Armadale Capital Plc Result of AGM
June 21 2018 - 9:33AM
UK Regulatory
TIDMACP
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector:
Investment Company
21 June 2018
Armadale Capital Plc ('Armadale' or 'the Company')
Result of AGM
Armadale, the AIM quoted investment company focused on natural
resource projects in Africa, is pleased to announce that at the
Annual General Meeting ('AGM') of the Company held earlier today,
all resolutions were duly passed.
At the AGM, Non-Executive Director Nicholas Johansen made the
following statement:
"2018 is set to be another active year for Armadale Capital as
we advance our Mahenge Liandu Graphite Project in Tanzania
('Mahenge Liandu' or the 'Project') towards a decision to mine
early next year. We have already proven the Project's potential to
be developed into a significant high-grade graphite mine, with
potential to deliver a 400,000tpa operation over a 32-year mine
life whilst generating meaningful value with an NPV of US$US349m
and IRR of 122%. Our focus now is to make this potential a reality,
and in support of this the Feasibility Study continues to progress
well. This study will give us further insight into the Project's
commercial value and will also tie into further drilling due to be
undertaken in the coming year to upgrade of our current JORC
Resource of 51.1Mt at 9.3% TGC to Probable and Proven Reserves and
to also provide concentrate samples to assist with ongoing
discussions with potential offtake partners. We look forward to
keeping shareholders updated on our progress and I would like to
take this opportunity to thank all our shareholders for their
ongoing support."
**ENDS**
Enquiries:
Armadale Capital Plc +44 20 7236 1177
Tim Jones, Company Secretary
Nomad and broker: finnCap Ltd +44 20 7220 0500
Christopher Raggett / Simon Hicks
Joint Broker: SVS Securities +44 20 3700 0093
Tom Curran / Ben Tadd
Press Relations: St Brides Partners Ltd +44 20 7236 1177
Susie Geliher / Charlotte Page
Notes
Armadale Capital Plc is focused on investing in and developing a
portfolio of investments, targeting the natural resources and/or
infrastructure sectors in Africa. The Company, led by a team with
operational experience and a strong track record in Africa, has a
strategy of identifying high growth businesses where it can take an
active role in their advancement.
The Company owns the Mahenge Liandu graphite project in
south-east Tanzania, which is now its main focus. The Project is
located in a highly prospective region with a high-grade JORC
compliant inferred mineral resource estimate of 51.1Mt @ 9.3% TGC.
Marking the project one of the largest high-grade resources in
Tanzania, and work to date has demonstrated Mahenge Liandu's
potential as a commercially viable deposit with significant
tonnage, high-grade coarse flake and near surface mineralisation
(implying a low strip ratio) contained within one contiguous ore
body.
Other assets Armadale has an interest in include the Mpokoto
Gold project in the Democratic Republic of Congo and a portfolio of
quoted investments.
More information can be found on the website
www.armadalecapitalplc.com
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180621005795/en/
This information is provided by Business Wire
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June 21, 2018 10:33 ET (14:33 GMT)
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