Armadale appoints contract miner to help finance, develop DRC project

Aim-listed miner Armadale has entered into a heads of terms agreement with contract miner Africa Mining Contracting Services (A-MCS) to fund, develop, build and operate the Mpokoto gold project, in the Democratic Republic of Congo (DRC). Under the terms of the agreement, which was subject to the execution of a final, definitive agreement between the parties, A-MCS would introduce investors to provide up to $20-million in debt financing to fund the development of the 678 000 oz project, in the Katanga province, to production in 2016.