Mon, 8th Apr 2019 07:00
Arc Minerals Ltd / Epic: ARCM / Market: AIM / Sector: Mining & Exploration
8 April 2019
Arc Minerals Ltd
('Arc' or the 'Company')
Arc Minerals is pleased to report that the Kalaba Demonstration Pilot Plant has now been completed and successfully commissioned with the initial production of copper/cobalt sulphide concentrate.
The Company is finalising detailed oxide resource tonnages, grades and mining plans in line with the completion of the block modelling of the overall oxide resource.
The block model assessment of the ore body will provide the basis for a review of operational and mining strategy including the cost benefit potential of upgrading the oxide ore feed into the plant aimed at materially reducing consumption of acid and related input costs.
Initial production will incur no mining cost as the plant feed will be drawn down from the existing stockpile of 10,000 tonnes at 2% copper.
The potential to enhance revenue streams through the production of separate copper and cobalt sulphide precipitates is also being investigated.
Nick von Schirnding, Executive Chairman of Arc Minerals commented: "I am very pleased to report that we delivered on our commitment to complete the construction and commissioning of the small-scale demonstration pilot plant at Kalaba. We have now completed the plant under budget - for less than half a million dollars. It is also an important step regarding Zamsort's previous commitments in terms of its exploration licenses.
"In the meantime, we have made major progress regarding our next phase of exploration and our newly identified targets. A more detailed update on this will be made shortly."
Arc Minerals Ltd
Nick von Schirnding (Chairman)
+44 (0) 20 7917 2942
SP Angel (Nominated Adviser & Broker)
Ewan Leggat / Soltan Tagiev
+44 (0) 20 3470 0470
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Notes to the Editors
Arc Minerals is an AIM listed exploration and mine development company focused on a diversified portfolio of mining projects with interests in Slovakia, Eritrea, the Democratic Republic of the Congo and Zambia.
ARC Minerals current holdings include:
· 100% interest in CASA Mining Limited, a private company that has a 71.25% interest in the 3-million-ounce inferred Resource Akyanga gold deposit in the DRC.
· A 66% equity interest in Zamsort Limited ("Zamsort"), a private company focused on a prospective copper and cobalt licence in the Zambia Copperbelt, together with a convertible loan to Zamsort which converts into approximately a five percent additional equity interest in Zamsort.
· 100% ownership of the Kremnica Mining Licence Area in Slovakia which host the 1.3Moz AuEq Au PFS stage ?turec Gold Project.