African Copper Plc

Published : February 11th, 2014

Production and Exploration Update for the Third Quarter of Fiscal

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Keywords :   Botswana | Copper | Jordan | London | Oil | Recovery | United Kingdom |
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African Copper PLC
AIM: ACU
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February 11, 2014
African Copper Plc: Production and Exploration Update for the Third Quarter of Fiscal 2014
LONDON, UNITED KINGDOM--(Marketwired - Feb. 11, 2014) - African Copper Plc (AIM:ACU)(BOTSWANA:AFRICAN COPPER) ("African Copper" or the "Company"), the AIM and Botswana listed copper production and exploration company, announces a production and exploration update for the third quarter of its financial year to 31 March 2014 ("Fiscal 2014").

Summary

--  For the third quarter of Fiscal 2014, the Company produced 2,499 metric
    tonnes ("Mt") of copper in concentrate, a marginal decrease on the same
    period last year but a substantial increase on Q2 this year. 
--  Following a planned 10 day shutdown in November, ore processed and
    copper production increased significantly in December. 
--  Geotechnical test work initiated to the north of the Mowana open pit,
    the results of which will be incorporated into studies for a proposed
    Mowana underground mine. 
--  January 2014 production of copper in concentrate maintained at the
    December 2013 level of 1,124 Mt, but with lower ore processed due to
    higher grades and recovery as higher grade sulphide ore from the
    adjacent Thakadu pit became available.
 
Mr Jordan Soko, Acting Chief Executive of African Copper, said: "Work during the November shutdown was completed successfully, on time and on budget. With the mill and processing plant now working efficiently and with higher grade ore available, our production operations are well positioned for the remainder of our financial year. "

For further information please visit www.africancopper.com.

Notes to Editors:

African Copper is an AIM and Botswana listed copper producer and exploration company, currently focused on Botswana. The Company's flagship project is the copper producing open pit Mowana Mine. African Copper also owns the rights to the adjacent Thakadu-Makala deposit. Both deposits are situated on the highly prospective Matsitama belt, located close to Botswana's second largest city, Francistown, in the north-eastern part of the country.

PRODUCTION

Production levels for the three months ended 31 December 2013 and for the month of January 2014 are set out below:

----------------------------------------------------------------------------
Description           Oct.   Nov.   Dec. Total Q3  Total Q3  Total Q2   Jan.
                      2013   2013   2013    2013/     2012/     2013/   2014
                                             2014      2013      2014       
----------------------------------------------------------------------------
Ore processed       60,706 67,620 83,920  212,246   215,383   192,041 60,624
 (Mt)                                                                       
----------------------------------------------------------------------------
Cu grade (%)          1.36   1.21   1.48     1.36      1.71      1.60   2.02
----------------------------------------------------------------------------
Recovery (%)          76.3   91.0   90.5     86.6      69.8      60.4   91.8
----------------------------------------------------------------------------
Concentrate          2,957  2,945  4,502   10,404    11,829     9,209  4,227
 produced (Mt)                                                              
----------------------------------------------------------------------------
Copper produced        632    743  1,124    2,499     2,577     1,862  1,124
 in concentrate                                                             
 (Mt)                                                                       
----------------------------------------------------------------------------
 
Copper produced in concentrates for the third quarter 2013/2014 FY decreased marginally by 3% and volume processed by 2%, compared to the same period last year.

During the three months to end December 2013, sulphide ore from the Thakadu pit constituted 99% of the total volume processed, with aggregate recoveries approaching 87%. Shortages of high grade sulphide ore from the Thakadu pit impacted October and November production levels primarily due to poor performance of the mining contractor in stripping sufficient hangingwall waste to expose sulphide ore for mining.

Plant throughput was affected during November due to a planned 10 day shutdown to replace the mill girth gear and mill pinion, and to reinforce the pinion sole plate. The work was completed successfully within the planned shutdown period and the mill is now running efficiently. As a result milling throughput increased markedly from 67,619 metric tonnes in November to 83,920 metric tonnes in December; and was also reflected by copper produced in concentrate increasing from 743 tonnes in November to 1,125 tonnes in December.

Heavy rains experienced in late January 2014 over the ore transport route from Thakadu to Mowana negatively impacted January production levels. The rains led to flooding of the Lepashe River and impeded trucking operations for several days.

GEOLOGY/ EXPLORATION

Outcrop mapping was carried out over the high gravity anomaly south west of the Nakalakwana IOCG target, together with soil sampling, and updates made to the geological and alteration maps for this area.

A thorough review of all geological data in the Phute area was completed and possible targets for future RC drilling identified.

A ground magnetic survey was completed around the Thakadu pit to help in determining geological structure and reasons for termination of copper mineralisation east of the pit.

NEAR MINE EXPLORATION

Logging of the five geotechnical boreholes north of the current Mowana open pit was completed and samples for geotechnical test work selected. The test work results will be incorporated in studies for the proposed Mowana underground mine.

The technical information in this announcement has been reviewed and approved by David De'Ath, BSc (Hons), MSc, GDE-Mining, MIMM and MAusIMM, the Company's Manager, Geology, of the Mowana Mine for the purposes of the current Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in June 2009.

This announcement contains forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, statements regarding the supply of sulphide ore from Thakadu and increasing throughput to raise production levels further towards the plant's capacity s are forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, risks related to failure to convert estimated mineral resources to reserves, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, the possibility that actual circumstances will differ from the estimates and assumptions used in the current Thakadu mining plan, future prices of copper, unexpected increases in capital or operating costs, possible variations in mineral resources, grade or recovery rates, failure of equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry and political risks arising from operating in Africa and changes in regulations affecting the Company. All forward-looking information speaks only as of the date hereof and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that its expectations reflected in the forward-looking information, as well as the assumptions inherent therein, are reasonable, forward-looking information is not a guarantee of future performance and, accordingly, undue reliance should not be put on such information due to the inherent uncertainty therein.

CONTACT INFORMATION:
African Copper Plc
Brad Kipp
Chief Financial Officer
+1 (416) 847 4866
bradk@africancopper.com

or

Tavistock Communications (PR and IR)
Simon Hudson/Nuala Gallagher
+44 (0) 20 7920 3150

or

Canaccord Genuity Limited (NOMAD and Broker)
Neil Elliot/Tarica Mpinga
+44 (0) 20 7523 8000
INDUSTRY: Manufacturing and Production - Mining and Metals

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African Copper Plc

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CODE : ACU.L
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African Copper is a copper producing company based in United kingdom.

African Copper develops copper and silver in Botswana, and holds various exploration projects in Botswana.

Its main asset in production is MOWANA MINE in Botswana, its main asset in development is THAKADU in Botswana and its main exploration property is MATSITAMA in Botswana.

African Copper is listed in Canada, in Germany, in United Kingdom and in United States of America. Its market capitalisation is GBX 44.6 millions as of today (€ 40.1 millions).

Its stock quote reached its highest recent level on July 20, 2007 at GBX 97.50, and its lowest recent point on June 05, 2015 at GBX 0.03.

African Copper has 1 485 110 016 shares outstanding.

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Annual reports of African Copper Plc
2008 Annual Report
2007 annual Report
Financings of African Copper Plc
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6/20/2007Announces Private Placement with Botswana Institutional Inve...
Nominations of African Copper Plc
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10/29/2009Board Changes and NOMAD and Broker Appointment
4/5/2007Appointment of Naomi Nemeth to Vice President, Investor Rela...
Financials of African Copper Plc
2/16/2010Fourth Quarter 2009 Financial Results
Project news of African Copper Plc
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5/22/2012(Mowana Mine)Failure of the Ball Mill Pinion Shaft at the Mowana Mine
4/2/2012Production Update
6/24/2011(Matsitama)Matsitama Minerals Licence Extensions and Exploration Update
5/19/2011Production Update
12/21/2009(Mowana Mine)ZCI Releases Independent Competent Persons Report on Mowana ...
1/21/2009(Mowana Mine)Mowana Mine Update
9/17/2008(Mowana Mine)Mowana Mine Update
2/25/2008(Mowana Mine)The Revised Mowana Mine Production Schedule Provides for Out...
1/25/2008(Mowana Mine) Finalizes Offtake Agreement for Mowana Concentrates Complet...
7/25/2007(Thakadu)Independent Resource Estimate for Thakadu Copper-Silver Proj...
6/14/2007(Mowana Mine)New Resource Estimate for Dukwe Project Enhances Resource Co...
6/6/2007High-Grade Mineralisation Extended for at Least 350 Metres t...
6/5/2007Drill Programme Returns High-grade Intersections and Shows V...
5/17/2007(Thakadu)'s Thakadu Drill Results a Positive Step Toward Delineating ...
4/18/2006Proposed placing of new ordinary shares
Corporate news of African Copper Plc
5/29/2015Small-cap Week, May 30
2/2/2015African Copper Plc: Resignation of Director
1/12/2015African Copper Plc: Directorate Changes
2/11/2014Production and Exploration Update for the Third Quarter of F...
12/10/2012Half-Year Results for th
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10/2/2012Change of Adviser
9/20/2012Result of Annual General Meeting
7/31/2012Final Results for the Year to 31 March 2012
7/10/2012ZCI Strategic Review
5/30/2012ZCI Strategic Review
4/16/2012ZCI Strategic Review
2/28/2012ZCI Strategic Review
2/1/2012Additional USD5 Million Facility Secured from ZCI
1/6/2012USD2.0 Million Working Capital Facility
8/26/2011Notice of Annual General Meeting
6/30/2011Final Results for the Year to 31 March 2011
6/28/2011Re: ZCI Trading Update
6/9/2010Change of Advisor's Names
5/4/2010Operational Update
4/1/2010Financing and Trading Update
2/1/20101 February 2010
1/18/2010Zambia Copper Investments ("ZCI") has received shareholder a...
12/10/2009Chris Fredericks resigned as a director and Chief Executive ...
11/17/2009Today Filed Its Third Q
10/14/2009Operational Update
9/30/2009Extension of Loan Facility
9/9/2009Operational Update
8/14/2009Today Filed Its Half Year Consolidated Financial Statements ...
7/30/2009Result of Annual General Meeting
7/30/2009AGM Presentation
6/29/2009Revocation of Cease Trade Order
6/29/2009Annual General Meeting
6/23/2009Filing of Interim Financial Statements and MD&A
6/19/2009and Zambia Copper Investments Limited ('ZCI') Term Loan Agre...
6/3/2009Settlement of Natasa Mining Ltd ("Natasa") Claims and Withdr...
5/26/2009ACU Payment to Bondholders and Natasa
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5/22/2009Issue of 676,570,500 New Ordinary Shares of 1p Each
5/22/2009Share Transfer Instructions
5/21/2009Issue of Shares and Compromise Agreement With RSV
5/20/2009Announces Delisting from the Toronto Stock Exchange
5/18/2009Amended Agreement Between ACU and ZCI Dated 18 May 2009
5/15/2009Announces Delay in Filing Interim Financial Statements and M...
5/15/2009Revised Offer of Financing From Natasa Mining Limited
5/15/2009Natasa Mining Limited ("Natasa") Announcement
5/14/2009Transfer and Demand for Repayment of Bonds
5/13/2009Amended Agreement Between African Copper and Zambia Copper I...
11/12/2008Nets US$4.75 Million From Sale of Copper Put Options
8/15/2008Half Yearly Report
6/19/2008Result of AGM
6/13/2008Management Reorganization
5/16/2008Q1 Results
4/1/2008Preliminary Results for the Year Ended 31 December 2007
2/26/2008Total Voting Rights
2/15/2008 Disclosure of Shareholding
2/8/2008Issues 7.284 Million New Shares at 70p
1/30/2008Completes the Issue of 7.284 Million Shares
9/18/2007Receives Licence Renewal for =?ISO-8859-1?Q?Over=203,500sq=...
6/7/2007Annual Meeting Statement-Business & Growth Strategy
5/23/2007Protects Against Decline in Copper Price
6/5/2006Results of EGM
4/3/20062005 drilling programme triples contained copper at Mapanipa...
4/3/2006(Mowana Mine)Dukwe development plan finalized
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