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Armadale hits milestone payment at Mpokoto

Last updated: 18:15 20 Nov 2014 AEDT, First published: 19:15 20 Nov 2014 AEDT

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Armadale (LON:ACP) has made the first milestone payment for its Mpokoto gold development in the DRC following the recent scoping study upgrade.

The group has also issued a further 350mln shares to the vendors as part of its further consideration for the project while key employees of Kisenge, the subsidiary developing the project, will also receive 65mln shares. In total, 475mln news shares will be issued.

Peter Marks, Armadale‘s chairman said: “The issue of the shares demonstrates the progress that has been made with Mpokoto over the last year.

Next steps are metallurgical test work and an expanded drilling programme, with results expected in the first quarter next year, he added.

The expanded scoping study showed a post-tax net present value of US$55.3mln based upon a discount rate of 8% and a gold price of US$1,250/oz.

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