Arc Minerals Ltd / Epic: ARCM / Market: AIM / Sector: Mining & Exploration
31 January 2018
Arc Minerals Ltd
("Arc Minerals" or the "Company")
Settlement of Major Liability
Arc Minerals is pleased to announce that it has agreed a settlement of the $3.75m vendor royalty relating to the original purchase of the Sturec gold project in Slovakia. The royalty came into existence following the purchase of the asset from Tournigan in 2010. In addition, a 2% Net Smelter Royalty on gold production which was able to be purchased for $2m from Tournigan has also been settled.
Arc Minerals will pay a total settlement figure of £50,000 to extinguish completely the original agreement and the contingent liability.
Nick von Schirnding, the Company's Executive Chairman commented: "I am very pleased to report the extinguishing of a significant liability for Arc Minerals. The removal of this liability will also help progress a clean and expedited sale of our Slovakian asset going forward."
Arc Minerals Ltd
Nick von Schirnding (Chairman)
+44 (0) 20 3874 8664
SP Angel (Nominated Adviser & Broker)
Ewan Leggat / Lindsay Mair / 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.
About Arc Minerals
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's current holdings include:
· A recently announced, and in the process of completion, offer to acquire all the outstanding shares in CASA Mining Limited;
· A 14 percent equity interest in Zamsort Limited, a private company focused on a prospective copper and cobalt licence in Zambia, with the c. 6 percent balance and interest (convertible note) being rolled forward to the end of 2018;
· 100 percent ownership of the Kremnica Mining Licence Area in Slovakia;
· An 18.48 percent interest in Andiamo Exploration Limited, a private company exploring for resources in Eritrea.
This information is provided by RNS