Company Licenses Noted in Default by Zambian Ministry

    




 TORONTO, March 16, 2012 /CNW/ - Mukuba Resources Limited   reports that on Friday March 16(th), 2012 the Ministry of Mines and Natural Resources in Zambia published  notice that Northcore Minerals Ltd., a wholly-owned subsidiary of  Mukuba, was in default with respect to the following licenses:  8542-HQ-LPL, 14242-HQ-LPL, 14243-HQ-LPL, 14244-HQ-LPL and 14245-HQ-LPL. 

 The nature of the default in respect of the aforementioned licenses is  not clear at this time. The company is working with local officials in  Zambia to determine the nature of the default with respect to the  licences, following which all necessary remedial actions will be  commenced. Under applicable Zambian legislation, holders of licenses  noted in default have 60 days to remedy any defaults, failure to which  the prospecting licence will be cancelled. 

 About the Company 

 Mukuba is a Canadian mining company focused on the exploration and  development of certain African base metal assets alone and through a  joint venture partner. These assets include a 100% interest in the  Northcore Project, which is licensed for both copper and cobalt and  encompasses approximately 2,274 square km of geologically prospective  ground in the Central African Copperbelt region of Zambia. Mukuba is  also a party to a joint venture with Benzu Resources Limited to explore  and develop a copper and base metals project in the Democratic Republic  of the Congo. In addition, Mukuba holds an exclusive option to purchase  an 85% interest in the Nyimba Project, a pollymetallic exploration  project, located near the town of Nyimba, approximately 300 km east of  Lusaka, Zambia. 

 Forward-looking Information Securities regulators encourage companies to disclose forward-looking  information to help investors understand a company's future prospects.  This press release contains statements about our future business and  planned activities, particularly with respect to possible remedial  actions to be taken with respect to certain licenses in Zambia. These  are "forward-looking" because we have used what we know and expect  today to make a statement about the future. Forward-looking statements  usually include words such as may, intend, plan, expect, anticipate,  believe or other similar words. We believe the expectations reflected  in these forward-looking statements are reasonable. However, actual  events and results could be substantially different because of the  risks and uncertainties associated with our business or events that  happen after the date of this press release. You should not place undue  reliance on forward-looking statements. As a general policy, we do not  update forward-looking statements except as required by securities laws  and regulations. 

Mukuba Resources Limited


CONTACT:  Kelly Ehler Chief Executive OfficerTel: [phone]; Fax: [phone];Email: [e-mail] 


    

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