URU Metals Limited Zebediela Licence Renewal Update (3957F)
29 October 2018 - 6:00PM
UK Regulatory
TIDMURU
RNS Number : 3957F
URU Metals Limited
29 October 2018
29 October 2018
URU Metals Limited
("URU" or "the Company")
Zebediela Licence Renewal Update
URU previously announced on 1 November 2016 that the South
African Department of Mineral Resources ("DMR") had renewed the
prospecting rights that make up the Zebediela Nickel project (being
prospecting rights 148PR, 1074PR and 11921PR) ("Rights") for an
additional two years.
The Company has applied for the renewal of the Rights and 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. However, the Right
has not yet been counter signed by URU and the DMR and the renewal
period will only commence upon signature of the renewed licences,
which is expected to occur in November 2018.
The Company understands that the processing of prospecting right
applications and renewals in the regional DMR office relevant to
URU have been delayed due to the prolonged closure of the regional
office.
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. 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.
URU has received an indication from the DMR that the Rights will
be renewed for a further period of two to three years and expects
the consolidation process to be completed by January 2019.
URU will make further announcements regarding the Rights renewal
and consolidation of prospecting rights as appropriate.
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
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END
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