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26 Feb 2018 07:00
26 February 2018
Pathfinder Minerals Plc
("Pathfinder" or the "Company")
Company Update
Further to the Company's announcement on 21 February 2018, Pathfinder provides the following update on the process to restore control of the areas previously licensed to the Company in Mozambique under mining concessions 760C and 4623C (the "Licences").
The Company received on 23 February 2018 a communication from a representative of General Jacinto Veloso, in consequence of which the Company is informed that currently there is no ongoing settlement negotiation for the return of the Licences.
While the Board remains open to resuming a dialogue on a reasonable basis, it is focused on enforcing the Company's rights through the judicial process and is confident in the Company's legal position.
Enquiries:
Pathfinder Minerals Plc
Nick Trew, Chief Executive
Tel. +44 (0)20 3440 7775
WH Ireland Limited (Nomad and Joint Corporate Broker)
James Joyce or Jessica Cave
Tel. +44 (0)20 7220 1666
Beaufort Securities Limited (Joint Corporate Broker)
Jon Belliss or Elliot Hance
Tel. +44 (0)20 7382 8300
Vigo Communications (Public Relations)
Ben Simons or Kate Rogucheva
Tel. +44 (0)20 7830 9700
Email. pathfinderminerals@vigocomms.com
Notes to Editors:
Pathfinder Minerals Plc is incorporated in England and is admitted to trading on the AIM market of the London Stock Exchange.
CMdN, a subsidiary of Pathfinder, was issued mining concession licences 760C and 4623C on 13 September 2004 and 13 July 2011 respectively, each for a period of twenty-five years. Taken together, these mining concessions cover approximately 32,000 hectares of land on the Indian Ocean coast of the Zambezia province of Mozambique, known to contain the heavy minerals, ilmenite, rutile and zircon.
As announced on 3 February 2012, ownership of these licences is being disputed.
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