Continuation of Interim High Court Injunction

RNS Number : 4986V

Pathfinder Minerals PLC

13 January 2012

 

Embargoed: 0700hrs, 13 January 2012

Pathfinder Minerals Plc

("Pathfinder Minerals" or the "Company)

Continuation of Interim High Court Injunction

Pathfinder Minerals announces that there was a further court hearing yesterday at which the English High Court ordered that the interim injunction granted by the court on 19 December 2011 should continue until 10 February 2012 when there will be a further hearing to consider the matter. 

Further announcements will be made in due course.

Background

As reported by the Company on 20 December 2011, the Company applied for and was granted, on 19 December 2011, an interim injunction by the English High Court ordering:

(i) Jacinto Soares Veloso ("General Veloso"), a former director of Pathfinder Minerals and a current director of Pathfinder Minerals' subsidiary, Companhia Mineira de Naburi S.A.R.L. ("CMDN");

(ii) J.V Consultores Internacionais, Limitada a company controlled by General Veloso; and

(iii) Diogo Jose Henriques Cavaco, also a current director of CMDN

against taking any steps to interfere with the rights of ownership of the Company's wholly-owned subsidiary, IM Minerals Ltd, in the shares of CMDN (pursuant to the English law agreements by which they were acquired).  The order applied until the hearing scheduled for yesterday, 12 January 2012.

Update regarding licence investigation

Pathfinder Minerals continues to await the conclusion of the Ministry of Mineral Resources of Mozambique's (the "Ministry") investigation into the status of the Company's licences 4623C ("Moebase") and 760C ("Naburi").

Enquiries:

Pathfinder Minerals Plc

Nick Trew, Chief Executive

Tel. [phone]

Daniel Stewart & Company Plc

Paul Shackleton or James Thomas

Tel: [phone]

M: Communications

Ben Simons or Maria Souvorov

Tel: [phone] /2327

Notes to Editors

Companhia Mineira de Naburi S.A.R.L ("CMDN"), which is 99.99% owned by the Company's wholly owned subsidiary IM Minerals Ltd, was issued mining concession licence 4623C ("Moebase") on 13 July 2011 for a period of twenty-five years.  The Moebase licence is in addition to licence 760C ("Naburi"), also granted in the name of CMDN for a period of 25 years ending in 2029. 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.

Pathfinder Minerals Plc is admitted to trading on AIM.  Trading was suspended on 11 November 2011 at the Company's request, following notification from General Jacinto Soares Veloso of his resignation as a director and assertions by him that CMDN is no longer the licence holder.

 

END

 

 

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