Savannah Resources PLC Mining Lease Applications Submitted, Mozambique (9355B)
January 16 2018 - 2:00AM
UK Regulatory
TIDMSAV
RNS Number : 9355B
Savannah Resources PLC
16 January 2018
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector:
Mining
16 January 2018
Savannah Resources Plc
Mining Lease Applications Submitted for Heavy Mineral Sands
Projects, Mozambique
Savannah Resources plc (AIM: SAV) ('Savannah' or the 'Company'),
is pleased to announce that three applications (the 'Applications')
have been submitted to the Ministry of Mineral Resources and Energy
in Mozambique (the 'Ministry') for mining leases for the Mutamba
Heavy Mineral Sands Projects (Figure 1 and Figure 2) which it is
evaluating in a consortium with Rio Tinto. To view the press
release with the illustrative maps and diagrams please use the
following link:
http://www.rns-pdf.londonstockexchange.com/rns/9355B_-2018-1-15.pdf
HIGHLIGHTS:
-- Three applications cover a total area of 417.32km(2) and
cover the Jangamo, Dongane, Ravene and Chilubane deposits have been
submitted
-- 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 Applications
David Archer, Savannah's Chief Executive Officer said "The
submission of the Mining Lease applications is a key milestone and
a great start to 2018. This is the final formal step in the process
of securing long term Mining Leases over globally significant
deposits of heavy mineral sands. This follows the commissioning of
the pilot processing plant in Q4 2017 which will be used to produce
concentrate as a part of the Pre-Feasibility Study which is
currently underway.
"We believe our timing means we are well placed to take
advantage of the increasing global demand for titanium
feedstocks."
Figure 1. Mutamba Project Location Map - See PDF
Figure 2. The Jangamo, Dongane, Ravene Deposits - See PDF
Mining Lease Application Submissions
The Applications (Figure 1 and Figure 2) have been submitted in
the name of Mutamba Mineral Sands S.A., a wholly owned subsidiary
of Rio Tinto Limited. The Applications cover a total area of
417.32km(2). The Mutamba Project applications comprise of the
Jangamo application (118.08km(2)), the Dongane / Ravene application
(161.26km(2)) and the Chilubane application (137.98km(2)).
The Ministry has six months, from the date of submission, to
respond to the 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 an existing
20% interest in a Consortium Agreement with Rio Tinto, which covers
the projects. Savannah can increase its equity to 35% upon delivery
of a pre-feasibility study which is currently underway and to 51%
upon delivery of a feasibility study.
Competent Person and Regulatory Information
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 Australian 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 Regulation (EU) 596/2014.
*ENDS**
For further information please visit www.savannahresources.com
or contact:
David Archer Savannah Resources Tel: +44 20
plc 7117 2489
David Hignell / Gerry Northland Capital Tel: +44 20
Beaney (Nominated Partners Ltd 3861 6625
Adviser)
Christopher Raggett finnCap Ltd Tel: +44 20
/ Emily Morris (Joint 7220 0500
Broker)
Jon Belliss Beaufort Securities Tel: +44 20
(Joint Broker) Ltd 7382 8300
Charlotte Page / St Brides Partners Tel: +44 20
Lottie Wadham Ltd 7236 1177
About Savannah
We are 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. We are committed to serving the interests
of our shareholders and to delivering outcomes that will improve
the lives of our staff and the communities we work with.
This announcement is based upon information compiled by Mr Colin
Rothnie, an independent consultant. Mr Rothnie is a Member of the
Australian 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 Rothnie consents to the inclusion in the
report of the matters based upon the information in the form and
context in which it appears.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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