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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Armadale Capital Plc | LSE:ACP | London | Ordinary Share | GB00BYMSY631 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.05 | 6.25% | 0.85 | 0.80 | 0.90 | 0.85 | 0.80 | 0.80 | 616,282 | 13:23:27 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Coal Mining Services | 0 | -206k | -0.0004 | -21.25 | 4.99M |
TIDMACP
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company
23 November 2017
Armadale Capital Plc ('Armadale' or 'the Company')
Appointment of Study Manager and Development Update
Armadale, the AIM quoted investment company focused on natural resource projects in Africa, is pleased to announce a development update from the Company's Mahenge Liandu Graphite Project in Tanzania ('Mahenge Liandu' or 'the Project') as it moves through scoping study, feasibility and decision to mine.
The company have appointed highly credentialed graphite experts BatteryLimits (http://www.batterylimits.technology/) to project manage the Engineering and Processing aspects of the Mahenge Liandu. BatteryLimits have previously, and currently, advise a number of the major graphite players in Tanzania and Mozambique and in the Board's opinion, will add considerable value to the feasibility study process.
Completion of an initial scoping study is expected early 2018. On completion Armadale will move directly into a feasibility study which is expected be completed in the first half of 2018. The project is being scoped at 400,000tpa throughput targeting an initial head grade in the range of 10-15% TGC making it one of the highest-grade graphite projects in Tanzania.
Overview
-- Highly experienced and graphite focussed Mining, Engineering and
Processing firm appointed to project manage the feasibility process
BatteryLimits have worked with a large number of graphite
companies including Magnis Resources, Blackrock Mining, Volt
Resources and Graphex Mining
-- Feasibility study to commence in 2018 directly following completion of
scoping study with the objective of reaching decision to mine in near
term
-- Feasibility will adopt a staged approach with the intention of
delivering lower initial capital cost and expansion funded from cash
flow
Stage 1 targeting 400,000tpa throughput focussing on near surface
high grade mineralisation to maximise early cash flow, which is
supported by recent near surface high grade intercepts. This
targets an initial head grade in the range of 10-15% TGC making it
one of the highest-grade graphite projects in Tanzania.
Stage 2 will increase production in line with the growth of the
expanding graphite market
-- Staged approach is expected to result in lower initial capital cost
and expansion will be funded from cash flow
-- Large resource base of 40.9Mt @ 9.4% TGC allows a long term mine life. -- JORC resource update expected Q4 2017 -- Initial Scoping Study expected early 2018 -- Feasibility Study expected Q2 2018
Nick Johansen, Director of Armadale said,"Armadale is excited to be working with BatteryLimits who are recognised as one of the most experienced graphite study managers globally having worked with a large number of graphite companies including Magnis Resources, Blackrock Mining, Volt Resources and Graphex Mining. The Board is delighted with the significant progress made over the last year and expects that the coming weeks and months will be punctuated with regular news updates as Armadale rapidly advances along the road to production and delivers on our targeted milestones between now and the first half of 2018."
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
**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: Beaufort Securities Limited +44 20 7382 8300 Jon Belliss 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 40.9Mt @ 9.41% TGC. At least 32Mt of this resource has an average grade of 10.47% TGC, 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
LEI: 213800495EK876JETD10
Classification: 2.2 Inside Information
View source version on businesswire.com: http://www.businesswire.com/news/home/20171123005107/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
November 23, 2017 05:30 ET (10:30 GMT)
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