Appointment of New Regional Representative

RNS Number : 4339X

Pathfinder Minerals Plc

06 May 2016

 

Embargoed: 0700hrs 6 May 2016

Pathfinder Minerals Plc

("Pathfinder" or "the Company")

Appointment of New Regional Representative

Further to the Company's announcement on 16 March 2016, Pathfinder is pleased to confirm that it has appointed Eduardo C. Mondlane Jr as its regional representative to seek opportunities to procure licences in Southern Africa.

Mr Mondlane Jr has been providing strategic advisory services in Africa for 30 years across industries including aerospace, infrastructure, energy, power and financial services. He has advised companies including Boeing Commercial Airplanes, United Technologies, Siemens and GE Capital Aviation. He has also served on the boards of Absa Group and Bank (Barclays Africa) and other Barclays African subsidiary banks.

In the immediate term Mr Mondlane Jr will assist the Company in its ongoing dialogue with the Mozambique Government to restore control of the areas previously licensed to the Company under mining concessions 760C and 4623C (the "Licences") following their appropriation in 2011 by Jacinto Veloso and Diogo Cavaco.  

In the event that Pathfinder is successful in regaining control of the Licences, the Company has agreed to issue ordinary shares to Mr Mondlane Jr equivalent to up to 25 per cent of the enlarged issued share capital of Pathfinder. In such circumstances, it is envisaged that the Mr Mondlane Jr will assist with the ongoing administration of Pathfinder's local operating subsidiaries and with the Company's relationships with regional and national authorities and with local communities.

Discussions between the Company and the Mozambique Government are ongoing. The board is unable to provide any estimation of how long these may take or, indeed, whether they will be successful.

Enquiries:

Pathfinder Minerals Plc

Nick Trew, Chief Executive

Tel. [phone]

WH Ireland Limited (Nomad and Broker)

Paul Shackleton or Mark Leonard

Tel. [phone]

Vigo Communications

Ben Simons or Ali Roper

Tel. [phone]

Email. [e-mail]

Notes to Editors:

Pathfinder Minerals Plc is incorporated in England & Wales and is admitted to trading on the AIM market of the London Stock Exchange.

CMdN, a subsidiary of Pathfinder, was issued mining concession licences 760C and 4623C on 13 September 2004 and 13 July 2011 respectively, each for a period of twenty-five years. Taken together, these mining concessions cover approximately 32,000 hectares of land on the Indian Ocean coast of the Zambezia province of Mozambique, known to contain the heavy minerals, ilmenite, rutile and zircon.

As announced on 3 February 2012, ownership of these licences is being disputed.

 

END

 

 

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