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Unaudited Preliminary Results for the Year Ended 31 December 2013
Armadale, the AIM quoted investment company focused on natural resource projects in Africa, has announced its unaudited preliminary results for the year ended 31 December 2013.
HIGHLIGHTS:
– Transition to an established investment company focused on African natural resources projects, with a current focus on the development of highly prospective Mpokoto Gold Project (Mpokoto) in the Democratic Republic of the Congo
– Post period end completed Stage 1 Scoping Study for Mpokoto underpinning commercial value – 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%
– Significant increase in Mpokoto Mineral Resource to 507,000 ounces of contained gold and Exploration Target of 10Mt-15Mt at 1.2g/t-1.5g/t Au
– Defined development plan for Mpokoto – Stage 2 Scoping Study underway and a proposed drilling programme to expand existing Mineral Resource to commence thereafter (post-period end)
– Losses for the year relate to losses incurred by MRI and the impairment of investments related to MRI
– Solid financial position and fully funded to complete next stages of Mpokoto’s development – £1.3m raised in equity in the period under review and further £0.5m raised in April 2014
Peter Marks, Chairman of Armadale Capital, commented:
“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.
“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.”
