US$16 million in additional funding to bring on stream four new projects in Zimbabwe.
ACR is the British company currently locked in a long-running legal battle with the Zimbabwe government in a dispute over control of the controversial Chiadzwa diamond fields in Manicalands Marange district.
The British firm was confirmed as the legal Chiadzwa claim holder in a landmark September 2009 High Court ruling but has not been allowed to resume operations.
ACR chief executive Andrew Cranswick said last week that his company planned an aggressive 18-month drilling campaign and a target to bring four mining projects up to commercially-viable levels by December this year and to increase the resource base at the Giant and Pickstone gold mines which already have a cumulative resources of over 800 000 ounces of gold.
“We are making rapid progress in implementing our development plan, since raising approximately US$16m of new funding in November 2009, Cranswick said in the companys technical report published last week.
He announced the discovery of gold at Blue Rock Mine and Giant Mine, both along the Gadzema belt in Mashonaland Central as well as at Peerless Mine also in the same province.
Production from the Peerless Sulphide Dump is also targeted to start in late May this year while maiden production at Blue Rock is set for April.
Work is also underway to develop phosphate, copper and nickel projects at various locations around the country.
“With a highly prospective multi mineral portfolio of projects, a defined and active development plan, a strong treasury, near term production from our gold tailings project and significant political progress in Zimbabwe, highlighted by returning foreign investment, wem are extremely excited about the potential of ACR, said Cranswick.
He noted that ACR had been operating in Zimbabwe for many years and was positioned well to develop the countrys huge and recognised mineral potential.Post published in: News