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Armadale Capital shares up on gold progress

Victoria Young

LONDON (ShareCast) - (ShareCast News) - Shares (Berlin: DI6.BE - news) in Armadale Capital (LSE: ACP.L - news) rose after the company outlined a plan to recover gold from its 678,000oz Mpokoto Gold Project in Congo At 0818 BST shares in the AIM listed stock were up 3.45% to 3.75p.

Armadale (Berlin: 28411799.BE - news) said it expected to start mining out of the project in the first half of 2016 for an initial nine years.

Production rate was expected to be 25,000oz Au per annum at an average projected operating cost of US$647/oz Armadale director Andrew Tunks said the finalising of a process route was a significant step forward its operations and drilling was on track to add to the current project resource.