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ALTUS is an entrepreneurial team of resource professionals. Our business is to develop exceptional opportunities and our approach is to be an innovator, an investor and a valued partner. We are powered by the inspiration, the enthusiasm and the vision of our talented team members, who we are proud to work alongside and who combine to create an energetic and lateral thinking mindset in everything we seek to achieve.
Altus Resource Capital takes 3.45 pct stake in Minera IRL
Altus Resource Capital (LON:ARCL) has taken a 3.45 percent stake in Minera IRL (LON:MIRL, TSX:IRL, BVL:MIRL).
ARC is closed-ended investment company that listed on the Specialist Fund Market of the London Stock Exchange on June 30 2009 and the Channel Island Stock Exchange on December 22 2009 under ‘ARC’.
It is managed by Altus Capital which in turn is controlled by Altus Strategies.
ARC bought just over 3 million shares on Monday and it subsequently holds 4.15 million shares, representing 3.45 percent of the company.
Minera IRL has a operating gold mine, Corihuarmi, which produced just under 24,000 ounces of gold in the 9 months ending 30 September 2010.
It also has two high impact exploration and development projects - Ollachea and Don Nicholas.
It has been making rapid progress at the Ollachea project in Peru. In recent weeks its shares have rallied strongly as the gold project continues to provide positive newsflow
Just last week it upgraded the resource of the Ollachea project in Peru, with a massive 80 percent of the resource being converted into the indicated category and it found potentially economic gold mineralisation at the recently discovered Concurayoc zone.
ARC has also had a good few months.
In November it revealed a 35.5 percent rise in net asset value (NAV) in a four month period - from July 1 to October 31 2010.
It ended October with NAV at £72.1 million.
ARC invests in companies engaged in the exploration, development and/or mining of metals and minerals with a focus on companies that operate in the gold sector.
Portfolio companies will be predominantly, but not exclusively, listed or quoted on either UK markets or other recognised stock exchanges including the Canadian and Australian markets.
