Arc Minerals Limited Sale of Casa Mining Update (7341A)
23 Gennaio 2020 - 11:26AM
UK Regulatory
TIDMARCM
RNS Number : 7341A
Arc Minerals Limited
23 January 2020
23 January 2020
Arc Minerals Ltd
('Arc' or the 'Company')
Sale of Casa Mining Update
Arc Minerals Limited, the Zambian focussed copper exploration
and development company, announces that further to the announcement
by Arc Minerals ("Arc" or "the Company") on 13 November 2019 in
relation to the proposed Sale and Purchase Agreement to sell Arc's
non-core interest in Casa Mining Limited ("Casa") situated in the
Democratic Republic of Congo, to Century Capital Management Ltd
("Century"), the parties have decided to mutually terminate the
agreement.
The reason for the termination was that an updated legal title
opinion was not able to be completed by the long-stop date.
However, the Company's title opinion, that has been independently
audited, confirmed that all Casa title issues were in good order,
which was provided to Century.
Nick von Schirnding, executive chairman of Arc commented:
"While it is naturally frustrating not to be closing this
transaction with Century, the sales process has elicited further
interest from a number of third parties who we were precluded from
engaging with.
The improved investment sentiment together with the stronger
gold price environment in many ways makes this a more opportune
time to dispose of Casa. We have as of today commenced discussions
with these interested parties. In the meantime, Casa is on care and
maintenance and is not expected to consume any significant cash
resources. Casa is a significant 3m ounce gold asset and we are
confident of progressing the sale of this non-core asset."
**ENDS**
Contacts
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.
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.
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 t 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 52.5% equity interest in Zaco Limited ("Zaco"), a private
company focussed on a prospective copper and cobalt license
adjacent to Zamsort.
For more information visit www.arcminerals.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDZZGZMGFDGGZM
(END) Dow Jones Newswires
January 23, 2020 05:26 ET (10:26 GMT)
Grafico Azioni Arc Minerals (LSE:ARCM)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Arc Minerals (LSE:ARCM)
Storico
Da Apr 2023 a Apr 2024