Savannah Resources PLC Non-core Exploration Licence Applications Update (9456X)
16 August 2018 - 2:33AM
UK Regulatory
TIDMSAV
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: +44 20 7117
plc 2489
David Hignell / Dugald J. Northland Capital Tel: +44 20 3861
Carlean (Nominated Adviser) Partners Ltd 6625
Christopher Raggett / Camille finnCap Ltd Tel: +44 20 7220
Gochez (Broker) 0500
Grant Barker (Equity Adviser) Whitman Howard Tel: +44 020 7659
1225
Charlotte Page / Lottie St Brides Partners Tel: +44 20 7236
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".
This information is provided by RNS, the news service of the
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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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