Restoration of Licences

RNS Number : 2500W

Fox Marble Holdings PLC

24 January 2013

 



AIM: FOX                                                                                                                             24 January 2013

Fox Marble Holdings Plc

("Fox Marble" or the "Company")

Restoration of Licences

Fox Marble, the AIM listed company focused on marble quarrying in Kosovo, is pleased to announce that the licensing authority in Kosovo, ("ICMM"), has restored the four Fox Marble licences it had previously annulled.

The Company had announced notification of the annulment of these licences on 3 December 2012. The Company's fifth licence at Cervenilla is unaffected.

Along with the restoration notification, the ICMM has included notices to Fox Marble, as provided in the Kosovan legislation on Mines and Minerals, requiring the Company to maintain its responsibilities with respect to the conditions of the licences within a period of 60 days.

Fox Marble is fully confident of its ability to continue to maintain the conditions of three of the four licences that had previously been unlawfully annulled. With respect to the fourth licence, in respect of its quarry site in Suhogerll, Fox Marble will be requesting an extension to the deadline by which mining has to commence of at least 12 months in order to ensure its ability to operate that quarry site in full compliance with the laws of Kosovo. This request will be submitted to the ICMM by Nabarro, Fox Marble's lawyers, on behalf of the Company.

Fox Marble expects to be able to resume working on the quarry site in Peja and the sites in Rahovec as soon as the snow clears and weather conditions allow.

Chris Gilbert, CEO of Fox Marble, commented: "We are very pleased that the licences have been restored. Having successfully shipped the first blocks of marble from the Cervenilla quarry, we are now keen to proceed at our other sites as soon as weather conditions in Kosovo allow."

For more information on Fox Marble, please visit www.foxmarble.net, or contact:

Fox Marble Holdings Plc
Christopher Gilbert, Chief Executive Officer	Tel: [phone]
Fiona Hadfield, Chief Financial Officer
Fox Davies Capital Limited (Nominated Adviser and Joint Broker)	Tel: [phone]
Susan Walker
Daniel Fox-Davies
Merchant Securities (Joint Broker)	Tel: [phone]
Lindsay Mair
Buchanan	Tel: [phone]
Mark Court / Fiona Henson / Sophie Cowles	www.buchanan.uk.com

 

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