Papillon Holdings PLC Gold Pour and Transaction Update (3600Z)
18 September 2020 - 4:00PM
UK Regulatory
TIDMPPHP
RNS Number : 3600Z
Papillon Holdings PLC
18 September 2020
Papillon Holdings plc / Index: LSE / Epic: PPHP / Sector:
Investment
18 September 2020
Papillon Holdings Plc ('Papillon' or the 'Company')
Gold Pour and Transaction Update
Papillon Holdings plc, the London listed investment company, is
pleased to provide a further update regarding an agreement with
Mayflower Capital Investments Pty Limited ('Mayflower') announced 3
September 2020 (the 'Transaction').
Good progress is being made towards completing the Transaction,
which will see the Company acquire some or all of the interests of
two gold assets located in Kenya and Congo Brazzaville and renamed
Gold Mines of Africa PLC on re-admission. Amongst other things,
Mayflower has confirmed that the technical and legal due diligence
have been completed on these assets, with positive outcomes.
Furthermore, as a part of due diligence and testing the state of
operations, Kilimapesa successfully recommenced gold production
with the first smelt taking place on Monday 14 September 2020
yielding a 3,377g (87oz) gold bar, and with the intention to
continue gold production at the mine. Additionally, an updated
Competent Person Report (CPR) has been successfully completed and
will be released as a part of re-admission documentation. Dr.
Cedric Simonet from Akili Mineral Services Ltd is acting as
Competent Person.
Kilimapesa is an established gold mine with an existing
671,446oz JORC resource and further resource expansion and mine
optimisation potential. Production commenced at Kilimapesa in 2012
with the mine having an established infrastructure including a
processing plant commissioned in 2016 with design capacity of 200
tonnes per day; it was put on care and maintenance in 2019,
primarily due to insufficient funding. Additional mine and process
plant optimisation studies are underway and are to be implemented
upon completion of the Transaction to achieve annual gold
production to current design capacity of 5,000oz, increasing to
10,000oz and to a run rate of 25,000oz scheduled for Q2 2022.
** ENDS **
For further information contact the following:
Charles Tatnall Papillon Holdings plc info@papillonholdingsplc.com
Isabel de Salis St Brides Partners Limited info@stbridespartners.co.uk
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014
(MAR).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCEAXNXFEFEEFA
(END) Dow Jones Newswires
September 18, 2020 02:00 ET (06:00 GMT)
Papillon (LSE:PPHP)
Historical Stock Chart
From Apr 2024 to May 2024
Papillon (LSE:PPHP)
Historical Stock Chart
From May 2023 to May 2024