REG - Arc Minerals Limited - Commercial Scale Demonstration Plant Update

ARC MineralsAnnouncement

29/01/2019 07:05

RNS Number : 3381O
Arc Minerals Limited
29 January 2019
 


29 January 2019
Arc Minerals Ltd 
('Arc' or the 'Company')
Commercial Scale Demonstration Plant Update
Arc Minerals is pleased to provide an update on the Commercial Scale Demonstration plant ("the Plant") at its Zamsort Copper-Cobalt project in north western Zambia. 
 
Over the past nine months the Company has made excellent progress with the construction of the Plant. During November 2018, the technical team completed the front end of the plant comprising the two crusher units, screens, a ball mill and conveyors. This section has been completed and successfully commissioned in December 2018 and has an initial capacity to process 10,000 tonnes per month. The back end of the plant is due to commission in the next week and initial production is scheduled to commence shortly thereafter. 
 
The plant has a fully permitted renewable mining license through to 2025 and is fully funded through to initial production.  Discussions are currently underway with a number of off-takers regarding future sales. 
 
Nick von Schirnding, Executive Chairman of Arc Minerals commented: 

 
"I am very pleased with the progress at our plant over the past year. We have been extremely disciplined in regards to our capex requirements and have met our targets of completing the plant on schedule and on budget. Since we came on board less than a year ago we have, for a relatively modest investment of under half a million dollars, now got a plant that is capable of producing copper/cobalt concentrates and generate future revenues for the group. 
 
We are finalising the airborne survey and geochem analysis and a further update is imminent."
 
**ENDS**
Contacts




Arc Minerals Ltd
Nick von Schirnding (Chairman)
 


+44 (0) 20 7917 2942
 




SP Angel (Nominated Adviser & Broker)
Ewan Leggat / Lindsay Mair / 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 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.
●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
 




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