Armadale secure new DRC licences

Mining Licences Granted for Mpokoto Gold Project

Armadale, the AIM quoted investment company focused on natural resource projects in Africa, has been granted four Mining Licences covering the Mpokoto Gold Project in the Katanga Province of the Democratic Republic of Congo, which has a current Total Mineral Resource of 678,000oz gold from 14.58 million tonnes @ 1.45g/t Au at a cut-off grade of 0.5g/t. The Company has recently announced the results of an Expanded Scoping Study for Mpokoto which demonstrates a post-tax net present value of US$55.3m based upon a discount rate of 8% and a gold price of US$1,250/oz.

The Mining Licences were granted to Mines d’Or de Kisenge SARL, a subsidiary of Armadale, by the Ministry of Mines of the Democratic Republic of the Congo. The Licences are valid from 30 September 2014 for an initial term of 30 years and may be renewed for further terms of 15 years each.

Justin Lewis, Director of Armadale, said: “The grant of a full Mining Licence over the Mpokoto Gold Project is a critical accomplishment in our ambitious development schedule which targets initial commercial production in H1 2016. The grant of the Licences also demonstrates the ability of our on-ground team at Kisenge to rapidly move the Project through the development curve, in addition to the strong governmental support that the Company benefits from as Armadale looks to unlock the value of this highly attractive asset.

“In the recent weeks we have achieved a number of important milestones relating to development at Mpokoto, including an updated and increased JORC Mineral Resource Estimate, metallurgical testwork results and an updated and expanded scoping study which we believe continue to highlight the considerable economic and operational value of the Project. Momentum continues to build at Mpokoto and we remain confident in our team’s ability to deliver a low capex, low opex gold project in the near term.”

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