Thu, 21st Feb 2019 07:00
Arc Minerals Ltd / Epic: ARCM / Market: AIM / Sector: Mining & Exploration
21 February 2019
Arc Minerals Ltd
('Arc' or the 'Company')
Sale of Andiamo for US$250,000
Arc Minerals is pleased to announce that it has signed a binding sale and purchase agreement in respect of the sale of its 18.48% shareholding in Andiamo Exploration Limited ("Andiamo") to Emerald Ex B.V., a privately owned company, for a cash consideration of US$250,000 (the "Transaction"). The Transaction closes on the 25 February 2019.
Nick von Schirnding, Executive Chairman of Arc commented:
"The sale of Andiamo represents a step forward in delivering on our strategy of selling non-core assets. The proceeds of the Transaction will be deployed to our current exploration programme at our Zamsort copper-cobalt project. We are also progressing discussions with a number of interested third parties in respect of our other non-core assets."
Zaco Investments Limited
In line with Zambian mining regulations, a 464.69km² area of the Zamsort Mining License ("Zamsort") not being prioritised and developed in the near-term by Zamsort, has been acquired by Zaco Investments Limited ("Zaco") as announced in the Interim Results (see RNS dated 19 December 2018). Zaco is a private Zambian registered exploration company in which Arc Minerals is the largest shareholder with an interest of 42.5%. Nick von Schirnding has been appointed Chairman of Zaco and the Company is evaluating a range of options including bringing in a joint venture partner to develop the license area. Please find a link to the Zaco license area below: http://www.arcminerals.com/files/doc_news/images/2019/02/Zamsort-and-Zaco-license-map.jpeg
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.
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
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.
· A 42.5% equity interest in Zaco Investments Limited ("Zaco"), a private company focused on a prospective copper and cobalt licence in the Zambia Copperbelt.
· 100% interest in the Kremnica Mining Licence Area in Slovakia which host the 1.3Moz AuEq PFS stage ?turec Gold Project.