Update on Mozambique court proceedings

RNS Number : 0661T

Pathfinder Minerals Plc

07 December 2012

 



For immediate release: 7 December 2012

Pathfinder Minerals Plc
("Pathfinder")

Update on Mozambique court proceedings

Pathfinder reports that an adjourned court hearing took place in Maputo, as scheduled, on 6 December 2012. Judgment on the issues has been reserved. Because of the court recess between 1 January and 1 March 2013, it is currently uncertain when judgment will be received. A further announcement on the matter will follow upon release of the judgment.

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.

As previously announced, the hearing on 6 December 2012 related to the Pathfinder group's control and legal ownership of Companhia Mineira de Naburi S.A.R.L. ("CMDN").  CMDN, an indirect 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 also 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.

 

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