RNS

RNS Number : 6369S
Arc Minerals Limited
26 June 2018
 

Arc Minerals Ltd / Epic: ARCM / Market: AIM / Sector: Mining & Exploration

 

 

26 June 2018

 

Sale of Non-Core Asset for a Consideration of US$532,000

 

 

Arc Minerals ("Arc" or "the Company") is pleased to announce that it has signed a sale and purchase agreement in respect of the sale of its 18.48% shareholding in Andiamo Exploration Limited ("Andiamo") for US$532,000 in cash to AMED Funds ("AMED"), an African focused mining private equity group. The agreement is subject to final due diligence being carried out by AMED.

  
Nick von Schirnding, Executive Chairman of Arc commented:

"The sale of Andiamo represents a major step forward in delivering on our stated strategy of selling non-core assets.  The sale monetises Arc's interest in Andiamo and the proceeds of the sale will be deployed at our Zamsort copper-cobalt asset exploration programme where drilling will commence shortly."

 

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.

**ENDS**

 

Contacts

 

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

 

 

 

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:

·     99% interest in CASA Mining Limited, a private company that has a 71.25% interest in the 1.5-million-ounce inferred resource at the Akyanga gold deposit in the DRC.

·     A 61% 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, with interest on the convertible note being rolled forward to the end of 2018;

·     100% ownership of the Kremnica Mining Licence Area in Slovakia which host the 1.3Moz AuEq  pre-feasibility stage turec Gold Project;

 

For more information visit www. arcminerals.com

 


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