PFP.L Regulatory News (PFP)

Embargoed: 0700hrs 28 November 2012

Pathfinder Minerals Plc("Pathfinder" or "the Company")

English High Court orders General Jacinto Veloso and others tomake £850,000 interim costs payment to Pathfinder

As previously announced, on 19 October 2012 Pathfinder and its wholly owned subsidiary IM Minerals ("IMM") obtained judgment from the English High Court against General Jacinto Veloso, JV Consultores Internacionais Limitada and Diogo Cavaco (together the "Defendants") to the effect that, amongst other things, IMM validly acquired 99.99% of the issued shares of Companhia Mineira de Naburi ("CMDN"). Pathfinder indicated at the time of that announcement that it would be seeking an order for payment of its costs by the Defendants. In a judgment handed down yesterday, the English High Court has ruled that Pathfinder is entitled to receive 90% of its total costs of the High Court proceedings. The amount payable by the Defendants in respect of those costs will be subject to further determination by the English Court (unless agreed by the Defendants). However the Court also ordered that in the meantime the Defendants must make an interim payment to Pathfinder in the sum of £850,000 on account of the total costs recoverable by Pathfinder.

The Court also found that the Defendants' conduct in the proceedings, in particular in:

(i) Agreeing to accept the Court's jurisdiction and immediately thereafter applying for an anti-suit interdict in the Mozambique Court;

(ii) Serving a Counterclaim by which they sought directly opposite relief to that sought by Pathfinder in the English proceedings whilst at the same time seeking in Mozambique to prevent the Company (and the other claimants) from prosecuting its claim in England; and

(iii) Failing to comply with multiple orders of the English court

was such that they should pay interest on those costs. 

Pathfinder will take steps to enforce payment of the interim amount should payment not be received, together with the two previous costs orders obtained against the Defendants which remain unpaid.

Enquiries:

Pathfinder Minerals Plc

Nick Trew, Chief Executive

Tel. +44 (0)20 7464 8413

Daniel Stewart & Company Plc

David Hart or James Thomas

Tel: +44 (0)20 7776 6550

M: Communications

Ben Simons or Maria Souvorov

Tel: +44 (0)20 7920 2340 /2327

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. 

Companhia Mineira de Naburi S.A.R.L. ("CMDN"), a subsidiary of Pathfinder Minerals, 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. Ownership of these licences is being disputed, as announced on 3 February 2012. 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.