Mining Right Application Update

RNS Number : 6330K

URU Metals Limited

30 August 2019

 

30 August 2019

URU  Metals Limited

("URU" or "the Company")

Submission and Acceptance of Mining Right Application

URU is pleased to announce that the application for a Mining Right submitted by the Company's South African subsidiary, Lesego Platinum Uitloop (Pty) Ltd ("LPU"),  over the three prospecting rights that form the Zebediela Project has been accepted by the South African Department of Mineral Resources ("DMR"). LPU is the holder of the prospecting rights that form the Zebediela Project.

The application was submitted by LPU over various portions of the farms Uitloop 3 KS, Amatava 41 KS, Bloemhof 4 KS, and Piet Potgietersrust Town and Townlands 44 KS, in the Mogalakwena local and Waterberg district Municipalities of the Limpopo Province of South Africa.

The DMR will now process the application, and the Company looks forward to receiving the mining right in due course subject to the satisfactory completion of all regulatory requirements by the Company.

LPU is now required to:

-      Embark on a public consultation process;

-    Consult with the Department of Land Affairs for any state-owned land and check for land claims and land restitution claims;

-      Submit, by no later than 4^th October:

o  Signed shareholder agreements

o  Share certificates and shareholder registers;

o  Articles and memorandum of association of the company;

o  Provide detail in relation to the theoretical full funding of the mine; and

o  Any other agreement or document relating to the agreement;

-     and commence with environmental studies in order to obtain the requisite environmental authorisations that accompanies the Mining Right.

The mining right will grant LPU the right to mine nickel and platinum group minerals (PGM's), chromite, cobalt, copper, gold, iron ore and vanadium for a period of 30 years.

Mr. John Zorbas, CEO of URU Metals, commented

 "the acceptance of the mining right application by the DMR significantly moves the project forward in three ways: by consolidating the 3 prospecting rights that made up the Zebediela Project into one right; securing the mineral tenure of the project for a further 30 years and lastly, advances the project one step closer towards development. We remain extremely excited by the highly prospective Zebediela Project, and the acceptance of the mining right application grants us the flexibility to develop the existing nickel resource into a mine, and to continue developing the newly discovered Ni-PGE resource found adjacent to and in the footwall of the existing nickel resource."

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For further information, please contact:

URU Metals Limited John Zorbas (Chief Executive Officer)	[phone]
SP Angel Corporate Finance LLP (Nominated Adviser and Broker) Ewan Leggat	+ 44 (0) 203 470 0470

 

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