Savannah Resources PLC Additional Mining Lease Application, Mozambique (4709B)
September 21 2018 - 2:00AM
UK Regulatory
TIDMSAV
RNS Number : 4709B
Savannah Resources PLC
21 September 2018
21 September 2018
Savannah Resources Plc
Additional Mining Lease Application Submitted
Heavy Mineral Sands Project - Mozambique
HIGHLIGHTS:
-- Additional Mining Lease application submitted by Matilda
Minerals Lda. (a subsidiary of Savannah) over an area of 119km(2),
which covers a defined Mineral Resource Estimate of 65Mt (the
'Application')
-- The Application covers an area that is contiguous to two
pending Rio Tinto Mining Lease applications previously submitted in
the name of Mutamba Minerals Sands S.A.
-- This is part of the consolidation of Savannah's and Rio
Tinto's mineral sands projects in Mozambique under the Consortium
Agreement (the 'Consortium')
-- Once granted, the total area of the three adjoining Mining Leases will be 399km(2)
-- Mining Leases are generally awarded for a term of 25 years
and can be renewed at the end of their terms
-- The Ministry has six months from the date of submission to respond to the Application
Savannah Resources plc (AIM: SAV, FWB: AFM and SWB: SAV)
('Savannah' or 'the Company'), is pleased to announce that the
Application has been submitted to the Ministry of Mineral Resources
and Energy in Mozambique (the 'Ministry') for an additional Mining
Lease in the name of its wholly owned subsidiary, Matilda Minerals
Lda. (Figure 1). This Application is the final Mining Lease
application to be lodged that is covered by the Consortium with Rio
Tinto for the Mutamba Heavy Minerals Sands Project in Mozambique
('Mutamba'). To view the press release with the illustrative maps
and diagrams please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/4709B_1-2018-9-20.pdf
David Archer, Savannah's Chief Executive Officer said, "The
submission of the Application is the last outstanding leasing
matter for the Consortium and we are delighted to have now
completed the full round of applications. Matilda Minerals Limitada
is our wholly owned subsidiary and is also the official operator of
Mutamba Minerals Sand's venture. Mutamba Minerals Sand's Mining
Lease applications continue to be evaluated by the Government and
it is hoped that these will be issued within the time limits
established by Mozambican law. Due to the complexity of the
analysis of the process and the number of Government entities
involved in the appraisal of the applications, the Government
always reserves the right to request additional clarifications that
may result in short delays.
"Meanwhile, the scoping phase of the Pre-Feasibility Study for
the Mutamba project is progressing well with anticipated completion
in Q1 2019 and given that the demand for global titanium feedstocks
continues to grow, we believe we are extremely well placed to take
full advantage of an expanding market."
Mining Lease Application Submission
The Application (Figure 1) has been submitted over the area of
EL 3617L in the districts of Inharrime and Jangamo in the name of
Matilda Minerals Lda., a wholly owned subsidiary of Savannah
Resources Limited. The Application covers a total area of 11,948
hectares.
Matilda Minerals Lda. is the Operator of the Mutamba Project
(Figure 2) for which the Mining Lease applications comprise of the
adjacent Jangamo application (118km(2)) and the Dongane / Ravene
application (161km(2)), totalling 399km(2) . The applications are
separate to the Chilubane application (138km(2)).
The Ministry has six months, from the date of submission, to
respond to applications. Mining Leases are generally awarded for a
term of 25 years and can be renewed at the end of their terms.
Savannah is the operator of the Mutamba Project with a 20%
interest in a Consortium with Rio Tinto, which covers the projects.
Savannah can increase its interest to 35% upon delivery of a
Pre-Feasibility Study, which is currently underway, and to 51% upon
delivery of a Feasibility Study.
Figure 1. Location Map showing the position of the Matilda
Minerals Mining Lease Application - see PDF
Figure 2. Location Map showing the Matilda Minerals and Mutamba
Mining Lease Applications - See PDF
Regulatory Information and Competent Person
The information in this announcement that relates to exploration
results is based upon information compiled by Mr Dale Ferguson,
Technical Director of Savannah Resources Limited. Mr Ferguson is a
Member of the Australasian Institute of Mining and Metallurgy
(AusIMM) and has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity which he is undertaking to qualify as a Competent
Person as defined in the December 2012 edition of the "Australasian
Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves" (JORC Code). Mr Ferguson consents to the inclusion in
the report of the matters based upon the information in the form
and context in which it appears.
This Announcement contains inside information for the purposes
of Article 7 of the Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.savannahresources.com
or contact:
David Archer Savannah Resources Tel: +44 20 7117 2489
plc
David Hignell / Dugald J. Northland Capital Tel: +44 20 3861 6625
Carlean (Nominated Adviser) Partners Ltd
Christopher Raggett / Camille finnCap Ltd Tel: +44 20 7220 0500
Gochez (Broker)
Grant Barker (Equity Adviser) Whitman Howard Tel: +44 020 7659
1225
Charlotte Page / Lottie St Brides Partners Tel: +44 20 7236 1177
Wadham (Financial PR) Ltd
About Savannah
Savannah is a diversified resources group (AIM: SAV) with a
portfolio of energy metals projects - lithium in Portugal and
copper in Oman - together with the world-class Mutamba Heavy
Mineral Sands Project in Mozambique, which is being developed in a
consortium with the global major Rio Tinto. The Board is committed
to serving the interests of its shareholders and to delivering
outcomes that will improve the lives of our staff and the
communities we work with.
The Company is listed and regulated on AIM and the Company's
ordinary shares are also available on the Quotation Board of the
Frankfurt Stock Exchange (FWB) under the symbol FWB: AFM, and the
Börse Stuttgart (SWB) under the ticker "SAV".
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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