Source - SMW
Armadale has entered into a binding heads of agreement with African Mining Services Pty Ltd to form a joint venture to develop and operate the Mpokoto gold project in Katanga Province, Democratic Republic of Congo. 

Mpokoto has an established resource of 678,000oz of gold  from 14.58m tonnes of ore at 1.45 g/t Au to produce circa 25,000oz annually over a nine-year mine life.

Currently, Armadale’s subsidiary Kisenge Limited  is the parent of the DRC entities that own Mpokoto and will be the joint venture vehicle for this transaction. 

Under the HOA, which will be progressed to a more detailed joint venture agreement between the parties on completion of the due diligence process, AMS could earn an initial 25% interest in Kisenge, through providing funding and services to Mpokoto in two ‘earn-in’ phases. Provided AMS completes its ‘earn-in’ obligations, the effect of the HOA and subsequent joint venture is that Mpokoto will be fully funded to commercial gold production, which is targeted for late 2017.

At 9:41am: (LON:ACP) Armadale Capital PLC share price was +1.13p at 3p

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