Oman Licencing Update and Exercise of Options

RNS Number : 4495G

Savannah Resources PLC

02 March 2018

 

2 March 2018

Savannah Resources Plc

Oman Licencing Update and Exercise of Options

Savannah Resources plc (AIM: SAV and SWB: SAV) ('Savannah', or the 'Company'), the AIM quoted resource development company, is pleased to announce that approvals have been received for all eight of the required Government permitting approvals for the Maqail South Mining Licence application, and seven for Mahab 4, with only the Ministry of Housing remaining. Positive discussions are continuing with the Ministry of Housing in respect of this. Savannah is a 65% shareholder in the Omani company Al Fairuz Mining, the holder of the Block 5 licence which includes these two high-grade copper deposits.

The Company also announces that it has issued 1,400,000 new ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares") in respect of 2013 Share Options at an exercise price of 4.62 pence per share (the "New Shares"), following an exercise of share options.

David Archer, Savannah's Chief Executive Officer said today "The issue of these "no objections" means that we require only one final "no objection" prior to the Public Authority of Mining being able to assess the Company's Mining Licence applications, with mining still planned to commence in 2018."

Oman Licencing Update

The process for permitting mining activities in Oman is administered through the Public Authority for Mining ('PAM'). Upon submission of the Mining Licence application, approval (or no objection) is required from eight Ministries and PAM for the Licence to be granted.

A summary of the Ministries and their approval status is given in Table 1.

Table 1. Approval Status of Mining Licence Applications

Ministry	Status (Mahab 4)	Status (Maqail South)
Ministry of Defence	No objection received	No objection received
Royal Oman Police	No objection received	No objection received
Ministry of Culture and Heritage	No objection received	No objection received
Ministry of Tourism	No objection received	No objection received
Ministry of Environment and Climate Affairs	Project Environmental Permit Received	Project Environmental Permit Received
Ministry of Regional Municipalities and Water Resources	No objection received	No objection received
Ministry of Interior	No objection received	No objection received
Ministry of Housing	Under review	No objection received
Public Authority for Mining	Preliminary Economic Assessment to be Submitted	Preliminary Economic Assessment to be Submitted

Share Options

Application will be made for the New Shares, which will rank pari passu with existing Ordinary Shares, to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective and dealings will commence at 8.00 a.m. on or around 7 March 2018.

Total Voting Rights

Following Admission, the total issued share capital of the Company will consist of 638,483,722 Ordinary Shares. This number may be used by shareholders as the denominated for the calculations by which they will determine if they are required to notify their interest, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Regulatory Information

This Announcement contains inside information for the purposes of Article 7 of the Regulation (EU) 596/2014.

*ENDS*

For further information please visit www.savannahresources.com or contact:

David Archer	Savannah Resources plc	Tel: [phone]
David Hignell / Dugald J. Carlean (Nominated Adviser)	Northland Capital Partners Ltd	Tel: [phone]
Christopher Raggett / Emily Morris (Joint Broker)	finnCap Ltd	Tel: [phone]
Jon Belliss (Joint Broker)	Beaufort Securities Ltd	Tel: [phone]
Charlotte Page / Lottie Wadham (Financial PR)	St Brides Partners Ltd	Tel: [phone]

About Savannah

Savannah is a diversified resources group (AIM: SAV) with a portfolio of energy metals projects - lithium in Portugal and copper in Oman - together with the world-class Mutamba Heavy Mineral Sands Project in Mozambique, which is being developed in a consortium with the global major Rio Tinto. Savannah is committed to serving the interests of our shareholders and to delivering outcomes that will improve the lives of our staff and the communities the Company works with.

The group is listed and regulated on AIM and the Company's ordinary shares are also available on the Börse Stuttgart (SWB) under the ticker "SAV".

 

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