Company Update

RNS Number : 8885F

Pathfinder Minerals Plc

26 February 2018

 

26 February 2018

Pathfinder Minerals Plc

("Pathfinder" or the "Company")

Company Update

Further to the Company's announcement on 21 February 2018, Pathfinder provides the following update on the process to restore control of the areas previously licensed to the Company in Mozambique under mining concessions 760C and 4623C (the "Licences").

The Company received on 23 February 2018 a communication from a representative of General Jacinto Veloso, in consequence of which the Company is informed that currently there is no ongoing settlement negotiation for the return of the Licences.

While the Board remains open to resuming a dialogue on a reasonable basis, it is focused on enforcing the Company's rights through the judicial process and is confident in the Company's legal position.

Enquiries:                                                                                                        

Pathfinder Minerals Plc

Nick Trew, Chief Executive

Tel. [phone]

WH Ireland Limited (Nomad and Joint Corporate Broker)

James Joyce or Jessica Cave

Tel. [phone]

Beaufort Securities Limited (Joint Corporate Broker)

Jon Belliss or Elliot Hance

Tel. [phone]

Vigo Communications (Public Relations)

Ben Simons or Kate Rogucheva

Tel. [phone]

Email. [e-mail]

Notes to Editors:

Pathfinder Minerals Plc is incorporated in England 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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