Armadale to raise £400 000 for DRC project
JOHANNESBURG (miningweekly.com) – Aim-quoted Armadale Capital has moved to raise £400 000 to expand the resource of its Mpokoto gold project, in the Katanga province of the Democratic Republic of the Congo.
The natural resource-focused investment company on Tuesday announced the conditional placing of ten-million new ordinary shares of 0.1p each at a price of 4p a share.
The proceeds would be used to start a 2 500 m drilling programme later this month with the aim of adding another 120 000 oz to 150 000 oz of gold at a grade of 1.25 g/t to 1.5 g/t to the project’s current resource of 678 000 oz at 1.45 g/t.
The funds would also help advance initial work on the ground at Mpokoto, which was on track to start production in the first half of 2016, as the definitive feasibility study was completed.
The mine was expected to produce 25 000 oz/y of gold over a nine-year life-of-mine.
Armadale was also aiming to finalise its agreement with Africa Mining Contracting Services group to fund, develop, build and operate Mpokoto.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















