Notice of Court Order

RNS Number : 0578B

Pathfinder Minerals Plc

27 March 2013

 



For immediate release: 27 March 2013

Pathfinder Minerals Plc
("Pathfinder" or the "Company")

Notice of Court Order

As previously announced on 1 February 2013, General Veloso, his company JV Consultores Internacionais, Limitada and Diogo Cavaco (the "Appellants") have sought permission to appeal (the "Permission Application") against the judgment of the English High Court given on 19 October 2012 granting declarations in favour of Pathfinder to the effect that, amongst other things, its wholly-owned subsidiary, IM Minerals Limited ("IMM") had validly acquired 99.99% of its Mozambique subsidiary, Companhia Mineira de Naburi ("CMDN"). Also as previously announced, the Permission Application is due to be heard before three judges of the Court of Appeal in England on 22 or 23 April 2013.

Pathfinder announces that the Court of Appeal in England ordered on 25 March 2013 that the Permission Application should be conditional upon the Defendants paying into court by 4pm on 19 April 2013 the sum of £106,000 in respect of previous costs orders made by the English High Court in favour of the Company which remain unpaid and a further £90,000 in respect of the Company's costs of the Permission Application. Alternatively, the Appellants are required to provide security to the reasonable satisfaction of the Company in respect of such amounts by that time. If the Appellants fail to pay in the relevant amounts or to provide security as ordered the Permission Application will be stayed and the Company may then apply to have the Permission Application dismissed.

Enquiries:

Pathfinder Minerals Plc

Nick Trew, Chief Executive

Tel. [phone]

Daniel Stewart & Company Plc

David Hart or James Thomas

Tel: [phone]

M: Communications

Ben Simons or Maria Souvorov

Tel: [phone] /2327

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.  Ownership of these licences is being disputed, as announced on 3 February 2012. 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.

 

END

 

 

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