Panthera Resources PLC Bhukia PL Application Update (4875M)
April 30 2018 - 2:02AM
UK Regulatory
TIDMPAT
RNS Number : 4875M
Panthera Resources PLC
30 April 2018
30 April 2018
Panthera Resources Plc
("Panthera" or "the Company")
30 April 2018
Panthera Resources Plc
("Panthera" or "the Company")
Bhukia PL Application Update
Panthera Resources PLC (AIM: PAT), the gold exploration and
development company with assets in India and West Africa, is
pleased to provide an update on its Prospecting Licence Application
("PLA") progress in India.
Highlights
-- The High Court of Rajasthan ("Court") recently issued an
Order (see Panthera announcement dated January 29(th) , 2018)
requiring the Government of Rajasthan ("GoR") to make a final
decision regarding the grant of the Bhukia PLA, preferably within
three months. This date has now passed without a final
determination.
-- The Company is pleased to report that excellent progress has
been made, a constructive dialogue with the GoR and the key
bureaucracies continues, and a positive outcome is anticipated.
-- The Principal Secretary of Mines, Rajasthan, has proposed
that a joint meeting should be convened and be attended by
officials of the Mines Department of Rajasthan, the Department of
Mines and Geology ("DMG") and the Joint Venture so that a final
decision on the PL application can be taken. We anticipate this
meeting will be scheduled shortly.
Background:
In January of 2018, the JV withdrew four outstanding Writ
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 High 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. With this three month period now having passed the
GoR is likely at risk of being held in contempt of Court if the
Company deemed further court action necessary.
However, in the intervening period, correspondence between the
GoR and the joint venture has been aimed at documenting, clarify
and resolving all possible final outstanding issues.
Comprehensive details have been provided to GoR, which addressed
all concerns raised, with ample documentary evidence and supporting
legal documentation. The Company is confident that the government
and bureaucracy will now move to process the grant of a PL and it
looks forward to the final meeting recommended by the Principal
Secretary of Mines to decide on the grant.
Geoff Stanley, Managing Director of Panthera Resources,
commented:
"We believe the Bhukia project may represent one of the most
significant undeveloped gold and copper deposits currently known,
and while these ongoing delays are frustrating, the opportunity to
advance such a high-quality project is within reach. Discussions
and negotiations with the GoR and DMG are cooperative and
constructive and all indications are that our PLA will soon be
recommended favourably. I look forward to updating the market as
further progress is achieved toward the goal of being able to grow
the existing JORC (2012) resource of 1.74 million ounces by drill
defining the larger exploration target, which currently stands at
over 6.0 million ounces."
Enquiries
Panthera Resources PLC
Geoff Stanley (CEO) +1 (917) 941 7704
Nominated Advisor and Broker
RFC Ambrian +44 (0) 20 3440 6800
Rob Adamson
Bhavesh Patel
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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