Update on Sunshine Minerals

RNS Number : 1435L

Gunsynd PLC

20 December 2018

 

Gunsynd plc

("Gunsynd" or the "Company")

Update on Sunshine Minerals

Gunsynd Plc (AIM: GUN, NEX: GUN) notes the announcement made today by Axiom Mining Limited ("Axiom"), the ASX quoted mining and exploration company, regarding Prospecting License ("PL") applications covering the Jejevo tenement in the Solomon Islands.

As announced on 23 July 2018, the Mines and Minerals Board of the Solomon Islands ("Minerals Board") issued a PL to Sunshine Nickel ltd ("Sunshine Nickel") over the Jejevo tenement. Sunshine Nickel is an 80% owned subsidiary of Sunshine Minerals ltd ("Sunshine"), which is an investee company of Gunsynd.

Axiom alleges that the Ministry of Mines, Energy and Rural Electrification ("MMERE") failed to present Axiom's PL applications in respect of the Jejevo tenement to the Minerals Board for formal consideration, and as such is seeking judicial review of the decision to award the PL to Sunshine Nickel.

Axiom's Statement of Claim for judicial review names Sunshine as a third defendant.

Gunsynd holds 19.8% of Sunshine's issued share capital.

The Company will keep the market updated as to any further developments.

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

The directors of Gunsynd accept responsibility for this announcement.

For further information please contact:

Gunsynd plc Hamish Harris	[phone]
Cairn Financial Advisers LLP James Caithie / Liam Murray	[phone]
Peterhouse Corporate Finance Lucy Williams	[phone]

 

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