Last checked at 13 Oct 2021 07:00
13 October 2021
Arc Minerals Ltd
('Arc' or the 'Company')
Update on media article
The Company notes media speculation in a Zambian newspaper in respect of a debt claim made by Terra Metals and others, including Mumena Mushinge, a former shareholder of Zamsort Ltd ("Zamsort") against Zamsort, a subsidiary of the Company, in connection with a $5.8m capital raise by Zamsort in 2015 (prior to Arc becoming a shareholder of Zamsort). Arc considers that the case is without any merit, as originally notified on 10 March 2021.
The Company also notes further recent media speculation in Zambia that Zamsort and another of Arc's local subsidiaries, Handa Resources Limited ("Handa"), have been placed into receivership is incorrect. An ex-parte order was issued on 14 September 2021 which purports to restrict Zamsort or Handa from disposing of, alienating or encumbering the mineral tenements known as Kalaba Mine under small scale mining licence number 8248-HQ-SML* and large scale mining licence number 19906-HQ-LEL and purports to place these tenements into receivership. The Company considers the order was not properly obtained and Arc expects the order to be set aside imminently.
Arc maintains full control of its subsidiaries and assets in Zambia and the drilling campaign continues.
*Small scale mining licence number 8248-HQ-SML was converted into an exploration licence and now forms part of licence number 19906-HQ-LEL.
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
**ENDS**
For more information visit www.arcminerals.com.
Contacts
Arc Minerals Ltd Nick von Schirnding (Executive Chairman)
| +44 (0) 20 7917 2942
|
SP Angel (Nominated Adviser & Joint Broker) Ewan Leggat / Adam Cowl
| +44 (0) 20 3470 0470
|
WH Ireland Limited (Joint Broker) Harry Ansell / Katy Mitchell
| +44 (0) 20 7220 1666
|
Forward-looking Statements
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.