5 Nov 2007 07:46
For immediate release COPPER RESOURCES CORP ("the Company") Update on DRC Licences
The Company notes the publication on 2 November 2007 by a newspaper in the Democratic Republic of Congo ("DRC") of what is purported to be a copy of the summary list of conclusions by the government's Commission for Review of Mining Contracts. The list published in the newspaper states that none of the companies reviewed by the Commission met the criteria for Category A ("viable contracts") and comprises 61 companies in Category B ("contracts for renegotiation"), including MiniĬre de Musoshi et Kinsenda S.A.R.L. ("MMK"), the 75% CRC subsidiary in the DRC. The article states that all the companies reviewed by the Commission were to have their licenses either renegotiated or annulled. There has not been any official statement on the companies and concessions reviewed of the Commission either publicly or to the Board of CRC.
The Board believes that there is no valid legal basis for any revocation or revision and the Company is totally confident of the validity of the titles to its mining licences. MMK acquired its assets in accordance with DRC law and procedures in a fully documented and transparent process. Notwithstanding this, the Board can give no assurance to shareholders of the final outcome of any governmental review process. A s and when there is any further news to report on the Company's interests in the DRC a further announcement will be made.
Copper Resources Nabarro Wells Fox-Davies GTH Corporation & Co. Limited Capital Limited Communications Mitchell Alland Hugh Oram Richard Hail Toby Hall Executive Vice Chairman +44 (0) +44 (0) +44 (0) 207 936 +44 (0) 5200 78 7569 5563 20 7710 7400 20 7153 8035
COPPER RESOURCES CORPORATION