Savannah Resources PLC Barroso Lithium Project Update (7782A)
February 04 2022 - 8:01AM
UK Regulatory
TIDMSAV
RNS Number : 7782A
Savannah Resources PLC
04 February 2022
4 February 2022
Savannah Resources Plc
(AIM: SAV, FWB: SAV and SWB: SAV) ('Savannah' or the
'Company')
Barroso Lithium Project Update
Action Brought Against the Republic of Portugal by Parish
Council
Savannah, the resource development company focused on becoming
Europe's most significant producer of spodumene lithium concentrate
from its Barroso Lithium Project in Portugal , advises that its
wholly owned subsidiary, Savannah Lithium Ltda., has been joined as
the counter-interested party in litigation brought by the Parish of
Covas do Barroso as plaintiff in the Mirandela Fiscal and
Administrative Court in Portugal against the Republic of Portugal
and the Ministry of Economy as defendants.
The litigation seeks to nullify certain administrative actions
by the defendants in June 2016 including the addition of lithium to
and the expansion in the area of the C-100 Mining Lease. The C-100
Mining Lease which contains the Barroso Lithium Project is fully
granted, has a term of 30 years to 2036 and remains in good
standing.
The advice from Savannah's lawyers is that the claim is without
foundation and will be challenged by Savannah as the
counter-interested party alongside exploring all potential options,
including making a claim for damages against the plaintiff.
The litigation neither impacts the Barroso Lithium Project's
activities nor the current environmental impact assessment process
which is moving to a conclusion.
Savannah will make further announcements regarding the
litigation as appropriate.
Regulatory Information
This Announcement contains inside information for the purposes
of the UK version of the market abuse regulation (EU No. 596/2014)
as it forms part of United Kingdom domestic law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR").
**ENDS**
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For further information please visit www.savannahresources.com
or contact:
Savannah Resources PLC Tel: +44 20 7117 2489
David Archer, CEO
SP Angel Corporate Finance LLP (Nominated Tel: +44 20 3470 0470
Advisor)
David Hignell / Charlie Bouverat
finnCap Ltd (Joint Broker) Tel: +44 20 7220 0500
Christopher Raggett/ Tim Redfern
WH Ireland Limited (Joint Broker) Tel: +44 20 7220 1666
Jessica Cave / Ben Good (Corporate Finance)
Adam Pollock (Corporate Broking)
Camarco (Financial PR) Tel: +44 20 3757 4980
Gordon Poole/ Emily Hall
About Savannah
Savannah is the owner of the Barroso Lithium Project, located
close to key infrastructure in Northern Portugal which contains the
most significant spodumene lithium resource in Western Europe. With
a positive Scoping Study which outlined a conventional mine and
concentrator operation producing 175,000t of spodumene concentrate
per annum, Savannah is progressing the development and
environmental licencing of the Barroso Lithium Project. A
Definitive Feasibility Study is underway, and Portugal's
environmental regulator is currently evaluating Savannah's
Environmental Impact Assessment study.
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: SAV, and the
Börse Stuttgart (SWB) under the ticker "SAV".
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END
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