Company Licenses Noted in Default by Zambian Ministry
March 12 2012 - 10:09PM
PR Newswire (Canada)
TORONTO, March 16, 2012 /CNW/ - Mukuba Resources Limited reports
that on Friday March 16(th), 2012 the Ministry of Mines and Natural
Resources in Zambia published notice that Northcore Minerals Ltd.,
a wholly-owned subsidiary of Mukuba, was in default with respect to
the following licenses: 8542-HQ-LPL, 14242-HQ-LPL, 14243-HQ-LPL,
14244-HQ-LPL and 14245-HQ-LPL. The nature of the default in respect
of the aforementioned licenses is not clear at this time. The
company is working with local officials in Zambia to determine the
nature of the default with respect to the licences, following which
all necessary remedial actions will be commenced. Under applicable
Zambian legislation, holders of licenses noted in default have 60
days to remedy any defaults, failure to which the prospecting
licence will be cancelled. About the Company Mukuba is a Canadian
mining company focused on the exploration and development of
certain African base metal assets alone and through a joint venture
partner. These assets include a 100% interest in the Northcore
Project, which is licensed for both copper and cobalt and
encompasses approximately 2,274 square km of geologically
prospective ground in the Central African Copperbelt region of
Zambia. Mukuba is also a party to a joint venture with Benzu
Resources Limited to explore and develop a copper and base metals
project in the Democratic Republic of the Congo. In addition,
Mukuba holds an exclusive option to purchase an 85% interest in the
Nyimba Project, a pollymetallic exploration project, located near
the town of Nyimba, approximately 300 km east of Lusaka, Zambia.
Forward-looking Information Securities regulators encourage
companies to disclose forward-looking information to help investors
understand a company's future prospects. This press release
contains statements about our future business and planned
activities, particularly with respect to possible remedial actions
to be taken with respect to certain licenses in Zambia. These are
"forward-looking" because we have used what we know and expect
today to make a statement about the future. Forward-looking
statements usually include words such as may, intend, plan, expect,
anticipate, believe or other similar words. We believe the
expectations reflected in these forward-looking statements are
reasonable. However, actual events and results could be
substantially different because of the risks and uncertainties
associated with our business or events that happen after the date
of this press release. You should not place undue reliance on
forward-looking statements. As a general policy, we do not update
forward-looking statements except as required by securities laws
and regulations. Mukuba Resources Limited CONTACT: Kelly Ehler
Chief Executive OfficerTel: +1 (416) 368-4013; Fax: +1 (416) 603
9200;Email: kehler@mukubaresources.comwww.mukubaresources.com
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