Savannah Resources PLC Oman Licencing Update and Exercise of Options (4495G)

TIDMSAV

RNS Number : 4495G

Savannah Resources PLC

02 March 2018

2 March 2018

Savannah Resources Plc

Oman Licencing Update and Exercise of Options

Savannah Resources plc (AIM: SAV and SWB: SAV) ('Savannah', or the 'Company'), the AIM quoted resource development company, is pleased to announce that approvals have been received for all eight of the required Government permitting approvals for the Maqail South Mining Licence application, and seven for Mahab 4, with only the Ministry of Housing remaining. Positive discussions are continuing with the Ministry of Housing in respect of this. Savannah is a 65% shareholder in the Omani company Al Fairuz Mining, the holder of the Block 5 licence which includes these two high-grade copper deposits.

The Company also announces that it has issued 1,400,000 new ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares") in respect of 2013 Share Options at an exercise price of 4.62 pence per share (the "New Shares"), following an exercise of share options.

David Archer, Savannah's Chief Executive Officer said today "The issue of these "no objections" means that we require only one final "no objection" prior to the Public Authority of Mining being able to assess the Company's Mining Licence applications, with mining still planned to commence in 2018."

Oman Licencing Update

The process for permitting mining activities in Oman is administered through the Public Authority for Mining ('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.

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          Status (Maqail 
                                     4)                    South) 
------------------------  ----------------------  ---------------------- 
 Ministry of Defence       No objection            No objection 
                            received                received 
------------------------  ----------------------  ---------------------- 
 Royal Oman Police         No objection            No objection 
                            received                received 
------------------------  ----------------------  ---------------------- 
 Ministry of Culture       No objection            No objection 
  and Heritage              received                received 
------------------------  ----------------------  ---------------------- 
 Ministry of Tourism       No objection            No objection 
                            received                received 
------------------------  ----------------------  ---------------------- 
 Ministry of Environment   Project Environmental   Project Environmental 
  and Climate Affairs       Permit Received         Permit Received 
------------------------  ----------------------  ---------------------- 
 Ministry of Regional      No objection            No objection 
  Municipalities            received                received 
  and Water Resources 
------------------------  ----------------------  ---------------------- 
 Ministry of Interior      No objection            No objection 
                            received                received 
------------------------  ----------------------  ---------------------- 
 Ministry of Housing       Under review            No objection 
                                                    received 
------------------------  ----------------------  ---------------------- 
 Public Authority          Preliminary Economic    Preliminary Economic 
  for Mining                Assessment to           Assessment to 
                            be Submitted            be Submitted 
------------------------  ----------------------  ---------------------- 
 

Share Options

Application will be made for the New Shares, which will rank pari passu with existing Ordinary Shares, to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective and dealings will commence at 8.00 a.m. on or around 7 March 2018.

Total Voting Rights

Following Admission, the total issued share capital of the Company will consist of 638,483,722 Ordinary Shares. This number may be used by shareholders as the denominated for the calculations by which they will determine if they are required to notify their interest, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Regulatory Information

This Announcement contains inside information for the purposes of Article 7 of the 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 / Dugald      Northland Capital        Tel: +44 20 
     J. Carlean (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 
     (Financial PR) 
 

About Savannah

Savannah is 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. Savannah is committed to serving the interests of our shareholders and to delivering outcomes that will improve the lives of our staff and the communities the Company works 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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March 02, 2018 02:00 ET (07:00 GMT)