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Arc Minerals Limited - Acquisition of further interest in Zaco

RNS Number : 3997V
Arc Minerals Limited
03 December 2019
 

3 December 2019

Arc Minerals Ltd 

('Arc' or the 'Company')

Acquisition of further interest in Zaco

Arc Minerals Limited is pleased to announce that it has today acquired a further 5% interest in Zaco Limited ("Zaco") from Mumena Mushinge, a Non-Executive Director of Arc, for a total cash consideration of USD 37,500, increasing Arc's interest in Zaco from 47.5% to 52.5%.

Nick von Schirnding, Executive Chairman of Arc, stated "I am very pleased that we have increased our stake in Zaco to 52.5% giving us a controlling interest in this exciting prospect, which contains a number of anomalies which we are drilling."

 

**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.

Notes to the Editors

Arc Minerals Ltd 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:

●    A 99.43% interest in Casa Mining Limited, a private company that has a 73.84% 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 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.

●    A 52.5% equity interest in Zaco Limited ("Zaco"), a private company focused on a prospective copper and cobalt licence in the Zambia Copperbelt.

●    100% ownership of the Kremnica Mining Licence Area in Slovakia which host the 1.3Moz AuEq Au PFS stage Ṧturec Gold Project.

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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Market: AIM
Market Cap: £9.41 m
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