VANCOUVER, BC, Dec. 1, 2021 /CNW/ -
Deep-South Resources Inc. ("Deep-South" or "the Company")
(TSXV: DSM) reports that the legal counsel of the Ministry of Mines
and Energy of Namibia ("Ministry")
proceeded with their last filing on November
17, 2021. The filing did not include any documents
supporting the decision of the Minister to deny the renewal of the
Haib Copper licence. Therefore, the Ministry has not provided any
evidence supporting the decision of the Minister.
At the Court hearing on November, 25, 2021, in the absence
of the judge, Deep-South's legal counsel and the legal counsel of
the Ministry agreed to request the court to issue an Order to
approve the following schedule: Deep-South will file additional
documents to support its original affidavit by December 15, 2021. The additional documents will
include expert advice covering the exploration work carried out by
Deep-South on the project and the work program proposed for the
renewal of the Haib Copper licence. The documents will also include
an update of the funds invested in the project development. The
court will be closed for annual recess between mid-December 2021 and mid-January 2022. The Ministry will have until
February 14, 2022 to file their
defense affidavit. Deep-South will have until February 28, 2022 to reply with its last
affidavit.
The Court will hold another hearing on March 3, 2022, to define the further procedures
with regards to the review of the decision of the
Minister.
The Company will provide regular updates in this regard
and any other matter concerning this situation.
Corporate update
While recuperating Haib Copper mineral rights remains a
top priority, Management continues to seek another copper project.
Some projects have been identified and discussions with their
owners are taking place. The Company will provide an update on the
matter in due course. The Management is determined to develop
Deep-South as a developer of important copper projects.
About Deep-South Resources Inc
Deep-South Resources is a mineral exploration and
development company Deep-South growth strategy is to focus on the
exploration and development of quality assets in significant
mineralized trends and in proximity to infrastructure in stable
countries. In using and assessing environmentally friendly
technologies in the development of its copper project, Deep-South
embraces the green revolution.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in thepolicies of the
TSX VentureExchange) accepts responsibility for the adequacy or
accuracy of this release.
Caution Regarding Forward-Looking Information
Information contained in this news release which are
not statements of historical facts may be "forward-looking
information" for the purposes of Canadian securities laws.
Such forward-looking information involves risks, uncertainties and
other factors that could cause actual results, performance,
prospects and opportunities to differ materially from those
expressed or implied by such forward looking information. The
words "believe", "expect", "anticipate", "contemplate", "plan",
"intends", "continue", "budget", "estimate", "may", "will",
"schedule", "understand" and similar expressions identify
forward-looking information. These forward-looking statements
relate to, among other things: the Minister's refusal to renew the
Company's Licence, the Company's intention to contest the
Minister's decision before the Courts of Namibia and the outcome of such
proceedings.
Forward-looking information is necessarily based upon a
number of estimates and assumptions that, while considered
reasonable by Deep-South, are inherently subject to significant
technical, political, business, economic and competitive
uncertainties and contingencies. Known and unknown factors could
cause actual results to differ materially from those projected in
the forward-looking information. Factors and assumptions that could
cause actual results or events to differ materially from current
expectations include, among other things: political risks
associated with the Company's operations in Namibia; the failure of the Namibian
Government to comply with its continuing obligations under the Act
to allow for the renewal of the Licence; the impact of changes in,
or to the more aggressive enforcement of, laws, regulations and
government practices; the inability of the Company and its
subsidiaries to enforce their legal rights in certain
circumstances. For additional risk factors, please see the
Company's most recently filed Management Discussions & Analysis
for its quarter ended ended February 28,
2021 available on SEDAR at
www.sedar.com.
There can be no assurances that forward-looking
information and statements will prove to be accurate, as many
factors and future events, both known and unknown could cause
actual results, performance or achievements to vary or differ
materially from the results, performance or achievements that are
or may be expressed or implied by such forward-looking statements
contained herein or incorporated by reference. Accordingly, all
such factors should be considered carefully when making decisions
with respect to Deep-South, and prospective investors should not
place undue reliance on forward looking information.
Forward-looking information in this news release is made as at the
date hereof. The Company assumes no obligation to update or revise
forward-looking information to reflect changes in assumptions,
changes in circumstances or any other events affecting such
forward-looking information, except as required by applicable
law.
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SOURCE Deep-South Resources Inc.