006-2012 he identified and developed what is now the tenth largest uranium resource globally, located in Botswana. Prior to this, as Global Chief Geologist of IAMGOLD Corporation, Dr Tunks was responsible for many of the group’s global exploration programmes and worked on a number of gold projects in Southern, East and West Africa, as well as South America. In conjunction with this, Dr Tunks has strong links to the equity markets and has been involved in raising funds for both exploration and development projects.
As a former Senior Lecturer in Geology at the University of Tasmania, Dr Tunks has been published in peer reviewed journals and presented at various international conferences on the structural controls of gold mineralisation. He holds a B.Sc. (Hons) from Monash University and a Ph.D. in Geology from the University of Tasmania, and is also an accredited member of The Australian Institute of Geoscientists. He is currently Non-Executive Director of ASX listed Minerals Corporation Limited and has held a number of other senior gold exploration positions, including Senior Geologist and Exploration Manager at Ranger Minerals Limited in West Africa, and Group Structural Geologist at North Ltd in Western Australia.
Peter Marks, Chairman of Armadale, said, “Andrew has built a prestigious career in identifying and developing gold projects around the world and I am delighted to welcome him to the Company. His notable experience across the African continent, not to mention his widely supported capital markets network, will prove invaluable as we progress the Mpokoto Gold Project through its development phases and into production, targeted for H1 2016.”
AIM Rules Disclosure
Dr Andrew James Tunks (age 51) holds or has held the following directorships and/or partnerships in the last 5 years:
| Current | Past (within the past five years) | ||||||
| Minerals Corporation Limited | A-Cap Resources Ltd | ||||||
| Tunks GeoConsulting | Emergent Resources Ltd |
Tunks Geoconsulting Pty Ltd, a company Dr Tunks is a director and majority shareholder, currently owns 50,000,000 ordinary shares in the Company.
There is no further information on Dr Tunks required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.
**ENDS**
Enquiries:
| Armadale Capital | |||||||
| Charles Zorab, Company Secretary | +44 20 7233 1462 | ||||||
| Nomad and broker: finnCap Limited | |||||||
| Stuart Andrews | +44 207 220 0500 | ||||||
| Christopher Raggett | |||||||
| Joint broker: VSA Capital Limited | |||||||
| Bhavesh Patel/Richard Buckle | +44 203 005 5000 | ||||||
| Press relations: St Brides Partners Ltd | |||||||
| Charlotte Heap | +44 207 236 1177 | ||||||
| Hugo de Salis |
Notes
Armadale Capital Plc is focussed on investing in and developing a portfolio of investments, targeting the natural resources sector 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. Mpokoto has a current Total Mineral Resource of 678,000 oz 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 demonstrated 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 Project is subject to four Mining Licences which are valid for an initial term of 30 years from 30 September 2014.
Armadale also currently holds approximately a 30% interest in Mine Restoration Investments Ltd, a South African listed company, which aims to develop profitable operations in South Africa through 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.
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company
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