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Zebediela Licence Renewal Update

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RNS Number : 8366I
URU Metals Limited
29 November 2018
 

29 November 2018

 

URU  Metals Limited


("URU" or "the Company")

 

Zebediela Licence Renewal Update

 

URU wishes to inform shareholders that, further to the announcement of 29 October 2018, the Company anticipates being informed by the South African Department of Mineral Resources ("DMR") of a meeting date being set with the Company in order to gain formal approval for the renewal of the prospecting rights that make up the Zebediela Nickel project (being prospecting rights 148PR, 1074PR and 11921PR) ("Rights") for an additional two to three years.

 

As previously noted by the Company, the DMR has completed a site visit, a pre-condition of any prospecting rights renewal process and granted the renewal in principle for prospecting right 148PR, the right which forms the primary prospecting right over all known mineralisation.

 

Under South African law, a prospecting right in respect of which an application for renewal has been lodged remains in force despite its stated expiry date until such time as such application has been granted or refused. As previously announced by the Company on 29 October 2018, URU has lodged the renewal application with the DMR and received an indication from the DMR that the Rights will be renewed for a further period of two to three years, so the Company continues to hold the Rights until the renewal process is completed and, in the meantime, work on the ground continues to progress at the Zebediela project.

 

An application in terms of Section 102 of the Mineral and Petroleum Resources Development Act of 2002 (the MPRDA) has been made to append licences 1074PR and 11921PR to 148PR. As previously noted, this application will be processed once the execution of the renewals has occurred, which will have the effect of consolidating these prospecting rights into a single prospecting right (148PR). This consolidation will provide operational efficiencies to the Company going forward.

The Company will make a further announcement once the renewal of the Rights has occurred.

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

For further information, please contact:

 

URU Metals Limited

John Zorbas

(Chief Executive Officer)

 

+1 416 504 3978

 

SP Angel Corporate Finance LLP

(Nominated Adviser and Broker)

Ewan Leggat

+ 44 (0) 203 470 0470



SVS Securities Plc

(Joint Broker)

Tom Curran

 

+44 (0) 203 700 0093

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Price: 213

Market: AIM
Market Cap: £1.66 m
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