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Arc Minerals Limited - Sale of Casa Mining Update

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 [email protected] or visit www.rns.com.
 
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Price: 2.32

Market: AIM
Market Cap: £17.12 m
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