Increase in Net Assets

RNS Number : 7808W

Pathfinder Minerals Plc

02 January 2014

 



For immediate release: 2 January 2014

Pathfinder Minerals Plc

("Pathfinder" or the "Company")

Increase in Net Assets

Pathfinder announces that, following approval of the Company's application for VAT registration (backdated to February 2011), the Company has received a refund of VAT previously paid amounting to £978,000.

This has resulted in a material increase in the Company's net assets and cash reserves.

Nick Trew, Chief Executive, said: "This is a welcome increase in the Company's financial resources as we continue to take steps towards the recognition in Mozambique of the English High Court's ruling in respect of Pathfinder's ownership of its Mozambique subsidiary; and thereafter recover control of the Company's mining licences."

Pathfinder will continue to provide material information on legal developments in Mozambique as and when they occur.

Enquiries:

Pathfinder Minerals Plc

Nick Trew, Chief Executive

Tel. [phone]

Daniel Stewart & Company Plc

David Hart or James Thomas

Tel: [phone]

Vigo Communications

Ben Simons or Peter Reilly

Tel: [phone]

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.

Companhia Mineira de Naburi S.A.R.L. ("CMDN"), a subsidiary of Pathfinder Minerals, 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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