Armadale has announced a placing of 375 million new ordinary shares of 0.01 pence each in the capital of the company at a price of 0.14 pence per share to raise £525 000 for the continued development of the Mpokoto Gold Project in the Katanga Province of the Democratic Republic of the Congo (DRC).
Mpokoto has a current Total Mineral Resource of 510 000 oz gold and an exploration target of 10 Mt to 15 Mt. The AIM-quoted investment company focused on natural resource projects in Africa anticipates shortly publishing the results of a scoping study for Mpokoto, together with related metallurgical and environmental reports, in conjunction with submission of the mining licence application. The scoping study will define the next steps to be taken including a further drilling programme and additional metallurgical studies.
“Armadale remains focused on the rapid development of the highly prospective Mpokoto Gold Project which has demonstrated its potential to become a low cost production asset. This funding will be used to continue the development of Mpokoto as well as look at other potential investment opportunities,” said Peter Marks, chairman of Armadale.
“With a strengthened cash position we look forward to commencing a drill programme to further prove up the current resource and to receiving the results of the Scoping Study this month, which will set out a clear pathway for the future development of Mpokoto.”