Published: 17 July 2013

AIM-listed African Consolidated Resources requires $15.7 million to fund the introduction of a four-month preproduction ore stockpile, for the Pickstone Peerless gold project in Zimbabwe as it moves to improve the grade of ore directed to the processing plant, the company has announced.

ACR said the source of funding to minimise recourse to shareholders were at an advanced stage. The search for funding comes as the company announced this week that it had completed a Definitive Feasibility Study on the first phase of development at the 3.2 million ounce Pickstone Peerless gold project in Zimbabwe.

AFCR chief executive officer Craig Hutton said the completion of the feasibility study on time and on budget represented a significant achievement in the transformation of AFCR from an exploration company to a mining company.

Hutton said the scheduling for implementation of Phase 1 remained on track for first production of gold in June 2014. 
- dailynews

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