Savannah Resources PLC Letters of No Objection Received, Oman Project (8767N)

TIDMSAV

RNS Number : 8767N

Savannah Resources PLC

14 May 2018

14 May 2018

Savannah Resources Plc

Letters of No Objection Received from all Eight Ministries

Mahab 4 and Maqail South Mine Developments

Oman Copper Project

Savannah Resources plc (AIM: SAV and SWB: SAV) ('Savannah' or 'the Company'), the AIM quoted resource development company, is pleased to announce the issuance of letters of no objection from all eight Ministries for both the Mahab 4 and Maqail South mining licence applications. Savannah is a 65% shareholder in the Omani company Al Fairuz Mining LLC, the holder of the Block 5 exploration licence which includes these two high-grade copper deposits. To view the press release with the illustrative maps and diagrams please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/8767N_-2018-5-11.pdf

HIGHLIGHTS:

-- Letters of approval or "No Objection" received from all eight Ministries for the Maqail South and Mahab 4 Mining Licence applications

-- Excellent progress towards the grant of mining licences for the first two of a planned series of high-grade copper mine developments in Oman

-- Savannah will now seek to conclude the licensing process with the Public Authority of Mining ('PAM') for the issuance of the two Mining Licences

Savannah's CEO, David Archer said: "We are delighted that the Maqail South and Mahab 4 mine developments have each now obtained all eight Ministerial sign-offs as we seek to conclude the mine licensing process with PAM.

"In light of the very favourable copper price environment and strong interest from potential off-takers for high-quality copper concentrate, we are excited to be moving closer to being the first new copper mine development in Oman for a number of years and look forward to finalising the licensing process with PAM.

"Alongside our licensing progress, we have been participating in the government sponsored Tanfeedh Labs sessions, which have provided an excellent opportunity to bring together all stakeholders related to the mining industry in Oman and provided an industry sounding board for the proposed new mining law in Oman, which is moving towards adoption and is focussed on making Oman's mining environment more attractive to investors and supporting the development of the industry in-country. This is something we are of course very supportive of as we believe it is an opportune time to be bringing two new mines on-stream in Oman."

Figure 1. Project Location Map - See PDF

The process for permitting mining activities in Oman is administered through the PAM. Upon submission of the mining licence application, approval or (no objection) is required from eight Ministries and PAM for the licence to be granted. Approvals or "no objection" letters have now been obtained from all eight of the required ministries for the Maqail South and Mahab 4 applications. Discussions are now underway with PAM to move towards the award of mining licences.

A summary of the Ministries and their approval status is given in Table 1.

Table 1. Approval Status of Mining Licence Applications

 
          Ministry               Status (Mahab 4)      Status (Maqail South) 
 Ministry of Defence           No objection received   No objection received 
                              ----------------------  ---------------------- 
 Royal Oman Police             No objection received   No objection received 
                              ----------------------  ---------------------- 
 Ministry of Culture           No objection received   No objection received 
  and Heritage 
                              ----------------------  ---------------------- 
 Ministry of Tourism           No objection received   No objection received 
                              ----------------------  ---------------------- 
 Ministry of Environment       No objection received   No objection received 
  and Climate Affairs 
                              ----------------------  ---------------------- 
 Ministry of Water Resources   No objection received   No objection received 
                              ----------------------  ---------------------- 
 Ministry of Interior          No objection received   No objection received 
                              ----------------------  ---------------------- 
 Ministry of Housing           No objection received   No objection received 
                              ----------------------  ---------------------- 
 Public Authority of           Pending                 Pending 
  Mining 
                              ----------------------  ---------------------- 
 

Competent Person and Regulatory Information

The information in this announcement that relates to exploration results is based upon information compiled by Mr Dale Ferguson, Technical Director of Savannah Resources Limited. Mr Ferguson is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Mr Ferguson consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

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

**ENDS**

For further information please visit www.savannahresources.com or contact:

 
    David Archer                         Savannah Resources plc          Tel: [phone] 
                                                                          2489 
    David Hignell / Dugald               Northland Capital Partners      Tel: [phone] 
     J. Carlean (Nominated Adviser)       Ltd                             6625 
    Christopher Raggett / Emily          finnCap Ltd                     Tel: [phone] 
     Morris (Broker)                                                      0500 
    Charlotte Page / Lottie              St Brides Partners Ltd          Tel: [phone] 
     Wadham                                                               1177 
     (Financial PR) 
 

About Savannah

We are a diversified resources group (AIM: SAV and SWB: SAV) with a portfolio of energy metals projects - lithium in Portugal and copper in Oman - together with the world-class Mutamba Heavy Mineral Sands Project in Mozambique, which is being developed in a consortium with the global major Rio Tinto. We are committed to serving the interests of our shareholders and to delivering outcomes that will improve the lives of our staff and the communities we work with.

The group is listed and regulated on AIM and the Company's ordinary shares are also available on the Börse Stuttgart (SWB) under the ticker "SAV".

This information is provided by RNS

The company news service from the London Stock Exchange

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May 14, 2018 02:00 ET (06:00 GMT)