Galaxy Termination

RNS Number : 4147X

Panthera Resources PLC

04 May 2021

 

4 May 2021

Panthera Resources Plc

(Panthera or the Company)

Galaxy Termination

Panthera Resources plc (AIM: PAT), the gold exploration and development company with assets in West Africa and India announces that the term sheet with Galaxy Gold Mines Pvt Limited (Galaxy) has lapsed effective 30 April 2021.

Reflecting the recent change in the Indian mining law, the Company has elected not to extend the term sheet with Galaxy.  The Company's efforts are focused on pursuing its legal rights in India and, working with Fasken in preparation for a potential international arbitration under the Australia-India Bilateral Investment Treaty.

Background

On 20 December 2018, the Company announced that Indo Gold Pty Ltd (IGL), a subsidiary of Panthera, had entered into a binding term sheet with Galaxy.  The Term Sheet was subsequently amended and extended to 16 December 2020 and 30 April 2021. 

Galaxy retains a 5% equity interest in IGL with the remaining 95% interest held by Panthera.  IGL holds Panthera's mining and other ownership interests in India, including any rights to the Bhukia Project.

Contacts

Panthera Resources PLC

Mark Bolton (Managing Director)  [phone]

  [e-mail]

Allenby Capital Limited (Nominated Adviser & Broker)  [phone]

John Depasquale (Corporate Finance) 

Financial Public Relations

Vigo Communications Ltd  [phone]

Simon Woods / Chris McMahon

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Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Forward-looking Statements

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes, and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events, or results not to be as anticipated, estimated, or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly, undue reliance should not be put on such statements due to the inherent uncertainty therein.

**ENDS**

 

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