Last checked at 2 Mar 2016 07:00
Embargoed: 0700hrs 2 March 2016
Pathfinder Minerals Plc
("Pathfinder" or "the Company")
Company Update
Pathfinder provides the following update on the Company's position and the steps to recover mining licences 760C and 4623C (the "Licences") in Zambezia Province, Mozambique.
Legal proceedings in Mozambique
The Company continues to await information from the Mozambique Courts on pending judgments and has no visibility on the timing of such judgments. Pathfinder will continue to update shareholders whenever it is notified of any material developments in the legal proceedings.
Financial position
As anticipated in the half yearly report published on 29 September 2015, the Company's cash situation is now acute. The directors are in discussions which may lead to a placing of shares to raise a small amount of additional working capital. This is intended to give the Company the ability to continue pursuing the recovery of the Licences for the next three months, during which time the Company would also seek further working capital.
Enquiries:
Pathfinder Minerals Plc
Nick Trew, Chief Executive
Tel. +44 (0)20 3440 7775
WH Ireland Limited (Nomad and Broker)
Paul Shackleton or Mark Leonard
Tel. +44 (0)20 7220 1666
Vigo Communications
Ben Simons or Ali Roper
Tel. +44 (0)20 7016 9595
Email. pathfinderminerals@vigocomms.com
Notes to Editors:
Pathfinder Minerals Plc is incorporated in England & Wales 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.