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Arc settles Slovakia liability

31st January 2018

By: Creamer Media Reporter

     

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JOHANNESBURG (miningweekly.com) – Aim-listed Arc Minerals, formerly Ortac Resources, has agreed a settlement of royalty relating to the original purchase of the Sturec gold project, clearing the way for the company to sell the Slovakia asset.

The $3.75-million vendor royalty came into existence following the purchase of the asset from Tournigan in 2010. 

The company has also settled a 2% net smelter royalty on gold production, which was to be purchased for $2-million from Tournigan.

Arc Minerals reported on Wednesday that it would pay a total settlement figure of £50 000 to extinguish the original agreement and the contingent liability. 

“The removal of this liability will also help progress a clean and expedited sale of our Slovakian asset going forward," commented executive chairperson Nick von Schirnding.

Arc is refocusing its strategy on its African exploration assets, which includes a major shareholding in the Misisi gold project, in the Democratic Republic of Congo and a shareholding in a Zambian copper/cobalt asset.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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