First Sale and Shipment of Copper from Kalaba
31 October 2019
Arc Minerals Ltd
('Arc' or 'Arc Minerals' or the 'Company')
First Commercial Sale and Shipment of Copper Concentrate from Kalaba CSD Plant
Arc Minerals is pleased to announce the first commercial sale and shipment of copper concentrate from its Kalaba Commercial Scale Demonstration plant. A total of 15 tonnes of concentrate was sold to a Chinese customer based in Zambia at equivalent prices close to LME spot copper price.
· Initial sale providing proof of concept for successfully marketing copper concentrate product from the Kalaba CSD plant
· Initiation of study at Cheyeza East to assess commercial viability of mining high-grade oxide material for processing at Kalaba CSD plant
· Drilling campaign operations continue with further drill results expected
Nick von Schirnding, Executive Chairman of Arc stated:
"Following a period of extensive testing of the Kalaba small scale demonstration plant ("Kalaba CSD") it is very pleasing to have made this maiden sale of copper concentrate - at very competitive pricing. This goes some way to providing proof of concept for processing and marketing near-surface oxide material through our Kalaba CSD plant to generate a future revenue stream. As a result of our successful commissioning of the plant and sale of product we are commencing a study to assess the commercial viability of mining higher grade near-surface oxide material from our Cheyeza East prospect which has shown grades at or exceeding 1-2% copper. I look forward to updating shareholders on this going forward as well as in the near term further assay results from our drilling campaign where we continue to see positive results within the drill core."
The information in this press release is based on information provided by Zamsort Limited on behalf of Arc Minerals. Mr Vassilios Carellas (BSc (Hons), MAusIMM) is the Chief Operating Officer for Arc Minerals and has sufficient experience relevant to the div of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2012). Mr Carellas consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
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
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 47.5% equity interest in Zaco Limited ("Zaco"), a private company focussed on a prospective copper and cobalt license adjacent to Zamsort.
● 100% ownership of the Kremnica Mining Licence Area in Slovakia which host the 1.3Moz AuEq Au PFS stage Ṧturec Gold Project.
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.
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