VANCOUVER, BC, June 25, 2021 /CNW/ - Deep-South Resources
Inc. ("Deep-South" or "the Company") (TSXV: DSM) announces that
further to the meeting yesterday with the Minister of Mines and
Energy of Namibia and other
Officials of the Ministry of Mines and Energy (the "Ministry"), the
Company has received a notice from the Minister confirming that the
Company's application for the renewal of its Exclusive Prospecting
Licence 3140 (the "Licence") has been refused.
The Company intends to vigorously contest this decision by all
means necessary and available under the Minerals (Prospecting
and Mining) Act (the "Act") and other applicable laws of
Namibia. In its application for
renewal and subsequent representations made to the Ministry, the
Company maintains that it clearly demonstrated having met all
criteria under the Act to justify the renewal of its Licence.
As disclosed in our press release dated June 16, 2021, the Company had received notice
from the Ministry informing the Company that its application for
the renewal of its EPL had been denied citing the Company's
inability to advance the EPL to Pre-Feasibility and complete the
proposed drilling program as planned. The Company maintains that
the Ministry was kept well apprised, with no objection on their
part, of a proposed change from the Pre-Feasibility study to
upgraded Preliminary Economic Assessment (PEA) and commencement of
a full feasibility study. Moreover, the Ministry issued all permits
required for the drilling program and are well aware that
Deep-South has completed the drilling program.
As a result of the Minister's refusal to renew the Licence, the
Company has terminated all work on site and has proceeded with
the retrenchment of its employees on site.
About Deep-South Resources Inc
Deep-South Resources is a mineral exploration and development
company Deep-South growth strategy is to focus on the exploration
and development of quality assets in significant mineralized trends
and in proximity to infrastructure in stable countries. In using
and assessing environmentally friendly technologies in the
development of its copper project, Deep-South embraces the green
revolution.
Neither the 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.
Caution Regarding Forward-Looking
Information
Information contained in this news release which are not
statements of historical facts may be "forward-looking information"
for the purposes of Canadian securities laws. Such
forward-looking information involves risks, uncertainties and other
factors that could cause actual results, performance, prospects and
opportunities to differ materially from those expressed or implied
by such forward looking information. The words "believe",
"expect", "anticipate", "contemplate", "plan", "intends",
"continue", "budget", "estimate", "may", "will", "schedule",
"understand" and similar expressions identify forward-looking
information. These forward-looking statements relate to,
among other things: the Minister's refusal to renew the Company's
Licence, the Company's intention to contest the Minister's decision
before the Courts of Namibia and
the outcome of such proceedings.
Forward-looking information is necessarily based upon a
number of estimates and assumptions that, while considered
reasonable by Deep-South, are inherently subject to significant
technical, political, business, economic and competitive
uncertainties and contingencies. Known and unknown factors could
cause actual results to differ materially from those projected in
the forward-looking information. Factors and assumptions that could
cause actual results or events to differ materially from current
expectations include, among other things: political risks
associated with the Company's operations in Namibia; the failure of the Namibian
Government to comply with its continuing obligations under the Act
to allow for the renewal of the Licence; the impact of changes in,
or to the more aggressive enforcement of, laws, regulations and
government practices; the inability of the Company and its
subsidiaries to enforce their legal rights in certain
circumstances. For additional risk factors, please see the
Company's most recently filed Management Discussions & Analysis
for its quarter ended ended February 28,
2021 available on SEDAR at www.sedar.com.
There can be no assurances that forward-looking information
and statements will prove to be accurate, as many factors and
future events, both known and unknown could cause actual results,
performance or achievements to vary or differ materially from the
results, performance or achievements that are or may be expressed
or implied by such forward-looking statements contained herein or
incorporated by reference. Accordingly, all such factors should be
considered carefully when making decisions with respect to
Deep-South, and prospective investors should not place undue
reliance on forward looking information. Forward-looking
information in this news release is made as at the date hereof. The
Company assumes no obligation to update or revise forward-looking
information to reflect changes in assumptions, changes in
circumstances or any other events affecting such forward-looking
information, except as required by applicable law.
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SOURCE Deep-South Resources Inc.