Update Re. Mozambique Court Proceedings

RNS Number : 6366A

Pathfinder Minerals Plc

23 December 2014

 



For immediate release: 23 December 2014

Pathfinder Minerals Plc

("Pathfinder")

Further update on Mozambique Court Proceedings

Maputo Court Reports Appeal Application Lodged Against Recent Judgment

Pathfinder announces that its lawyers in Maputo have today been informed orally by the Maputo Commercial Bench Court clerks that an application has been lodged to appeal against the recent judgment of that court in favour of Pathfinder (announced on 15 December 2014).

Pathfinder is advised by its lawyers in Maputo that there is at present no indication as to when a decision on whether to allow an appeal might be made (the Court begins a two-month recess on 1 January).

Nick Trew, Pathfinder's chief executive, said: "That General Veloso and Diogo Cavaco have applied to appeal against this further judgment confirming Pathfinder's shareholding in Companhia Mineira de Naburi comes as little surprise. Their delaying tactics have the effect simply of deferring the moment when the project can be developed for the benefit, not only of the Company and its shareholders, but also of the economy and people of Mozambique."

Enquiries:

Pathfinder Minerals Plc

Nick Trew, Chief Executive

Tel. [phone]

WH Ireland Limited (Nomad and Broker)

Tim Feather or Liam Gribben

Tel: [phone]

Vigo Communications

Ben Simons or Ali Roper

Tel: [phone]

Email: [e-mail]

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.

Companhia Mineira de Naburi S.A.R.L., a 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. 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.

As announced on 3 February 2012, ownership of these licences is being disputed.

 

END

 

 

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