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SAV Savannah Resources Plc

3.35
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Savannah Resources Plc LSE:SAV London Ordinary Share GB00B647W791 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 3.35 3.30 3.40 3.35 3.35 3.35 2,161,589 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gold Ores 0 -2.86M -0.0016 -20.94 61.24M

Savannah Resources PLC Mining Lease Applications Submitted, Mozambique (9355B)

16/01/2018 7:00am

UK Regulatory


Savannah Resources (LSE:SAV)
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TIDMSAV

RNS Number : 9355B

Savannah Resources PLC

16 January 2018

Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining

16 January 2018

Savannah Resources Plc

Mining Lease Applications Submitted for Heavy Mineral Sands Projects, Mozambique

Savannah Resources plc (AIM: SAV) ('Savannah' or the 'Company'), is pleased to announce that three applications (the 'Applications') have been submitted to the Ministry of Mineral Resources and Energy in Mozambique (the 'Ministry') for mining leases for the Mutamba Heavy Mineral Sands Projects (Figure 1 and Figure 2) which it is evaluating in a consortium with Rio Tinto. To view the press release with the illustrative maps and diagrams please use the following link:

http://www.rns-pdf.londonstockexchange.com/rns/9355B_-2018-1-15.pdf

HIGHLIGHTS:

-- Three applications cover a total area of 417.32km(2) and cover the Jangamo, Dongane, Ravene and Chilubane deposits have been submitted

-- Mining Leases are generally awarded for a term of 25 years and can be renewed at the end of their terms

   --     The Ministry has six months from the date of submission to respond to the Applications 

David Archer, Savannah's Chief Executive Officer said "The submission of the Mining Lease applications is a key milestone and a great start to 2018. This is the final formal step in the process of securing long term Mining Leases over globally significant deposits of heavy mineral sands. This follows the commissioning of the pilot processing plant in Q4 2017 which will be used to produce concentrate as a part of the Pre-Feasibility Study which is currently underway.

"We believe our timing means we are well placed to take advantage of the increasing global demand for titanium feedstocks."

Figure 1. Mutamba Project Location Map - See PDF

Figure 2. The Jangamo, Dongane, Ravene Deposits - See PDF

Mining Lease Application Submissions

The Applications (Figure 1 and Figure 2) have been submitted in the name of Mutamba Mineral Sands S.A., a wholly owned subsidiary of Rio Tinto Limited. The Applications cover a total area of 417.32km(2). The Mutamba Project applications comprise of the Jangamo application (118.08km(2)), the Dongane / Ravene application (161.26km(2)) and the Chilubane application (137.98km(2)).

The Ministry has six months, from the date of submission, to respond to the Applications. Mining Leases are generally awarded for a term of 25 years and can be renewed at the end of their terms.

Savannah is the operator of the Mutamba Project with an existing 20% interest in a Consortium Agreement with Rio Tinto, which covers the projects. Savannah can increase its equity to 35% upon delivery of a pre-feasibility study which is currently underway and to 51% upon delivery of a feasibility study.

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 Australian 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       Tel: +44 20 
                                 plc                      7117 2489 
    David Hignell / Gerry       Northland Capital        Tel: +44 20 
     Beaney (Nominated           Partners Ltd             3861 6625 
     Adviser) 
    Christopher Raggett         finnCap Ltd              Tel: +44 20 
     / Emily Morris (Joint                                7220 0500 
     Broker) 
    Jon Belliss                 Beaufort Securities      Tel: +44 20 
     (Joint Broker)              Ltd                      7382 8300 
    Charlotte Page /            St Brides Partners       Tel: +44 20 
     Lottie Wadham               Ltd                      7236 1177 
 

About Savannah

We are a diversified resources group (AIM: 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.

This announcement is based upon information compiled by Mr Colin Rothnie, an independent consultant. Mr Rothnie is a Member of the Australian 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 Rothnie consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

January 16, 2018 02:00 ET (07:00 GMT)

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