Update on Bougouni Project Licencing

RNS Number : 2373C

Kodal Minerals PLC

18 January 2018

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR") 

Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining

18 January 2018

Kodal Minerals plc ('Kodal Minerals' or 'the Company')

Update on Bougouni Project Licencing

Bougouni Project, Southern Mali

Kodal Minerals plc, the mineral exploration and development company focussed on West Africa, is pleased to provide this update on the Company's concessions at the Bougouni Lithium Project in Southern Mali ("Bougouni" or the "Project").

As announced on 13 December 2017, the Company had filed new applications in the name of its Malian subsidiary, Future Minerals SARL, over two new 100 square kilometre licences covering the high priority areas within the Kolassokoro area.  The Company can now confirm that the applications for the conventions (being the name of the licences applied for, for the first stage of exploration) have been approved by the Directorate Nationale de la Géologie et des Mines ("DNGM", the Malian National Direction of Geology and Mines) and the Malian Inter-ministerial committee meeting (COMINE). Official documentation is being finalised and is expected to be received by the Company very shortly.  As previously announced, the Company will grant Triumvirat Mining Company SARL a 10 per cent. economic interest in the new licences. The new licences will have an initial life of three years and be eligible for two extensions each of a further two years. 

Kodal confirms that all key target areas and prospects within the Bougouni Lithium project are retained within concession areas that the Company has full and exclusive rights to explore and operate.

Kodal is continuing its enquiries with DNGM regarding the Kolassokoro licence that had previously been issued to EMAS Mining SA ("EMAS") and in which the Company had a 90 per cent economic interest. The Company is awaiting a definitive response, but it seems that, with the award of the conventions over this same ground as described above, the original licence is considered by DNGM to have expired.  The Company is continuing to determine the status of the agreement with EMAS and any future obligations Kodal Minerals and/or EMAS have under it.  Further updates in this regard will be provided in due course.

**ENDS**

For further information, please visit www.kodalminerals.com or contact the following:

Kodal Minerals plc Bernard Aylward, CEO	Tel: [phone]
Allenby Capital Limited, Nominated Adviser Jeremy Porter/Nick Harriss	Tel: [phone]
SP Angel Corporate Finance LLP, Financial Adviser & Broker John Mackay/Laura Harrison	Tel: [phone]
St Brides Partners Ltd, Financial PR Susie Geliher/Megan Dennison	Tel: [phone]

 

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