Hunter Resources PLC Update on the Company's Pampamali Joint Venture (1305I)

TIDMHUN

RNS Number : 1305I

Hunter Resources PLC

07 December 2015

7 December 2015

Hunter Resources plc

("Hunter" or the "Company")

(AIM: HUN)

Update on the Company's Pampamali Joint Venture

On 1 July 2015 the Company announced the exercise of its option to acquire a 51% interest in the Pampamali Project (the "Option") under the terms of the amended Joint Venture Agreement (as announced on 8 April 2015) with the current owners of the Pampamali Project (the "Vendors"). Under the terms of amended Joint Venture Agreement, the Vendors are legally obliged to transfer the title of the tenements to a new locally incorporated company ("HOLDCO"), whose shares are to be held 51% by Gold Hunter SAC (the Company's 100% owned Peruvian subsidiary) and 49% by the Vendors. Despite the continuing efforts of the Company, the title of the tenements has not yet been transferred to HOLDCO in accordance with the binding contractual obligations. No funds are due to the Vendors until the successful transfer of the titles. The Company is making every effort to ensure the transaction is completed by the Vendors in accordance with their legal obligations. If the Vendors continue to delay the process, the Company will seek to enforce the terms including if necessary instigating formal arbitration under Peruvian Law.

For further information, please contact:

 
Hunter Resources plc       Allenby Capital Limited 
 Simon Hunt                 (Nominated Adviser and 
 (Chairman)                 Broker) 
 [phone]           Nick Harriss/Nick Naylor 
 www.hunter-resources.com   [phone] 
 
                            www.allenbycapital.com 
-------------------------  ------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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December 07, 2015 02:00 ET (07:00 GMT)