Savannah Resources PLC Non-core Exploration Licence Applications Update (9456X)

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RNS Number : 9456X

Savannah Resources PLC

15 August 2018

15 August 2018

Savannah Resources Plc

Non-core Portuguese Exploration Licence Applications Status Update

Savannah Resources plc (AIM: SAV and SWB: SAV) ('Savannah' or the 'Company), the AIM quoted resource development company, was advised on 15 August 2018 that the Directorate General for Energy and Geology ('DGEG') has rejected six of a total of nine exploration licence applications in northern Portugal made by Savannah's subsidiary, Slipstream Resources Portugal LDA ("Slipstream"). The applications were pending at the time that Savannah acquired its shareholding in Slipstream in May 2017. These exploration licence applications are entirely separate to the Company's flagship Mina do Barroso Lithium Project, which has a 30-year* granted Mining Lease and continues to advance at pace with the Feasibility Study on track for completion towards the end of Q1 2019.

The six rejected exploration licence applications comprise the Vilar, Almendra, Beca, Caminha, Reigoso and Caramos applications. As these applications had not been granted no exploration work had been conducted on the areas by Savannah.

Savannah understands that the areas covered by the now rejected exploration licence applications fall within zones that will be the subject of an exploration application round of open public tenders that promote the interest of multinational players with demonstrated technical and financial capacities. Savannah currently intends to make tender offers once the tender process is launched and believes that it has excellent credentials for this process with a strong balance sheet and demonstrated lithium exploration and development expertise.

Savannah awaits advice from the DGEG concerning the status of the Calvelo, Meda and Ponte de Lima exploration licence applications.

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

*Granted in May 2006

*ENDS*

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

 
David Archer                   Savannah Resources  Tel: [phone] 
                                plc                 2489 
David Hignell / Dugald J.      Northland Capital   Tel: [phone] 
 Carlean (Nominated Adviser)    Partners Ltd        6625 
Christopher Raggett / Camille  finnCap Ltd         Tel: [phone] 
 Gochez (Broker)                                    0500 
Grant Barker (Equity Adviser)  Whitman Howard      Tel: [phone] 
                                                    1225 
Charlotte Page / Lottie        St Brides Partners  Tel: [phone] 
 Wadham (Financial PR)          Ltd                 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.

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".

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August 15, 2018 12:33 ET (16:33 GMT)