Last checked at 6 Sep 2018 07:00
6 September 2018
Panthera Resources Plc
("Panthera" or "the Company")
Writ Petition and Stay Application Filed with the High Court of Rajasthan
Panthera Resources PLC (AIM: PAT), the gold exploration and development company with assets in India and West Africa, is pleased to announce that further to the announcement dated 21 August 2018, it's joint venture (JV) partner Metal Mining India Pvt Ltd (MMI) has filed a Writ Petition and associated Stay Application with the High Court of Rajasthan in Jodhpur to protect its rights and the rights of its shareholders.
The action has been taken in response to the recent spurious decision by the Government of Rajasthan (GoR) to reject the prospecting licence application (PLA) filed by the Company's JV partner.
The GoR's actions in rejecting the JV's PLA came following an Order issued by the High Court of Rajasthan (Court) as announced on 29 January 2018, where the Court directed the GoR to take a final decision on the pending PLA, preferably within 3 months from the date of the Order.
Importantly, the Order gave the JV liberty to file with fresh cause of action, in case it was aggrieved by the decision of the Government.
Geoff Stanley, Panthera Resources Managing Director, commented;
"I am pleased to confirm that we have been able to compile an extremely comprehensive and compelling Writ Petition and Application for Stay protection and file it with the Court in such a short timeframe. The permitting process for Bhukia has been unnecessarily long and protracted and the JV has succeeded with legal intervention on numerous occasions, supported by the Court. Accordingly, the JV is extremely confident that the strong legal base that it has built will again allow it to prevail in the Court and protect our shareholders' interests.
"We have previously noted that the points raised by the GoR contradict their own recorded positions taken at various times, are against the principles of Indian Corporate law and against the principles of the amended Mining Act, which provides for seamless transfer from Reconnaissance to Prospecting to Mining.
"Once full property protection is in place a multi-pronged approach to ensuring the grant of the Bhukia Prospecting Licence will re-commence."
Enquiries
Panthera Resources PLC
Geoff Stanley (CEO) +1 (917) 941 7704
Nominated Advisor and Broker
RFC Ambrian +44 (0) 20 3440 6800
Rob Adamson
Bhavesh Patel
Charlie Cryer
Financial Public Relations
Blytheweigh +44 (0) 20 7138 3204
Camilla Horsfall
Julia Tilley
James Husband
Technical Information
The technical information contained in this disclosure has been read and approved by Antony Truelove (BSc (Hon), MAusIMM, MAIG), who is a qualified geologist and acts as the Competent Person under the AIM Rules - Note for Mining and Oil & Gas Companies. Antony Truelove has visited the Naton Project site and reviewed the drilling and sampling protocols and procedures. Antony Truelove is the COO of Panthera Resources PLC.