URU Metals Limited Zebediela Licence Renewal Update (8366I)
29 November 2018 - 6:01PM
UK Regulatory
TIDMURU
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
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END
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