Savannah Resources PLC Oman Authorities to Grant Two Mining Licences (3186I)
08 August 2019 - 4:00PM
UK Regulatory
TIDMSAV
RNS Number : 3186I
Savannah Resources PLC
08 August 2019
8 August 2019
Savannah Resources Plc
Oman's Public Authority for Mining to Grant Two Mining Licences
for the High-Grade Copper Mine Developments
Mahab 4 and Maqail South
Highlights:
-- Public Authority for Mining ('PAM') has advised Savannah that
it intends to grant mining licences over the Mahab 4 and Maqail
South high-grade copper deposits near the Port of Sohar in the
Sultanate of Oman to Savannah's subsidiary (the 'Mining
Licences')
-- Advice follows the approval of a series of government
authorities and a rigorous review of the applications by PAM
-- Mining Licences to be granted once new licensing fees have
been set under the new Mining Law and the relevant fees paid
-- Oman's new Mining Law came into effect on 14 March 2019 and
is designed to attract new investment and revitalise the country's
mining industry
Savannah Resources plc (AIM: SAV, FWB: SAV and SWB: SAV)
('Savannah' or the 'Company'), the AIM quoted resource development
company, is pleased to announce that it has been advised by PAM
that it intends to grant Mining Licences over the Mahab 4 and
Maqail South high-grade copper deposits. PAM has specified that the
Mining Licences will be granted once new licensing fees have been
set under the new Mining Law and the fees paid. 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 deposits.
To view the announcement with the illustrative maps and diagrams
please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/3186I_1-2019-8-7.pdf
Savannah's CEO, David Archer said: "We are delighted to receive
this advice and we look forward to securing the granted Mining
Licences once the Oman government promulgates a new schedule of
fees and the relevant fees are paid.
"Mahab 4 and Maqail South are examples of the type of high-grade
copper deposits that are characteristic of the Oman Ophiolite Belt
and will be in the vanguard of new copper mine developments in
Oman. Block 5 remains highly prospective for the discovery of
further high-grade deposits that could further augment the planned
hub-and-spoke mine development based around Mahab and Maqail South.
We look forward to announcing the final award of the Mining
Licences in due course.
"As we stated in our Annual Report in May, award of the mining
licences we have applied for in Oman would help to provide greater
clarity on these projects for all stakeholders. The strategic
review we announced at that time to identify Savannah's best course
of action in regard to these projects is continuing, and we will
update shareholders as and when is appropriate".
Figure 1. Photograph of Maqail South
Regulatory Information
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 7117 2489
plc
David Hignell / Charlie SP Angel Corporate Tel: +44 20 3470 0470
Bouverat (Nominated Adviser) Finance LLP
Christopher Raggett (Joint finnCap Ltd Tel: +44 20 7220 0500
Broker)
Grant Barker (Joint Broker) Whitman Howard Tel: +44 20 7659 1225
Melissa Hancock / Cosima St Brides Partners Tel: +44 20 7236 1177
Akerman (Financial PR) Ltd
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. The Board is committed
to serving the interests of its shareholders and to delivering
outcomes that will improve the lives of the communities we work
with and our staff.
The Company is listed and regulated on AIM and the Company's
ordinary shares are also available on the Quotation Board of the
Frankfurt Stock Exchange (FWB) under the symbol FWB: SAV, and the
Börse Stuttgart (SWB) under the ticker "SAV".
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 rns@lseg.com or visit www.rns.com.
END
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