Armadale awarded 30 year mining permit at Mpokoto
Armadale Capital’s (LON:ACP) Mpokoto gold project in the DRC has received another boost with the grant of a full mining permit.
Four licences in total were granted Armadale subsidiary Mines d’Or de Kisenge by the country’s Ministry of Mines with an initial 30 year term and 15 year renewal option.
Located in Katanga province, Mpokoto has a resource of 678,000 oz gold at 1.45 grams per tonne (g/t) gold (Au) at a cut-off grade of 0.5 g/t.
A recent upgraded scoping study indicated a net present value of US$55.3mln with an 8% discount and a US$1,250/oz gold price.
Justin Lewis, a director, said the full mining licence was a critical accomplishment in a development schedule that targets initial commercial production the first half of 2016 as well as highlighting the strong governmental support for the project.
“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.”
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