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Arc Minerals Limited - Sale of Sturec Update

RNS Number : 2445D
Arc Minerals Limited
17 February 2020
 

17 February 2020 

Arc Minerals Ltd

('Arc' or the 'Company')

Sale of Sturec Update

Arc Minerals ("Arc" or the "Company") is pleased to announce that following announcements made on 19 November 2019, 30 December 2019 and 7 February 2020, the Company has today closed the Sale and Purchase Agreement with MetalsTech Limited in respect of the sale of its wholly-owned subsidiary, Ortac Resources (UK) Limited, which holds Arc's interest in the Šturec gold project in Slovakia, an Australian listed mineral exploration company for a gross consideration of up to US$8m.

 

Arc confirms that it has today received the first tranche payment.

 

**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 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

 


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Quick facts: Arc Minerals Limited

Price: 1.35

Market: AIM
Market Cap: £9.96 m
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