Armadale Capital, the AIM-quoted investment company focused on natural resource projects in Africa, is in a solid financial position and fully funded to complete next stages the development of highly prospective Mpokoto Gold Project (Mpokoto) in the Democratic Republic of the Congo.

£1.3m has been raised in equity for the year ended 31 December 2013 and further £0.5m was raised in April 2014. This has facilitated the company’s transition to an established investment company focused on African natural resources projects.

The post period end completed Stage 1 Scoping Study for Mpokoto has underpinned its commercial value, with strong financial returns including a 141% Internal Rate of Return (IRR) and a US$33 million Net Present Value (NPV) at a gold price of US$1,250 and a discount rate of 8%.

“2013 was a transformational year for Armadale, which resulted in the company’s transition to an established investment company. Following a number of strategic investments and acquisitions, Armadale has established a strong investment proposition, providing exposure to a blend of early stage exploration upside together with projects with medium term cash generation prospects,” said Armadale Capital chairman Peter Marks.

“We remain focused on the development of the Mpokoto Gold Project in the Democratic Republic of the Congo. The results of the recent scoping study have shown it to be capable of delivering very strong financial returns for a limited capital commitment. Following the recent placing we are now funded for the next stages of our development plans.”

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