TIDMPAT
RNS Number : 1597D
Panthera Resources PLC
29 January 2018
29 January 2018
Panthera Resources PLC
("Panthera" or "the Company")
Significant Step Towards Grant of Bhukia Prospecting Licence
Panthera Resources plc (AIM: PAT), the gold exploration and
development company with key assets in India and West Africa, is
pleased to announce a successful resolution to its pending court
actions, which represents a further positive step in the permitting
process for the Company's flagship Bhukia (70%) project in
Rajasthan, India.
Background
Four petitions were filed between 2008 and 2012 to protect the
Company's rights to the Bhukia project through its Joint Venture
("JV") with MMI Indian Pvt Ltd, from various actions taken by the
State Government of Rajasthan ("GoR"). Stay Orders were granted by
the High Court of Rajasthan (the "Court") in favour of the JV in
all cases and prevented the GoR from creating "3rd party rights or
interest" over the tenement area held by the JV under a
Reconnaissance Permit ("RP").
Subsequent to these court protections being granted, the JV and
the GoR have agreed to proceed to the granting of a Prospecting
Licence ("PL") over 21.07km(2) of the original RP area. The
relevant PL area was demarcated in the field by representatives of
the JV and the Department of Mines and Geology, Rajasthan ("DMG").
As part of this negotiation, the JV agreed to drop all pending
court cases.
Pending Cases Withdrawn
In a significant step toward a successful resolution, the JV has
withdrawn all four outstanding petitions. In accepting the
withdrawal, the Court passed an Order which took cognisance of
letters from the GoR which record its intent to grant the PL, if
the JV gave an undertaking to withdraw all pending court cases. In
disposing of all four Writ Petitions the Court Order directed the
GoR to take a decision on the grant of the PL application,
preferably within three months. Importantly, the Court also gave
the JV the liberty to refile and approach the Court with fresh
cause if the decision of the GoR is unfavourable.
Building on Other Progress
Changes to the Government of India Mining legislation in 2015
clouded the validity of many licence applications in India and it
has been necessary for the JV's application to be reviewed in light
of these changes. The JV's PL application has now been reviewed by
a Joint Committee consisting of representatives of the Geological
Survey of India ("GSI"), Indian Bureau of Mines and the DMG, to
determine if it was "saved" (preserved) and could be processed for
grant under the amended mining laws of India, namely Section
10A(2)(b) of the Mining Act.
The Joint Committee, in its findings recently submitted to the
GoR, found that the JV had satisfied all conditions of Section
10A(2)(b) and its PL application was saved under the amended
Act.
In recent discussions with the Principal Secretary for Mines,
Department of Mines, GoR, the JV was assured that the GoR would
process the PL application and submit it to the Government of India
for approval under Section 5 of the Mining Act.
Why Bhukia is Important
In its initial phase of exploration under a granted RP, the JV
identified an extensive mineralized system, which was well defined
by soil geochemistry and mapping. Exploration at that time was able
(with restrictions to the number of holes that could be drilled
under the RP) to outline a JORC (2012) compliant 1.74Moz Au
resource. Work by the GSI under a prior reservation, and also after
the expiry of that reservation, has been the subject of a published
(2014) report outlining a Non-JORC compliant resource of 106Mt
grading 2.0g/t Au and 0.15% Cu, for 6.7Moz Au and 160kt Cu.
The extensive, continuous mineralisation cropping out at surface
suggests potential for large scale, open pit development and upon
PL grant an extensive resource drill-out is planned followed by
economic evaluation.
The project area is ideally located away from significant
habitation yet within easy access to power, roads and transport and
other infrastructure.
Geoff Stanley, Chief Executive Officer of Panthera Resources,
commented:
"This step towards the granting of the JV's PL and the
associated Court Order is of utmost importance. It recognises and
records the recent agreement between the GoR and the JV regarding
the granting of our PL and puts the mandate on the GoR to take
action in respect of the PL application within three months. This
positive legal outcome is complimented by the constructive dialogue
and understanding that has been reached with key members of the GoR
and other key organisations involved in the approvals process."
"These steps are important milestones on the path to the
granting of a PL for our flagship Bhukia project, where we expect
to define a world class, open pittable, gold-copper deposit."
Enquiries
Panthera Resources PLC
Geoff Stanley (CEO) +1 (917) 941 7704
Nominated Advisor and Broker
RFC Ambrian +44 (0) 20 3440 6800
Nominated Adviser
Rob Adamson
Bhavesh Patel
Broker
Jonathan Williams
Charlie Cryer
Financial Public Relations
Blytheweigh +44 (0) 20 138 3204
Camilla Horsfall
Nick Elwes
Market Abuse Regulation (MAR) Disclosure
The information communicated in this announcement includes
inside information for the purposes of Article 7 of Regulation
596/2014.
Forward Looking Statement
All statements other than statements of historical fact included
in this announcement including, without limitation, statements
regarding future plans and objectives of Panthera are
forward-looking statements. When used in this announcement,
forward-looking statements can be identified by words such as
"anticipate", "believe", "could", "estimate", "expect", "future",
"intend", "may", "opportunity", "plan", "potential", "project",
"seek", "will" and other similar words that involve risks and
uncertainties.
These statements are based on an assessment of present economic
and operating conditions, and on a number of assumptions regarding
future events and actions that, as at the date of this
announcement, are expected to take place. Such forward-looking
statements are not guarantees of future performance and involve
known and unknown risks, uncertainties, assumptions and other
important factors, many of which are beyond the control of the
Company, its directors and management of Panthera that could cause
Panthera's actual results to differ materially from the results
expressed or anticipated in these statements.
The Company cannot and does not give any assurance that the
results, performance or achievements expressed or implied by the
forward-looking statements contained in this announcement will
actually occur and investors are cautioned not to place undue
reliance on these forward-looking statements. Panthera does not
undertake to update or revise forward-looking statements, or to
publish prospective financial information in the future, regardless
of whether new information, future events or any other factors
affect the information contained in this announcement, except where
required by applicable law and stock exchange listing
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUKONRWRAAURR
(END) Dow Jones Newswires
January 29, 2018 02:00 ET (07:00 GMT)
Panthera Resources (LSE:PAT)
Historical Stock Chart
From Apr 2024 to May 2024
Panthera Resources (LSE:PAT)
Historical Stock Chart
From May 2023 to May 2024