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Acquisition of further interest in Zaco

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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

 


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