New Era Provides Update on Extension of Suyeke Property Permit and Corporate Matters
June 05 2020 - 5:07PM
New Era Minerals Inc. (TSXV: NEM; “
New Era” or the
“
Company”) announced today that it has received
notice from the Government of the Xinjiang-Uyghur Autonomous Region
Department of Natural Resources (“
Xinjiang DNR”)
of deficiencies in its application for the extension of the
exploration permit for the Company’s principal mineral property,
the Suyeke North nickel property (the “
Suyeke North
Property”) located in Tuoli County, Tacheng Area,
Xinjiang-Uyghur Autonomous Region, People’s Republic of China, in
which the Company owns an indirect 95% interest. The exploration
permit in respect of the Suyeke North Property expired on May 1,
2020 and the Company had applied for a one-year extension prior to
expiry and had been awaiting a response to its application.
The Xinjiang DNR has advised the Company that,
to extend the exploration permit, the Company is required to
re-submit its application for extension on or before July 31, 2020
accompanied by a geological report outlining advanced exploration
work completed to date that would evidence that a detailed
investigation of the property has been completed. The letter from
the Xinjiang DNR is dated April 30,2020 but was only received
recently due to delays related to the Covid-19 pandemic. The
Company is investigating what will be required to satisfy this
request and, in the interim, intends to file a request to extend
the July 31, 2020 deadline for the re-submission of the extension
application. If the Company re-submits the extension application by
the original or any extended deadline date, the Xinjiang DNR will
review the application and provide the Company with notice of its
final decision however, there is no fixed timeframe for the
completion of this review. If the Company is unable or unwilling to
re-submit its extension application by the original or any extended
deadline date, or if the extension application is re-submitted but
not granted, the Company would not receive an extension of the
exploration permit and the Company’s interest in this property
would be lost.
As announced by the Company on May 22, 2020, Mr.
Hang Peng of Beijing China, through a holding company, has acquired
a 43% equity interest in the Company. Mr. Peng had previously
advised the Company that he intended to make changes to the
management and the board of directors of the Company. The first of
such changes is the appointment of Mr. Peng to the board of
directors of New Era. Mr. Peng has also been appointed as Chairman
of the Company, replacing Mr. Tianxiang Sun in that position. Mr.
Sun will continue to serve as a director. The new appointments are
subject to regulatory approval.Mr. Peng is a senior lawyer
practicing in Beijing, China with the law firm of Beijing
Hylands Law Firm. He has over 20 years of professional
experience in the areas of corporate commercial law, lending and
financing. He obtained his masters of law degree from Peking
University.
Mr. Peng had also advised New Era that he
intended to seek new business opportunities for the Company which
could involve the acquisition of, or merger with, new businesses or
assets. The search for new business opportunities is to occur
whether or not the Suyeke North Property is retained.
New Era also announced that it is proposing to
change its name to “Hylands International Holdings Inc.” or such
other name as shall be acceptable to the directors and applicable
regulatory authorities. The name change is subject to regularly
approval and the Company will make a further announcement if and
when the proposed name change is to be implemented.
About New Era
New Era Minerals Inc., through its wholly-owned
subsidiary, Haijin International Group Limited, owns 95% of
Xinjiang Yongkun Mining Co., Ltd (“Yongkun”). Yongkun's principal
activities are the exploration, evaluation and development of
mineral property interests in the People’s Republic of China (PRC),
including Yongkun's Suyekebei (Suyeke North) nickel property
located in Tuoli County, Tacheng Area, Xinjiang- Uyghur Autonomous
Region, PRC.
For additional information please
contact:
Vicky Gao, Corporate SecretaryTel:
86-13801155400E-mail: gaoweishan@nemnemnem.com
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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