LONDON (ShareCast) - (Sharecast News) - Exploration firm Arc Minerals said on Monday that it has entered into a binding agreement to acquire the Chingola Project in the Zambian Copperbelt.
Arc Minerals said its Zambian subsidiary, Foreland Minerals, will purchase the licence from Brxton Construction, subject to certain customary conditions.

The AIM-listed group stated that consideration for the acquisition was made up of an initial cash payment of $50,000 and further staged payments, subject to specific exploration milestones and regulatory approvals.

Chairman Nick von Schirnding said: "The acquisition of the Chingola Project is another important step in Arc's strategy to expand its presence in the Zambian Copperbelt. We have pursued this asset for the past c.18 months in a highly competitive environment; being located in the north-eastern part of the copper belt is very attractive, with historically higher grades than in the north-west.

"We will start a comprehensive soil sampling programme imminently, which is fully funded, and we look forward to reporting back to shareholders on our initial findings. Separately, we are in the process of finalising the upcoming drill programme at the Anglo JV and preparations are underway at site."

As of 0905 BST, Arc Minerals shares were down 3.37% at 1.40p.











Reporting by Iain Gilbert at Sharecast.com

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