Update Ferrum Resources Topa Applications

RNS Number : 7135S

Emerging Metals Limited

24 November 2011

 



For Immediate Release: 24 November 2011

Emerging Metals Limited

("EML" or the "Company")

Update on Ferrum Resources Limited

Topa Applications

Further to the announcement made on 15 September 2011, EML would like to provide an update on its 37.23 per cent associated company Ferrum Resources Limited ("Ferrum"). 

In May 2010, Ferrum, through a wholly owned subsidiary, applied for two exploration permits for iron ore in the Topa Iron Ore Belt in the Central African Republic (the "Topa Applications").   The area under the Topa Applications is subject to current precious metal rights held by AXMIN Inc. ("AXMIN"), a company traded on the TSX Venture Exchange.  In March 2010, AXMIN transferred the iron ore rights on the property to Ferrum in exchange for a 25 per cent. participating interest in the project once the exploration permits have been granted and notified the Minister of Mines of this transfer of iron ore rights on the property. 

Ferrum was informed by letter dated 12 September 2011 that the Topa Applications had been denied since the application area (the "Licence Area") was stated to be covered by an exploration licence for the same mineral, iron, granted to a third party.  Ferrum, which notified EML of the apparent rejection on 13 October 2011, believes that the Topa Applications were validly submitted and that it has a priority right to be granted exploration permits for iron in the Licence Area.   It has accordingly made representations to and held discussions with the Government of the Central African Republic with a view initially to the denial of the Topa Applications being revoked.  Whilst these discussions have been positive, there can be no certainty at this stage that the denial will be revoked or that the Topa Applications will thereafter be approved.

The Company will update its shareholders as and when there are further developments regarding the Topa Applications.

As previously announced, EML holds an option to acquire all of the issued and to be issued share capital of Ferrum which it does not already own.

For further information:

Emerging Metals Limited	Religare Capital Markets Limited	Evolution Securities Limited	GTH Communications
Denham Eke	Peter Trevelyan-Clark Emily Staples	Mark Wellesley-Wood Tim Redfern	Toby Hall
[phone]	[phone]	[phone]	[phone]

 

END

 

 

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