Last checked at 19 Apr 2013 16:42
For immediate release: 19 April 2013
Pathfinder Minerals Plc("Pathfinder" or the "Company")
Update on English appeal process
Pathfinder refers to its announcement on 1 February 2013 that General Veloso, his company JV Consultores Internacionais, Limitada and Diogo Cavaco (the "Appellants") had sought permission to appeal (the "Permission Application") against the judgment of the English High Court given in Pathfinder's favour on 19 October 2012. On 27 March 2013 Pathfinder reported that the Court of Appeal in England had ordered that the Permission Application should be conditional upon the Appellants providing security for costs in a total amount of £196,000 by 4pm today, failing which the Permission Application would be stayed and the Company would then be free to apply to have the Permission Application dismissed.
Pathfinder reports that, so far as it is aware, the Appellants have provided no such security and have thereby failed to comply with the Court of Appeal's order. Pathfinder is therefore taking steps to apply to have the Permission Application dismissed.
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. 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.